NUEM vs. DEM

Last updated Jun 4, 2026

NUEM (Nuveen ESG Emerging Markets Equity ETF) and DEM (WisdomTree Emerging Markets Equity Income Fund) are both Emerging Markets Equities funds - NUEM tracks the MSCI TIAA ESG Emerging Markets while DEM tracks the WisdomTree Emerging Markets Equity income Index. Both are passively managed. Over the past 5 years, NUEM returned 5.39%/yr vs 9.57%/yr for DEM. A 0.80 correlation means they provide meaningful diversification when combined. NUEM charges 0.35%/yr vs 0.63%/yr for DEM.

Performance

NUEM vs. DEM - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with NUEM having a 19.14% return and DEM slightly higher at 19.97%.

NUEM

• 1D: -1.30%
• 1M: 3.53%
• YTD: 19.14%
• 6M: 21.09%
• 1Y: 42.42%
• 3Y*: 19.13%
• 5Y*: 5.39%
• 10Y*: —

DEM

• 1D: -1.19%
• 1M: 6.63%
• YTD: 19.97%
• 6M: 20.75%
• 1Y: 32.23%
• 3Y*: 19.32%
• 5Y*: 9.57%
• 10Y*: 10.45%

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

NUEM vs. DEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NUEM Nuveen ESG Emerging Markets Equity ETF	19.14%	27.12%	9.73%	8.57%	-19.74%	-1.08%	24.09%	16.67%	-17.26%	18.50%
DEM WisdomTree Emerging Markets Equity Income Fund	19.97%	21.29%	4.46%	20.93%	-10.43%	11.49%	-5.84%	19.84%	-7.69%	14.18%

Correlation

The correlation between NUEM and DEM is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (All Time) Calculated using the full available price history since Jun 14, 2017	0.80

The correlation between NUEM and DEM has been stable across timeframes, ranging from 0.80 to 0.82 - a consistent structural relationship.

NUEM vs. DEM - Sectors Allocation Comparison

Sectors	NUEM	DEM
Technology	31.5%	17.4%
Financial Services	18.2%	21.9%
Industrials	11.9%	9.5%
Consumer Cyclical	11.3%	5.0%
Basic Materials	8.5%	3.5%
Communication Services	8.2%	3.0%
Energy	3.3%	6.1%
Healthcare	2.9%	0.6%
Utilities	1.9%	3.0%
Consumer Defensive	1.6%	5.8%
Real Estate	0.7%	3.0%

Return for Risk

NUEM vs. DEM — Risk / Return Rank

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

NUEM

NUEM Risk / Return Rank: 70
NUEM Sharpe Ratio Rank: 69
NUEM Sortino Ratio Rank: 67
NUEM Omega Ratio Rank: 71
NUEM Calmar Ratio Rank: 74
NUEM Martin Ratio Rank: 70

DEM

DEM Risk / Return Rank: 74
DEM Sharpe Ratio Rank: 72
DEM Sortino Ratio Rank: 71
DEM Omega Ratio Rank: 71
DEM Calmar Ratio Rank: 79
DEM Martin Ratio Rank: 75

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. DEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen ESG Emerging Markets Equity ETF (NUEM) and WisdomTree Emerging Markets Equity Income Fund (DEM). 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.

	NUEM	DEM	Difference
Sharpe ratio: Return per unit of total volatility	2.28	2.38	-0.10
Sortino ratio: Return per unit of downside risk	3.08	3.28	-0.20
Omega ratio: Gain probability vs. loss probability	1.42	1.43	-0.01
Calmar ratio: Return relative to maximum drawdown	3.69	4.10	-0.41
Martin ratio: Return relative to average drawdown	12.95	14.52	-1.57
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NUEM vs. DEM - Sharpe Ratio Comparison

The current NUEM Sharpe Ratio is 2.28, which is comparable to the DEM Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of NUEM and DEM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	NUEM	DEM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.28	2.38	-0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.27	0.63	-0.35
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.58	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.22	+0.19

Drawdowns

NUEM vs. DEM - Drawdown Comparison

The maximum NUEM drawdown since its inception was -39.48%, smaller than the maximum DEM drawdown of -51.85%. Use the drawdown chart below to compare losses from any high point for NUEM and DEM.

Drawdown Indicators

	NUEM	DEM	Difference
Max Drawdown Largest peak-to-trough decline	-39.48%	-51.85%	+12.37%
Max Drawdown (1Y) Largest decline over 1 year	-11.56%	-7.89%	-3.67%
Max Drawdown (3Y) Largest decline over 3 years	-17.58%	-15.64%	-1.94%
Max Drawdown (5Y) Largest decline over 5 years	-38.10%	-27.18%	-10.92%
Max Drawdown (10Y) Largest decline over 10 years	—	-37.79%	—
Current Drawdown Current decline from peak	-1.30%	-1.19%	-0.11%
Average Drawdown Average peak-to-trough decline	-15.02%	-12.90%	-2.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.28%	2.22%	+1.06%

Volatility

NUEM vs. DEM - Volatility Comparison

Nuveen ESG Emerging Markets Equity ETF (NUEM) has a higher volatility of 6.76% compared to WisdomTree Emerging Markets Equity Income Fund (DEM) at 5.64%. This indicates that NUEM's price experiences larger fluctuations and is considered to be riskier than DEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NUEM	DEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.76%	5.64%	+1.12%
Volatility (6M) Calculated over the trailing 6-month period	15.83%	11.33%	+4.50%
Volatility (1Y) Calculated over the trailing 1-year period	18.68%	13.59%	+5.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.72%	15.33%	+4.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.18%	17.96%	+2.22%

NUEM vs. DEM - Expense Ratio Comparison

NUEM has a 0.35% expense ratio, which is lower than DEM's 0.63% expense ratio.

Dividends

NUEM vs. DEM - Dividend Comparison

NUEM's dividend yield for the trailing twelve months is around 3.00%, less than DEM's 3.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DEM WisdomTree Emerging Markets Equity Income Fund	3.76%	4.88%	5.24%	5.49%	8.62%	5.87%	4.21%	4.78%	4.47%	3.67%	3.63%	5.21%
NUEM Nuveen ESG Emerging Markets Equity ETF	3.00%	3.58%	1.95%	2.37%	1.90%	2.45%	1.26%	1.98%	2.05%	0.62%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NUEM and DEM in my portfolio?

NUEM and DEM have a correlation of 0.82, 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 DEM?

NUEM has higher volatility (6.76%) compared to DEM (5.64%). In terms of maximum drawdown, NUEM dropped -39.48% vs DEM's -51.85%.

Which ETF is better, NUEM or DEM?

On 5-year performance, DEM leads with 9.57% vs 5.39% for NUEM. On fees, NUEM is cheaper at 0.35% per year. On volatility, DEM has been the lower-risk option at 5.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NUEM or DEM?

Over the 5-year period, DEM has performed better with a 9.57% return vs 5.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NUEM or DEM?

NUEM is cheaper with a 0.35% expense ratio, compared with 0.63% for DEM.

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

DEM has the higher dividend yield at 3.76%, compared with 3.00% for NUEM.

What is the main difference between NUEM and DEM?

NUEM tracks MSCI TIAA ESG Emerging Markets, while DEM tracks WisdomTree Emerging Markets Equity income Index. They also come from different issuers: Nuveen and WisdomTree. Their fees differ too: 0.35% for NUEM and 0.63% for DEM.

Which has better risk-adjusted returns?

DEM currently has the higher Sharpe Ratio (2.38 vs 2.28), 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.