IVV vs NVG
iShares Core S&P 500 ETF vs Nuveen AMT-Free Municipal Credit Income Fund
Which is better, IVV or NVG?
Large Cap Blend against Municipal Bond.
IVV has a lower expense ratio. IVV led over 1Y, 3Y, 5Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | IVV | NVG |
|---|---|---|
| Expense Ratio | 0.03%Best | 3.64% |
| AUM | $876.4B | - |
| Dividend Yield | 1.06% | 7.85% |
| Holdings | 508 | 1,103 |
| YTD Return | +12.51%Best | -3.63% |
| 1Y Return | +17.57%Best | +0.99% |
| 3Y Return (annualized) | +21.27%Best | +9.41% |
| 5Y Return (annualized) | +12.95%Best | -2.32% |
| Volatility (annualized) | 14.9% | 12.5%Best |
| Max Drawdown | -56.5% | -47.8%Best |
| $10,000 over 5 years | $18,384Best | $8,893 |
| Fund Family | iShares by BlackRock (US) | Nuveen |
| Category | Equity | Tax Preferred |
| Style | Large Cap Blend | Municipal Bond |
| Inception | May 15, 2000 | Mar 25, 2002 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Mar 26, 2002 to Sep 11, 2026 (24.5 years).
IVV vs NVG growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
IVV vs NVG Performance
iShares Core S&P 500 ETF (IVV) is an ETF from iShares by BlackRock (US) and Nuveen AMT-Free Municipal Credit Income Fund (NVG) is an ETF from Nuveen. Over the past year IVV returned +17.57% while NVG returned +0.99%. Year to date, IVV is up 12.51% versus a loss of 3.63% for NVG.
Over three years, IVV compounded at +21.27% per year against +9.41% for NVG; over five years the annualized figures are +12.95% and -2.32% respectively. Across the full 25-year window we track, IVV has the edge at +8.45% annualized vs +0.34%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
IVV has been the more volatile fund, with annualized monthly volatility of 14.9% compared with 12.5% for NVG. 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 -47.8% for NVG. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.31. They move together some of the time, and apart the rest.
Fees and Cost Over Time
IVV charges 0.03% per year while NVG charges 3.64%. On a $10,000 position that is $3 vs $364 annually, a gap of $361 per year that compounds over a long holding period. On income, IVV currently yields 1.06% against 7.85% for NVG.
Holdings Overlap
We hold position weights for 505 holdings in IVV and 354 in NVG, totalling 100.0% and 72.2% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
The two holdings books were reported 186 days apart, IVV as of Aug 5, 2026 and NVG as of Jan 31, 2026, so some of the difference between them is the time between the two reports rather than the funds.
0 positions in common, counted across the 505 positions we hold weights for in IVV and 354 in NVG, against full books of 508 and 1,103.
You are not choosing between two funds in isolation.
Whichever of IVV and NVG you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, IVV or NVG?
IVV has an expense ratio of 0.03% while NVG charges 3.64%. IVV is the cheaper option, by $361 a year on a $10,000 investment.
Which performed better, IVV or NVG?
Over the past year IVV returned +17.57% vs +0.99% for NVG, so IVV leads on 1-year performance. Over the longest common window we track (25 years), IVV annualized +8.45% vs +0.34% for NVG. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, IVV or NVG?
IVV has been the more volatile fund at 14.9% annualized versus 12.5% for NVG. Worst drawdown: IVV -56.5% vs NVG -47.8%.
Should I hold both IVV and NVG?
IVV and NVG have a monthly-return correlation of 0.31, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, IVV or NVG?
IVV yields 1.06% while NVG yields 7.85%, so NVG currently pays the higher dividend yield.
Is NVG better than IVV?
IVV has a lower expense ratio. IVV led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.