SPXX vs VTI: Correlation
Measured on weekly returns over the past three years, Nuveen S&P 500 Dynamic Overwrite Fund (SPXX) and Vanguard Total Stock Market ETF (VTI) 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 VTI?
Across a 3-year window, the weekly returns of SPXX and VTI 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 183.3 %².
By 3-year correlation, VTI places #4 of the 11 assets tracked against SPXX. The trailing year gives VTI the advantage: +14.9% versus +20.7%, a 5.8-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 VTI: side by side
| SPXX (Nuveen S&P 500 Dynamic Overwrite Fund) | VTI (Vanguard Total Stock Market ETF) | |
|---|---|---|
| 1-year return | +14.9% | +20.7% |
| 5-year return | +52.8% | +74.8% |
| Volatility (ann.) | 14.3% | 14.6% |
| Beta vs S&P 500 | 0.87 | 1.01 |
| Max drawdown (3Y) | -17.6% | -19.3% |
| Market cap | $0.3B | – |
| P/E (trailing) | 8.6 | – |
| Dividend yield | 7.07% | 1.06% |
| Expense ratio | – | 0.03% |
| Assets under management | – | $2,290.0B |
| Sector / category | US Listed | ETF · US Large Cap |
VTI, Vanguard's Large Blend fund, carries $2,290.0B under management, 3140 holdings, a 0.03% expense ratio, a 1.06% trailing dividend yield.
Year-by-year returns
| Year | SPXX | VTI |
|---|---|---|
| 2022 | -6.9% | -19.5% |
| 2023 | +0.9% | +26.0% |
| 2024 | +27.1% | +23.8% |
| 2025 | +9.8% | +17.1% |
| 2026 | +11.0% | +14.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPXX and VTI good diversifiers for each other?
No. With a correlation of 0.88, SPXX and VTI move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between SPXX and VTI?
The SPXX/VTI correlation stands at 0.88 on a 3-year window (1 year: 0.82, 5 years: 0.82), computed from weekly returns as of 2026-08-27.
Is VTI a good diversifier for SPXX?
No. With a correlation of 0.88, SPXX and VTI 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 · VTI correlations
