NVG vs SPY

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

5-Year PerformanceSPY has outperformed NVG, delivering a return of +13.3% compared to -0.1%

NVG vs SPY - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	NVG(ETF)	SPY(ETF)
Net Assets	$2.70B	$652B
Expense Ratio	N/A	0.09%
Max Drawdown	47.81%	56.47%
Sharpe Ratio	1.04	2.07
5Y Beta	0.22	1.00
P/E Ratio	N/A	28.24
Forward P/E	N/A	21.85
5Y Dividends CAGR	2.97%	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

NVG

$2.70B

Winner

SPY

$652B

Expense Ratio

NVG

N/A

SPY

0.09%

Max Drawdown

Winner

NVG

47.81%

SPY

56.47%

Sharpe Ratio

NVG

1.04

Winner

SPY

2.07

5Y Beta

Winner

NVG

0.22

SPY

1.00

P/E Ratio

NVG

N/A

SPY

28.24

Forward P/E

NVG

N/A

SPY

21.85

5Y Dividends CAGR

NVG

2.97%

Winner

SPY

5.43%

5Y EPS CAGR

NVG

N/A

SPY

25.79%

Debt to Equity

NVG

N/A

SPY

22.35%

P/S Ratio

NVG

N/A

SPY

3.55

P/B Ratio

NVG

N/A

SPY

5.29

NVG vs SPY - Historical Returns

Returns include dividend reinvestment.

Period	NVG	SPY
1 month	+1.82%	+9.11%
3 months	-1.70%	+6.59%
6 months	+6.10%	+10.56%
1 year	+14.58%	+32.04%
5 years(CAGR)	-0.13%	+13.35%
10 years(CAGR)	+3.80%	+15.49%
Max(CAGR)	+5.34%	+8.50%

NVG

+1.82%

Winner

SPY

+9.11%

NVG

-1.70%

Winner

SPY

+6.59%

NVG

+6.10%

Winner

SPY

+10.56%

NVG

+14.58%

Winner

SPY

+32.04%

5Y(CAGR)

NVG

-0.13%

Winner

SPY

+13.35%

10Y(CAGR)

NVG

+3.80%

Winner

SPY

+15.49%

Max(CAGR)

NVG

+5.34%

Winner

SPY

+8.50%

NVG vs SPY - Annual Returns (1999 - 2026)

Returns include dividend reinvestment.

Year	NVG	SPY
2026	+3.13%	+8.27%
2025	+9.98%	+18.00%
2024	+9.69%	+25.59%
2023	+0.11%	+26.72%
2022	-27.85%	-18.64%
2021	+13.29%	+30.52%
2020	+6.38%	+17.28%
2019	+23.79%	+31.09%
2018	-4.20%	-5.24%
2017	+12.94%	+20.78%
2016	+5.52%	+13.59%
2015	+8.10%	+1.31%
2014	+19.22%	+14.56%
2013	-15.57%	+29.00%
2012	+8.01%	+14.17%
2011	+17.91%	+0.85%
2010	+1.39%	+13.14%
2009	+30.55%	+22.67%
2008	-10.71%	-36.25%
2007	-6.77%	+5.32%
2006	+12.48%	+13.85%
2005	+6.29%	+5.32%
2004	-0.25%	+10.75%
2003	+8.76%	+24.18%
2002	+1.41%	-22.42%
2001	N/A	-10.13%
2000	N/A	-8.84%
1999	N/A	+8.61%

NVG vs SPY Drawdown Comparison

The maximum drawdown for NVG was -41.66%, occurring on Oct 10, 2008. Recovery took 577 trading sessions.

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

The current NVG drawdown is -6.94%.

Rank	NVG	SPY
#1	-41.66% May 11, 2007 - Aug 25, 2009	-55.20% Oct 9, 2007 - Aug 16, 2012
#2	-40.57% Dec 31, 2021 - Oct 25, 2023	-47.50% Mar 24, 2000 - Oct 26, 2006
#3	-26.56% Mar 3, 2020 - Dec 3, 2020	-33.70% Feb 19, 2020 - Aug 10, 2020
#4	-23.03% Nov 30, 2012 - Jan 13, 2015	-24.50% Jan 3, 2022 - Dec 13, 2023
#5	-16.64% Mar 10, 2004 - Feb 3, 2005	-19.34% Sep 20, 2018 - Apr 12, 2019
#6	-15.58% Aug 27, 2010 - Sep 9, 2011	-18.76% Feb 19, 2025 - Jun 26, 2025
#7	-13.96% Aug 12, 2016 - Aug 1, 2017	-13.02% Jul 20, 2015 - Apr 18, 2016
#8	-11.44% Jun 17, 2003 - Jan 12, 2004	-10.10% Jan 26, 2018 - Aug 6, 2018
#9	-10.73% Jan 8, 2018 - Mar 4, 2019	-9.44% Sep 2, 2020 - Nov 11, 2020
#10	-8.56% Oct 7, 2002 - Mar 11, 2003	-9.30% Jan 19, 2000 - Mar 17, 2000
#11	-8.50% Feb 3, 2005 - May 31, 2005	-9.05% Jul 19, 2007 - Oct 5, 2007
#12	-7.72% Sep 1, 2021 - Dec 31, 2021	-8.88% Jan 27, 2026 - Apr 14, 2026
#13	-6.58% Feb 8, 2012 - May 11, 2012	-8.41% Jul 16, 2024 - Sep 19, 2024
#14	-6.50% Feb 2, 2015 - Dec 11, 2015	-7.35% Sep 14, 2012 - Jan 2, 2013
#15	-6.41% Apr 28, 2006 - Jul 31, 2006	-7.27% Sep 18, 2014 - Oct 31, 2014

Correlation

Correlation between NVG and SPY is 0.87 which considered as a strong positive correlation - the stocks tend to move together.

0.87

-101

Dividend Comparison (1999 - 2026)

NVG vs SPY dividend yield comparison.

Year	NVG	SPY
2026	2.48%	0.24%
2025	7.49%	1.07%
2024	6.74%	1.21%
2023	4.45%	1.40%
2022	6.18%	1.65%
2021	4.69%	1.20%
2020	5.24%	1.52%
2019	4.94%	1.75%
2018	6.07%	2.04%
2017	5.67%	1.80%
2016	6.17%	2.03%
2015	5.46%	2.06%
2014	5.84%	1.87%
2013	5.71%	1.81%
2012	6.13%	2.18%
2011	5.99%	2.05%
2010	6.20%	1.80%
2009	5.24%	1.95%
2008	6.11%	3.02%
2007	5.44%	1.85%
2006	5.59%	1.73%
2005	6.18%	1.73%
2004	7.45%	1.82%
2003	6.59%	1.47%
2002	2.26%	1.70%
2001	0.00%	1.25%
2000	0.00%	1.15%
1999	0.00%	0.24%