IVV vs SPXX: Correlation
iShares Core S&P 500 ETF (IVV) and Nuveen S&P 500 Dynamic Overwrite Fund (SPXX) show a very strong relationship: their 3-year correlation of weekly returns is 0.88.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IVV and SPXX?
Across a 3-year window, the weekly returns of IVV and SPXX correlate at 0.88, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.82 over 1 year against 0.88 over 3. Stretching to 5 years gives 0.82, with an annualized covariance of 182.5 %².
Within IVV's tracked universe of 122 assets, SPXX comes in at #22 by 3-year correlation. On 12-month performance IVV holds a 5.8-point edge, +20.7% against +14.9%.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
IVV vs SPXX: side by side
| IVV (iShares Core S&P 500 ETF) | SPXX (Nuveen S&P 500 Dynamic Overwrite Fund) | |
|---|---|---|
| 1-year return | +20.7% | +14.9% |
| 5-year return | +83.0% | +52.8% |
| Volatility (ann.) | 14.5% | 14.3% |
| Beta vs S&P 500 | 1.00 | 0.87 |
| Max drawdown (3Y) | -18.8% | -17.6% |
| Market cap | – | $0.3B |
| P/E (trailing) | – | 8.6 |
| Dividend yield | 1.09% | 7.07% |
| Expense ratio | 0.03% | – |
| Assets under management | $869.2B | – |
| Sector / category | ETF · US Large Cap | US Listed |
IVV, iShares's Large Blend fund, carries $869.2B under management, 503 holdings, a 0.03% expense ratio, a 1.09% trailing dividend yield.
Year-by-year returns
| Year | IVV | SPXX |
|---|---|---|
| 2022 | -18.2% | -6.9% |
| 2023 | +26.3% | +0.9% |
| 2024 | +24.9% | +27.1% |
| 2025 | +17.8% | +9.8% |
| 2026 | +13.7% | +11.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IVV and SPXX good diversifiers for each other?
No. With a correlation of 0.88, IVV and SPXX move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between IVV and SPXX?
Using weekly returns as of 2026-08-27: 0.88 over 3 years, with 0.82 over the last year and 0.82 over 5 years.
Is SPXX a good diversifier for IVV?
No. With a correlation of 0.88, IVV and SPXX move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.88 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ivv-vs-spxx.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ivv-vs-spxx/)
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Related comparisons
Hubs: IVV correlations · SPXX correlations
