NEA vs SPY

Comparison between Nuveen AMT-Free Quality Municipal Income Fund (NEA, ETF) and SPDR S&P 500 ETF Trust (SPY, ETF).

5-Year PerformanceSPY has outperformed NEA, delivering a return of +13.3% compared to +0.4%

NEA vs SPY - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	NEA(ETF)	SPY(ETF)
Net Assets	$3.40B	$652B
Expense Ratio	N/A	0.09%
Max Drawdown	48.25%	56.47%
Sharpe Ratio	0.91	2.07
5Y Beta	0.23	1.00
P/E Ratio	N/A	28.24
Forward P/E	N/A	21.85
5Y Dividends CAGR	5.60%	5.43%
5Y EPS CAGR	N/A	25.79%
Debt to Equity	N/A	22.35%
P/S Ratio	N/A	3.55
P/B Ratio	N/A	5.29

Net Assets

NEA

$3.40B

Winner

SPY

$652B

Expense Ratio

NEA

N/A

SPY

0.09%

Max Drawdown

Winner

NEA

48.25%

SPY

56.47%

Sharpe Ratio

NEA

0.91

Winner

SPY

2.07

5Y Beta

Winner

NEA

0.23

SPY

1.00

P/E Ratio

NEA

N/A

SPY

28.24

Forward P/E

NEA

N/A

SPY

21.85

5Y Dividends CAGR

Winner

NEA

5.60%

SPY

5.43%

5Y EPS CAGR

NEA

N/A

SPY

25.79%

Debt to Equity

NEA

N/A

SPY

22.35%

P/S Ratio

NEA

N/A

SPY

3.55

P/B Ratio

NEA

N/A

SPY

5.29

NEA vs SPY - Historical Returns

Returns include dividend reinvestment.

Period	NEA	SPY
1 month	+1.64%	+9.11%
3 months	+0.73%	+6.59%
6 months	+5.01%	+10.56%
1 year	+13.91%	+32.04%
5 years(CAGR)	+0.39%	+13.35%
10 years(CAGR)	+3.04%	+15.49%
Max(CAGR)	+4.59%	+8.50%

NEA

+1.64%

Winner

SPY

+9.11%

NEA

+0.73%

Winner

SPY

+6.59%

NEA

+5.01%

Winner

SPY

+10.56%

NEA

+13.91%

Winner

SPY

+32.04%

5Y(CAGR)

NEA

+0.39%

Winner

SPY

+13.35%

10Y(CAGR)

NEA

+3.04%

Winner

SPY

+15.49%

Max(CAGR)

NEA

+4.59%

Winner

SPY

+8.50%

NEA vs SPY - Annual Returns (1999 - 2026)

Returns include dividend reinvestment.

Year	NEA	SPY
2026	+2.27%	+8.27%
2025	+10.42%	+18.00%
2024	+9.00%	+25.59%
2023	-0.58%	+26.72%
2022	-23.00%	-18.64%
2021	+8.45%	+30.52%
2020	+10.47%	+17.28%
2019	+20.56%	+31.09%
2018	-5.87%	-5.24%
2017	+9.35%	+20.78%
2016	+1.99%	+13.59%
2015	+6.25%	+1.31%
2014	+21.40%	+14.56%
2013	-16.42%	+29.00%
2012	+6.78%	+14.17%
2011	+17.35%	+0.85%
2010	+1.80%	+13.14%
2009	+34.36%	+22.67%
2008	-24.81%	-36.25%
2007	+5.52%	+5.32%
2006	+11.55%	+13.85%
2005	+4.15%	+5.32%
2004	-4.83%	+10.75%
2003	+8.59%	+24.18%
2002	+0.07%	-22.42%
2001	N/A	-10.13%
2000	N/A	-8.84%
1999	N/A	+8.61%

NEA vs SPY Drawdown Comparison

The maximum drawdown for NEA was -43.81%, occurring on Oct 10, 2008. Recovery took 405 trading sessions.

The maximum drawdown for SPY was -55.20%, occurring on Mar 9, 2009. Recovery took 1224 trading sessions.

The current NEA drawdown is -4.75%.

Rank	NEA	SPY
#1	-43.81% Feb 12, 2008 - Sep 21, 2009	-55.20% Oct 9, 2007 - Aug 16, 2012
#2	-36.56% Sep 15, 2021 - Oct 23, 2023	-47.50% Mar 24, 2000 - Oct 26, 2006
#3	-25.03% Mar 6, 2020 - Aug 10, 2020	-33.70% Feb 19, 2020 - Aug 10, 2020
#4	-23.18% Nov 30, 2012 - Jan 7, 2015	-24.50% Jan 3, 2022 - Dec 13, 2023
#5	-18.08% Sep 10, 2010 - Dec 2, 2011	-19.34% Sep 20, 2018 - Apr 12, 2019
#6	-16.44% Mar 5, 2004 - Jun 29, 2005	-18.76% Feb 19, 2025 - Jun 26, 2025
#7	-12.37% Jul 8, 2016 - Mar 7, 2019	-13.02% Jul 20, 2015 - Apr 18, 2016
#8	-12.29% Feb 12, 2007 - Jan 15, 2008	-10.10% Jan 26, 2018 - Aug 6, 2018
#9	-10.90% Jul 28, 2005 - Jul 12, 2006	-9.44% Sep 2, 2020 - Nov 11, 2020
#10	-10.61% Jul 14, 2003 - Dec 31, 2003	-9.30% Jan 19, 2000 - Mar 17, 2000
#11	-9.23% Feb 2, 2015 - Dec 24, 2015	-9.05% Jul 19, 2007 - Oct 5, 2007
#12	-9.15% Oct 7, 2009 - Feb 2, 2010	-8.88% Jan 27, 2026 - Apr 14, 2026
#13	-6.54% Mar 12, 2012 - May 16, 2012	-8.41% Jul 16, 2024 - Sep 19, 2024
#14	-4.92% Jan 27, 2021 - Apr 13, 2021	-7.35% Sep 14, 2012 - Jan 2, 2013
#15	-4.73% Nov 30, 2006 - Feb 12, 2007	-7.27% Sep 18, 2014 - Oct 31, 2014

Correlation

Correlation between NEA and SPY is 0.86 which considered as a strong positive correlation - the stocks tend to move together.

0.86

-101

Dividend Comparison (1999 - 2026)

NEA vs SPY dividend yield comparison.

Year	NEA	SPY
2026	2.34%	0.24%
2025	7.36%	1.07%
2024	6.63%	1.21%
2023	3.95%	1.40%
2022	5.49%	1.65%
2021	4.50%	1.20%
2020	4.45%	1.52%
2019	4.46%	1.75%
2018	5.40%	2.04%
2017	5.33%	1.80%
2016	5.70%	2.03%
2015	5.71%	2.06%
2014	5.95%	1.87%
2013	6.24%	1.81%
2012	5.65%	2.18%
2011	5.64%	2.05%
2010	6.09%	1.80%
2009	5.37%	1.95%
2008	6.81%	3.02%
2007	4.93%	1.85%
2006	5.10%	1.73%
2005	5.93%	1.73%
2004	6.81%	1.82%
2003	6.11%	1.47%
2002	0.00%	1.70%
2001	0.00%	1.25%
2000	0.00%	1.15%
1999	0.00%	0.24%