The thermodynamic properties of quantum heat engines are stochastic owing to the presence of thermal and quantum fluctuations. We here experimentally investigate the efficiency and nonequilibrium entropy production statistics of a spin-1/2 quantum Otto cycle. We first study the correlations between work and heat within a cycle by extracting their joint distribution for different driving times. We show that near perfect anticorrelation, corresponding to the tight-coupling condition, can be achieved. In this limit, the reconstructed efficiency distribution is peaked at the macroscopic efficiency and fluctuations are strongly suppressed. We further test the second law in the form of a joint fluctuation relation for work and heat. Our results characterize the statistical features of a small-scale thermal machine in the quantum domain and provide means to control them.