ESGD vs. NUDM

Last updated Jun 25, 2026

ESGD (iShares ESG Aware MSCI EAFE ETF) and NUDM (Nuveen ESG International Developed Markets Equity ETF) are both Foreign Large Cap Equities funds - ESGD tracks the MSCI EAFE Extended ESG Focus Index while NUDM tracks the MSCI TIAA ESG International DM. Both are passively managed. Over the past 5 years, ESGD returned 8.05%/yr vs 8.33%/yr for NUDM. Their correlation of 0.93 suggests significant overlap in exposure. ESGD charges 0.20%/yr vs 0.30%/yr for NUDM.

Performance

ESGD vs. NUDM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares ESG Aware MSCI EAFE ETF (ESGD) and Nuveen ESG International Developed Markets Equity ETF (NUDM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with ESGD having a 8.13% return and NUDM slightly higher at 8.27%.

ESGD

• 1D: -0.12%
• 1M: 0.05%
• YTD: 8.13%
• 6M: 7.64%
• 1Y: 19.32%
• 3Y*: 16.04%
• 5Y*: 8.05%
• 10Y*: —

NUDM

• 1D: -0.04%
• 1M: 0.97%
• YTD: 8.27%
• 6M: 7.44%
• 1Y: 20.73%
• 3Y*: 16.63%
• 5Y*: 8.33%
• 10Y*: —

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

ESGD vs. NUDM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ESGD iShares ESG Aware MSCI EAFE ETF	8.13%	29.63%	3.95%	18.53%	-15.17%	11.79%	8.20%	23.12%	-13.33%	9.84%
NUDM Nuveen ESG International Developed Markets Equity ETF	8.27%	29.60%	5.47%	17.70%	-15.16%	10.62%	10.06%	24.58%	-14.82%	8.40%

Correlation

The correlation between ESGD and NUDM is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jun 13, 2017	0.93

The correlation between ESGD and NUDM has been stable across timeframes, ranging from 0.93 to 0.97 - a consistent structural relationship.

ESGD vs. NUDM - Sectors Allocation Comparison

Sectors	ESGD	NUDM
Financial Services	26.6%	25.6%
Industrials	18.4%	20.8%
Technology	13.2%	13.1%
Healthcare	9.5%	10.2%
Consumer Defensive	6.8%	6.9%
Consumer Cyclical	6.6%	6.1%
Basic Materials	5.6%	5.7%
Communication Services	4.2%	5.3%
Utilities	3.6%	3.5%
Energy	3.4%	0.6%
Real Estate	1.6%	2.2%

Return for Risk

ESGD vs. NUDM — Risk / Return Rank

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

ESGD

ESGD Risk / Return Rank: 38
ESGD Sharpe Ratio Rank: 38
ESGD Sortino Ratio Rank: 38
ESGD Omega Ratio Rank: 37
ESGD Calmar Ratio Rank: 36
ESGD Martin Ratio Rank: 41

NUDM

NUDM Risk / Return Rank: 40
NUDM Sharpe Ratio Rank: 40
NUDM Sortino Ratio Rank: 40
NUDM Omega Ratio Rank: 39
NUDM Calmar Ratio Rank: 37
NUDM Martin Ratio Rank: 42

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.

ESGD vs. NUDM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares ESG Aware MSCI EAFE ETF (ESGD) and Nuveen ESG International Developed Markets Equity ETF (NUDM). 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.

	ESGD	NUDM	Difference
Sharpe ratio: Return per unit of total volatility	1.23	1.29	-0.06
Sortino ratio: Return per unit of downside risk	1.80	1.85	-0.05
Omega ratio: Gain probability vs. loss probability	1.23	1.23	-0.01
Calmar ratio: Return relative to maximum drawdown	1.66	1.66	0.00
Martin ratio: Return relative to average drawdown	6.19	6.19	+0.01

ESGD vs. NUDM - Sharpe Ratio Comparison

The current ESGD Sharpe Ratio is 1.23, which is comparable to the NUDM Sharpe Ratio of 1.29. The chart below compares the historical Sharpe Ratios of ESGD and NUDM, 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

ESGD vs. NUDM - Drawdown Comparison

The maximum ESGD drawdown since its inception was -33.70%, which is greater than NUDM's maximum drawdown of -32.01%. Use the drawdown chart below to compare losses from any high point for ESGD and NUDM.

Drawdown Indicators

	ESGD	NUDM	Difference
Max Drawdown Largest peak-to-trough decline	-33.70%	-32.01%	-1.69%
Max Drawdown (1Y) Largest decline over 1 year	-11.68%	-12.50%	+0.82%
Max Drawdown (3Y) Largest decline over 3 years	-13.86%	-13.47%	-0.39%
Max Drawdown (5Y) Largest decline over 5 years	-30.03%	-30.09%	+0.06%
Current Drawdown Current decline from peak	-2.26%	-1.91%	-0.35%
Average Drawdown Average peak-to-trough decline	-6.16%	-6.82%	+0.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.13%	3.36%	-0.23%

Volatility

ESGD vs. NUDM - Volatility Comparison

iShares ESG Aware MSCI EAFE ETF (ESGD) and Nuveen ESG International Developed Markets Equity ETF (NUDM) have volatilities of 5.48% and 5.29%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ESGD	NUDM	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.48%	5.29%	+0.19%
Volatility (6M) Calculated over the trailing 6-month period	13.44%	13.73%	-0.29%
Volatility (1Y) Calculated over the trailing 1-year period	15.85%	16.24%	-0.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.71%	16.73%	-0.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.00%	17.61%	-0.61%

ESGD vs. NUDM - Expense Ratio Comparison

ESGD has a 0.20% expense ratio, which is lower than NUDM's 0.30% expense ratio.

Dividends

ESGD vs. NUDM - Dividend Comparison

ESGD's dividend yield for the trailing twelve months is around 3.38%, less than NUDM's 6.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
ESGD iShares ESG Aware MSCI EAFE ETF	3.38%	3.60%	3.23%	3.02%	2.59%	2.75%	1.63%	2.57%	2.69%	2.65%	0.09%
NUDM Nuveen ESG International Developed Markets Equity ETF	6.89%	7.46%	3.33%	3.14%	1.98%	4.31%	1.47%	3.42%	2.45%	0.47%	0.00%

Frequently Asked Questions

Can I hold both ESGD and NUDM in my portfolio?

With a correlation of 0.97, ESGD and NUDM move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, ESGD or NUDM?

ESGD has higher volatility (5.48%) compared to NUDM (5.29%). In terms of maximum drawdown, ESGD dropped -33.70% vs NUDM's -32.01%.

Which ETF is better, ESGD or NUDM?

On 5-year performance, NUDM leads with 8.33% vs 8.05% for ESGD. On fees, ESGD is cheaper at 0.20% per year. On volatility, NUDM has been the lower-risk option at 5.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ESGD or NUDM?

Over the 5-year period, NUDM has performed better with a 8.33% return vs 8.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ESGD or NUDM?

ESGD is cheaper with a 0.20% expense ratio, compared with 0.30% for NUDM.

Which ETF pays a higher dividend yield, ESGD or NUDM?

NUDM has the higher dividend yield at 6.89%, compared with 3.38% for ESGD.

What is the main difference between ESGD and NUDM?

ESGD tracks MSCI EAFE Extended ESG Focus Index, while NUDM tracks MSCI TIAA ESG International DM. They also come from different issuers: iShares and Nuveen. Their fees differ too: 0.20% for ESGD and 0.30% for NUDM.

Which has better risk-adjusted returns?

NUDM currently has the higher Sharpe Ratio (1.29 vs 1.23), 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.