NPV vs SPY
Nuveen Virginia Quality Municipal Income Fund 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 | NPV | SPY | Winner |
|---|---|---|---|
| Expense Ratio | - | 0.09% | |
| AUM | - | $789.1B | |
| Dividend Yield | 6.86% | 1.01% | |
| Holdings | 187 | 505 | |
| YTD Return | +2.68% | +13.39% | |
| 1Y Return | +6.50% | +22.52% | |
| 3Y Return (annualized) | +7.11% | +21.36% | |
| 5Y Return (annualized) | -3.42% | +13.19% | |
| Volatility (annualized) | 13.6% | 15.3% | |
| Max Drawdown | -52.7% | -56.5% | |
| Fund Family | Nuveen | State Street Investment Management | |
| Category | Tax Preferred | Equity | |
| Inception | Mar 18, 1993 | Jan 22, 1993 |
NPV vs SPY Performance
Nuveen Virginia Quality Municipal Income Fund (NPV) 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 NPV returned +6.50% while SPY returned +22.52%. Year to date, NPV is up 2.68% versus a gain of 13.39% for SPY.
Over three years, NPV compounded at +7.11% per year against +21.36% for SPY; over five years the annualized figures are -3.42% and +13.19% respectively. Across the full 31-year window we track, SPY has the edge at +8.84% annualized vs +0.27%. 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 13.6% for NPV. 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 -52.7% for NPV 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 0.16. They move independently enough that combining them can meaningfully diversify a portfolio.
Holdings Overlap
NPV and SPY share 0 holdings out of 563 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, NPV or SPY?
Over the past year NPV returned +6.50% vs +22.52% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (31 years), NPV annualized +0.27% vs +8.84% for SPY. Past performance does not guarantee future results.
Which is riskier, NPV or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 13.6% for NPV. Worst drawdown: NPV -52.7% vs SPY -56.5%.
Should I hold both NPV and SPY?
NPV and SPY have a monthly-return correlation of 0.16, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between NPV and SPY?
NPV and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 563 unique securities.
Which pays a higher dividend, NPV or SPY?
NPV yields 6.86% while SPY yields 1.01%, so NPV currently pays the higher dividend yield.
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