NUGO vs. SPYG

Last updated Jun 4, 2026

NUGO (Nuveen Growth Opportunities ETF) and SPYG (State Street SPDR Portfolio S&P 500 Growth ETF) are both exchange-traded funds - NUGO is a Large Cap Growth Equities fund actively managed by Nuveen, while SPYG is a S&P 500 fund tracking the S&P 500 Growth Index. NUGO is actively managed, while SPYG is passively managed. Over the past 3 years, NUGO returned 25.96%/yr vs 28.16%/yr for SPYG. With a 0.97 correlation, they move nearly in lockstep. NUGO charges 0.56%/yr vs 0.04%/yr for SPYG.

Performance

NUGO vs. SPYG - Performance Comparison

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

Returns By Period

In the year-to-date period, NUGO achieves a 10.24% return, which is significantly lower than SPYG's 13.75% return.

NUGO

• 1D: -1.39%
• 1M: 5.87%
• YTD: 10.24%
• 6M: 9.17%
• 1Y: 27.74%
• 3Y*: 25.96%
• 5Y*: —
• 10Y*: —

SPYG

• 1D: -0.98%
• 1M: 7.38%
• YTD: 13.75%
• 6M: 13.57%
• 1Y: 33.95%
• 3Y*: 28.16%
• 5Y*: 16.07%
• 10Y*: 18.20%

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

NUGO vs. SPYG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
NUGO Nuveen Growth Opportunities ETF	10.24%	14.91%	35.95%	45.37%	-32.73%	7.78%
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	13.75%	22.09%	35.99%	30.02%	-29.41%	12.50%

Correlation

The correlation between NUGO and SPYG is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (All Time) Calculated using the full available price history since Sep 29, 2021	0.97

The correlation between NUGO and SPYG has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

NUGO vs. SPYG - Sectors Allocation Comparison

Sectors	NUGO	SPYG
Technology	54.6%	51.9%
Communication Services	13.2%	16.8%
Consumer Cyclical	12.3%	8.9%
Industrials	9.0%	5.0%
Healthcare	6.5%	5.8%
Financial Services	3.3%	8.5%
Basic Materials	1.6%	0.3%
Consumer Defensive	0.9%	1.0%
Utilities	0.2%	1.2%
Energy	-	0.1%
Real Estate	-	0.6%

Return for Risk

NUGO vs. SPYG — Risk / Return Rank

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

NUGO

NUGO Risk / Return Rank: 39
NUGO Sharpe Ratio Rank: 45
NUGO Sortino Ratio Rank: 43
NUGO Omega Ratio Rank: 43
NUGO Calmar Ratio Rank: 33
NUGO Martin Ratio Rank: 34

SPYG

SPYG Risk / Return Rank: 57
SPYG Sharpe Ratio Rank: 62
SPYG Sortino Ratio Rank: 60
SPYG Omega Ratio Rank: 59
SPYG Calmar Ratio Rank: 49
SPYG Martin Ratio Rank: 57

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. SPYG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Growth Opportunities ETF (NUGO) and State Street SPDR Portfolio S&P 500 Growth ETF (SPYG). 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.

	NUGO	SPYG	Difference
Sharpe ratio: Return per unit of total volatility	1.57	2.12	-0.55
Sortino ratio: Return per unit of downside risk	2.17	2.90	-0.73
Omega ratio: Gain probability vs. loss probability	1.27	1.37	-0.10
Calmar ratio: Return relative to maximum drawdown	1.59	2.48	-0.89
Martin ratio: Return relative to average drawdown	5.17	10.25	-5.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NUGO vs. SPYG - Sharpe Ratio Comparison

The current NUGO Sharpe Ratio is 1.57, which is comparable to the SPYG Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of NUGO and SPYG, 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

	NUGO	SPYG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.57	2.12	-0.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.76	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.88	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	0.35	+0.24

Drawdowns

NUGO vs. SPYG - Drawdown Comparison

The maximum NUGO drawdown since its inception was -38.01%, smaller than the maximum SPYG drawdown of -67.63%. Use the drawdown chart below to compare losses from any high point for NUGO and SPYG.

Drawdown Indicators

	NUGO	SPYG	Difference
Max Drawdown Largest peak-to-trough decline	-38.01%	-67.63%	+29.62%
Max Drawdown (1Y) Largest decline over 1 year	-17.54%	-13.76%	-3.78%
Max Drawdown (3Y) Largest decline over 3 years	-25.12%	-22.14%	-2.98%
Max Drawdown (5Y) Largest decline over 5 years	—	-32.67%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-32.67%	—
Current Drawdown Current decline from peak	-1.39%	-1.13%	-0.26%
Average Drawdown Average peak-to-trough decline	-12.06%	-24.33%	+12.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.38%	3.32%	+2.06%

Volatility

NUGO vs. SPYG - Volatility Comparison

Nuveen Growth Opportunities ETF (NUGO) and State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) have volatilities of 4.21% and 4.35%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NUGO	SPYG	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.21%	4.35%	-0.14%
Volatility (6M) Calculated over the trailing 6-month period	13.36%	12.46%	+0.90%
Volatility (1Y) Calculated over the trailing 1-year period	17.71%	16.06%	+1.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.12%	21.17%	+1.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.12%	20.64%	+2.48%

NUGO vs. SPYG - Expense Ratio Comparison

NUGO has a 0.56% expense ratio, which is higher than SPYG's 0.04% expense ratio.

Dividends

NUGO vs. SPYG - Dividend Comparison

NUGO has not paid dividends to shareholders, while SPYG's dividend yield for the trailing twelve months is around 0.47%.

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%
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	0.47%	0.52%	0.60%	1.15%	1.03%	0.62%	0.90%	1.37%	1.51%	1.41%	1.55%	1.57%

Frequently Asked Questions

Can I hold both NUGO and SPYG in my portfolio?

With a correlation of 0.95, NUGO and SPYG move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, NUGO or SPYG?

SPYG has higher volatility (4.35%) compared to NUGO (4.21%). In terms of maximum drawdown, NUGO dropped -38.01% vs SPYG's -67.63%.

Which ETF is better, NUGO or SPYG?

On 3-year performance, SPYG leads with 28.16% vs 25.96% for NUGO. On fees, SPYG is cheaper at 0.04% per year. On volatility, NUGO has been the lower-risk option at 4.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NUGO or SPYG?

Over the 3-year period, SPYG has performed better with a 28.16% return vs 25.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NUGO or SPYG?

SPYG is cheaper with a 0.04% expense ratio, compared with 0.56% for NUGO.

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

SPYG has the higher dividend yield at 0.47%, compared with 0.00% for NUGO.

What is the main difference between NUGO and SPYG?

NUGO is categorized as Large Cap Growth Equities, while SPYG is S&P 500. They also come from different issuers: Nuveen and State Street. Their fees differ too: 0.56% for NUGO and 0.04% for SPYG.

Which has better risk-adjusted returns?

SPYG currently has the higher Sharpe Ratio (2.12 vs 1.57), 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.