SPXX vs SPY
Nuveen S&P 500 Dynamic Overwrite 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 | SPXX | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.91% | 0.09% | |
| AUM | - | $821.1B | |
| Dividend Yield | 6.99% | 1.01% | |
| Holdings | 344 | 505 | |
| YTD Return | +10.56% | +12.68% | |
| 1Y Return | +16.03% | +21.82% | |
| 3Y Return (annualized) | +16.58% | +21.98% | |
| 5Y Return (annualized) | +8.62% | +12.89% | |
| Volatility (annualized) | 15.9% | 15.3% | |
| Max Drawdown | -60.0% | -56.5% | |
| Fund Family | Nuveen | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Nov 22, 2005 | Jan 22, 1993 |
SPXX vs SPY Performance
Nuveen S&P 500 Dynamic Overwrite Fund (SPXX) 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 SPXX returned +16.03% while SPY returned +21.82%. Year to date, SPXX is up 10.56% versus a gain of 12.68% for SPY.
Over three years, SPXX compounded at +16.58% per year against +21.98% for SPY; over five years the annualized figures are +8.62% and +12.89% respectively. Across the full 21-year window we track, SPY has the edge at +8.81% annualized vs +1.71%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPXX has been the more volatile fund, with annualized monthly volatility of 15.9% compared with 15.3% 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 -60.0% for SPXX 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 0.80. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
SPXX charges 0.91% per year while SPY charges 0.09%. On a $10,000 position that is $91 vs $9 annually, a gap of $82 per year that compounds over a long holding period. On income, SPXX currently yields 6.99% against 1.01% for SPY.
Holdings Overlap
SPXX and SPY share 88 holdings out of 731 unique holdings combined, representing a 62.8% weight overlap.
High overlap means holding both may not provide much additional diversification.
Frequently Asked Questions
Which is cheaper, SPXX or SPY?
SPXX has an expense ratio of 0.91% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $82 per year of difference.
Which performed better, SPXX or SPY?
Over the past year SPXX returned +16.03% vs +21.82% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (21 years), SPXX annualized +1.71% vs +8.81% for SPY. Past performance does not guarantee future results.
Which is riskier, SPXX or SPY?
SPXX has been the more volatile fund at 15.9% annualized versus 15.3% for SPY. Worst drawdown: SPXX -60.0% vs SPY -56.5%.
Should I hold both SPXX and SPY?
SPXX and SPY have a monthly-return correlation of 0.80, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPXX and SPY?
SPXX and SPY share 88 common holdings with a 62.8% weight overlap. Combined, they hold 731 unique securities.
Which pays a higher dividend, SPXX or SPY?
SPXX yields 6.99% while SPY yields 1.01%, so SPXX currently pays the higher dividend yield.
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