NAD vs SPY
Nuveen Quality Municipal Income Fund vs State Street SPDR S&P 500 ETF Trust
Which is better, NAD or SPY?
Municipal Bond against Large Cap Blend.
SPY has a lower expense ratio. SPY 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 | NAD | SPY |
|---|---|---|
| Expense Ratio | 3.74% | 0.09%Best |
| AUM | - | $804.7B |
| Dividend Yield | 7.35% | 0.98% |
| Holdings | 1,159 | 505 |
| YTD Return | -3.97% | +12.47%Best |
| 1Y Return | -0.01% | +17.51%Best |
| 3Y Return (annualized) | +8.50% | +21.18%Best |
| 5Y Return (annualized) | -1.92% | +12.88%Best |
| Volatility (annualized) | 12.2%Best | 15.1% |
| Max Drawdown | -51.9%Best | -56.5% |
| $10,000 over 5 years | $9,076 | $18,327Best |
| Fund Family | Nuveen | State Street Investment Management |
| Category | Tax Preferred | Equity |
| Style | Municipal Bond | Large Cap Blend |
| Inception | May 26, 1999 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: May 26, 1999 to Sep 11, 2026 (27.3 years).
NAD 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 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.
NAD vs SPY Performance
Nuveen Quality Municipal Income Fund (NAD) 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 NAD returned -0.01% while SPY returned +17.51%. Year to date, NAD is down 3.97% versus a gain of 12.47% for SPY.
Over three years, NAD compounded at +8.50% per year against +21.18% for SPY; over five years the annualized figures are -1.92% and +12.88% respectively. Across the full 27-year window we track, SPY has the edge at +6.98% annualized vs +0.06%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.1% compared with 12.2% for NAD. 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 -51.9% for NAD 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 0.19. They move largely independently of each other.
Fees and Cost Over Time
NAD charges 3.74% per year while SPY charges 0.09%. On a $10,000 position that is $374 vs $9 annually, a gap of $365 per year that compounds over a long holding period. On income, NAD currently yields 7.35% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 431 holdings in NAD and 504 in SPY, totalling 75.8% and 100.0% 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 185 days apart, NAD as of Jan 31, 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.
0 positions in common, counted across the 431 positions we hold weights for in NAD and 504 in SPY, against full books of 1,159 and 505.
You are not choosing between two funds in isolation.
Whichever of NAD and SPY 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, NAD or SPY?
NAD has an expense ratio of 3.74% while SPY charges 0.09%. SPY is the cheaper option, by $365 a year on a $10,000 investment.
Which performed better, NAD or SPY?
Over the past year NAD returned -0.01% vs +17.51% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (27 years), NAD annualized +0.06% vs +6.98% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, NAD or SPY?
SPY has been the more volatile fund at 15.1% annualized versus 12.2% for NAD. Worst drawdown: NAD -51.9% vs SPY -56.5%.
Should I hold both NAD and SPY?
NAD and SPY have a monthly-return correlation of 0.19, 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, NAD or SPY?
NAD yields 7.35% while SPY yields 0.98%, so NAD currently pays the higher dividend yield.
Is SPY better than NAD?
SPY has a lower expense ratio. SPY 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.