NKX vs SPY
Nuveen California AMT-Free Quality Municipal Income Fund vs State Street SPDR S&P 500 ETF Trust
Which is better, NKX or SPY?
Municipal California 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 | NKX | SPY |
|---|---|---|
| Expense Ratio | 4.02% | 0.09%Best |
| AUM | - | $804.7B |
| Dividend Yield | 7.75% | 0.98% |
| Holdings | 214 | 505 |
| YTD Return | -3.98% | +11.45%Best |
| 1Y Return | -1.22% | +15.87%Best |
| 3Y Return (annualized) | +9.05% | +20.93%Best |
| 5Y Return (annualized) | -1.68% | +12.59%Best |
| Volatility (annualized) | 13.5%Best | 14.5% |
| Max Drawdown | -49.0%Best | -56.5% |
| $10,000 over 5 years | $9,188 | $18,093Best |
| Fund Family | Nuveen | State Street Investment Management |
| Category | Tax Preferred | Equity |
| Style | Municipal California | Large Cap Blend |
| Inception | Nov 22, 2002 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Nov 22, 2002 to Sep 15, 2026 (23.8 years).
NKX 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.
NKX vs SPY Performance
Nuveen California AMT-Free Quality Municipal Income Fund (NKX) 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 NKX returned -1.22% while SPY returned +15.87%. Year to date, NKX is down 3.98% versus a gain of 11.45% for SPY.
Over three years, NKX compounded at +9.05% per year against +20.93% for SPY; over five years the annualized figures are -1.68% and +12.59% respectively. Across the full 24-year window we track, SPY has the edge at +9.53% annualized vs +0.17%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 14.5% compared with 13.5% for NKX. 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 -49.0% for NKX 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 0.28. They move largely independently of each other.
Fees and Cost Over Time
NKX charges 4.02% per year while SPY charges 0.09%. On a $10,000 position that is $402 vs $9 annually, a gap of $393 per year that compounds over a long holding period. On income, NKX currently yields 7.75% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 1 holding in NKX and 504 in SPY, totalling 0.1% and 99.9% 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 93 days apart, NKX as of May 31, 2026 and SPY as of Sep 1, 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 1 positions we hold weights for in NKX and 504 in SPY, against full books of 214 and 505.
You are not choosing between two funds in isolation.
Whichever of NKX 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, NKX or SPY?
NKX has an expense ratio of 4.02% while SPY charges 0.09%. SPY is the cheaper option, by $393 a year on a $10,000 investment.
Which performed better, NKX or SPY?
Over the past year NKX returned -1.22% vs +15.87% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (24 years), NKX annualized +0.17% vs +9.53% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, NKX or SPY?
SPY has been the more volatile fund at 14.5% annualized versus 13.5% for NKX. Worst drawdown: NKX -49.0% vs SPY -56.5%.
Should I hold both NKX and SPY?
NKX and SPY have a monthly-return correlation of 0.28, 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, NKX or SPY?
NKX yields 7.75% while SPY yields 0.98%, so NKX currently pays the higher dividend yield.
Is SPY better than NKX?
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.