QQQ vs SPXX
Invesco QQQ Trust, Series 1 vs Nuveen S&P 500 Dynamic Overwrite Fund
Quick Verdict
QQQ has a lower expense ratio. QQQ delivered stronger 1-year returns. SPXX offers more diversification with 344 holdings.
Side-by-Side Comparison
| Metric | QQQ | SPXX | Winner |
|---|---|---|---|
| Expense Ratio | 0.18% | 0.91% | |
| AUM | $496.3B | - | |
| Dividend Yield | 0.44% | 6.99% | |
| Holdings | 108 | 344 | |
| YTD Return | +16.64% | +10.56% | |
| 1Y Return | +27.27% | +16.03% | |
| 3Y Return (annualized) | +25.96% | +16.58% | |
| 5Y Return (annualized) | +14.54% | +8.62% | |
| Volatility (annualized) | 30.6% | 15.9% | |
| Max Drawdown | -83.0% | -60.0% | |
| Fund Family | Invesco (US) | Nuveen | |
| Category | Equity | Alternative | |
| Inception | Mar 10, 1999 | Nov 22, 2005 |
QQQ vs SPXX Performance
Invesco QQQ Trust, Series 1 (QQQ) is a ETF from Invesco (US) and Nuveen S&P 500 Dynamic Overwrite Fund (SPXX) is a ETF from Nuveen. Over the past year QQQ returned +27.27% while SPXX returned +16.03%. Year to date, QQQ is up 16.64% versus a gain of 10.56% for SPXX.
Over three years, QQQ compounded at +25.96% per year against +16.58% for SPXX; over five years the annualized figures are +14.54% and +8.62% respectively. Across the full 21-year window we track, QQQ has the edge at +13.03% annualized vs +1.71%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
QQQ has been the more volatile fund, with annualized monthly volatility of 30.6% compared with 15.9% for SPXX. 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 -83.0% for QQQ and -60.0% for SPXX. 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 0.72. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
QQQ charges 0.18% per year while SPXX charges 0.91%. On a $10,000 position that is $18 vs $91 annually, a gap of $73 per year that compounds over a long holding period. On income, QQQ currently yields 0.44% against 6.99% for SPXX.
Holdings Overlap
QQQ and SPXX share 26 holdings out of 391 unique holdings combined, representing a 49.9% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, QQQ or SPXX?
QQQ has an expense ratio of 0.18% while SPXX charges 0.91%. QQQ is the cheaper option. On a $10,000 investment, that is $73 per year of difference.
Which performed better, QQQ or SPXX?
Over the past year QQQ returned +27.27% vs +16.03% for SPXX, so QQQ leads on 1-year performance. Over the longest common window we track (21 years), QQQ annualized +13.03% vs +1.71% for SPXX. Past performance does not guarantee future results.
Which is riskier, QQQ or SPXX?
QQQ has been the more volatile fund at 30.6% annualized versus 15.9% for SPXX. Worst drawdown: QQQ -83.0% vs SPXX -60.0%.
Should I hold both QQQ and SPXX?
QQQ and SPXX have a monthly-return correlation of 0.72, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between QQQ and SPXX?
QQQ and SPXX share 26 common holdings with a 49.9% weight overlap. Combined, they hold 391 unique securities.
Which pays a higher dividend, QQQ or SPXX?
QQQ yields 0.44% while SPXX yields 6.99%, so SPXX currently pays the higher dividend yield.
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