JCE vs SPY
Nuveen Core Equity Alpha Fund vs State Street SPDR S&P 500 ETF Trust
Which is better, JCE or SPY?
SPY has been ahead.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 42.3%.
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 | JCE | SPY |
|---|---|---|
| Expense Ratio | 1.02% | 0.09%Best |
| AUM | - | $814.4B |
| Dividend Yield | 7.58% | 1.01% |
| Holdings | 128 | 505 |
| YTD Return | +13.78%Best | +13.34% |
| 1Y Return | +17.85% | +19.97%Best |
| 3Y Return (annualized) | +19.80% | +21.20%Best |
| 5Y Return (annualized) | +11.10% | +12.81%Best |
| Volatility (annualized) | 20.6% | 15.5%Best |
| Max Drawdown | -64.9% | -56.5%Best |
| $10,000 over 5 years | $16,927 | $18,270Best |
| Top 10 Weight | 42.3% | 38.0%Best |
| Fund Family | Nuveen | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Mar 27, 2007 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Mar 28, 2007 to Sep 4, 2026 (19.4 years).
JCE vs SPY 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 19.4 years both funds cover.
JCE vs SPY Performance
Nuveen Core Equity Alpha Fund (JCE) is an ETF from Nuveen and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year JCE returned +17.85% while SPY returned +19.97%. Year to date, JCE is up 13.78% versus a gain of 13.34% for SPY.
Over three years, JCE compounded at +19.80% per year against +21.20% for SPY; over five years the annualized figures are +11.10% and +12.81% respectively. Across the full 19-year window we track, SPY has the edge at +9.51% annualized vs +2.26%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
JCE has been the more volatile fund, with annualized monthly volatility of 20.6% compared with 15.5% for SPY. 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 -64.9% for JCE and -56.5% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.77. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
JCE charges 1.02% per year while SPY charges 0.09%. On a $10,000 position that is $102 vs $9 annually, a gap of $93 per year that compounds over a long holding period. On income, JCE currently yields 7.58% against 1.01% for SPY.
Holdings Overlap
84.4% of JCE's money is in holdings SPY also owns. 61.1% of SPY's money is in holdings JCE also owns.
Most of JCE is already inside SPY. Owning both mostly buys the same companies twice.
The two holdings books were reported 186 days apart, JCE as of Jan 30, 2026 and SPY as of Aug 4, 2026, so some of the difference between them is the time between the two reports rather than the funds.
80 positions in common, counted across the 117 positions we hold weights for in JCE and 504 in SPY, against full books of 128 and 505.
What only one of them owns
Our book lists 417 positions for SPY that do not appear in our book for JCE (38.3% of the fund), and 35 for JCE that do not appear in SPY (14.7%).
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 JCE | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp. | 8.48% | 7.71% | 0.77% |
| AAPLApple, Inc | 7.13% | 6.83% | 0.30% |
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 5.96% | 5.50% | 0.46% |
| AMZNAmazon.Com Inc | 4.56% | 4.08% | 0.48% |
| GOOGLAlphabet Inc.Class A | 3.28% | 3.33% | 0.05% |
| GOOGAlphabet Inc. C | 3.40% | 2.67% | 0.73% |
| AVGOBroadcom Inc | 3.08% | 2.97% | 0.11% |
| METAMeta Platform Inc | 2.41% | 1.94% | 0.47% |
| BRK.BBerkshire Hathaway, Inc. | 2.09% | 1.42% | 0.67% |
| JPMJpmorgan Chase | 1.91% | 1.44% | 0.47% |
84.4% of JCE is already inside SPY.
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, JCE or SPY?
JCE has an expense ratio of 1.02% while SPY charges 0.09%. SPY is the cheaper option, by $93 a year on a $10,000 investment.
Which performed better, JCE or SPY?
Over the past year JCE returned +17.85% vs +19.97% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (19 years), JCE annualized +2.26% vs +9.51% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, JCE or SPY?
JCE has been the more volatile fund at 20.6% annualized versus 15.5% for SPY. Worst drawdown: JCE -64.9% vs SPY -56.5%.
Should I hold both JCE and SPY?
JCE and SPY have a monthly-return correlation of 0.77, 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 JCE and SPY?
84.4% of JCE's money is in holdings SPY also owns. 61.1% of SPY's is in holdings JCE also owns. They hold 80 positions in common, counted across the 117 positions we hold weights for in JCE and 504 in SPY.
Which pays a higher dividend, JCE or SPY?
JCE yields 7.58% while SPY yields 1.01%, so JCE currently pays the higher dividend yield.
Is SPY better than JCE?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 42.3%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.