IVV vs SPXX
iShares Core S&P 500 ETF vs Nuveen S&P 500 Dynamic Overwrite Fund
Which is better, IVV or SPXX?
Large Cap Blend against Multi Alternative.
IVV has a lower expense ratio. IVV led over 1Y, 3Y, 5Y and the full window. IVV is less concentrated, with 37.9% of the fund in its ten largest positions against 38.7%.
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 | SPXX |
|---|---|---|
| Expense Ratio | 0.03%Best | 0.91% |
| AUM | $876.4B | - |
| Dividend Yield | 1.06% | 6.85% |
| Holdings | 508 | 344 |
| YTD Return | +11.57%Best | +8.88% |
| 1Y Return | +17.57%Best | +11.58% |
| 3Y Return (annualized) | +20.71%Best | +15.94% |
| 5Y Return (annualized) | +12.80%Best | +8.47% |
| Volatility (annualized) | 15.1%Best | 15.9% |
| Max Drawdown | -56.5%Best | -60.0% |
| $10,000 over 5 years | $18,262Best | $15,016 |
| Top 10 Weight | 37.9%Best | 38.7% |
| Fund Family | iShares by BlackRock (US) | Nuveen |
| Category | Equity | Alternative |
| Style | Large Cap Blend | Multi Alternative |
| Inception | May 15, 2000 | Nov 22, 2005 |
Volatility and max drawdown are measured over the window both funds cover: Nov 23, 2005 to Sep 10, 2026 (20.8 years).
IVV vs SPXX 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 covers the 20.8 years both funds cover.
IVV vs SPXX Performance
iShares Core S&P 500 ETF (IVV) is an ETF from iShares by BlackRock (US) and Nuveen S&P 500 Dynamic Overwrite Fund (SPXX) is an ETF from Nuveen. Over the past year IVV returned +17.57% while SPXX returned +11.58%. Year to date, IVV is up 11.57% versus a gain of 8.88% for SPXX.
Over three years, IVV compounded at +20.71% per year against +15.94% for SPXX; over five years the annualized figures are +12.80% and +8.47% respectively. Across the full 21-year window we track, IVV has the edge at +9.40% annualized vs +1.63%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPXX has been the more volatile fund, with annualized monthly volatility of 15.9% compared with 15.1% for IVV. 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 -60.0% for SPXX. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.80. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
IVV charges 0.03% per year while SPXX charges 0.91%. On a $10,000 position that is $3 vs $91 annually, a gap of $88 per year that compounds over a long holding period. On income, IVV currently yields 1.06% against 6.85% for SPXX.
Holdings Overlap
63.0% of IVV's money is in holdings SPXX also owns. 85.8% of SPXX's money is in holdings IVV also owns.
Most of SPXX is already inside IVV. Owning both mostly buys the same companies twice.
The two holdings books were reported 127 days apart, IVV as of Aug 5, 2026 and SPXX as of Mar 31, 2026, so some of the difference between them is the time between the two reports rather than the funds.
83 positions in common, counted across the 505 positions we hold weights for in IVV and 469 in SPXX, against full books of 508 and 344.
What only one of them owns
Our book lists 255 positions for SPXX that do not appear in our book for IVV (10.6% of the fund), and 412 for IVV that do not appear in SPXX (36.4%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in IVV | Weight in SPXX | Difference |
|---|---|---|---|
| NVDANvidia Corp. | 7.98% | 7.49% | 0.49% |
| AAPLApple, Inc | 6.86% | 6.50% | 0.36% |
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 5.44% | 5.19% | 0.25% |
| AMZNAmazon.Com Inc | 4.01% | 3.67% | 0.34% |
| GOOGLAlphabet A Usd 0.001 | 3.19% | 2.85% | 0.34% |
| AVGOBroadcom Inc | 2.98% | 2.55% | 0.43% |
| GOOGAlphabet Inc | 2.56% | 2.24% | 0.32% |
| METAMeta Platforms, Inc. | 1.94% | 2.03% | 0.09% |
| JPMJpmorgan Chase & Co. | 1.45% | 2.40% | 0.95% |
| CATCaterpillar, Inc. | 0.60% | 3.05% | 2.45% |
85.8% of SPXX is already inside IVV.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, IVV or SPXX?
IVV has an expense ratio of 0.03% while SPXX charges 0.91%. IVV is the cheaper option, by $88 a year on a $10,000 investment.
Which performed better, IVV or SPXX?
Over the past year IVV returned +17.57% vs +11.58% for SPXX, so IVV leads on 1-year performance. Over the longest common window we track (21 years), IVV annualized +9.40% vs +1.63% for SPXX. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, IVV or SPXX?
SPXX has been the more volatile fund at 15.9% annualized versus 15.1% for IVV. Worst drawdown: IVV -56.5% vs SPXX -60.0%.
Should I hold both IVV and SPXX?
IVV and SPXX have a monthly-return correlation of 0.80, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between IVV and SPXX?
85.8% of SPXX's money is in holdings IVV also owns. 85.8% of SPXX's is in holdings IVV also owns. They hold 83 positions in common, counted across the 505 positions we hold weights for in IVV and 469 in SPXX.
Which pays a higher dividend, IVV or SPXX?
IVV yields 1.06% while SPXX yields 6.85%, so SPXX currently pays the higher dividend yield.
Is SPXX better than IVV?
IVV has a lower expense ratio. IVV led over 1Y, 3Y, 5Y and the full window. IVV is less concentrated, with 37.9% of the fund in its ten largest positions against 38.7%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.