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NULC vs. ILCB
Performance
Return for Risk
Drawdowns
Volatility
Dividends

NULC vs. ILCB

Last updated Aug 5, 2026
Documentation

NULC (Nuveen ESG Large-Cap ETF) and ILCB (iShares Morningstar U.S. Equity ETF) are both Large Cap Growth Equities funds - NULC tracks the MSCI TIAA ESG USA Large Cap while ILCB tracks the Morningstar US Large-Mid Cap Index. Both are passively managed. Over the past 5 years, NULC returned 10.75%/yr vs 12.81%/yr for ILCB. Their 0.96 correlation means they have historically moved very closely together. NULC charges 0.20%/yr vs 0.03%/yr for ILCB.

Performance

NULC vs. ILCB - Performance Comparison

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

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Returns By Period

In the year-to-date period, NULC achieves a 16.79% return, which is significantly higher than ILCB's 13.71% return.

NULC

1D
1.94%
1M
4.01%
6M
14.56%
YTD
16.79%
1Y
22.88%
3Y*
20.15%
5Y*
10.75%
10Y*
—
ALL TIME*
14.13%

ILCB

1D
1.77%
1M
3.36%
6M
12.65%
YTD
13.71%
1Y
23.30%
3Y*
21.67%
5Y*
12.81%
10Y*
14.62%
ALL TIME*
11.32%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

ILCB

iShares Morningstar U.S. Equity ETF
$1.43M$1.32M$1.37M

NULC

Nuveen ESG Large-Cap ETF
$320.07K$400.60K$268.48K

NULC vs. ILCB - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
NULC
Nuveen ESG Large-Cap ETF		16.79%16.29%18.71%22.54%-20.18%25.69%22.51%6.17%
ILCB
iShares Morningstar U.S. Equity ETF		13.71%17.70%24.96%26.91%-19.48%24.07%19.40%20.60%

Correlation

The correlation between NULC and ILCB is 0.94, meaning they have usually moved in the same direction, including during past declines.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.94

Correlation (3Y)
Balances recent behavior with more history.

0.96

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.97

Correlation (All Time)
Calculated using the full available price history since Jun 4, 2019

0.96

The correlation between NULC and ILCB has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.

NULC vs. ILCB - Sectors Allocation Comparison

Sectors
NULC
ILCB

Technology

40.7%
38.4%

Financial Services

12.4%
11.4%

Healthcare

9.9%
9.0%

Industrials

9.0%
8.9%

Consumer Cyclical

7.5%
9.4%

Communication Services

6.7%
9.8%

Consumer Defensive

6.3%
4.4%

Energy

2.1%
3.1%

Utilities

2.0%
2.2%

Real Estate

2.0%
1.7%

Basic Materials

1.5%
1.8%

Technology

NULC
40.7%
ILCB
38.4%

Financial Services

NULC
12.4%
ILCB
11.4%

Healthcare

NULC
9.9%
ILCB
9.0%

Industrials

NULC
9.0%
ILCB
8.9%

Consumer Cyclical

NULC
7.5%
ILCB
9.4%

Communication Services

NULC
6.7%
ILCB
9.8%

Consumer Defensive

NULC
6.3%
ILCB
4.4%

Energy

NULC
2.1%
ILCB
3.1%

Utilities

NULC
2.0%
ILCB
2.2%

Real Estate

NULC
2.0%
ILCB
1.7%

Basic Materials

NULC
1.5%
ILCB
1.8%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Nuveen ESG Large-Cap ETF

iShares Morningstar U.S. Equity ETF

Often compared with NULC:
NULC vs. USSGNULC vs. EASGNULC vs. BDGSNULC vs. VTINULC vs. ESGDNULC vs. IUSGNULC vs. SCHX
Often compared with ILCB:
ILCB vs. ILCGILCB vs. VOOILCB vs. IVVILCB vs. SPYILCB vs. SCHBILCB vs. VTIILCB vs. BBUS

Return for Risk

NULC vs. ILCB — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
NULC
NULC Risk / Return Rank: 6565
Overall Rank
NULC Sharpe Ratio Rank: 6464
Sharpe Ratio Rank
NULC Sortino Ratio Rank: 6363
Sortino Ratio Rank
NULC Omega Ratio Rank: 6060
Omega Ratio Rank
NULC Calmar Ratio Rank: 6565
Calmar Ratio Rank
NULC Martin Ratio Rank: 7373
Martin Ratio Rank
ILCB
ILCB Risk / Return Rank: 6969
Overall Rank
ILCB Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
ILCB Sortino Ratio Rank: 6868
Sortino Ratio Rank
ILCB Omega Ratio Rank: 6868
Omega Ratio Rank
ILCB Calmar Ratio Rank: 6666
Calmar Ratio Rank
ILCB Martin Ratio Rank: 7676
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

NULC vs. ILCB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen ESG Large-Cap ETF (NULC) and iShares Morningstar U.S. Equity ETF (ILCB). 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.

NULCILCBDifference
Sharpe ratioReturn per unit of total volatility
1.70
1.80

-0.10

Sortino ratioReturn per unit of downside risk
2.37
2.50

-0.13

Omega ratioGain probability vs. loss probability

1.29

1.32

-0.03

Calmar ratioReturn relative to maximum drawdown

2.58

2.57

0.00

Martin ratioReturn relative to average drawdown

10.27

10.88

-0.61

NULC vs. ILCB - Sharpe Ratio Comparison

The current NULC Sharpe Ratio is 1.70, which is comparable to the ILCB Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of NULC and ILCB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

NULC vs. ILCB - Drawdown Comparison

The maximum NULC drawdown since its inception was -34.86%, smaller than the maximum ILCB drawdown of -51.53%. Use the drawdown chart below to compare losses from any high point for NULC and ILCB.

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Drawdown Indicators

NULCILCBDifference

Max Drawdown

Largest peak-to-trough decline

-34.86%

-51.53%

+16.67%

Max Drawdown (1Y)

Largest decline over 1 year

-8.91%

-9.09%

+0.18%

Max Drawdown (3Y)

Largest decline over 3 years

-18.53%

-19.05%

+0.52%

Max Drawdown (5Y)

Largest decline over 5 years

-27.90%

-25.47%

-2.43%

Max Drawdown (10Y)

Largest decline over 10 years

—

-35.30%

—

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-6.35%

-6.20%

-0.15%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.23%

2.15%

+0.08%

Volatility

NULC vs. ILCB - Volatility Comparison

The current volatility for Nuveen ESG Large-Cap ETF (NULC) is 3.98%, while iShares Morningstar U.S. Equity ETF (ILCB) has a volatility of 4.19%. This indicates that NULC experiences smaller price fluctuations and is considered to be less risky than ILCB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

NULCILCBDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.98%

4.19%

-0.21%

Volatility (6M)

Calculated over the trailing 6-month period

10.74%

10.44%

+0.30%

Volatility (1Y)

Calculated over the trailing 1-year period

13.63%

13.07%

+0.56%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.00%

17.27%

-0.27%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.89%

18.20%

+1.69%

NULC vs. ILCB - Expense Ratio Comparison

NULC has a 0.20% expense ratio, which is higher than ILCB's 0.03% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

NULC vs. ILCB - Dividend Comparison

NULC's dividend yield for the trailing twelve months is around 8.71%, more than ILCB's 0.95% yield.

PositionTTM20252024202320222021202020192018201720162015
ILCB
iShares Morningstar U.S. Equity ETF		0.95%1.11%1.19%1.43%1.65%1.16%1.26%2.25%2.17%1.81%1.97%2.44%
NULC
Nuveen ESG Large-Cap ETF		8.71%10.17%1.86%1.32%2.37%6.14%4.07%0.77%0.00%0.00%0.00%0.00%

Frequently Asked Questions

With a correlation of 0.94, NULC and ILCB 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.

ILCB has higher volatility (4.19%) compared to NULC (3.98%). In terms of maximum drawdown, NULC dropped -34.86% vs ILCB's -51.53%.

On 5-year performance, ILCB leads with 12.81% vs 10.75% for NULC. On fees, ILCB is cheaper at 0.03% per year. On volatility, NULC has been the lower-risk option at 3.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, ILCB has performed better with a 12.81% return vs 10.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

ILCB is cheaper with a 0.03% expense ratio, compared with 0.20% for NULC.

NULC has the higher dividend yield at 8.71%, compared with 0.95% for ILCB.

NULC tracks MSCI TIAA ESG USA Large Cap, while ILCB tracks Morningstar US Large-Mid Cap Index. They also come from different issuers: Nuveen and iShares. Their fees differ too: 0.20% for NULC and 0.03% for ILCB.

ILCB currently has the higher Sharpe Ratio (1.80 vs 1.70), 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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