SPXX vs SPY: Correlation
Measured on weekly returns over the past three years, Nuveen S&P 500 Dynamic Overwrite Fund (SPXX) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.88, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPXX and SPY?
Across a 3-year window, the weekly returns of SPXX and SPY correlate at 0.88, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.81 lands near the 3-year figure. Stretching to 5 years gives 0.82, with an annualized covariance of 181.1 %².
SPY is one of the assets that tracks SPXX most closely: it ranks #2 out of the 11 assets we track against SPXX. The trailing year gives SPY the advantage: +14.9% versus +20.6%, a 5.7-point spread.
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.
SPXX vs SPY: side by side
| SPXX (Nuveen S&P 500 Dynamic Overwrite Fund) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +14.9% | +20.6% |
| 5-year return | +52.8% | +82.4% |
| Volatility (ann.) | 14.3% | 14.5% |
| Beta vs S&P 500 | 0.87 | 1.00 |
| Max drawdown (3Y) | -17.6% | -18.8% |
| Market cap | $0.3B | – |
| P/E (trailing) | 8.6 | – |
| Dividend yield | 7.07% | 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 | SPXX | SPY |
|---|---|---|
| 2022 | -6.9% | -18.2% |
| 2023 | +0.9% | +26.2% |
| 2024 | +27.1% | +24.9% |
| 2025 | +9.8% | +17.7% |
| 2026 | +11.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPXX and SPY good diversifiers for each other?
No. With a correlation of 0.88, SPXX and SPY move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between SPXX and SPY?
The SPXX/SPY correlation stands at 0.88 on a 3-year window (1 year: 0.81, 5 years: 0.82), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for SPXX?
No. With a correlation of 0.88, SPXX and SPY 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.
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Hubs: SPXX correlations · SPY correlations
