NUW vs VOO
Nuveen AMT-Free Municipal Value 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 | NUW | VOO | Winner |
|---|---|---|---|
| Expense Ratio | 0.68% | 0.03% | |
| AUM | - | $979.0B | |
| Dividend Yield | 3.86% | 1.09% | |
| Holdings | 225 | 509 | |
| YTD Return | -0.24% | +13.44% | |
| 1Y Return | +5.98% | +22.62% | |
| 3Y Return (annualized) | +4.17% | +21.47% | |
| 5Y Return (annualized) | -0.28% | +13.27% | |
| Volatility (annualized) | 9.7% | 14.1% | |
| Max Drawdown | -32.9% | -34.3% | |
| Fund Family | Nuveen | Vanguard (US) | |
| Category | Tax Preferred | Equity | |
| Inception | Feb 25, 2009 | Sep 7, 2010 |
NUW vs VOO Performance
Nuveen AMT-Free Municipal Value Fund (NUW) is a ETF from Nuveen and Vanguard S&P 500 ETF (VOO) is a ETF from Vanguard (US). Over the past year NUW returned +5.98% while VOO returned +22.62%. Year to date, NUW is down 0.24% versus a gain of 13.44% for VOO.
Over three years, NUW compounded at +4.17% per year against +21.47% for VOO; over five years the annualized figures are -0.28% and +13.27% respectively. Across the full 16-year window we track, VOO has the edge at +13.55% annualized vs +0.78%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
VOO has been the more volatile fund, with annualized monthly volatility of 14.1% 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 -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 0.15. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
NUW charges 0.68% per year while VOO charges 0.03%. On a $10,000 position that is $68 vs $3 annually, a gap of $65 per year that compounds over a long holding period. On income, NUW currently yields 3.86% against 1.09% for VOO.
Holdings Overlap
NUW and VOO share 0 holdings out of 602 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 VOO?
NUW has an expense ratio of 0.68% while VOO charges 0.03%. VOO is the cheaper option. On a $10,000 investment, that is $65 per year of difference.
Which performed better, NUW or VOO?
Over the past year NUW returned +5.98% vs +22.62% for VOO, so VOO leads on 1-year performance. Over the longest common window we track (16 years), NUW annualized +0.78% vs +13.55% for VOO. Past performance does not guarantee future results.
Which is riskier, NUW or VOO?
VOO has been the more volatile fund at 14.1% annualized versus 9.7% for NUW. Worst drawdown: NUW -32.9% vs VOO -34.3%.
Should I hold both NUW and VOO?
NUW and VOO have a monthly-return correlation of 0.15, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between NUW and VOO?
NUW and VOO share 0 common holdings with a 0.0% weight overlap. Combined, they hold 602 unique securities.
Which pays a higher dividend, NUW or VOO?
NUW yields 3.86% while VOO yields 1.09%, so NUW currently pays the higher dividend yield.
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