DFSB vs. NUEM

Last updated Jul 14, 2026

DFSB (Dimensional Global Sustainability Fixed Income ETF) and NUEM (Nuveen ESG Emerging Markets Equity ETF) are both exchange-traded funds - DFSB is a Global Bonds fund actively managed by Dimensional, while NUEM is a Emerging Markets Equities fund tracking the MSCI TIAA ESG Emerging Markets. DFSB is actively managed, while NUEM is passively managed. Over the past 3 years, DFSB returned 4.67%/yr vs 15.47%/yr for NUEM. At a 0.22 correlation, their price movements are largely independent. DFSB charges 0.24%/yr vs 0.35%/yr for NUEM.

Performance

DFSB vs. NUEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional Global Sustainability Fixed Income ETF (DFSB) and Nuveen ESG Emerging Markets Equity ETF (NUEM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFSB achieves a 0.60% return, which is significantly lower than NUEM's 12.97% return.

DFSB

• 1D: -0.33%
• 1M: -0.64%
• 6M: 0.19%
• YTD: 0.60%
• 1Y: 3.41%
• 3Y*: 4.67%
• 5Y*: —
• 10Y*: —

NUEM

• 1D: -3.57%
• 1M: -3.66%
• 6M: 7.04%
• YTD: 12.97%
• 1Y: 25.79%
• 3Y*: 15.47%
• 5Y*: 4.53%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

DFSB vs. NUEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
DFSB Dimensional Global Sustainability Fixed Income ETF	0.60%	5.22%	2.45%	9.37%	-0.62%
NUEM Nuveen ESG Emerging Markets Equity ETF	12.97%	27.12%	9.73%	8.57%	0.38%

Correlation

The correlation between DFSB and NUEM is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (All Time) Calculated using the full available price history since Nov 16, 2022	0.22

The correlation between DFSB and NUEM shifts across timeframes, from 0.22 (all time) to 0.35 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

DFSB vs. NUEM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DFSB

DFSB Risk / Return Rank: 29
DFSB Sharpe Ratio Rank: 30
DFSB Sortino Ratio Rank: 28
DFSB Omega Ratio Rank: 27
DFSB Calmar Ratio Rank: 28
DFSB Martin Ratio Rank: 30

NUEM

NUEM Risk / Return Rank: 48
NUEM Sharpe Ratio Rank: 43
NUEM Sortino Ratio Rank: 41
NUEM Omega Ratio Rank: 45
NUEM Calmar Ratio Rank: 56
NUEM Martin Ratio Rank: 52

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DFSB vs. NUEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional Global Sustainability Fixed Income ETF (DFSB) and Nuveen ESG Emerging Markets Equity ETF (NUEM). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	DFSB	NUEM	Difference
Sharpe ratio: Return per unit of total volatility	0.87	1.21	-0.34
Sortino ratio: Return per unit of downside risk	1.29	1.72	-0.42
Omega ratio: Gain probability vs. loss probability	1.15	1.24	-0.08
Calmar ratio: Return relative to maximum drawdown	1.13	2.24	-1.11
Martin ratio: Return relative to average drawdown	3.45	7.02	-3.57

DFSB vs. NUEM - Sharpe Ratio Comparison

The current DFSB Sharpe Ratio is 0.87, which is comparable to the NUEM Sharpe Ratio of 1.21. The chart below compares the historical Sharpe Ratios of DFSB and NUEM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DFSB vs. NUEM - Drawdown Comparison

The maximum DFSB drawdown since its inception was -5.16%, smaller than the maximum NUEM drawdown of -39.48%. Use the drawdown chart below to compare losses from any high point for DFSB and NUEM.

Drawdown Indicators

	DFSB	NUEM	Difference
Max Drawdown Largest peak-to-trough decline	-5.16%	-39.48%	+34.32%
Max Drawdown (1Y) Largest decline over 1 year	-3.04%	-11.56%	+8.52%
Max Drawdown (3Y) Largest decline over 3 years	-4.37%	-17.58%	+13.21%
Max Drawdown (5Y) Largest decline over 5 years	—	-36.75%	—
Current Drawdown Current decline from peak	-1.36%	-8.93%	+7.57%
Average Drawdown Average peak-to-trough decline	-1.24%	-14.90%	+13.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.99%	3.68%	-2.69%

Volatility

DFSB vs. NUEM - Volatility Comparison

The current volatility for Dimensional Global Sustainability Fixed Income ETF (DFSB) is 1.29%, while Nuveen ESG Emerging Markets Equity ETF (NUEM) has a volatility of 10.30%. This indicates that DFSB experiences smaller price fluctuations and is considered to be less risky than NUEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFSB	NUEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.29%	10.30%	-9.01%
Volatility (6M) Calculated over the trailing 6-month period	3.28%	19.21%	-15.93%
Volatility (1Y) Calculated over the trailing 1-year period	3.93%	21.37%	-17.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.43%	20.26%	-14.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.43%	20.41%	-14.98%

DFSB vs. NUEM - Expense Ratio Comparison

DFSB has a 0.24% expense ratio, which is lower than NUEM's 0.35% expense ratio.

Dividends

DFSB vs. NUEM - Dividend Comparison

DFSB's dividend yield for the trailing twelve months is around 4.36%, more than NUEM's 3.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFSB Dimensional Global Sustainability Fixed Income ETF	4.36%	3.46%	4.35%	5.27%	0.41%	0.00%	0.00%	0.00%	0.00%	0.00%
NUEM Nuveen ESG Emerging Markets Equity ETF	3.17%	3.58%	1.95%	2.37%	1.90%	2.45%	1.26%	1.98%	2.05%	0.62%

Frequently Asked Questions

Can I hold both DFSB and NUEM in my portfolio?

DFSB and NUEM have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFSB or NUEM?

NUEM has higher volatility (10.30%) compared to DFSB (1.29%). In terms of maximum drawdown, DFSB dropped -5.16% vs NUEM's -39.48%.

Which ETF is better, DFSB or NUEM?

On 3-year performance, NUEM leads with 15.47% vs 4.67% for DFSB. On fees, DFSB is cheaper at 0.24% per year. On volatility, DFSB has been the lower-risk option at 1.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFSB or NUEM?

Over the 3-year period, NUEM has performed better with a 15.47% return vs 4.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFSB or NUEM?

DFSB is cheaper with a 0.24% expense ratio, compared with 0.35% for NUEM.

Which ETF pays a higher dividend yield, DFSB or NUEM?

DFSB has the higher dividend yield at 4.36%, compared with 3.17% for NUEM.

What is the main difference between DFSB and NUEM?

DFSB is categorized as Global Bonds, while NUEM is Emerging Markets Equities. They also come from different issuers: Dimensional and Nuveen. Their fees differ too: 0.24% for DFSB and 0.35% for NUEM.

Which has better risk-adjusted returns?

NUEM currently has the higher Sharpe Ratio (1.21 vs 0.87), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.