NUDM vs. SPDW

Last updated Jun 24, 2026

NUDM (Nuveen ESG International Developed Markets Equity ETF) and SPDW (SPDR Portfolio World ex-US ETF) are both Foreign Large Cap Equities funds - NUDM tracks the MSCI TIAA ESG International DM while SPDW tracks the S&P Developed Ex-U.S. BMI Index. Both are passively managed. Over the past 5 years, NUDM returned 8.37%/yr vs 9.30%/yr for SPDW. Their correlation of 0.93 suggests significant overlap in exposure. NUDM charges 0.30%/yr vs 0.04%/yr for SPDW.

Performance

NUDM vs. SPDW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen ESG International Developed Markets Equity ETF (NUDM) and SPDR Portfolio World ex-US ETF (SPDW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NUDM achieves a 8.31% return, which is significantly lower than SPDW's 13.29% return.

NUDM

• 1D: -1.88%
• 1M: 1.00%
• YTD: 8.31%
• 6M: 7.81%
• 1Y: 22.67%
• 3Y*: 16.64%
• 5Y*: 8.37%
• 10Y*: —

SPDW

• 1D: -2.99%
• 1M: 0.20%
• YTD: 13.29%
• 6M: 13.11%
• 1Y: 30.23%
• 3Y*: 19.45%
• 5Y*: 9.30%
• 10Y*: 10.63%

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

NUDM vs. SPDW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NUDM Nuveen ESG International Developed Markets Equity ETF	8.31%	29.60%	5.47%	17.70%	-15.16%	10.62%	10.06%	24.58%	-14.82%	8.40%
SPDW SPDR Portfolio World ex-US ETF	13.29%	34.75%	3.55%	17.81%	-15.98%	11.45%	9.90%	22.41%	-14.22%	10.09%

Correlation

The correlation between NUDM and SPDW is 0.95 - 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	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (All Time) Calculated using the full available price history since Jun 13, 2017	0.93

The correlation between NUDM and SPDW has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.

NUDM vs. SPDW - Sectors Allocation Comparison

Sectors	NUDM	SPDW
Financial Services	25.6%	22.2%
Industrials	20.8%	18.4%
Technology	13.1%	16.8%
Healthcare	10.2%	7.9%
Consumer Defensive	6.9%	5.4%
Consumer Cyclical	6.1%	7.8%
Basic Materials	5.7%	7.3%
Communication Services	5.3%	3.9%
Utilities	3.5%	3.0%
Real Estate	2.2%	2.3%
Energy	0.6%	4.9%

Return for Risk

NUDM vs. SPDW — Risk / Return Rank

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

NUDM

NUDM Risk / Return Rank: 42
NUDM Sharpe Ratio Rank: 42
NUDM Sortino Ratio Rank: 42
NUDM Omega Ratio Rank: 41
NUDM Calmar Ratio Rank: 39
NUDM Martin Ratio Rank: 44

SPDW

SPDW Risk / Return Rank: 56
SPDW Sharpe Ratio Rank: 56
SPDW Sortino Ratio Rank: 54
SPDW Omega Ratio Rank: 56
SPDW Calmar Ratio Rank: 55
SPDW Martin Ratio Rank: 59

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. SPDW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen ESG International Developed Markets Equity ETF (NUDM) and SPDR Portfolio World ex-US ETF (SPDW). 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	SPDW	Difference
Sharpe ratio: Return per unit of total volatility	1.40	1.82	-0.42
Sortino ratio: Return per unit of downside risk	2.00	2.50	-0.50
Omega ratio: Gain probability vs. loss probability	1.25	1.33	-0.08
Calmar ratio: Return relative to maximum drawdown	1.82	2.63	-0.81
Martin ratio: Return relative to average drawdown	6.77	10.15	-3.38

NUDM vs. SPDW - Sharpe Ratio Comparison

The current NUDM Sharpe Ratio is 1.40, which is comparable to the SPDW Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of NUDM and SPDW, 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. SPDW - Drawdown Comparison

The maximum NUDM drawdown since its inception was -32.01%, smaller than the maximum SPDW drawdown of -60.02%. Use the drawdown chart below to compare losses from any high point for NUDM and SPDW.

Drawdown Indicators

	NUDM	SPDW	Difference
Max Drawdown Largest peak-to-trough decline	-32.01%	-60.02%	+28.01%
Max Drawdown (1Y) Largest decline over 1 year	-12.50%	-11.55%	-0.95%
Max Drawdown (3Y) Largest decline over 3 years	-13.47%	-13.53%	+0.06%
Max Drawdown (5Y) Largest decline over 5 years	-30.09%	-30.21%	+0.12%
Max Drawdown (10Y) Largest decline over 10 years	—	-34.98%	—
Current Drawdown Current decline from peak	-1.88%	-2.99%	+1.11%
Average Drawdown Average peak-to-trough decline	-6.83%	-12.88%	+6.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.36%	2.99%	+0.37%

Volatility

NUDM vs. SPDW - Volatility Comparison

The current volatility for Nuveen ESG International Developed Markets Equity ETF (NUDM) is 5.29%, while SPDR Portfolio World ex-US ETF (SPDW) has a volatility of 7.05%. This indicates that NUDM experiences smaller price fluctuations and is considered to be less risky than SPDW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NUDM	SPDW	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.29%	7.05%	-1.76%
Volatility (6M) Calculated over the trailing 6-month period	13.73%	14.59%	-0.86%
Volatility (1Y) Calculated over the trailing 1-year period	16.26%	16.72%	-0.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.74%	16.70%	+0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.61%	17.13%	+0.48%

NUDM vs. SPDW - Expense Ratio Comparison

NUDM has a 0.30% expense ratio, which is higher than SPDW's 0.04% expense ratio.

Dividends

NUDM vs. SPDW - Dividend Comparison

NUDM's dividend yield for the trailing twelve months is around 6.89%, more than SPDW's 3.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%
SPDW SPDR Portfolio World ex-US ETF	3.06%	3.30%	3.19%	2.75%	3.12%	3.04%	1.87%	3.13%	3.08%	1.86%	3.11%	2.78%

Frequently Asked Questions

Can I hold both NUDM and SPDW in my portfolio?

With a correlation of 0.95, NUDM and SPDW 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 SPDW?

SPDW has higher volatility (7.05%) compared to NUDM (5.29%). In terms of maximum drawdown, NUDM dropped -32.01% vs SPDW's -60.02%.

Which ETF is better, NUDM or SPDW?

On 5-year performance, SPDW leads with 9.30% vs 8.37% for NUDM. On fees, SPDW is cheaper at 0.04% 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, NUDM or SPDW?

Over the 5-year period, SPDW has performed better with a 9.30% return vs 8.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NUDM or SPDW?

SPDW is cheaper with a 0.04% expense ratio, compared with 0.30% for NUDM.

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

NUDM has the higher dividend yield at 6.89%, compared with 3.06% for SPDW.

What is the main difference between NUDM and SPDW?

NUDM tracks MSCI TIAA ESG International DM, while SPDW tracks S&P Developed Ex-U.S. BMI Index. They also come from different issuers: Nuveen and State Street. Their fees differ too: 0.30% for NUDM and 0.04% for SPDW.

Which has better risk-adjusted returns?

SPDW currently has the higher Sharpe Ratio (1.82 vs 1.40), 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.