SPXX vs VYM
Nuveen S&P 500 Dynamic Overwrite Fund vs Vanguard High Dividend Yield ETF
Which is better, SPXX or VYM?
Multi Alternative against Large Cap Value.
VYM has a lower expense ratio. SPXX led over 1Y, VYM over 3Y, 5Y and the full window. VYM is less concentrated, with 25.8% of the fund in its ten largest positions against 39.6%.
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 | VYM |
|---|---|---|
| Expense Ratio | 0.91% | 0.04%Best |
| AUM | $2.8B | $78.9B |
| Dividend Yield | 7.40% | 2.37% |
| Holdings | 553 | 608 |
| YTD Return | +10.40% | +11.83%Best |
| 1Y Return | +18.86%Best | +15.96% |
| 3Y Return (annualized) | +17.05% | +18.60%Best |
| 5Y Return (annualized) | +9.18% | +11.51%Best |
| Volatility (annualized) | 15.8% | 14.6%Best |
| Max Drawdown | -59.9% | -58.8%Best |
| $10,000 over 5 years | $15,514 | $17,241Best |
| Top 10 Weight | 39.6% | 25.8%Best |
| Fund Family | Nuveen | Vanguard (US) |
| Category | Alternative | Equity |
| Style | Multi Alternative | Large Cap Value |
| Inception | Nov 22, 2005 | Nov 10, 2006 |
Volatility and max drawdown are measured over the window both funds cover: Nov 16, 2006 to Oct 14, 2026 (19.9 years).
SPXX vs VYM 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 19.9 years both funds cover.
SPXX vs VYM Performance
Nuveen S&P 500 Dynamic Overwrite Fund (SPXX) is an ETF from Nuveen and Vanguard High Dividend Yield ETF (VYM) is an ETF from Vanguard (US). Over the past year SPXX returned +18.86% while VYM returned +15.96%. Year to date, SPXX is up 10.40% versus a gain of 11.83% for VYM.
Over three years, SPXX compounded at +17.05% per year against +18.60% for VYM; over five years the annualized figures are +9.18% and +11.51% respectively. Across the full 20-year window we track, VYM has the edge at +6.82% annualized vs +2.19%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPXX has been the more volatile fund, with annualized monthly volatility of 15.8% compared with 14.6% for VYM. 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 -59.9% for SPXX and -58.8% for VYM. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.78. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
SPXX charges 0.91% per year while VYM charges 0.04%. On a $10,000 position that is $91 vs $4 annually, a gap of $87 per year that compounds over a long holding period. On income, SPXX currently yields 7.40% against 2.37% for VYM.
Holdings Overlap
30.7% of SPXX's money is in holdings VYM also owns. 46.5% of VYM's money is in holdings SPXX also owns.
The two portfolios partly overlap.
145 positions in common, counted across the 546 positions we hold weights for in SPXX and 602 in VYM, against full books of 553 and 608.
What only one of them owns
Our book lists 431 positions for VYM that do not appear in our book for SPXX (51.4% of the fund), and 297 for SPXX that do not appear in VYM (66.8%).
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 SPXX | Weight in VYM | Difference |
|---|---|---|---|
| AVGOBroadcom Inc | 2.84% | 6.94% | 4.10% |
| JPMJpmorgan Chase | 1.93% | 3.83% | 1.90% |
| JNJJohnson & Johnson - Common | 1.47% | 2.58% | 1.11% |
| XOMExxonmobil Corp. | 0.89% | 2.70% | 1.81% |
| CSCOCisco Systems Inc. - Ordinary Shares | 1.16% | 1.76% | 0.60% |
| BACBank of America Corp.: Financials | 1.10% | 1.65% | 0.55% |
| CVXChevron Corp | 1.10% | 1.54% | 0.44% |
| ABBVAbbvie Inc. | 0.69% | 1.83% | 1.14% |
| UNHUnitedhealth Group Incorporated | 1.06% | 1.42% | 0.36% |
| CATCaterpillar, Inc. | 0.96% | 1.46% | 0.50% |
46.5% of VYM is already inside SPXX.
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 VYM?
SPXX has an expense ratio of 0.91% while VYM charges 0.04%. VYM is the cheaper option, by $87 a year on a $10,000 investment.
Which performed better, SPXX or VYM?
Over the past year SPXX returned +18.86% vs +15.96% for VYM, so SPXX leads on 1-year performance. Over the longest common window we track (20 years), SPXX annualized +2.19% vs +6.82% for VYM. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPXX or VYM?
SPXX has been the more volatile fund at 15.8% annualized versus 14.6% for VYM. Worst drawdown: SPXX -59.9% vs VYM -58.8%.
Should I hold both SPXX and VYM?
SPXX and VYM have a monthly-return correlation of 0.78, 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 VYM?
46.5% of VYM's money is in holdings SPXX also owns. 46.5% of VYM's is in holdings SPXX also owns. They hold 145 positions in common, counted across the 546 positions we hold weights for in SPXX and 602 in VYM.
Which pays a higher dividend, SPXX or VYM?
SPXX yields 7.40% while VYM yields 2.37%, so SPXX currently pays the higher dividend yield.
Is VYM better than SPXX?
VYM has a lower expense ratio. SPXX led over 1Y, VYM over 3Y, 5Y and the full window. VYM is less concentrated, with 25.8% of the fund in its ten largest positions against 39.6%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.