QQQX vs SPY: Correlation
Measured on weekly returns over the past three years, Nuveen NASDAQ 100 Dynamic Overwrite Fund - Closed End Fund (QQQX) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.87, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQX and SPY?
Over the past 3 years, QQQX and SPY moved with a correlation of 0.87, which is very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.83) sits close to the 3-year figure. Over 5 years the correlation is 0.86, and the annualized covariance of weekly returns is 227.2 %².
Among the 20 assets we track against QQQX, SPY ranks #6 by 3-year correlation. Twelve-month performance is nearly a tie, at +24.4% for QQQX and +20.6% for SPY.
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.
QQQX vs SPY: side by side
| QQQX (Nuveen NASDAQ 100 Dynamic Overwrite Fund - Closed End Fund) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +24.4% | +20.6% |
| 5-year return | +51.0% | +82.4% |
| Volatility (ann.) | 18.1% | 14.5% |
| Beta vs S&P 500 | 1.09 | 1.00 |
| Max drawdown (3Y) | -22.8% | -18.8% |
| Market cap | $1.5B | – |
| P/E (trailing) | 8.1 | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | QQQX | SPY |
|---|---|---|
| 2022 | -27.4% | -18.2% |
| 2023 | +21.7% | +26.2% |
| 2024 | +25.6% | +24.9% |
| 2025 | +14.9% | +17.7% |
| 2026 | +13.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQX and SPY good diversifiers for each other?
No. With a correlation of 0.87, QQQX and SPY move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between QQQX and SPY?
As of 2026-08-27, the correlation of weekly returns between QQQX and SPY is 0.87 over 3 years, 0.83 over 1 year and 0.86 over 5 years.
Is SPY a good diversifier for QQQX?
No. With a correlation of 0.87, QQQX and SPY move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.87 mean?
On the −1 to +1 scale, 0.87 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Hubs: QQQX correlations · SPY correlations
