NUEM vs. RNEM

Last updated Jul 16, 2026

NUEM (Nuveen ESG Emerging Markets Equity ETF) and RNEM (First Trust Emerging Markets Equity Select ETF) are both Emerging Markets Equities funds - NUEM tracks the MSCI TIAA ESG Emerging Markets while RNEM tracks the Nasdaq Riskalyze Emerging Markets Equity Select Index. Both are passively managed. Over the past 5 years, NUEM returned 5.15%/yr vs 5.18%/yr for RNEM. A 0.68 correlation means they provide meaningful diversification when combined. NUEM charges 0.35%/yr vs 0.75%/yr for RNEM.

Performance

NUEM vs. RNEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen ESG Emerging Markets Equity ETF (NUEM) and First Trust Emerging Markets Equity Select ETF (RNEM). 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 RNEM's 1.36% return.

NUEM

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

RNEM

• 1D: 0.43%
• 1M: -0.09%
• 6M: -0.47%
• YTD: 1.36%
• 1Y: 4.11%
• 3Y*: 6.42%
• 5Y*: 5.18%
• 10Y*: —

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

NUEM vs. RNEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NUEM Nuveen ESG Emerging Markets Equity ETF	15.54%	27.12%	9.73%	8.57%	-19.74%	-1.08%	24.09%	16.67%	-17.26%	19.16%
RNEM First Trust Emerging Markets Equity Select ETF	1.36%	15.58%	-1.47%	23.43%	-8.75%	6.16%	-8.16%	12.76%	-9.34%	11.97%

Correlation

The correlation between NUEM and RNEM is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (All Time) Calculated using the full available price history since Jun 23, 2017	0.68

The correlation between NUEM and RNEM has been stable across timeframes, ranging from 0.68 to 0.76 - a consistent structural relationship.

NUEM vs. RNEM - Sectors Allocation Comparison

Sectors	NUEM	RNEM
Technology	36.5%	6.4%
Financial Services	16.8%	35.0%
Consumer Cyclical	11.2%	9.9%
Industrials	11.1%	3.9%
Basic Materials	7.9%	14.2%
Communication Services	7.6%	8.7%
Energy	2.6%	7.0%
Healthcare	2.6%	4.5%
Utilities	1.7%	3.5%
Consumer Defensive	1.5%	6.0%
Real Estate	0.6%	0.8%

Return for Risk

NUEM vs. RNEM — 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

RNEM

RNEM Risk / Return Rank: 14
RNEM Sharpe Ratio Rank: 15
RNEM Sortino Ratio Rank: 14
RNEM Omega Ratio Rank: 13
RNEM Calmar Ratio Rank: 14
RNEM Martin Ratio Rank: 15

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. RNEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen ESG Emerging Markets Equity ETF (NUEM) and First Trust Emerging Markets Equity Select ETF (RNEM). 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	RNEM	Difference
Sharpe ratio: Return per unit of total volatility	1.26	0.33	+0.93
Sortino ratio: Return per unit of downside risk	1.78	0.56	+1.22
Omega ratio: Gain probability vs. loss probability	1.24	1.07	+0.18
Calmar ratio: Return relative to maximum drawdown	2.34	0.39	+1.95
Martin ratio: Return relative to average drawdown	7.21	1.03	+6.18

NUEM vs. RNEM - Sharpe Ratio Comparison

The current NUEM Sharpe Ratio is 1.26, which is higher than the RNEM Sharpe Ratio of 0.33. The chart below compares the historical Sharpe Ratios of NUEM and RNEM, 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. RNEM - Drawdown Comparison

The maximum NUEM drawdown since its inception was -39.48%, roughly equal to the maximum RNEM drawdown of -38.38%. Use the drawdown chart below to compare losses from any high point for NUEM and RNEM.

Drawdown Indicators

	NUEM	RNEM	Difference
Max Drawdown Largest peak-to-trough decline	-39.48%	-38.38%	-1.10%
Max Drawdown (1Y) Largest decline over 1 year	-11.56%	-10.71%	-0.85%
Max Drawdown (3Y) Largest decline over 3 years	-17.58%	-13.09%	-4.49%
Max Drawdown (5Y) Largest decline over 5 years	-36.19%	-21.41%	-14.78%
Current Drawdown Current decline from peak	-6.86%	-4.77%	-2.09%
Average Drawdown Average peak-to-trough decline	-14.89%	-9.25%	-5.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.74%	4.01%	-0.27%

Volatility

NUEM vs. RNEM - Volatility Comparison

Nuveen ESG Emerging Markets Equity ETF (NUEM) has a higher volatility of 9.69% compared to First Trust Emerging Markets Equity Select ETF (RNEM) at 3.31%. This indicates that NUEM's price experiences larger fluctuations and is considered to be riskier than RNEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NUEM	RNEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.69%	3.31%	+6.38%
Volatility (6M) Calculated over the trailing 6-month period	19.22%	10.92%	+8.30%
Volatility (1Y) Calculated over the trailing 1-year period	21.38%	12.50%	+8.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.28%	14.49%	+5.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.40%	17.17%	+3.23%

NUEM vs. RNEM - Expense Ratio Comparison

NUEM has a 0.35% expense ratio, which is lower than RNEM's 0.75% expense ratio.

Dividends

NUEM vs. RNEM - Dividend Comparison

NUEM's dividend yield for the trailing twelve months is around 3.10%, more than RNEM's 2.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
RNEM First Trust Emerging Markets Equity Select ETF	2.34%	2.75%	3.45%	1.63%	2.99%	3.20%	3.01%	2.85%	2.85%	2.28%

Frequently Asked Questions

Can I hold both NUEM and RNEM in my portfolio?

NUEM and RNEM have a correlation of 0.76, 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 RNEM?

NUEM has higher volatility (9.69%) compared to RNEM (3.31%). In terms of maximum drawdown, NUEM dropped -39.48% vs RNEM's -38.38%.

Which ETF is better, NUEM or RNEM?

On 5-year performance, RNEM leads with 5.18% vs 5.15% for NUEM. On fees, NUEM is cheaper at 0.35% per year. On volatility, RNEM has been the lower-risk option at 3.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NUEM or RNEM?

Over the 5-year period, RNEM has performed better with a 5.18% return vs 5.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NUEM or RNEM?

NUEM is cheaper with a 0.35% expense ratio, compared with 0.75% for RNEM.

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

NUEM has the higher dividend yield at 3.10%, compared with 2.34% for RNEM.

What is the main difference between NUEM and RNEM?

NUEM tracks MSCI TIAA ESG Emerging Markets, while RNEM tracks Nasdaq Riskalyze Emerging Markets Equity Select Index. They also come from different issuers: Nuveen and First Trust. Their fees differ too: 0.35% for NUEM and 0.75% for RNEM.

Which has better risk-adjusted returns?

NUEM currently has the higher Sharpe Ratio (1.26 vs 0.33), 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.