SPXX vs VOO: Correlation
Nuveen S&P 500 Dynamic Overwrite Fund (SPXX) and Vanguard S&P 500 ETF (VOO) 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 SPXX and VOO?
Over the past 3 years, SPXX and VOO moved with a correlation of 0.88, which is very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.81 over 1 year against 0.88 over 3. Over 5 years the correlation is 0.82, and the annualized covariance of weekly returns is 180.5 %².
In SPXX's tracked universe of 11 assets, VOO sits right near the top at #3. The trailing year gives VOO 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 VOO: side by side
| SPXX (Nuveen S&P 500 Dynamic Overwrite Fund) | VOO (Vanguard S&P 500 ETF) | |
|---|---|---|
| 1-year return | +14.9% | +20.6% |
| 5-year return | +52.8% | +83.0% |
| Volatility (ann.) | 14.3% | 14.4% |
| Beta vs S&P 500 | 0.87 | 0.99 |
| Max drawdown (3Y) | -17.6% | -18.7% |
| Market cap | $0.3B | – |
| P/E (trailing) | 8.6 | – |
| Dividend yield | 7.07% | 1.07% |
| Expense ratio | – | 0.03% |
| Assets under management | – | $1,686.9B |
| Sector / category | US Listed | ETF · US Large Cap |
VOO, Vanguard's Large Blend fund, carries $1,686.9B under management, 503 holdings, a 0.03% expense ratio, a 1.07% trailing dividend yield.
Year-by-year returns
| Year | SPXX | VOO |
|---|---|---|
| 2022 | -6.9% | -18.2% |
| 2023 | +0.9% | +26.3% |
| 2024 | +27.1% | +25.0% |
| 2025 | +9.8% | +17.8% |
| 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 VOO good diversifiers for each other?
No. With a correlation of 0.88, SPXX and VOO move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between SPXX and VOO?
Using weekly returns as of 2026-08-27: 0.88 over 3 years, with 0.81 over the last year and 0.82 over 5 years.
Is VOO a good diversifier for SPXX?
No. With a correlation of 0.88, SPXX and VOO move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.88 mean?
On the −1 to +1 scale, 0.88 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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Related comparisons
Hubs: SPXX correlations · VOO correlations
