NUGO vs. RWL

Last updated Jun 26, 2026

NUGO (Nuveen Growth Opportunities ETF) and RWL (Invesco S&P 500 Revenue ETF) are both exchange-traded funds - NUGO is a Large Cap Growth Equities fund actively managed by Nuveen, while RWL is a S&P 500 fund tracking the S&P 500 Revenue-Weighted Index. NUGO is actively managed, while RWL is passively managed. Over the past 3 years, NUGO returned 23.12%/yr vs 19.47%/yr for RWL. A 0.66 correlation means they provide meaningful diversification when combined. NUGO charges 0.56%/yr vs 0.39%/yr for RWL.

Performance

NUGO vs. RWL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen Growth Opportunities ETF (NUGO) and Invesco S&P 500 Revenue ETF (RWL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NUGO achieves a 3.75% return, which is significantly lower than RWL's 12.07% return.

NUGO

• 1D: -1.35%
• 1M: -4.82%
• YTD: 3.75%
• 6M: 2.48%
• 1Y: 16.81%
• 3Y*: 23.12%
• 5Y*: —
• 10Y*: —

RWL

• 1D: 0.06%
• 1M: 1.38%
• YTD: 12.07%
• 6M: 11.19%
• 1Y: 26.07%
• 3Y*: 19.47%
• 5Y*: 13.29%
• 10Y*: 14.60%

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

NUGO vs. RWL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
NUGO Nuveen Growth Opportunities ETF	3.75%	14.91%	35.95%	45.37%	-32.73%	7.09%
RWL Invesco S&P 500 Revenue ETF	12.07%	18.65%	16.45%	17.43%	-6.00%	7.52%

Correlation

The correlation between NUGO and RWL is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (All Time) Calculated using the full available price history since Sep 28, 2021	0.66

Over the past year, the correlation between NUGO and RWL has dropped to 0.44 - well below their long-term average of 0.66, suggesting their price drivers have been diverging.

NUGO vs. RWL - Sectors Allocation Comparison

Sectors	NUGO	RWL
Technology	50.3%	16.3%
Consumer Cyclical	16.3%	12.6%
Communication Services	13.1%	7.2%
Healthcare	7.8%	19.4%
Financial Services	4.5%	14.8%
Consumer Defensive	2.8%	10.2%
Industrials	2.6%	8.3%
Basic Materials	1.6%	2.0%
Utilities	0.2%	2.2%
Energy	-	6.1%
Real Estate	-	0.9%

Return for Risk

NUGO vs. RWL — Risk / Return Rank

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

NUGO

NUGO Risk / Return Rank: 25
NUGO Sharpe Ratio Rank: 26
NUGO Sortino Ratio Rank: 25
NUGO Omega Ratio Rank: 25
NUGO Calmar Ratio Rank: 22
NUGO Martin Ratio Rank: 25

RWL

RWL Risk / Return Rank: 87
RWL Sharpe Ratio Rank: 89
RWL Sortino Ratio Rank: 89
RWL Omega Ratio Rank: 87
RWL Calmar Ratio Rank: 84
RWL Martin Ratio Rank: 88

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.

NUGO vs. RWL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Growth Opportunities ETF (NUGO) and Invesco S&P 500 Revenue ETF (RWL). 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.

	NUGO	RWL	Difference
Sharpe ratio: Return per unit of total volatility	0.90	2.58	-1.68
Sortino ratio: Return per unit of downside risk	1.33	3.58	-2.25
Omega ratio: Gain probability vs. loss probability	1.16	1.46	-0.30
Calmar ratio: Return relative to maximum drawdown	0.96	3.94	-2.98
Martin ratio: Return relative to average drawdown	3.06	16.47	-13.42

NUGO vs. RWL - Sharpe Ratio Comparison

The current NUGO Sharpe Ratio is 0.90, which is lower than the RWL Sharpe Ratio of 2.58. The chart below compares the historical Sharpe Ratios of NUGO and RWL, 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

NUGO vs. RWL - Drawdown Comparison

The maximum NUGO drawdown since its inception was -38.01%, smaller than the maximum RWL drawdown of -54.83%. Use the drawdown chart below to compare losses from any high point for NUGO and RWL.

Drawdown Indicators

	NUGO	RWL	Difference
Max Drawdown Largest peak-to-trough decline	-38.01%	-54.83%	+16.82%
Max Drawdown (1Y) Largest decline over 1 year	-17.54%	-6.64%	-10.90%
Max Drawdown (3Y) Largest decline over 3 years	-25.12%	-14.39%	-10.73%
Max Drawdown (5Y) Largest decline over 5 years	—	-17.49%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-36.04%	—
Current Drawdown Current decline from peak	-7.20%	-1.26%	-5.94%
Average Drawdown Average peak-to-trough decline	-11.96%	-6.43%	-5.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.51%	1.59%	+3.92%

Volatility

NUGO vs. RWL - Volatility Comparison

Nuveen Growth Opportunities ETF (NUGO) has a higher volatility of 7.21% compared to Invesco S&P 500 Revenue ETF (RWL) at 3.04%. This indicates that NUGO's price experiences larger fluctuations and is considered to be riskier than RWL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NUGO	RWL	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.21%	3.04%	+4.17%
Volatility (6M) Calculated over the trailing 6-month period	14.45%	7.42%	+7.03%
Volatility (1Y) Calculated over the trailing 1-year period	18.73%	10.17%	+8.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.18%	14.51%	+8.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.18%	16.83%	+6.35%

NUGO vs. RWL - Expense Ratio Comparison

NUGO has a 0.56% expense ratio, which is higher than RWL's 0.39% expense ratio.

Dividends

NUGO vs. RWL - Dividend Comparison

NUGO has not paid dividends to shareholders, while RWL's dividend yield for the trailing twelve months is around 1.26%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NUGO Nuveen Growth Opportunities ETF	0.00%	0.00%	0.00%	0.19%	0.26%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
RWL Invesco S&P 500 Revenue ETF	1.26%	1.35%	1.43%	1.60%	1.62%	1.35%	1.75%	1.87%	1.99%	1.60%	1.71%	1.97%

Frequently Asked Questions

Can I hold both NUGO and RWL in my portfolio?

NUGO and RWL have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NUGO or RWL?

NUGO has higher volatility (7.21%) compared to RWL (3.04%). In terms of maximum drawdown, NUGO dropped -38.01% vs RWL's -54.83%.

Which ETF is better, NUGO or RWL?

On 3-year performance, NUGO leads with 23.12% vs 19.47% for RWL. On fees, RWL is cheaper at 0.39% per year. On volatility, RWL has been the lower-risk option at 3.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NUGO or RWL?

Over the 3-year period, NUGO has performed better with a 23.12% return vs 19.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NUGO or RWL?

RWL is cheaper with a 0.39% expense ratio, compared with 0.56% for NUGO.

Which ETF pays a higher dividend yield, NUGO or RWL?

RWL has the higher dividend yield at 1.26%, compared with 0.00% for NUGO.

What is the main difference between NUGO and RWL?

NUGO is categorized as Large Cap Growth Equities, while RWL is S&P 500. They also come from different issuers: Nuveen and Invesco. Their fees differ too: 0.56% for NUGO and 0.39% for RWL.

Which has better risk-adjusted returns?

RWL currently has the higher Sharpe Ratio (2.58 vs 0.90), 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.