NKX vs VOO
Nuveen California AMT-Free Quality Municipal Income Fund vs Vanguard S&P 500 ETF
Quick Verdict
VOO has a lower expense ratio. VOO delivered stronger 1-year returns. VOO offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | NKX | VOO | Winner |
|---|---|---|---|
| Expense Ratio | 4.02% | 0.03% | |
| AUM | - | $979.0B | |
| Dividend Yield | 7.49% | 1.09% | |
| Holdings | 214 | 509 | |
| YTD Return | +4.23% | +14.48% | |
| 1Y Return | +11.28% | +22.02% | |
| 3Y Return (annualized) | +10.31% | +21.80% | |
| 5Y Return (annualized) | +0.22% | +13.36% | |
| Volatility (annualized) | 13.5% | 14.2% | |
| Max Drawdown | -49.0% | -34.3% | |
| Fund Family | Nuveen | Vanguard (US) | |
| Category | Tax Preferred | Equity | |
| Inception | Nov 22, 2002 | Sep 7, 2010 |
NKX vs VOO Performance
Nuveen California AMT-Free Quality Municipal Income Fund (NKX) is a ETF from Nuveen and Vanguard S&P 500 ETF (VOO) is a ETF from Vanguard (US). Over the past year NKX returned +11.28% while VOO returned +22.02%. Year to date, NKX is up 4.23% versus a gain of 14.48% for VOO.
Over three years, NKX compounded at +10.31% per year against +21.80% for VOO; over five years the annualized figures are +0.22% and +13.36% respectively. Across the full 16-year window we track, VOO has the edge at +13.61% annualized vs +0.52%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
VOO has been the more volatile fund, with annualized monthly volatility of 14.2% 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 -34.3% for VOO. 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 0.31. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
NKX charges 4.02% per year while VOO charges 0.03%. On a $10,000 position that is $402 vs $3 annually, a gap of $399 per year that compounds over a long holding period. On income, NKX currently yields 7.49% against 1.09% for VOO.
Holdings Overlap
NKX and VOO share 0 holdings out of 606 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, NKX or VOO?
NKX has an expense ratio of 4.02% while VOO charges 0.03%. VOO is the cheaper option. On a $10,000 investment, that is $399 per year of difference.
Which performed better, NKX or VOO?
Over the past year NKX returned +11.28% vs +22.02% for VOO, so VOO leads on 1-year performance. Over the longest common window we track (16 years), NKX annualized +0.52% vs +13.61% for VOO. Past performance does not guarantee future results.
Which is riskier, NKX or VOO?
VOO has been the more volatile fund at 14.2% annualized versus 13.5% for NKX. Worst drawdown: NKX -49.0% vs VOO -34.3%.
Should I hold both NKX and VOO?
NKX and VOO have a monthly-return correlation of 0.31, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between NKX and VOO?
NKX and VOO share 0 common holdings with a 0.0% weight overlap. Combined, they hold 606 unique securities.
Which pays a higher dividend, NKX or VOO?
NKX yields 7.49% while VOO yields 1.09%, so NKX currently pays the higher dividend yield.
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