NMAI vs SPY
Nuveen Multi-Asset Income Fund vs State Street SPDR S&P 500 ETF Trust
Which is better, NMAI or SPY?
Allocation/Balanced against Large Cap Blend.
SPY has a lower expense ratio. NMAI led over 1Y, SPY over 3Y 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 | NMAI | SPY |
|---|---|---|
| Expense Ratio | 1.87% | 0.09%Best |
| AUM | - | $804.7B |
| Dividend Yield | 9.43% | 0.98% |
| Holdings | 1,312 | 505 |
| YTD Return | +18.89%Best | +13.82% |
| 1Y Return | +22.29%Best | +16.96% |
| 3Y Return (annualized) | +21.15% | +22.97%Best |
| 5Y Return (annualized) | - | +13.73% |
| Volatility (annualized) | 18.8% | 15.7%Best |
| Max Drawdown | -35.6% | -24.5%Best |
| $10,000 over 4.8 years | $13,664 | $17,586Best |
| Fund Family | Nuveen | State Street Investment Management |
| Category | Allocation/Balanced | Equity |
| Style | Allocation/Balanced | Large Cap Blend |
| Inception | Nov 22, 2021 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 4.8 years row, are measured over the window both funds cover: Nov 22, 2021 to Sep 21, 2026 (4.8 years).
NMAI 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 4.8 years both funds cover.
NMAI vs SPY Performance
Nuveen Multi-Asset Income Fund (NMAI) 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 NMAI returned +22.29% while SPY returned +16.96%. Year to date, NMAI is up 18.89% versus a gain of 13.82% for SPY.
Over three years, NMAI compounded at +21.15% per year against +22.97% for SPY.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
NMAI has been the more volatile fund, with annualized monthly volatility of 18.8% compared with 15.7% 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 -35.6% for NMAI and -24.5% 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 0.84. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
NMAI charges 1.87% per year while SPY charges 0.09%. On a $10,000 position that is $187 vs $9 annually, a gap of $178 per year that compounds over a long holding period. On income, NMAI currently yields 9.43% against 0.98% for SPY.
Holdings Overlap
At least 73.2% of SPY's money is in holdings NMAI also owns.
Stated as a floor: for NMAI, our book for it covers 66.5% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
Most of SPY is already inside NMAI. Owning both mostly buys the same companies twice.
The two holdings books were reported 214 days apart, NMAI as of Jan 30, 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.
181 positions in common, counted across the 664 positions we hold weights for in NMAI and 504 in SPY, against full books of 1,312 and 505.
Top Shared Holdings
| Stock | Weight in NMAI | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp | 2.01% | 8.01% | 6.00% |
| AAPLApple, Inc | 2.07% | 7.26% | 5.19% |
| MSFTMicrosoft Corp | 2.00% | 5.66% | 3.66% |
| AMZNAmazon.Com Inc | 1.43% | 3.79% | 2.36% |
| AVGOBroadcom Inc | 1.45% | 2.66% | 1.21% |
| GOOGLAlphabet Inc,class A | 0.82% | 2.99% | 2.17% |
| GOOGAlphabet Inc | 0.99% | 2.39% | 1.40% |
| JPMJpmorgan Chase | 1.20% | 1.45% | 0.25% |
| METAMeta Platforms Inc | 0.71% | 1.93% | 1.22% |
| LLYEli Lilly & Co. | 0.69% | 1.40% | 0.71% |
73.2% of SPY is already inside NMAI.
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, NMAI or SPY?
NMAI has an expense ratio of 1.87% while SPY charges 0.09%. SPY is the cheaper option, by $178 a year on a $10,000 investment.
Which performed better, NMAI or SPY?
Over the past year NMAI returned +22.29% vs +16.96% for SPY, so NMAI leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, NMAI or SPY?
NMAI has been the more volatile fund at 18.8% annualized versus 15.7% for SPY. Worst drawdown: NMAI -35.6% vs SPY -24.5%.
Should I hold both NMAI and SPY?
NMAI and SPY have a monthly-return correlation of 0.84, 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 NMAI and SPY?
At least 73.2% of SPY's money is in holdings NMAI also owns. Our book for NMAI is partial, so the real figure is this or higher. They hold 181 positions in common, counted across the 664 positions we hold weights for in NMAI and 504 in SPY.
Which pays a higher dividend, NMAI or SPY?
NMAI yields 9.43% while SPY yields 0.98%, so NMAI currently pays the higher dividend yield.
Is SPY better than NMAI?
SPY has a lower expense ratio. NMAI led over 1Y, SPY over 3Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.