NUDV vs. PWV

Last updated Jun 25, 2026

NUDV (Nuveen ESG Dividend ETF) and PWV (Invesco Dynamic Large Cap Value ETF) are both Large Cap Value Equities funds - NUDV tracks the Nuveen ESG USA High Dividend Yield Index while PWV tracks the Dynamic Large Cap Value Intellidex Index (AMEX). Both are passively managed. Over the past 3 years, NUDV returned 15.78%/yr vs 21.42%/yr for PWV. Their correlation of 0.91 suggests significant overlap in exposure. NUDV charges 0.26%/yr vs 0.58%/yr for PWV.

Performance

NUDV vs. PWV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen ESG Dividend ETF (NUDV) and Invesco Dynamic Large Cap Value ETF (PWV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NUDV achieves a 10.57% return, which is significantly lower than PWV's 15.49% return.

NUDV

• 1D: 0.01%
• 1M: 0.66%
• YTD: 10.57%
• 6M: 9.45%
• 1Y: 18.55%
• 3Y*: 15.78%
• 5Y*: —
• 10Y*: —

PWV

• 1D: -0.42%
• 1M: 2.50%
• YTD: 15.49%
• 6M: 14.63%
• 1Y: 26.45%
• 3Y*: 21.42%
• 5Y*: 13.87%
• 10Y*: 12.34%

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

NUDV vs. PWV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
NUDV Nuveen ESG Dividend ETF	10.57%	10.77%	14.02%	10.13%	-7.83%	8.35%
PWV Invesco Dynamic Large Cap Value ETF	15.49%	19.65%	14.48%	10.36%	-1.16%	7.88%

Correlation

The correlation between NUDV and PWV is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (All Time) Calculated using the full available price history since Sep 28, 2021	0.91

The correlation between NUDV and PWV has been stable across timeframes, ranging from 0.88 to 0.91 - a consistent structural relationship.

Return for Risk

NUDV vs. PWV — Risk / Return Rank

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

NUDV

NUDV Risk / Return Rank: 62
NUDV Sharpe Ratio Rank: 61
NUDV Sortino Ratio Rank: 65
NUDV Omega Ratio Rank: 57
NUDV Calmar Ratio Rank: 65
NUDV Martin Ratio Rank: 63

PWV

PWV Risk / Return Rank: 92
PWV Sharpe Ratio Rank: 91
PWV Sortino Ratio Rank: 93
PWV Omega Ratio Rank: 89
PWV Calmar Ratio Rank: 94
PWV Martin Ratio Rank: 93

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.

NUDV vs. PWV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen ESG Dividend ETF (NUDV) and Invesco Dynamic Large Cap Value ETF (PWV). 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.

	NUDV	PWV	Difference
Sharpe ratio: Return per unit of total volatility	1.79	2.78	-0.99
Sortino ratio: Return per unit of downside risk	2.63	4.03	-1.40
Omega ratio: Gain probability vs. loss probability	1.31	1.49	-0.18
Calmar ratio: Return relative to maximum drawdown	2.82	6.55	-3.73
Martin ratio: Return relative to average drawdown	10.03	21.91	-11.88

NUDV vs. PWV - Sharpe Ratio Comparison

The current NUDV Sharpe Ratio is 1.79, which is lower than the PWV Sharpe Ratio of 2.78. The chart below compares the historical Sharpe Ratios of NUDV and PWV, 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

NUDV vs. PWV - Drawdown Comparison

The maximum NUDV drawdown since its inception was -20.10%, smaller than the maximum PWV drawdown of -49.04%. Use the drawdown chart below to compare losses from any high point for NUDV and PWV.

Drawdown Indicators

	NUDV	PWV	Difference
Max Drawdown Largest peak-to-trough decline	-20.10%	-49.04%	+28.94%
Max Drawdown (1Y) Largest decline over 1 year	-6.60%	-4.05%	-2.55%
Max Drawdown (3Y) Largest decline over 3 years	-16.48%	-14.31%	-2.17%
Max Drawdown (5Y) Largest decline over 5 years	—	-16.36%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-37.67%	—
Current Drawdown Current decline from peak	-0.83%	-0.47%	-0.36%
Average Drawdown Average peak-to-trough decline	-4.87%	-9.47%	+4.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.85%	1.21%	+0.64%

Volatility

NUDV vs. PWV - Volatility Comparison

The current volatility for Nuveen ESG Dividend ETF (NUDV) is 2.99%, while Invesco Dynamic Large Cap Value ETF (PWV) has a volatility of 3.41%. This indicates that NUDV experiences smaller price fluctuations and is considered to be less risky than PWV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NUDV	PWV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.99%	3.41%	-0.42%
Volatility (6M) Calculated over the trailing 6-month period	7.65%	7.06%	+0.59%
Volatility (1Y) Calculated over the trailing 1-year period	10.41%	9.55%	+0.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.93%	14.33%	+0.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.93%	17.15%	-2.22%

NUDV vs. PWV - Expense Ratio Comparison

NUDV has a 0.26% expense ratio, which is lower than PWV's 0.58% expense ratio.

Dividends

NUDV vs. PWV - Dividend Comparison

NUDV's dividend yield for the trailing twelve months is around 2.26%, more than PWV's 1.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NUDV Nuveen ESG Dividend ETF	2.26%	2.36%	6.18%	2.48%	2.96%	0.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PWV Invesco Dynamic Large Cap Value ETF	1.74%	2.12%	2.08%	2.16%	2.29%	1.89%	2.66%	2.24%	2.34%	1.55%	2.35%	2.42%

Frequently Asked Questions

Can I hold both NUDV and PWV in my portfolio?

NUDV and PWV have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NUDV or PWV?

PWV has higher volatility (3.41%) compared to NUDV (2.99%). In terms of maximum drawdown, NUDV dropped -20.10% vs PWV's -49.04%.

Which ETF is better, NUDV or PWV?

On 3-year performance, PWV leads with 21.42% vs 15.78% for NUDV. On fees, NUDV is cheaper at 0.26% per year. On volatility, NUDV has been the lower-risk option at 2.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NUDV or PWV?

Over the 3-year period, PWV has performed better with a 21.42% return vs 15.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NUDV or PWV?

NUDV is cheaper with a 0.26% expense ratio, compared with 0.58% for PWV.

Which ETF pays a higher dividend yield, NUDV or PWV?

NUDV has the higher dividend yield at 2.26%, compared with 1.74% for PWV.

What is the main difference between NUDV and PWV?

NUDV tracks Nuveen ESG USA High Dividend Yield Index, while PWV tracks Dynamic Large Cap Value Intellidex Index (AMEX). They also come from different issuers: Nuveen and Invesco. Their fees differ too: 0.26% for NUDV and 0.58% for PWV.

Which has better risk-adjusted returns?

PWV currently has the higher Sharpe Ratio (2.78 vs 1.79), 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.