NULC vs. ESGD

Last updated Jun 24, 2026

NULC (Nuveen ESG Large-Cap ETF) and ESGD (iShares ESG Aware MSCI EAFE ETF) are both exchange-traded funds - NULC is a Large Cap Growth Equities fund tracking the MSCI TIAA ESG USA Large Cap, while ESGD is a Foreign Large Cap Equities fund tracking the MSCI EAFE Extended ESG Focus Index. Both are passively managed. Over the past 5 years, NULC returned 10.62%/yr vs 8.11%/yr for ESGD. A 0.78 correlation means they provide meaningful diversification when combined. Both charge a 0.20% expense ratio.

Performance

NULC vs. ESGD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen ESG Large-Cap ETF (NULC) and iShares ESG Aware MSCI EAFE ETF (ESGD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NULC achieves a 11.42% return, which is significantly higher than ESGD's 8.26% return.

NULC

• 1D: -1.16%
• 1M: 0.22%
• YTD: 11.42%
• 6M: 10.52%
• 1Y: 24.81%
• 3Y*: 19.66%
• 5Y*: 10.62%
• 10Y*: —

ESGD

• 1D: -2.14%
• 1M: 0.17%
• YTD: 8.26%
• 6M: 7.92%
• 1Y: 20.95%
• 3Y*: 16.09%
• 5Y*: 8.11%
• 10Y*: —

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

NULC vs. ESGD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
NULC Nuveen ESG Large-Cap ETF	11.42%	16.29%	18.71%	22.54%	-20.18%	25.69%	22.51%	6.17%
ESGD iShares ESG Aware MSCI EAFE ETF	8.26%	29.63%	3.95%	18.53%	-15.17%	11.79%	8.20%	13.43%

Correlation

The correlation between NULC and ESGD is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (All Time) Calculated using the full available price history since Jun 4, 2019	0.78

The correlation between NULC and ESGD has been stable across timeframes, ranging from 0.71 to 0.78 - a consistent structural relationship.

NULC vs. ESGD - Sectors Allocation Comparison

Sectors	NULC	ESGD
Technology	30.1%	13.2%
Financial Services	17.1%	26.6%
Healthcare	10.6%	9.5%
Industrials	9.5%	18.4%
Communication Services	9.2%	4.2%
Consumer Cyclical	7.6%	6.6%
Consumer Defensive	5.8%	6.8%
Energy	3.4%	3.4%
Utilities	2.2%	3.6%
Real Estate	2.2%	1.6%
Basic Materials	2.1%	5.6%

Return for Risk

NULC vs. ESGD — Risk / Return Rank

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

NULC

NULC Risk / Return Rank: 61
NULC Sharpe Ratio Rank: 61
NULC Sortino Ratio Rank: 58
NULC Omega Ratio Rank: 57
NULC Calmar Ratio Rank: 61
NULC Martin Ratio Rank: 68

ESGD

ESGD Risk / Return Rank: 39
ESGD Sharpe Ratio Rank: 39
ESGD Sortino Ratio Rank: 39
ESGD Omega Ratio Rank: 39
ESGD Calmar Ratio Rank: 38
ESGD Martin Ratio Rank: 43

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.

NULC vs. ESGD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen ESG Large-Cap ETF (NULC) and iShares ESG Aware MSCI EAFE ETF (ESGD). 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.

	NULC	ESGD	Difference
Sharpe ratio: Return per unit of total volatility	1.87	1.33	+0.54
Sortino ratio: Return per unit of downside risk	2.56	1.93	+0.64
Omega ratio: Gain probability vs. loss probability	1.33	1.24	+0.09
Calmar ratio: Return relative to maximum drawdown	2.80	1.80	+0.99
Martin ratio: Return relative to average drawdown	11.61	6.72	+4.89

NULC vs. ESGD - Sharpe Ratio Comparison

The current NULC Sharpe Ratio is 1.87, which is higher than the ESGD Sharpe Ratio of 1.33. The chart below compares the historical Sharpe Ratios of NULC and ESGD, 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

NULC vs. ESGD - Drawdown Comparison

The maximum NULC drawdown since its inception was -34.86%, roughly equal to the maximum ESGD drawdown of -33.70%. Use the drawdown chart below to compare losses from any high point for NULC and ESGD.

Drawdown Indicators

	NULC	ESGD	Difference
Max Drawdown Largest peak-to-trough decline	-34.86%	-33.70%	-1.16%
Max Drawdown (1Y) Largest decline over 1 year	-8.91%	-11.68%	+2.77%
Max Drawdown (3Y) Largest decline over 3 years	-18.53%	-13.86%	-4.67%
Max Drawdown (5Y) Largest decline over 5 years	-27.90%	-30.03%	+2.13%
Current Drawdown Current decline from peak	-2.91%	-2.14%	-0.77%
Average Drawdown Average peak-to-trough decline	-6.42%	-6.16%	-0.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.14%	3.12%	-0.98%

Volatility

NULC vs. ESGD - Volatility Comparison

The current volatility for Nuveen ESG Large-Cap ETF (NULC) is 5.02%, while iShares ESG Aware MSCI EAFE ETF (ESGD) has a volatility of 5.48%. This indicates that NULC experiences smaller price fluctuations and is considered to be less risky than ESGD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NULC	ESGD	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.02%	5.48%	-0.46%
Volatility (6M) Calculated over the trailing 6-month period	10.57%	13.45%	-2.88%
Volatility (1Y) Calculated over the trailing 1-year period	13.34%	15.86%	-2.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.95%	16.72%	+0.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.98%	17.00%	+2.98%

NULC vs. ESGD - Expense Ratio Comparison

Both NULC and ESGD have an expense ratio of 0.20%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

NULC vs. ESGD - Dividend Comparison

NULC's dividend yield for the trailing twelve months is around 9.13%, more than ESGD's 3.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
ESGD iShares ESG Aware MSCI EAFE ETF	3.38%	3.60%	3.23%	3.02%	2.59%	2.75%	1.63%	2.57%	2.69%	2.65%	0.09%
NULC Nuveen ESG Large-Cap ETF	9.13%	10.17%	1.86%	1.32%	2.37%	6.14%	4.07%	0.77%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NULC and ESGD in my portfolio?

NULC and ESGD have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NULC or ESGD?

ESGD has higher volatility (5.48%) compared to NULC (5.02%). In terms of maximum drawdown, NULC dropped -34.86% vs ESGD's -33.70%.

Which ETF is better, NULC or ESGD?

On 5-year performance, NULC leads with 10.62% vs 8.11% for ESGD. Both ETFs have the same 0.20% expense ratio. On volatility, NULC has been the lower-risk option at 5.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NULC or ESGD?

Over the 5-year period, NULC has performed better with a 10.62% return vs 8.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NULC or ESGD?

NULC and ESGD have the same expense ratio: 0.20% per year.

Which ETF pays a higher dividend yield, NULC or ESGD?

NULC has the higher dividend yield at 9.13%, compared with 3.38% for ESGD.

What is the main difference between NULC and ESGD?

NULC is categorized as Large Cap Growth Equities, while ESGD is Foreign Large Cap Equities. NULC tracks MSCI TIAA ESG USA Large Cap, while ESGD tracks MSCI EAFE Extended ESG Focus Index. They also come from different issuers: Nuveen and iShares.

Which has better risk-adjusted returns?

NULC currently has the higher Sharpe Ratio (1.87 vs 1.33), 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.