NUEM vs. VOO

Last updated Jun 4, 2026

NUEM (Nuveen ESG Emerging Markets Equity ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - NUEM is a Emerging Markets Equities fund tracking the MSCI TIAA ESG Emerging Markets, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, NUEM returned 5.39%/yr vs 13.90%/yr for VOO. A 0.62 correlation means they provide meaningful diversification when combined. NUEM charges 0.35%/yr vs 0.03%/yr for VOO.

Performance

NUEM vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen ESG Emerging Markets Equity ETF (NUEM) and Vanguard S&P 500 ETF (VOO). 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 VOO's 10.91% return.

NUEM

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

VOO

• 1D: -0.70%
• 1M: 5.04%
• YTD: 10.91%
• 6M: 10.93%
• 1Y: 28.04%
• 3Y*: 22.44%
• 5Y*: 13.90%
• 10Y*: 15.56%

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

NUEM vs. VOO - 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%
VOO Vanguard S&P 500 ETF	10.91%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	10.85%

Correlation

The correlation between NUEM and VOO is 0.71, 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	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (All Time) Calculated using the full available price history since Jun 14, 2017	0.62

The correlation between NUEM and VOO shifts across timeframes, from 0.61 (5 years) to 0.71 (1 year), reflecting how their relationship changes across market environments.

NUEM vs. VOO - Sectors Allocation Comparison

Sectors	NUEM	VOO
Technology	31.5%	35.7%
Financial Services	18.2%	11.6%
Industrials	11.9%	8.3%
Consumer Cyclical	11.3%	10.2%
Basic Materials	8.5%	1.8%
Communication Services	8.2%	11.3%
Energy	3.3%	3.5%
Healthcare	2.9%	8.5%
Utilities	1.9%	2.4%
Consumer Defensive	1.6%	4.9%
Real Estate	0.7%	1.9%

Return for Risk

NUEM vs. VOO — 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

VOO

VOO Risk / Return Rank: 70
VOO Sharpe Ratio Rank: 71
VOO Sortino Ratio Rank: 70
VOO Omega Ratio Rank: 70
VOO Calmar Ratio Rank: 62
VOO Martin Ratio Rank: 75

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. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen ESG Emerging Markets Equity ETF (NUEM) and Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio: Return per unit of total volatility	2.28	2.39	-0.11
Sortino ratio: Return per unit of downside risk	3.08	3.25	-0.17
Omega ratio: Gain probability vs. loss probability	1.42	1.43	-0.01
Calmar ratio: Return relative to maximum drawdown	3.69	3.16	+0.52
Martin ratio: Return relative to average drawdown	12.95	14.73	-1.78
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. VOO - Sharpe Ratio Comparison

The current NUEM Sharpe Ratio is 2.28, which is comparable to the VOO Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of NUEM and VOO, 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	VOO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.28	2.39	-0.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.27	0.83	-0.56
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.89	-0.48

Drawdowns

NUEM vs. VOO - Drawdown Comparison

The maximum NUEM drawdown since its inception was -39.48%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for NUEM and VOO.

Drawdown Indicators

	NUEM	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-39.48%	-33.99%	-5.49%
Max Drawdown (1Y) Largest decline over 1 year	-11.56%	-8.90%	-2.66%
Max Drawdown (3Y) Largest decline over 3 years	-17.58%	-18.69%	+1.11%
Max Drawdown (5Y) Largest decline over 5 years	-38.10%	-24.52%	-13.58%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.99%	—
Current Drawdown Current decline from peak	-1.30%	-0.70%	-0.60%
Average Drawdown Average peak-to-trough decline	-15.02%	-3.69%	-11.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.28%	1.91%	+1.37%

Volatility

NUEM vs. VOO - Volatility Comparison

Nuveen ESG Emerging Markets Equity ETF (NUEM) has a higher volatility of 6.76% compared to Vanguard S&P 500 ETF (VOO) at 2.84%. This indicates that NUEM's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NUEM	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.76%	2.84%	+3.92%
Volatility (6M) Calculated over the trailing 6-month period	15.83%	8.90%	+6.93%
Volatility (1Y) Calculated over the trailing 1-year period	18.68%	11.80%	+6.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.72%	16.81%	+2.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.18%	18.01%	+2.17%

NUEM vs. VOO - Expense Ratio Comparison

NUEM has a 0.35% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

NUEM vs. VOO - Dividend Comparison

NUEM's dividend yield for the trailing twelve months is around 3.00%, more than VOO's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VOO Vanguard S&P 500 ETF	1.03%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both NUEM and VOO in my portfolio?

NUEM and VOO have a correlation of 0.71, 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 VOO?

NUEM has higher volatility (6.76%) compared to VOO (2.84%). In terms of maximum drawdown, NUEM dropped -39.48% vs VOO's -33.99%.

Which ETF is better, NUEM or VOO?

On 5-year performance, VOO leads with 13.90% vs 5.39% for NUEM. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NUEM or VOO?

Over the 5-year period, VOO has performed better with a 13.90% 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 VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.35% for NUEM.

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

NUEM has the higher dividend yield at 3.00%, compared with 1.03% for VOO.

What is the main difference between NUEM and VOO?

NUEM is categorized as Emerging Markets Equities, while VOO is S&P 500. NUEM tracks MSCI TIAA ESG Emerging Markets, while VOO tracks S&P 500 Index. They also come from different issuers: Nuveen and Vanguard. Their fees differ too: 0.35% for NUEM and 0.03% for VOO.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (2.39 vs 2.28), 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.