NUEM vs. CVIE

Last updated Jul 16, 2026

NUEM (Nuveen ESG Emerging Markets Equity ETF) and CVIE (Calvert International Responsible Index ETF) are both exchange-traded funds - NUEM is a Emerging Markets Equities fund tracking the MSCI TIAA ESG Emerging Markets, while CVIE is a Foreign Large Cap Equities fund tracking the Calvert International Responsible Index. Both are passively managed. Over the past 3 years, NUEM returned 16.34%/yr vs 19.80%/yr for CVIE. A 0.72 correlation means they provide meaningful diversification when combined. NUEM charges 0.35%/yr vs 0.18%/yr for CVIE.

Performance

NUEM vs. CVIE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen ESG Emerging Markets Equity ETF (NUEM) and Calvert International Responsible Index ETF (CVIE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NUEM achieves a 15.54% return, which is significantly lower than CVIE's 18.34% return.

NUEM

• 1D: 0.66%
• 1M: -4.71%
• 6M: 10.13%
• YTD: 15.54%
• 1Y: 26.89%
• 3Y*: 16.34%
• 5Y*: 5.15%
• 10Y*: —

CVIE

• 1D: 0.18%
• 1M: -1.52%
• 6M: 14.21%
• YTD: 18.34%
• 1Y: 33.52%
• 3Y*: 19.80%
• 5Y*: —
• 10Y*: —

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

NUEM vs. CVIE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NUEM Nuveen ESG Emerging Markets Equity ETF	15.54%	27.12%	9.73%	-1.14%
CVIE Calvert International Responsible Index ETF	18.34%	33.23%	5.37%	9.62%

Correlation

The correlation between NUEM and CVIE is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (All Time) Calculated using the full available price history since Feb 1, 2023	0.72

The correlation between NUEM and CVIE shifts across timeframes, from 0.72 (3 years) to 0.83 (1 year), reflecting how their relationship changes across market environments.

NUEM vs. CVIE - Sectors Allocation Comparison

Sectors	NUEM	CVIE
Technology	36.5%	26.7%
Financial Services	16.8%	24.3%
Consumer Cyclical	11.2%	6.1%
Industrials	11.1%	15.1%
Basic Materials	7.9%	5.9%
Communication Services	7.6%	3.3%
Energy	2.6%	0.8%
Healthcare	2.6%	7.7%
Utilities	1.7%	3.0%
Consumer Defensive	1.5%	5.3%
Real Estate	0.6%	1.2%

Return for Risk

NUEM vs. CVIE — Risk / Return Rank

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

NUEM

NUEM Risk / Return Rank: 48
NUEM Sharpe Ratio Rank: 43
NUEM Sortino Ratio Rank: 41
NUEM Omega Ratio Rank: 46
NUEM Calmar Ratio Rank: 57
NUEM Martin Ratio Rank: 52

CVIE

CVIE Risk / Return Rank: 69
CVIE Sharpe Ratio Rank: 71
CVIE Sortino Ratio Rank: 68
CVIE Omega Ratio Rank: 70
CVIE Calmar Ratio Rank: 66
CVIE Martin Ratio Rank: 70

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.

NUEM vs. CVIE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen ESG Emerging Markets Equity ETF (NUEM) and Calvert International Responsible Index ETF (CVIE). 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.

	NUEM	CVIE	Difference
Sharpe ratio: Return per unit of total volatility	1.26	1.84	-0.58
Sortino ratio: Return per unit of downside risk	1.78	2.50	-0.73
Omega ratio: Gain probability vs. loss probability	1.24	1.34	-0.09
Calmar ratio: Return relative to maximum drawdown	2.34	2.65	-0.31
Martin ratio: Return relative to average drawdown	7.21	10.18	-2.97

NUEM vs. CVIE - Sharpe Ratio Comparison

The current NUEM Sharpe Ratio is 1.26, which is lower than the CVIE Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of NUEM and CVIE, 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

NUEM vs. CVIE - Drawdown Comparison

The maximum NUEM drawdown since its inception was -39.48%, which is greater than CVIE's maximum drawdown of -13.52%. Use the drawdown chart below to compare losses from any high point for NUEM and CVIE.

Drawdown Indicators

	NUEM	CVIE	Difference
Max Drawdown Largest peak-to-trough decline	-39.48%	-13.52%	-25.96%
Max Drawdown (1Y) Largest decline over 1 year	-11.56%	-12.71%	+1.15%
Max Drawdown (3Y) Largest decline over 3 years	-17.58%	-13.52%	-4.06%
Max Drawdown (5Y) Largest decline over 5 years	-36.19%	—	—
Current Drawdown Current decline from peak	-6.86%	-3.07%	-3.79%
Average Drawdown Average peak-to-trough decline	-14.89%	-2.62%	-12.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.74%	3.30%	+0.44%

Volatility

NUEM vs. CVIE - Volatility Comparison

Nuveen ESG Emerging Markets Equity ETF (NUEM) has a higher volatility of 9.69% compared to Calvert International Responsible Index ETF (CVIE) at 6.24%. This indicates that NUEM's price experiences larger fluctuations and is considered to be riskier than CVIE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NUEM	CVIE	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.69%	6.24%	+3.45%
Volatility (6M) Calculated over the trailing 6-month period	19.22%	16.27%	+2.95%
Volatility (1Y) Calculated over the trailing 1-year period	21.38%	18.27%	+3.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.28%	15.81%	+4.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.40%	15.81%	+4.59%

NUEM vs. CVIE - Expense Ratio Comparison

NUEM has a 0.35% expense ratio, which is higher than CVIE's 0.18% expense ratio.

Dividends

NUEM vs. CVIE - Dividend Comparison

NUEM's dividend yield for the trailing twelve months is around 3.10%, more than CVIE's 2.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CVIE Calvert International Responsible Index ETF	2.35%	2.85%	2.78%	1.96%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
NUEM Nuveen ESG Emerging Markets Equity ETF	3.10%	3.58%	1.95%	2.37%	1.90%	2.45%	1.26%	1.98%	2.05%	0.62%

Frequently Asked Questions

Can I hold both NUEM and CVIE in my portfolio?

NUEM and CVIE have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NUEM or CVIE?

NUEM has higher volatility (9.69%) compared to CVIE (6.24%). In terms of maximum drawdown, NUEM dropped -39.48% vs CVIE's -13.52%.

Which ETF is better, NUEM or CVIE?

On 3-year performance, CVIE leads with 19.80% vs 16.34% for NUEM. On fees, CVIE is cheaper at 0.18% per year. On volatility, CVIE has been the lower-risk option at 6.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NUEM or CVIE?

Over the 3-year period, CVIE has performed better with a 19.80% return vs 16.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NUEM or CVIE?

CVIE is cheaper with a 0.18% expense ratio, compared with 0.35% for NUEM.

Which ETF pays a higher dividend yield, NUEM or CVIE?

NUEM has the higher dividend yield at 3.10%, compared with 2.35% for CVIE.

What is the main difference between NUEM and CVIE?

NUEM is categorized as Emerging Markets Equities, while CVIE is Foreign Large Cap Equities. NUEM tracks MSCI TIAA ESG Emerging Markets, while CVIE tracks Calvert International Responsible Index. They also come from different issuers: Nuveen and Calvert. Their fees differ too: 0.35% for NUEM and 0.18% for CVIE.

Which has better risk-adjusted returns?

CVIE currently has the higher Sharpe Ratio (1.84 vs 1.26), 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.