NUEM vs. JPEM

Last updated Jun 4, 2026

NUEM (Nuveen ESG Emerging Markets Equity ETF) and JPEM (J.P. Morgan Diversified Return Emerging Markets Equity ETF) are both Emerging Markets Equities funds - NUEM tracks the MSCI TIAA ESG Emerging Markets while JPEM tracks the JPMorgan Diversified Factor Emerging Markets Equity Index. Both are passively managed. Over the past 5 years, NUEM returned 5.39%/yr vs 6.03%/yr for JPEM. Their correlation of 0.83 suggests significant overlap in exposure. NUEM charges 0.35%/yr vs 0.44%/yr for JPEM.

Performance

NUEM vs. JPEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen ESG Emerging Markets Equity ETF (NUEM) and J.P. Morgan Diversified Return Emerging Markets Equity ETF (JPEM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NUEM achieves a 19.14% return, which is significantly higher than JPEM's 7.19% return.

NUEM

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

JPEM

• 1D: -1.27%
• 1M: 0.82%
• YTD: 7.19%
• 6M: 8.77%
• 1Y: 22.34%
• 3Y*: 13.77%
• 5Y*: 6.03%
• 10Y*: 8.07%

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

NUEM vs. JPEM - 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%
JPEM J.P. Morgan Diversified Return Emerging Markets Equity ETF	7.19%	22.90%	4.23%	11.01%	-9.03%	8.11%	-0.46%	16.21%	-10.55%	13.60%

Correlation

The correlation between NUEM and JPEM 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	0.83
Correlation (All Time) Calculated using the full available price history since Jun 14, 2017	0.83

The correlation between NUEM and JPEM has been stable across timeframes, ranging from 0.80 to 0.83 - a consistent structural relationship.

NUEM vs. JPEM - Sectors Allocation Comparison

Sectors	NUEM	JPEM
Technology	31.5%	6.7%
Financial Services	18.2%	19.1%
Industrials	11.9%	13.1%
Consumer Cyclical	11.3%	10.0%
Basic Materials	8.5%	11.3%
Communication Services	8.2%	8.4%
Energy	3.3%	7.5%
Healthcare	2.9%	4.3%
Utilities	1.9%	9.2%
Consumer Defensive	1.6%	8.6%
Real Estate	0.7%	1.8%

Return for Risk

NUEM vs. JPEM — 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

JPEM

JPEM Risk / Return Rank: 48
JPEM Sharpe Ratio Rank: 50
JPEM Sortino Ratio Rank: 48
JPEM Omega Ratio Rank: 51
JPEM Calmar Ratio Rank: 44
JPEM Martin Ratio Rank: 48

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. JPEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen ESG Emerging Markets Equity ETF (NUEM) and J.P. Morgan Diversified Return Emerging Markets Equity ETF (JPEM). 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	JPEM	Difference
Sharpe ratio: Return per unit of total volatility	2.28	1.73	+0.55
Sortino ratio: Return per unit of downside risk	3.08	2.40	+0.68
Omega ratio: Gain probability vs. loss probability	1.42	1.32	+0.10
Calmar ratio: Return relative to maximum drawdown	3.69	2.17	+1.51
Martin ratio: Return relative to average drawdown	12.95	8.14	+4.81
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. JPEM - Sharpe Ratio Comparison

The current NUEM Sharpe Ratio is 2.28, which is higher than the JPEM Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of NUEM and JPEM, 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	JPEM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.28	1.73	+0.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.27	0.45	-0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.48	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.33	+0.08

Drawdowns

NUEM vs. JPEM - Drawdown Comparison

The maximum NUEM drawdown since its inception was -39.48%, roughly equal to the maximum JPEM drawdown of -40.22%. Use the drawdown chart below to compare losses from any high point for NUEM and JPEM.

Drawdown Indicators

	NUEM	JPEM	Difference
Max Drawdown Largest peak-to-trough decline	-39.48%	-40.22%	+0.74%
Max Drawdown (1Y) Largest decline over 1 year	-11.56%	-10.32%	-1.24%
Max Drawdown (3Y) Largest decline over 3 years	-17.58%	-14.30%	-3.28%
Max Drawdown (5Y) Largest decline over 5 years	-38.10%	-21.57%	-16.53%
Max Drawdown (10Y) Largest decline over 10 years	—	-40.22%	—
Current Drawdown Current decline from peak	-1.30%	-3.08%	+1.78%
Average Drawdown Average peak-to-trough decline	-15.02%	-9.47%	-5.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.28%	2.75%	+0.53%

Volatility

NUEM vs. JPEM - Volatility Comparison

Nuveen ESG Emerging Markets Equity ETF (NUEM) has a higher volatility of 6.76% compared to J.P. Morgan Diversified Return Emerging Markets Equity ETF (JPEM) at 4.59%. This indicates that NUEM's price experiences larger fluctuations and is considered to be riskier than JPEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NUEM	JPEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.76%	4.59%	+2.17%
Volatility (6M) Calculated over the trailing 6-month period	15.83%	11.23%	+4.60%
Volatility (1Y) Calculated over the trailing 1-year period	18.68%	12.96%	+5.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.72%	13.49%	+6.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.18%	17.04%	+3.14%

NUEM vs. JPEM - Expense Ratio Comparison

NUEM has a 0.35% expense ratio, which is lower than JPEM's 0.44% expense ratio.

Dividends

NUEM vs. JPEM - Dividend Comparison

NUEM's dividend yield for the trailing twelve months is around 3.00%, less than JPEM's 4.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JPEM J.P. Morgan Diversified Return Emerging Markets Equity ETF	4.40%	4.65%	5.12%	4.46%	4.71%	4.40%	2.85%	3.47%	2.79%	2.14%	1.28%	3.22%
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 JPEM in my portfolio?

NUEM and JPEM 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 JPEM?

NUEM has higher volatility (6.76%) compared to JPEM (4.59%). In terms of maximum drawdown, NUEM dropped -39.48% vs JPEM's -40.22%.

Which ETF is better, NUEM or JPEM?

On 5-year performance, JPEM leads with 6.03% vs 5.39% for NUEM. On fees, NUEM is cheaper at 0.35% per year. On volatility, JPEM has been the lower-risk option at 4.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NUEM or JPEM?

Over the 5-year period, JPEM has performed better with a 6.03% 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 JPEM?

NUEM is cheaper with a 0.35% expense ratio, compared with 0.44% for JPEM.

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

JPEM has the higher dividend yield at 4.40%, compared with 3.00% for NUEM.

What is the main difference between NUEM and JPEM?

NUEM tracks MSCI TIAA ESG Emerging Markets, while JPEM tracks JPMorgan Diversified Factor Emerging Markets Equity Index. They also come from different issuers: Nuveen and JPMorgan. Their fees differ too: 0.35% for NUEM and 0.44% for JPEM.

Which has better risk-adjusted returns?

NUEM currently has the higher Sharpe Ratio (2.28 vs 1.73), 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.