NUEM vs. NPFI

Last updated Jun 3, 2026

NUEM (Nuveen ESG Emerging Markets Equity ETF) and NPFI (Nuveen Preferred And Income ETF) are both exchange-traded funds - NUEM is a Emerging Markets Equities fund tracking the MSCI TIAA ESG Emerging Markets, while NPFI is a Preferred Stock/Convertible Bonds fund actively managed by Nuveen. NUEM is passively managed, while NPFI is actively managed. Over the past year, NUEM returned 44.96% vs 8.11% for NPFI. At a 0.47 correlation, their price movements are largely independent. NUEM charges 0.35%/yr vs 0.55%/yr for NPFI.

Performance

NUEM vs. NPFI - Performance Comparison

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

Returns By Period

In the year-to-date period, NUEM achieves a 20.71% return, which is significantly higher than NPFI's 1.74% return.

NUEM

• 1D: 0.15%
• 1M: 3.92%
• YTD: 20.71%
• 6M: 22.72%
• 1Y: 44.96%
• 3Y*: 19.65%
• 5Y*: 5.91%
• 10Y*: —

NPFI

• 1D: 0.06%
• 1M: 0.33%
• YTD: 1.74%
• 6M: 2.31%
• 1Y: 8.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NUEM vs. NPFI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NUEM Nuveen ESG Emerging Markets Equity ETF	20.71%	27.12%	7.85%
NPFI Nuveen Preferred And Income ETF	1.74%	9.21%	6.56%

Correlation

The correlation between NUEM and NPFI is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.59
Correlation (All Time) Calculated using the full available price history since Mar 7, 2024	0.47

The correlation between NUEM and NPFI shifts across timeframes, from 0.47 (all time) to 0.59 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

NUEM vs. NPFI — Risk / Return Rank

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

NUEM

NUEM Risk / Return Rank: 73
NUEM Sharpe Ratio Rank: 73
NUEM Sortino Ratio Rank: 70
NUEM Omega Ratio Rank: 74
NUEM Calmar Ratio Rank: 76
NUEM Martin Ratio Rank: 72

NPFI

NPFI Risk / Return Rank: 77
NPFI Sharpe Ratio Rank: 84
NPFI Sortino Ratio Rank: 91
NPFI Omega Ratio Rank: 94
NPFI Calmar Ratio Rank: 52
NPFI Martin Ratio Rank: 67

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. NPFI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen ESG Emerging Markets Equity ETF (NUEM) and Nuveen Preferred And Income ETF (NPFI). 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	NPFI	Difference
Sharpe ratio Return per unit of total volatility	2.43	2.80	-0.37
Sortino ratio Return per unit of downside risk	3.25	4.30	-1.05
Omega ratio Gain probability vs. loss probability	1.45	1.66	-0.21
Calmar ratio Return relative to maximum drawdown	3.93	2.60	+1.33
Martin ratio Return relative to average drawdown	13.82	12.57	+1.25
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. NPFI - Sharpe Ratio Comparison

The current NUEM Sharpe Ratio is 2.43, which is comparable to the NPFI Sharpe Ratio of 2.80. The chart below compares the historical Sharpe Ratios of NUEM and NPFI, 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	NPFI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.43	2.80	-0.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.30	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	2.67	-2.25

Drawdowns

NUEM vs. NPFI - Drawdown Comparison

The maximum NUEM drawdown since its inception was -39.48%, which is greater than NPFI's maximum drawdown of -3.18%. Use the drawdown chart below to compare losses from any high point for NUEM and NPFI.

Drawdown Indicators

	NUEM	NPFI	Difference
Max Drawdown Largest peak-to-trough decline	-39.48%	-3.18%	-36.30%
Max Drawdown (1Y) Largest decline over 1 year	-11.56%	-3.18%	-8.38%
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	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-15.03%	-0.34%	-14.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.28%	0.66%	+2.62%

Volatility

NUEM vs. NPFI - Volatility Comparison

Nuveen ESG Emerging Markets Equity ETF (NUEM) has a higher volatility of 6.68% compared to Nuveen Preferred And Income ETF (NPFI) at 1.00%. This indicates that NUEM's price experiences larger fluctuations and is considered to be riskier than NPFI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NUEM	NPFI	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.68%	1.00%	+5.68%
Volatility (6M) Calculated over the trailing 6-month period	15.76%	2.53%	+13.23%
Volatility (1Y) Calculated over the trailing 1-year period	18.62%	2.91%	+15.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.72%	2.95%	+16.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.18%	2.95%	+17.23%

NUEM vs. NPFI - Expense Ratio Comparison

NUEM has a 0.35% expense ratio, which is lower than NPFI's 0.55% expense ratio.

Dividends

NUEM vs. NPFI - Dividend Comparison

NUEM's dividend yield for the trailing twelve months is around 2.97%, less than NPFI's 6.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
NPFI Nuveen Preferred And Income ETF	6.40%	6.33%	5.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
NUEM Nuveen ESG Emerging Markets Equity ETF	2.97%	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 NPFI in my portfolio?

NUEM and NPFI have a correlation of 0.59, 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 NPFI?

NUEM has higher volatility (6.68%) compared to NPFI (1.00%). In terms of maximum drawdown, NUEM dropped -39.48% vs NPFI's -3.18%.

Which ETF is better, NUEM or NPFI?

On 1-year performance, NUEM leads with 44.96% vs 8.11% for NPFI. On fees, NUEM is cheaper at 0.35% per year. On volatility, NPFI has been the lower-risk option at 1.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NUEM or NPFI?

Over the 1-year period, NUEM has performed better with a 44.96% return vs 8.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NUEM or NPFI?

NUEM is cheaper with a 0.35% expense ratio, compared with 0.55% for NPFI.

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

NPFI has the higher dividend yield at 6.40%, compared with 2.97% for NUEM.

What is the main difference between NUEM and NPFI?

NUEM is categorized as Emerging Markets Equities, while NPFI is Preferred Stock/Convertible Bonds. Their fees differ too: 0.35% for NUEM and 0.55% for NPFI.

Which has better risk-adjusted returns?

NPFI currently has the higher Sharpe Ratio (2.80 vs 2.43), 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.