NUW vs SPY
Nuveen AMT-Free Municipal Value Fund vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | NUW | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.68% | 0.09% | |
| AUM | - | $789.1B | |
| Dividend Yield | 3.86% | 1.01% | |
| Holdings | 225 | 505 | |
| YTD Return | +0.47% | +14.47% | |
| 1Y Return | +5.97% | +21.96% | |
| 3Y Return (annualized) | +4.41% | +21.70% | |
| 5Y Return (annualized) | -0.12% | +13.30% | |
| Volatility (annualized) | 9.7% | 15.3% | |
| Max Drawdown | -32.9% | -56.5% | |
| Fund Family | Nuveen | State Street Investment Management | |
| Category | Tax Preferred | Equity | |
| Inception | Feb 25, 2009 | Jan 22, 1993 |
NUW vs SPY Performance
Nuveen AMT-Free Municipal Value Fund (NUW) 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 NUW returned +5.97% while SPY returned +21.96%. Year to date, NUW is up 0.47% versus a gain of 14.47% for SPY.
Over three years, NUW compounded at +4.41% per year against +21.70% for SPY; over five years the annualized figures are -0.12% and +13.30% respectively. Across the full 18-year window we track, SPY has the edge at +8.87% annualized vs +0.82%. 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 9.7% 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 -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 0.13. They move independently enough that combining them can meaningfully diversify a portfolio.
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 3.86% against 1.01% for SPY.
Holdings Overlap
NUW and SPY share 0 holdings out of 600 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, NUW or SPY?
NUW has an expense ratio of 0.68% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $59 per year of difference.
Which performed better, NUW or SPY?
Over the past year NUW returned +5.97% vs +21.96% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (18 years), NUW annualized +0.82% vs +8.87% for SPY. Past performance does not guarantee future results.
Which is riskier, NUW or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 9.7% for NUW. Worst drawdown: NUW -32.9% vs SPY -56.5%.
Should I hold both NUW and SPY?
NUW and SPY have a monthly-return correlation of 0.13, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between NUW and SPY?
NUW and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 600 unique securities.
Which pays a higher dividend, NUW or SPY?
NUW yields 3.86% while SPY yields 1.01%, so NUW currently pays the higher dividend yield.
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