SPXX vs SPY
Nuveen S&P 500 Dynamic Overwrite Fund vs State Street SPDR S&P 500 ETF Trust
Which is better, SPXX or SPY?
Multi Alternative against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 38.7%.
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 | SPXX | SPY |
|---|---|---|
| Expense Ratio | 0.91% | 0.09%Best |
| AUM | - | $804.7B |
| Dividend Yield | 6.85% | 0.98% |
| Holdings | 344 | 505 |
| YTD Return | +8.88% | +11.52%Best |
| 1Y Return | +11.58% | +17.48%Best |
| 3Y Return (annualized) | +15.94% | +20.62%Best |
| 5Y Return (annualized) | +8.47% | +12.73%Best |
| Volatility (annualized) | 15.9% | 15.1%Best |
| Max Drawdown | -60.0% | -56.5%Best |
| $10,000 over 5 years | $15,016 | $18,205Best |
| Top 10 Weight | 38.7% | 38.0%Best |
| Fund Family | Nuveen | State Street Investment Management |
| Category | Alternative | Equity |
| Style | Multi Alternative | Large Cap Blend |
| Inception | Nov 22, 2005 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Nov 23, 2005 to Sep 10, 2026 (20.8 years).
SPXX 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 20.8 years both funds cover.
SPXX vs SPY Performance
Nuveen S&P 500 Dynamic Overwrite Fund (SPXX) 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 SPXX returned +11.58% while SPY returned +17.48%. Year to date, SPXX is up 8.88% versus a gain of 11.52% for SPY.
Over three years, SPXX compounded at +15.94% per year against +20.62% for SPY; over five years the annualized figures are +8.47% and +12.73% respectively. Across the full 21-year window we track, SPY has the edge at +9.36% annualized vs +1.63%.
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 15.1% 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 what each fund did in the worst stretch of the window measured above.
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 6.85% against 0.98% for SPY.
Holdings Overlap
85.8% of SPXX's money is in holdings SPY also owns. 63.0% of SPY's money is in holdings SPXX also owns.
Most of SPXX is already inside SPY. Owning both mostly buys the same companies twice.
The two holdings books were reported 126 days apart, SPXX as of Mar 31, 2026 and SPY as of Aug 4, 2026, so some of the difference between them is the time between the two reports rather than the funds.
83 positions in common, counted across the 469 positions we hold weights for in SPXX and 504 in SPY, against full books of 344 and 505.
What only one of them owns
Our book lists 411 positions for SPY that do not appear in our book for SPXX (36.5% of the fund), and 255 for SPXX that do not appear in SPY (10.6%).
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 SPXX | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp. | 7.49% | 7.71% | 0.22% |
| AAPLApple, Inc | 6.50% | 6.83% | 0.33% |
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 5.19% | 5.50% | 0.31% |
| AMZNAmazon.Com Inc | 3.67% | 4.08% | 0.41% |
| GOOGLAlphabet A Usd 0.001 | 2.85% | 3.33% | 0.48% |
| AVGOBroadcom Inc | 2.55% | 2.97% | 0.42% |
| GOOGAlphabet Inc | 2.24% | 2.67% | 0.43% |
| METAMeta Platforms, Inc. | 2.03% | 1.94% | 0.09% |
| JPMJpmorgan Chase & Co. | 2.40% | 1.44% | 0.96% |
| CATCaterpillar, Inc. | 3.05% | 0.61% | 2.44% |
85.8% of SPXX 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, SPXX or SPY?
SPXX has an expense ratio of 0.91% while SPY charges 0.09%. SPY is the cheaper option, by $82 a year on a $10,000 investment.
Which performed better, SPXX or SPY?
Over the past year SPXX returned +11.58% vs +17.48% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (21 years), SPXX annualized +1.63% vs +9.36% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPXX or SPY?
SPXX has been the more volatile fund at 15.9% annualized versus 15.1% 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 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 SPXX and SPY?
85.8% of SPXX's money is in holdings SPY also owns. 63.0% of SPY's is in holdings SPXX also owns. They hold 83 positions in common, counted across the 469 positions we hold weights for in SPXX and 504 in SPY.
Which pays a higher dividend, SPXX or SPY?
SPXX yields 6.85% while SPY yields 0.98%, so SPXX currently pays the higher dividend yield.
Is SPY better than SPXX?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 38.7%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.