NUW vs SPY
Nuveen AMT-Free Municipal Value Fund vs State Street SPDR S&P 500 ETF Trust
Which is better, NUW or SPY?
Municipal Bond 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 | NUW | SPY |
|---|---|---|
| Expense Ratio | 0.68% | 0.09%Best |
| AUM | - | $804.7B |
| Dividend Yield | 3.96% | 0.98% |
| Holdings | 225 | 505 |
| YTD Return | -6.15% | +12.99%Best |
| 1Y Return | -3.23% | +16.73%Best |
| 3Y Return (annualized) | +4.27% | +22.52%Best |
| 5Y Return (annualized) | -1.49% | +13.07%Best |
| Volatility (annualized) | 9.8%Best | 14.5% |
| Max Drawdown | -32.9%Best | -34.1% |
| $10,000 over 5 years | $9,277 | $18,481Best |
| Fund Family | Nuveen | State Street Investment Management |
| Category | Tax Preferred | Equity |
| Style | Municipal Bond | Large Cap Blend |
| Inception | Feb 25, 2009 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Feb 25, 2009 to Sep 23, 2026 (17.6 years).
NUW 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.
NUW vs SPY Performance
Nuveen AMT-Free Municipal Value Fund (NUW) 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 NUW returned -3.23% while SPY returned +16.73%. Year to date, NUW is down 6.15% versus a gain of 12.99% for SPY.
Over three years, NUW compounded at +4.27% per year against +22.52% for SPY; over five years the annualized figures are -1.49% and +13.07% respectively. Across the full 18-year window we track, SPY has the edge at +14.47% annualized vs +0.43%.
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 9.8% for NUW. 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 -32.9% for NUW and -34.1% 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 0.13. They move largely independently of each other.
Fees and Cost Over Time
NUW charges 0.68% per year while SPY charges 0.09%. On a $10,000 position that is $68 vs $9 annually, a gap of $59 per year that compounds over a long holding period. On income, NUW currently yields 3.96% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 1 holding in NUW and 504 in SPY, totalling 0.5% 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, NUW 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 NUW and 504 in SPY, against full books of 225 and 505.
You are not choosing between two funds in isolation.
Whichever of NUW 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, NUW or SPY?
NUW has an expense ratio of 0.68% while SPY charges 0.09%. SPY is the cheaper option, by $59 a year on a $10,000 investment.
Which performed better, NUW or SPY?
Over the past year NUW returned -3.23% vs +16.73% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (18 years), NUW annualized +0.43% vs +14.47% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, NUW or SPY?
SPY has been the more volatile fund at 14.5% annualized versus 9.8% for NUW. Worst drawdown: NUW -32.9% vs SPY -34.1%.
Should I hold both NUW and SPY?
NUW and SPY have a monthly-return correlation of 0.13, 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, NUW or SPY?
NUW yields 3.96% while SPY yields 0.98%, so NUW currently pays the higher dividend yield.
Is SPY better than NUW?
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.