QQQX vs SPY
Nuveen NASDAQ 100 Dynamic Overwrite Fund vs State Street SPDR S&P 500 ETF Trust
Which is better, QQQX or SPY?
Large Cap Growth against Large Cap Blend.
SPY has a lower expense ratio. QQQX led over 1Y, SPY over 3Y, 5Y and the full window. SPY is less concentrated, with 38.2% of the fund in its ten largest positions against 55.2%.
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 | QQQX | SPY |
|---|---|---|
| Expense Ratio | 0.92% | 0.09%Best |
| AUM | $1.6B | $811.2B |
| Dividend Yield | 7.75% | 0.98% |
| Holdings | 286 | 1,515 |
| YTD Return | +15.73%Best | +13.54% |
| 1Y Return | +21.86%Best | +16.25% |
| 3Y Return (annualized) | +20.81% | +23.72%Best |
| 5Y Return (annualized) | +10.25% | +13.95%Best |
| Volatility (annualized) | 20.1% | 15.4%Best |
| Max Drawdown | -63.4% | -56.5%Best |
| $10,000 over 5 years | $16,289 | $19,212Best |
| Top 10 Weight | 55.2% | 38.2%Best |
| Fund Family | Nuveen | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Growth | Large Cap Blend |
| Inception | Jan 30, 2007 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Jan 26, 2007 to Oct 2, 2026 (19.7 years).
QQQX 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 covers the 19.7 years both funds cover.
QQQX vs SPY Performance
Nuveen NASDAQ 100 Dynamic Overwrite Fund (QQQX) 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 QQQX returned +21.86% while SPY returned +16.25%. Year to date, QQQX is up 15.73% versus a gain of 13.54% for SPY.
Over three years, QQQX compounded at +20.81% per year against +23.72% for SPY; over five years the annualized figures are +10.25% and +13.95% respectively. Across the full 20-year window we track, SPY has the edge at +9.39% annualized vs +4.55%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
QQQX has been the more volatile fund, with annualized monthly volatility of 20.1% compared with 15.4% for SPY. 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 -63.4% for QQQX and -56.5% 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 0.83. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
QQQX charges 0.92% per year while SPY charges 0.09%. On a $10,000 position that is $92 vs $9 annually, a gap of $83 per year that compounds over a long holding period. On income, QQQX currently yields 7.75% against 0.98% for SPY.
Holdings Overlap
87.7% of QQQX's money is in holdings SPY also owns. 54.8% of SPY's money is in holdings QQQX also owns.
Most of QQQX is already inside SPY. Owning both mostly buys the same companies twice.
The two holdings books were reported 227 days apart, QQQX as of Jan 30, 2026 and SPY as of Sep 14, 2026, so some of the difference between them is the time between the two reports rather than the funds.
115 positions in common, counted across the 261 positions we hold weights for in QQQX and 504 in SPY, against full books of 286 and 1,515.
What only one of them owns
Our book lists 382 positions for SPY that do not appear in our book for QQQX (44.5% of the fund), and 119 for QQQX that do not appear in SPY (6.8%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in QQQX | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp | 10.24% | 7.78% | 2.46% |
| AAPLApple, Inc | 8.83% | 7.45% | 1.38% |
| MSFTMicrosoft Corp | 7.86% | 5.71% | 2.15% |
| AMZNAmazon.Com Inc | 5.03% | 3.78% | 1.25% |
| GOOGAlphabet Inc. C | 5.23% | 2.49% | 2.74% |
| AVGOBroadcom Inc | 4.31% | 2.48% | 1.83% |
| METAMeta Platforms Inc | 3.71% | 2.22% | 1.49% |
| TSLATesla Inc | 3.95% | 1.54% | 2.41% |
| AMATApplied Materials, Inc. | 3.51% | 0.51% | 3.00% |
| AMDAdvanced Micro Devices Inc | 2.49% | 1.22% | 1.27% |
87.7% of QQQX is already inside SPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, QQQX or SPY?
QQQX has an expense ratio of 0.92% while SPY charges 0.09%. SPY is the cheaper option, by $83 a year on a $10,000 investment.
Which performed better, QQQX or SPY?
Over the past year QQQX returned +21.86% vs +16.25% for SPY, so QQQX leads on 1-year performance. Over the longest common window we track (20 years), QQQX annualized +4.55% vs +9.39% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, QQQX or SPY?
QQQX has been the more volatile fund at 20.1% annualized versus 15.4% for SPY. Worst drawdown: QQQX -63.4% vs SPY -56.5%.
Should I hold both QQQX and SPY?
QQQX and SPY have a monthly-return correlation of 0.83, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between QQQX and SPY?
87.7% of QQQX's money is in holdings SPY also owns. 54.8% of SPY's is in holdings QQQX also owns. They hold 115 positions in common, counted across the 261 positions we hold weights for in QQQX and 504 in SPY.
Which pays a higher dividend, QQQX or SPY?
QQQX yields 7.75% while SPY yields 0.98%, so QQQX currently pays the higher dividend yield.
Is SPY better than QQQX?
SPY has a lower expense ratio. QQQX led over 1Y, SPY over 3Y, 5Y and the full window. SPY is less concentrated, with 38.2% of the fund in its ten largest positions against 55.2%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.