NVG vs SPY
Nuveen AMT-Free Municipal Credit Income 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 503 holdings.
Side-by-Side Comparison
| Metric | NVG | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 3.64% | 0.09% | |
| AUM | - | $789.1B | |
| Dividend Yield | 7.41% | 1.01% | |
| Holdings | 1,103 | 505 | |
| YTD Return | +2.10% | +13.68% | |
| 1Y Return | +12.72% | +21.53% | |
| 3Y Return (annualized) | +10.06% | +21.44% | |
| 5Y Return (annualized) | -1.01% | +13.18% | |
| Volatility (annualized) | 12.5% | 15.3% | |
| Max Drawdown | -47.8% | -56.5% | |
| Fund Family | Nuveen | State Street Investment Management | |
| Category | Tax Preferred | Equity | |
| Inception | Mar 25, 2002 | Jan 22, 1993 |
NVG vs SPY Performance
Nuveen AMT-Free Municipal Credit Income Fund (NVG) 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 NVG returned +12.72% while SPY returned +21.53%. Year to date, NVG is up 2.10% versus a gain of 13.68% for SPY.
Over three years, NVG compounded at +10.06% per year against +21.44% for SPY; over five years the annualized figures are -1.01% and +13.18% respectively. Across the full 24-year window we track, SPY has the edge at +8.85% annualized vs +0.58%. 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 12.5% for NVG. 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 -47.8% for NVG 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 0.31. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
NVG charges 3.64% per year while SPY charges 0.09%. On a $10,000 position that is $364 vs $9 annually, a gap of $355 per year that compounds over a long holding period. On income, NVG currently yields 7.41% against 1.01% for SPY.
Holdings Overlap
NVG and SPY share 0 holdings out of 857 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, NVG or SPY?
NVG has an expense ratio of 3.64% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $355 per year of difference.
Which performed better, NVG or SPY?
Over the past year NVG returned +12.72% vs +21.53% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (24 years), NVG annualized +0.58% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, NVG or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 12.5% for NVG. Worst drawdown: NVG -47.8% vs SPY -56.5%.
Should I hold both NVG and SPY?
NVG and SPY have a monthly-return correlation of 0.31, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between NVG and SPY?
NVG and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 857 unique securities.
Which pays a higher dividend, NVG or SPY?
NVG yields 7.41% while SPY yields 1.01%, so NVG currently pays the higher dividend yield.
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