NUDM vs. ESGD

Last updated Jun 23, 2026

NUDM (Nuveen ESG International Developed Markets Equity ETF) and ESGD (iShares ESG Aware MSCI EAFE ETF) are both Foreign Large Cap Equities funds - NUDM tracks the MSCI TIAA ESG International DM while ESGD tracks the MSCI EAFE Extended ESG Focus Index. Both are passively managed. Over the past 5 years, NUDM returned 8.97%/yr vs 8.77%/yr for ESGD. Their correlation of 0.93 suggests significant overlap in exposure. NUDM charges 0.30%/yr vs 0.20%/yr for ESGD.

Performance

NUDM vs. ESGD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen ESG International Developed Markets Equity ETF (NUDM) and iShares ESG Aware MSCI EAFE ETF (ESGD). 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 NUDM having a 10.38% return and ESGD slightly higher at 10.63%.

NUDM

• 1D: 0.18%
• 1M: 2.94%
• YTD: 10.38%
• 6M: 10.38%
• 1Y: 26.08%
• 3Y*: 17.38%
• 5Y*: 8.97%
• 10Y*: —

ESGD

• 1D: 0.40%
• 1M: 2.37%
• YTD: 10.63%
• 6M: 10.98%
• 1Y: 24.49%
• 3Y*: 16.93%
• 5Y*: 8.77%
• 10Y*: —

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

NUDM vs. ESGD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NUDM Nuveen ESG International Developed Markets Equity ETF	10.38%	29.60%	5.47%	17.70%	-15.16%	10.62%	10.06%	24.58%	-14.82%	8.40%
ESGD iShares ESG Aware MSCI EAFE ETF	10.63%	29.63%	3.95%	18.53%	-15.17%	11.79%	8.20%	23.12%	-13.33%	9.84%

Correlation

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

NUDM vs. ESGD - Sectors Allocation Comparison

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

Return for Risk

NUDM vs. ESGD — Risk / Return Rank

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

NUDM

NUDM Risk / Return Rank: 46
NUDM Sharpe Ratio Rank: 48
NUDM Sortino Ratio Rank: 47
NUDM Omega Ratio Rank: 46
NUDM Calmar Ratio Rank: 43
NUDM Martin Ratio Rank: 47

ESGD

ESGD Risk / Return Rank: 46
ESGD Sharpe Ratio Rank: 46
ESGD Sortino Ratio Rank: 46
ESGD Omega Ratio Rank: 45
ESGD Calmar Ratio Rank: 44
ESGD Martin Ratio Rank: 48

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.

NUDM vs. ESGD - Risk-Adjusted Trends Comparison

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

	NUDM	ESGD	Difference
Sharpe ratio: Return per unit of total volatility	1.62	1.57	+0.06
Sortino ratio: Return per unit of downside risk	2.28	2.25	+0.03
Omega ratio: Gain probability vs. loss probability	1.29	1.28	+0.01
Calmar ratio: Return relative to maximum drawdown	2.09	2.11	-0.01
Martin ratio: Return relative to average drawdown	7.79	7.87	-0.07

NUDM vs. ESGD - Sharpe Ratio Comparison

The current NUDM Sharpe Ratio is 1.62, which is comparable to the ESGD Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of NUDM and ESGD, 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

NUDM vs. ESGD - Drawdown Comparison

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

Drawdown Indicators

	NUDM	ESGD	Difference
Max Drawdown Largest peak-to-trough decline	-32.01%	-33.70%	+1.69%
Max Drawdown (1Y) Largest decline over 1 year	-12.50%	-11.68%	-0.82%
Max Drawdown (3Y) Largest decline over 3 years	-13.47%	-13.86%	+0.39%
Max Drawdown (5Y) Largest decline over 5 years	-30.09%	-30.03%	-0.06%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-6.83%	-6.16%	-0.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.35%	3.12%	+0.23%

Volatility

NUDM vs. ESGD - Volatility Comparison

Nuveen ESG International Developed Markets Equity ETF (NUDM) and iShares ESG Aware MSCI EAFE ETF (ESGD) have volatilities of 4.95% and 4.99%, 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

	NUDM	ESGD	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.95%	4.99%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	13.62%	13.27%	+0.35%
Volatility (1Y) Calculated over the trailing 1-year period	16.17%	15.73%	+0.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.72%	16.69%	+0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.60%	16.99%	+0.61%

NUDM vs. ESGD - Expense Ratio Comparison

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

Dividends

NUDM vs. ESGD - Dividend Comparison

NUDM's dividend yield for the trailing twelve months is around 6.76%, more than ESGD's 3.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
ESGD iShares ESG Aware MSCI EAFE ETF	3.31%	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	6.76%	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 NUDM and ESGD in my portfolio?

With a correlation of 0.97, NUDM and ESGD 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, NUDM or ESGD?

ESGD has higher volatility (4.99%) compared to NUDM (4.95%). In terms of maximum drawdown, NUDM dropped -32.01% vs ESGD's -33.70%.

Which ETF is better, NUDM or ESGD?

On 5-year performance, NUDM leads with 8.97% vs 8.77% for ESGD. On fees, ESGD is cheaper at 0.20% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NUDM or ESGD?

Over the 5-year period, NUDM has performed better with a 8.97% return vs 8.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NUDM or ESGD?

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

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

NUDM has the higher dividend yield at 6.76%, compared with 3.31% for ESGD.

What is the main difference between NUDM and ESGD?

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

Which has better risk-adjusted returns?

NUDM currently has the higher Sharpe Ratio (1.62 vs 1.57), 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.