NUEM vs. NDVG

Last updated Jun 4, 2026

NUEM (Nuveen ESG Emerging Markets Equity ETF) and NDVG (Nuveen Dividend Growth ETF) are both exchange-traded funds - NUEM is a Emerging Markets Equities fund tracking the MSCI TIAA ESG Emerging Markets, while NDVG is a Large Cap Growth Equities fund actively managed by Nuveen. NUEM is passively managed, while NDVG is actively managed. A 0.51 correlation means they provide meaningful diversification when combined. NUEM charges 0.35%/yr vs 0.64%/yr for NDVG.

Performance

NUEM vs. NDVG - Performance Comparison

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

Returns By Period

NUEM

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

NDVG

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NUEM vs. NDVG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
NUEM Nuveen ESG Emerging Markets Equity ETF	19.14%	27.12%	9.73%	8.57%	-19.74%	-6.48%
NDVG Nuveen Dividend Growth ETF	-1.62%	10.06%	17.60%	15.15%	-9.55%	11.07%

Correlation

The correlation between NUEM and NDVG is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (All Time) Calculated using the full available price history since Aug 6, 2021	0.51

The correlation between NUEM and NDVG has been stable across timeframes, ranging from 0.48 to 0.51 - a consistent structural relationship.

NUEM vs. NDVG - Sectors Allocation Comparison

Sectors	NUEM	NDVG
Technology	31.5%	28.9%
Financial Services	18.2%	14.7%
Industrials	11.9%	10.2%
Consumer Cyclical	11.3%	9.7%
Basic Materials	8.5%	2.2%
Communication Services	8.2%	2.7%
Energy	3.3%	5.3%
Healthcare	2.9%	9.8%
Utilities	1.9%	5.1%
Consumer Defensive	1.6%	7.7%
Real Estate	0.7%	3.9%

Return for Risk

NUEM vs. NDVG — 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

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. NDVG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen ESG Emerging Markets Equity ETF (NUEM) and Nuveen Dividend Growth ETF (NDVG). 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	NDVG	Difference
Sharpe ratio: Return per unit of total volatility	2.28	—	—
Sortino ratio: Return per unit of downside risk	3.08	—	—
Omega ratio: Gain probability vs. loss probability	1.42	—	—
Calmar ratio: Return relative to maximum drawdown	3.69	—	—
Martin ratio: Return relative to average drawdown	12.95	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	NUEM	NDVG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.28	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.27	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	—	—

Drawdowns

Drawdown Indicators

	NUEM	NDVG	Difference
Max Drawdown Largest peak-to-trough decline	-39.48%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-11.56%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-17.58%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-38.10%	—	—
Current Drawdown Current decline from peak	-1.30%	—	—
Average Drawdown Average peak-to-trough decline	-15.02%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	3.28%	—	—

Volatility

Volatility by Period

	NUEM	NDVG	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.76%	—	—
Volatility (6M) Calculated over the trailing 6-month period	15.83%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	18.68%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.72%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.18%	—	—

NUEM vs. NDVG - Expense Ratio Comparison

NUEM has a 0.35% expense ratio, which is lower than NDVG's 0.64% expense ratio.

Dividends

NUEM vs. NDVG - Dividend Comparison

NUEM's dividend yield for the trailing twelve months is around 3.00%, less than NDVG's 4.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
NDVG Nuveen Dividend Growth ETF	4.41%	1.05%	1.20%	1.24%	1.34%	0.57%	0.00%	0.00%	0.00%	0.00%
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%

Frequently Asked Questions

Can I hold both NUEM and NDVG in my portfolio?

NUEM and NDVG have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, NUEM or NDVG?

On fees, NUEM is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, NUEM or NDVG?

NUEM is cheaper with a 0.35% expense ratio, compared with 0.64% for NDVG.

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

NDVG has the higher dividend yield at 4.41%, compared with 3.00% for NUEM.

What is the main difference between NUEM and NDVG?

NUEM is categorized as Emerging Markets Equities, while NDVG is Large Cap Growth Equities. Their fees differ too: 0.35% for NUEM and 0.64% for NDVG.