NUEM vs. DFSB

Last updated Jul 16, 2026

NUEM (Nuveen ESG Emerging Markets Equity ETF) and DFSB (Dimensional Global Sustainability Fixed Income ETF) are both exchange-traded funds - NUEM is a Emerging Markets Equities fund tracking the MSCI TIAA ESG Emerging Markets, while DFSB is a Global Bonds fund actively managed by Dimensional. NUEM is passively managed, while DFSB is actively managed. Over the past 3 years, NUEM returned 16.34%/yr vs 4.77%/yr for DFSB. At a 0.22 correlation, their price movements are largely independent. NUEM charges 0.35%/yr vs 0.24%/yr for DFSB.

Performance

NUEM vs. DFSB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen ESG Emerging Markets Equity ETF (NUEM) and Dimensional Global Sustainability Fixed Income ETF (DFSB). 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 higher than DFSB's 0.88% return.

NUEM

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

DFSB

• 1D: 0.18%
• 1M: -0.48%
• 6M: 0.19%
• YTD: 0.88%
• 1Y: 4.11%
• 3Y*: 4.77%
• 5Y*: —
• 10Y*: —

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

NUEM vs. DFSB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
NUEM Nuveen ESG Emerging Markets Equity ETF	15.54%	27.12%	9.73%	8.57%	0.38%
DFSB Dimensional Global Sustainability Fixed Income ETF	0.88%	5.22%	2.45%	9.37%	-0.62%

Correlation

The correlation between NUEM and DFSB is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (All Time) Calculated using the full available price history since Nov 16, 2022	0.22

The correlation between NUEM and DFSB shifts across timeframes, from 0.22 (all time) to 0.37 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

NUEM vs. DFSB — 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

DFSB

DFSB Risk / Return Rank: 33
DFSB Sharpe Ratio Rank: 35
DFSB Sortino Ratio Rank: 34
DFSB Omega Ratio Rank: 32
DFSB Calmar Ratio Rank: 32
DFSB Martin Ratio Rank: 33

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. DFSB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen ESG Emerging Markets Equity ETF (NUEM) and Dimensional Global Sustainability Fixed Income ETF (DFSB). 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	DFSB	Difference
Sharpe ratio: Return per unit of total volatility	1.26	1.05	+0.21
Sortino ratio: Return per unit of downside risk	1.78	1.55	+0.22
Omega ratio: Gain probability vs. loss probability	1.24	1.19	+0.06
Calmar ratio: Return relative to maximum drawdown	2.34	1.36	+0.98
Martin ratio: Return relative to average drawdown	7.21	4.12	+3.09

NUEM vs. DFSB - Sharpe Ratio Comparison

The current NUEM Sharpe Ratio is 1.26, which is comparable to the DFSB Sharpe Ratio of 1.05. The chart below compares the historical Sharpe Ratios of NUEM and DFSB, 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. DFSB - Drawdown Comparison

The maximum NUEM drawdown since its inception was -39.48%, which is greater than DFSB's maximum drawdown of -5.16%. Use the drawdown chart below to compare losses from any high point for NUEM and DFSB.

Drawdown Indicators

	NUEM	DFSB	Difference
Max Drawdown Largest peak-to-trough decline	-39.48%	-5.16%	-34.32%
Max Drawdown (1Y) Largest decline over 1 year	-11.56%	-3.04%	-8.52%
Max Drawdown (3Y) Largest decline over 3 years	-17.58%	-4.37%	-13.21%
Max Drawdown (5Y) Largest decline over 5 years	-36.19%	—	—
Current Drawdown Current decline from peak	-6.86%	-1.08%	-5.78%
Average Drawdown Average peak-to-trough decline	-14.89%	-1.24%	-13.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.74%	1.00%	+2.74%

Volatility

NUEM vs. DFSB - Volatility Comparison

Nuveen ESG Emerging Markets Equity ETF (NUEM) has a higher volatility of 9.69% compared to Dimensional Global Sustainability Fixed Income ETF (DFSB) at 1.05%. This indicates that NUEM's price experiences larger fluctuations and is considered to be riskier than DFSB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NUEM	DFSB	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.69%	1.05%	+8.64%
Volatility (6M) Calculated over the trailing 6-month period	19.22%	3.28%	+15.94%
Volatility (1Y) Calculated over the trailing 1-year period	21.38%	3.92%	+17.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.28%	5.43%	+14.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.40%	5.43%	+14.97%

NUEM vs. DFSB - Expense Ratio Comparison

NUEM has a 0.35% expense ratio, which is higher than DFSB's 0.24% expense ratio.

Dividends

NUEM vs. DFSB - Dividend Comparison

NUEM's dividend yield for the trailing twelve months is around 3.10%, less than DFSB's 4.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFSB Dimensional Global Sustainability Fixed Income ETF	4.35%	3.46%	4.35%	5.27%	0.41%	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 DFSB in my portfolio?

NUEM and DFSB have a correlation of 0.37, 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 DFSB?

NUEM has higher volatility (9.69%) compared to DFSB (1.05%). In terms of maximum drawdown, NUEM dropped -39.48% vs DFSB's -5.16%.

Which ETF is better, NUEM or DFSB?

On 3-year performance, NUEM leads with 16.34% vs 4.77% for DFSB. On fees, DFSB is cheaper at 0.24% per year. On volatility, DFSB has been the lower-risk option at 1.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NUEM or DFSB?

Over the 3-year period, NUEM has performed better with a 16.34% return vs 4.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NUEM or DFSB?

DFSB is cheaper with a 0.24% expense ratio, compared with 0.35% for NUEM.

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

DFSB has the higher dividend yield at 4.35%, compared with 3.10% for NUEM.

What is the main difference between NUEM and DFSB?

NUEM is categorized as Emerging Markets Equities, while DFSB is Global Bonds. They also come from different issuers: Nuveen and Dimensional. Their fees differ too: 0.35% for NUEM and 0.24% for DFSB.

Which has better risk-adjusted returns?

NUEM currently has the higher Sharpe Ratio (1.26 vs 1.05), 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.