IVV vs NUW
iShares Core S&P 500 ETF vs Nuveen AMT-Free Municipal Value Fund
Quick Verdict
IVV has a lower expense ratio. IVV delivered stronger 1-year returns. IVV offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | IVV | NUW | Winner |
|---|---|---|---|
| Expense Ratio | 0.03% | 0.68% | |
| AUM | $865.2B | - | |
| Dividend Yield | 1.09% | 3.86% | |
| Holdings | 508 | 225 | |
| YTD Return | +13.43% | -0.24% | |
| 1Y Return | +22.61% | +5.98% | |
| 3Y Return (annualized) | +21.47% | +4.17% | |
| 5Y Return (annualized) | +13.26% | -0.28% | |
| Volatility (annualized) | 15.1% | 9.7% | |
| Max Drawdown | -56.5% | -32.9% | |
| Fund Family | iShares by BlackRock (US) | Nuveen | |
| Category | Equity | Tax Preferred | |
| Inception | May 15, 2000 | Feb 25, 2009 |
IVV vs NUW Performance
iShares Core S&P 500 ETF (IVV) is a ETF from iShares by BlackRock (US) and Nuveen AMT-Free Municipal Value Fund (NUW) is a ETF from Nuveen. Over the past year IVV returned +22.61% while NUW returned +5.98%. Year to date, IVV is up 13.43% versus a loss of 0.24% for NUW.
Over three years, IVV compounded at +21.47% per year against +4.17% for NUW; over five years the annualized figures are +13.26% and -0.28% respectively. Across the full 18-year window we track, IVV has the edge at +7.03% annualized vs +0.78%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
IVV has been the more volatile fund, with annualized monthly volatility of 15.1% compared with 9.7% for NUW. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -56.5% for IVV and -32.9% for NUW. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.13. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
IVV charges 0.03% per year while NUW charges 0.68%. On a $10,000 position that is $3 vs $68 annually, a gap of $65 per year that compounds over a long holding period. On income, IVV currently yields 1.09% against 3.86% for NUW.
Holdings Overlap
IVV and NUW share 0 holdings out of 602 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, IVV or NUW?
IVV has an expense ratio of 0.03% while NUW charges 0.68%. IVV is the cheaper option. On a $10,000 investment, that is $65 per year of difference.
Which performed better, IVV or NUW?
Over the past year IVV returned +22.61% vs +5.98% for NUW, so IVV leads on 1-year performance. Over the longest common window we track (18 years), IVV annualized +7.03% vs +0.78% for NUW. Past performance does not guarantee future results.
Which is riskier, IVV or NUW?
IVV has been the more volatile fund at 15.1% annualized versus 9.7% for NUW. Worst drawdown: IVV -56.5% vs NUW -32.9%.
Should I hold both IVV and NUW?
IVV and NUW have a monthly-return correlation of 0.13, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between IVV and NUW?
IVV and NUW share 0 common holdings with a 0.0% weight overlap. Combined, they hold 602 unique securities.
Which pays a higher dividend, IVV or NUW?
IVV yields 1.09% while NUW yields 3.86%, so NUW currently pays the higher dividend yield.
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