JCE vs SPY
JCE vs SPY
Nuveen Core Equity Alpha Fund vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | JCE | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 1.02% | 0.09% | |
| AUM | - | $789.1B | |
| Dividend Yield | 7.72% | 1.01% | |
| Holdings | 128 | 505 | |
| YTD Return | +11.39% | +13.28% | |
| 1Y Return | +19.92% | +23.94% | |
| 3Y Return (annualized) | +18.85% | +21.07% | |
| 5Y Return (annualized) | +11.63% | +13.27% | |
| Volatility (annualized) | 20.6% | 15.3% | |
| Max Drawdown | -64.9% | -56.5% | |
| Fund Family | Nuveen | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Mar 27, 2007 | Jan 22, 1993 |
JCE vs SPY Performance
Nuveen Core Equity Alpha Fund (JCE) is a ETF from Nuveen and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year JCE returned +19.92% while SPY returned +23.94%. Year to date, JCE is up 11.39% versus a gain of 13.28% for SPY.
Over three years, JCE compounded at +18.85% per year against +21.07% for SPY; over five years the annualized figures are +11.63% and +13.27% respectively. Across the full 19-year window we track, SPY has the edge at +8.84% annualized vs +2.16%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
JCE has been the more volatile fund, with annualized monthly volatility of 20.6% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -64.9% for JCE and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.77. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
JCE charges 1.02% per year while SPY charges 0.09%. On a $10,000 position that is $102 vs $9 annually, a gap of $93 per year that compounds over a long holding period. On income, JCE currently yields 7.72% against 1.01% for SPY.
Holdings Overlap
JCE and SPY share 79 holdings out of 541 unique holdings combined, representing a 53.6% weight overlap.
High overlap means holding both may not provide much additional diversification.
Top Shared Holdings
| Stock | Weight in JCE | Weight in SPY | Difference |
|---|---|---|---|
| NVDA | 8.48% | 7.31% | 1.17% |
| AAPL | 7.13% | 7.09% | 0.04% |
| MSFT | 5.96% | 4.43% | 1.53% |
| AMZN | Pro | Pro | Pro |
| GOOGL | Pro | Pro | Pro |
| GOOG | Pro | Pro | Pro |
| AVGO | Pro | Pro | Pro |
| META | Pro | Pro | Pro |
| BRK.B | Pro | Pro | Pro |
| TSLA | Pro | Pro | Pro |
See all 10 holdings JCE shares with SPY Exact weights in each fund and the difference, for every overlapping position. Get FundXLS Pro: $29/moFirst 500 subscribers, then $49/mo. Cancel anytime. | |||
Frequently Asked Questions
Which is cheaper, JCE or SPY?
JCE has an expense ratio of 1.02% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $93 per year of difference.
Which performed better, JCE or SPY?
Over the past year JCE returned +19.92% vs +23.94% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (19 years), JCE annualized +2.16% vs +8.84% for SPY. Past performance does not guarantee future results.
Which is riskier, JCE or SPY?
JCE has been the more volatile fund at 20.6% annualized versus 15.3% for SPY. Worst drawdown: JCE -64.9% vs SPY -56.5%.
Should I hold both JCE and SPY?
JCE and SPY have a monthly-return correlation of 0.77, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between JCE and SPY?
JCE and SPY share 79 common holdings with a 53.6% weight overlap. Combined, they hold 541 unique securities.
Which pays a higher dividend, JCE or SPY?
JCE yields 7.72% while SPY yields 1.01%, so JCE currently pays the higher dividend yield.
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