NCA vs SPY
Nuveen California Municipal Value Fund Inc. vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | NCA | SPY | Winner |
|---|---|---|---|
| Expense Ratio | - | 0.09% | |
| AUM | - | $789.1B | |
| Dividend Yield | 3.79% | 1.01% | |
| Holdings | 136 | 505 | |
| YTD Return | +4.17% | +13.39% | |
| 1Y Return | +10.70% | +22.52% | |
| 3Y Return (annualized) | +6.77% | +21.36% | |
| 5Y Return (annualized) | +0.39% | +13.19% | |
| Volatility (annualized) | 10.0% | 15.3% | |
| Max Drawdown | -32.5% | -56.5% | |
| Fund Family | Nuveen | State Street Investment Management | |
| Category | Tax Preferred | Equity | |
| Inception | Oct 7, 1987 | Jan 22, 1993 |
NCA vs SPY Performance
Nuveen California Municipal Value Fund Inc. (NCA) is a ETF from Nuveen and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year NCA returned +10.70% while SPY returned +22.52%. Year to date, NCA is up 4.17% versus a gain of 13.39% for SPY.
Over three years, NCA compounded at +6.77% per year against +21.36% for SPY; over five years the annualized figures are +0.39% and +13.19% respectively. Across the full 31-year window we track, SPY has the edge at +8.84% annualized vs +0.26%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 10.0% for NCA. 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 -32.5% for NCA and -56.5% for SPY. 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 0.22. They move independently enough that combining them can meaningfully diversify a portfolio.
Holdings Overlap
NCA and SPY share 0 holdings out of 576 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which performed better, NCA or SPY?
Over the past year NCA returned +10.70% vs +22.52% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (31 years), NCA annualized +0.26% vs +8.84% for SPY. Past performance does not guarantee future results.
Which is riskier, NCA or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 10.0% for NCA. Worst drawdown: NCA -32.5% vs SPY -56.5%.
Should I hold both NCA and SPY?
NCA and SPY have a monthly-return correlation of 0.22, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between NCA and SPY?
NCA and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 576 unique securities.
Which pays a higher dividend, NCA or SPY?
NCA yields 3.79% while SPY yields 1.01%, so NCA currently pays the higher dividend yield.
Popular ETF Comparisons
Get Full ETF Analytics
Access complete holdings data, overlap analysis, screener tools, and more with FundXLS.