NUDM vs. VEU

Last updated Aug 4, 2026

NUDM (Nuveen ESG International Developed Markets Equity ETF) and VEU (Vanguard FTSE All-World ex-US ETF) are both Foreign Large Cap Equities funds - NUDM tracks the MSCI TIAA ESG International DM while VEU tracks the FTSE All-World ex US Index. Both are passively managed. Over the past 5 years, NUDM returned 8.93%/yr vs 9.01%/yr for VEU. Their correlation of 0.90 means they have usually moved in the same direction. NUDM charges 0.30%/yr vs 0.04%/yr for VEU.

Performance

NUDM vs. VEU - Performance Comparison

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

Returns By Period

In the year-to-date period, NUDM achieves a 12.01% return, which is significantly lower than VEU's 13.83% return.

NUDM

• 1D: 0.35%
• 1M: 1.07%
• 6M: 6.46%
• YTD: 12.01%
• 1Y: 25.69%
• 3Y*: 17.61%
• 5Y*: 8.93%
• 10Y*: —
• ALL TIME*: 8.69%

VEU

• 1D: 0.45%
• 1M: 0.29%
• 6M: 7.13%
• YTD: 13.83%
• 1Y: 28.98%
• 3Y*: 18.48%
• 5Y*: 9.01%
• 10Y*: 9.63%
• ALL TIME*: 5.48%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
NUDM Nuveen ESG International Developed Markets Equity ETF	$2.51M	$2.03M	$1.85M
VEU Vanguard FTSE All-World ex-US ETF	$232.81M	$239.63M	$222.48M

NUDM vs. VEU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NUDM Nuveen ESG International Developed Markets Equity ETF	12.01%	29.60%	5.47%	17.70%	-15.16%	10.62%	10.06%	24.58%	-14.82%	8.40%
VEU Vanguard FTSE All-World ex-US ETF	13.83%	32.35%	5.56%	15.84%	-15.58%	8.27%	11.10%	21.83%	-14.18%	11.49%

Correlation

The correlation between NUDM and VEU is 0.94, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.94
Correlation (3Y) Balances recent behavior with more history.	0.93
Correlation (5Y) Shows whether the relationship held over a longer period.	0.94
Correlation (All Time) Calculated using the full available price history since Jun 13, 2017	0.90

The correlation between NUDM and VEU has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.

NUDM vs. VEU - Sectors Allocation Comparison

Sectors	NUDM	VEU
Financial Services	27.7%	23.1%
Industrials	20.8%	14.7%
Technology	14.6%	23.2%
Healthcare	9.9%	6.8%
Consumer Defensive	6.0%	4.9%
Consumer Cyclical	5.0%	7.6%
Basic Materials	4.8%	6.5%
Communication Services	4.6%	4.2%
Utilities	4.2%	3.0%
Real Estate	1.6%	1.8%
Energy	0.6%	4.3%

Return for Risk

NUDM vs. VEU — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

NUDM

NUDM Risk / Return Rank: 61
NUDM Sharpe Ratio Rank: 64
NUDM Sortino Ratio Rank: 64
NUDM Omega Ratio Rank: 62
NUDM Calmar Ratio Rank: 55
NUDM Martin Ratio Rank: 61

VEU

VEU Risk / Return Rank: 73
VEU Sharpe Ratio Rank: 74
VEU Sortino Ratio Rank: 73
VEU Omega Ratio Rank: 75
VEU Calmar Ratio Rank: 72
VEU Martin Ratio Rank: 74

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

NUDM vs. VEU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen ESG International Developed Markets Equity ETF (NUDM) and Vanguard FTSE All-World ex-US ETF (VEU). 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	VEU	Difference
Sharpe ratio: Return per unit of total volatility	1.58	1.72	-0.14
Sortino ratio: Return per unit of downside risk	2.23	2.38	-0.15
Omega ratio: Gain probability vs. loss probability	1.28	1.32	-0.03
Calmar ratio: Return relative to maximum drawdown	2.06	2.55	-0.48
Martin ratio: Return relative to average drawdown	7.74	9.31	-1.57

NUDM vs. VEU - Sharpe Ratio Comparison

The current NUDM Sharpe Ratio is 1.58, which is comparable to the VEU Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of NUDM and VEU, 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. VEU - Drawdown Comparison

The maximum NUDM drawdown since its inception was -32.01%, smaller than the maximum VEU drawdown of -61.52%. Use the drawdown chart below to compare losses from any high point for NUDM and VEU.

Drawdown Indicators

	NUDM	VEU	Difference
Max Drawdown Largest peak-to-trough decline	-32.01%	-61.52%	+29.51%
Max Drawdown (1Y) Largest decline over 1 year	-12.50%	-11.43%	-1.07%
Max Drawdown (3Y) Largest decline over 3 years	-13.47%	-13.69%	+0.22%
Max Drawdown (5Y) Largest decline over 5 years	-30.09%	-29.14%	-0.95%
Max Drawdown (10Y) Largest decline over 10 years	—	-34.98%	—
Current Drawdown Current decline from peak	0.00%	-2.36%	+2.36%
Average Drawdown Average peak-to-trough decline	-6.76%	-13.04%	+6.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.33%	3.12%	+0.21%

Volatility

NUDM vs. VEU - Volatility Comparison

The current volatility for Nuveen ESG International Developed Markets Equity ETF (NUDM) is 4.56%, while Vanguard FTSE All-World ex-US ETF (VEU) has a volatility of 5.32%. This indicates that NUDM experiences smaller price fluctuations and is considered to be less risky than VEU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NUDM	VEU	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.56%	5.32%	-0.76%
Volatility (6M) Calculated over the trailing 6-month period	14.07%	15.02%	-0.95%
Volatility (1Y) Calculated over the trailing 1-year period	16.37%	16.96%	-0.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.77%	16.37%	+0.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.58%	17.08%	+0.50%

NUDM vs. VEU - Expense Ratio Comparison

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

Dividends

NUDM vs. VEU - Dividend Comparison

NUDM's dividend yield for the trailing twelve months is around 6.66%, more than VEU's 2.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NUDM Nuveen ESG International Developed Markets Equity ETF	6.66%	7.46%	3.33%	3.14%	1.98%	4.31%	1.47%	3.42%	2.45%	0.47%	0.00%	0.00%
VEU Vanguard FTSE All-World ex-US ETF	2.54%	3.09%	3.24%	3.32%	3.12%	3.08%	2.00%	3.10%	3.27%	2.66%	2.96%	2.95%

Frequently Asked Questions

Can I hold both NUDM and VEU in my portfolio?

With a correlation of 0.94, NUDM and VEU 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 VEU?

VEU has higher volatility (5.32%) compared to NUDM (4.56%). In terms of maximum drawdown, NUDM dropped -32.01% vs VEU's -61.52%.

Which ETF is better, NUDM or VEU?

On 5-year performance, VEU leads with 9.01% vs 8.93% for NUDM. On fees, VEU is cheaper at 0.04% per year. On volatility, NUDM has been the lower-risk option at 4.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NUDM or VEU?

Over the 5-year period, VEU has performed better with a 9.01% return vs 8.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NUDM or VEU?

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

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

NUDM has the higher dividend yield at 6.66%, compared with 2.54% for VEU.

What is the main difference between NUDM and VEU?

NUDM tracks MSCI TIAA ESG International DM, while VEU tracks FTSE All-World ex US Index. They also come from different issuers: Nuveen and Vanguard. Their fees differ too: 0.30% for NUDM and 0.04% for VEU.

Which has better risk-adjusted returns?

VEU currently has the higher Sharpe Ratio (1.72 vs 1.58), 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.