NULC vs. GSG
NULC (Nuveen ESG Large-Cap ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - NULC is a Large Cap Growth Equities fund tracking the MSCI TIAA ESG USA Large Cap, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past 5 years, NULC returned 11.41%/yr vs 15.74%/yr for GSG. At a 0.20 correlation, their price movements are largely independent. NULC charges 0.20%/yr vs 0.75%/yr for GSG.
Performance
NULC vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, NULC achieves a 14.11% return, which is significantly lower than GSG's 42.58% return.
NULC
- 1D
- -0.57%
- 1M
- 5.76%
- YTD
- 14.11%
- 6M
- 14.35%
- 1Y
- 26.94%
- 3Y*
- 21.23%
- 5Y*
- 11.41%
- 10Y*
- —
GSG
- 1D
- 0.77%
- 1M
- -4.83%
- YTD
- 42.58%
- 6M
- 41.06%
- 1Y
- 51.52%
- 3Y*
- 19.31%
- 5Y*
- 15.74%
- 10Y*
- 7.69%
NULC vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
NULC Nuveen ESG Large-Cap ETF | 14.11% | 16.29% | 18.71% | 22.54% | -20.18% | 25.69% | 22.51% | 16.89% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 42.58% | 5.93% | 8.52% | -5.51% | 24.08% | 38.77% | -23.94% | 7.71% |
Correlation
The correlation between NULC and GSG is -0.22, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Jun 5, 2019 | 0.20 |
The correlation between NULC and GSG shifts across timeframes, from -0.22 (1 year) to 0.20 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
NULC vs. GSG — Risk / Return Rank
NULC
GSG
NULC vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen ESG Large-Cap ETF (NULC) and iShares S&P GSCI Commodity-Indexed Trust (GSG). 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.
| NULC | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.14 | ||
| Sortino ratioReturn per unit of downside risk | +0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.40 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 3.04 | 5.47 | -2.44 |
| Martin ratioReturn relative to average drawdown | 13.07 | 14.39 | -1.32 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| NULC | GSG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.12 | 2.26 | -0.14 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.68 | 0.70 | -0.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.35 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.80 | -0.09 | +0.89 |
Drawdowns
NULC vs. GSG - Drawdown Comparison
The maximum NULC drawdown since its inception was -34.86%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for NULC and GSG.
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Drawdown Indicators
| NULC | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.86% | -89.62% | +54.76% |
Max Drawdown (1Y)Largest decline over 1 year | -8.91% | -9.46% | +0.55% |
Max Drawdown (3Y)Largest decline over 3 years | -18.53% | -14.94% | -3.59% |
Max Drawdown (5Y)Largest decline over 5 years | -27.90% | -29.12% | +1.22% |
Max Drawdown (10Y)Largest decline over 10 years | — | -57.64% | — |
Current DrawdownCurrent decline from peak | -0.57% | -56.95% | +56.38% |
Average DrawdownAverage peak-to-trough decline | -6.30% | -63.71% | +57.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.07% | 3.59% | -1.52% |
Volatility
NULC vs. GSG - Volatility Comparison
The current volatility for Nuveen ESG Large-Cap ETF (NULC) is 3.29%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.65%. This indicates that NULC experiences smaller price fluctuations and is considered to be less risky than GSG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NULC | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.29% | 7.65% | -4.36% |
Volatility (6M)Calculated over the trailing 6-month period | 9.90% | 20.42% | -10.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.80% | 22.95% | -10.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.85% | 22.61% | -5.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.68% | 22.03% | -2.35% |
NULC vs. GSG - Expense Ratio Comparison
NULC has a 0.20% expense ratio, which is lower than GSG's 0.75% expense ratio.
Dividends
NULC vs. GSG - Dividend Comparison
NULC's dividend yield for the trailing twelve months is around 8.91%, while GSG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
NULC Nuveen ESG Large-Cap ETF | 8.91% | 10.17% | 1.86% | 1.32% | 2.37% | 6.14% | 4.07% | 0.77% |
Frequently Asked Questions
NULC and GSG have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSG has higher volatility (7.65%) compared to NULC (3.29%). In terms of maximum drawdown, NULC dropped -34.86% vs GSG's -89.62%.
On 5-year performance, GSG leads with 15.74% vs 11.41% for NULC. On fees, NULC is cheaper at 0.20% per year. On volatility, NULC has been the lower-risk option at 3.29%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GSG has performed better with a 15.74% return vs 11.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
NULC is cheaper with a 0.20% expense ratio, compared with 0.75% for GSG.
NULC has the higher dividend yield at 8.91%, compared with 0.00% for GSG.
NULC is categorized as Large Cap Growth Equities, while GSG is Commodities. NULC tracks MSCI TIAA ESG USA Large Cap, while GSG tracks S&P GSCI Total Return Index. They also come from different issuers: Nuveen and iShares. Their fees differ too: 0.20% for NULC and 0.75% for GSG.
GSG currently has the higher Sharpe Ratio (2.26 vs 2.12), 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.
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