NUDM vs. SPY

Last updated Jun 24, 2026

NUDM (Nuveen ESG International Developed Markets Equity ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - NUDM is a Foreign Large Cap Equities fund tracking the MSCI TIAA ESG International DM, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, NUDM returned 8.37%/yr vs 13.05%/yr for SPY. A 0.73 correlation means they provide meaningful diversification when combined. NUDM charges 0.30%/yr vs 0.09%/yr for SPY.

Performance

NUDM vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen ESG International Developed Markets Equity ETF (NUDM) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with NUDM having a 8.31% return and SPY slightly lower at 8.15%.

NUDM

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

SPY

• 1D: -1.45%
• 1M: -1.36%
• YTD: 8.15%
• 6M: 7.20%
• 1Y: 23.59%
• 3Y*: 20.68%
• 5Y*: 13.05%
• 10Y*: 15.53%

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

NUDM vs. SPY - 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%
SPY State Street SPDR S&P 500 ETF	8.15%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	11.30%

Correlation

The correlation between NUDM and SPY is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (All Time) Calculated using the full available price history since Jun 13, 2017	0.73

The correlation between NUDM and SPY has been stable across timeframes, ranging from 0.72 to 0.77 - a consistent structural relationship.

NUDM vs. SPY - Sectors Allocation Comparison

Sectors	NUDM	SPY
Financial Services	25.6%	11.1%
Industrials	20.8%	7.8%
Technology	13.1%	39.0%
Healthcare	10.2%	8.3%
Consumer Defensive	6.9%	4.5%
Consumer Cyclical	6.1%	9.9%
Basic Materials	5.7%	1.7%
Communication Services	5.3%	10.6%
Utilities	3.5%	2.1%
Real Estate	2.2%	1.8%
Energy	0.6%	3.1%

Return for Risk

NUDM vs. SPY — 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

SPY

SPY Risk / Return Rank: 59
SPY Sharpe Ratio Rank: 58
SPY Sortino Ratio Rank: 56
SPY Omega Ratio Rank: 57
SPY Calmar Ratio Rank: 56
SPY Martin Ratio Rank: 67

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen ESG International Developed Markets Equity ETF (NUDM) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.40	1.90	-0.50
Sortino ratio: Return per unit of downside risk	2.00	2.58	-0.59
Omega ratio: Gain probability vs. loss probability	1.25	1.34	-0.09
Calmar ratio: Return relative to maximum drawdown	1.82	2.67	-0.85
Martin ratio: Return relative to average drawdown	6.77	11.92	-5.15

NUDM vs. SPY - Sharpe Ratio Comparison

The current NUDM Sharpe Ratio is 1.40, which is comparable to the SPY Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of NUDM and SPY, 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. SPY - Drawdown Comparison

The maximum NUDM drawdown since its inception was -32.01%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for NUDM and SPY.

Drawdown Indicators

	NUDM	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-32.01%	-55.19%	+23.18%
Max Drawdown (1Y) Largest decline over 1 year	-12.50%	-8.88%	-3.62%
Max Drawdown (3Y) Largest decline over 3 years	-13.47%	-18.76%	+5.29%
Max Drawdown (5Y) Largest decline over 5 years	-30.09%	-24.50%	-5.59%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-1.88%	-3.17%	+1.29%
Average Drawdown Average peak-to-trough decline	-6.83%	-9.04%	+2.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.36%	1.98%	+1.38%

Volatility

NUDM vs. SPY - Volatility Comparison

Nuveen ESG International Developed Markets Equity ETF (NUDM) has a higher volatility of 5.29% compared to State Street SPDR S&P 500 ETF (SPY) at 4.87%. This indicates that NUDM's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NUDM	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.29%	4.87%	+0.42%
Volatility (6M) Calculated over the trailing 6-month period	13.73%	9.85%	+3.88%
Volatility (1Y) Calculated over the trailing 1-year period	16.26%	12.50%	+3.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.74%	17.15%	-0.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.61%	17.95%	-0.34%

NUDM vs. SPY - Expense Ratio Comparison

NUDM has a 0.30% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

NUDM vs. SPY - Dividend Comparison

NUDM's dividend yield for the trailing twelve months is around 6.89%, more than SPY's 1.03% 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%
SPY State Street SPDR S&P 500 ETF	1.03%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both NUDM and SPY in my portfolio?

NUDM and SPY have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NUDM or SPY?

NUDM has higher volatility (5.29%) compared to SPY (4.87%). In terms of maximum drawdown, NUDM dropped -32.01% vs SPY's -55.19%.

Which ETF is better, NUDM or SPY?

On 5-year performance, SPY leads with 13.05% vs 8.37% for NUDM. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NUDM or SPY?

Over the 5-year period, SPY has performed better with a 13.05% 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 SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.30% for NUDM.

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

NUDM has the higher dividend yield at 6.89%, compared with 1.03% for SPY.

What is the main difference between NUDM and SPY?

NUDM is categorized as Foreign Large Cap Equities, while SPY is S&P 500. NUDM tracks MSCI TIAA ESG International DM, while SPY tracks S&P 500 Index. They also come from different issuers: Nuveen and State Street. Their fees differ too: 0.30% for NUDM and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.90 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.