NULC vs. ITOT

Last updated Jun 4, 2026

NULC (Nuveen ESG Large-Cap ETF) and ITOT (iShares Core S&P Total U.S. Stock Market ETF) are both exchange-traded funds - NULC is a Large Cap Growth Equities fund tracking the MSCI TIAA ESG USA Large Cap, while ITOT is a Large Cap Blend Equities fund tracking the S&P Total Market Index. Both are passively managed. Over the past 5 years, NULC returned 11.41%/yr vs 12.69%/yr for ITOT. With a 0.97 correlation, they move nearly in lockstep. NULC charges 0.20%/yr vs 0.03%/yr for ITOT.

Performance

NULC vs. ITOT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen ESG Large-Cap ETF (NULC) and iShares Core S&P Total U.S. Stock Market ETF (ITOT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NULC achieves a 14.11% return, which is significantly higher than ITOT's 11.25% return.

NULC

• 1D: -0.57%
• 1M: 5.76%
• YTD: 14.11%
• 6M: 14.35%
• 1Y: 26.94%
• 3Y*: 21.23%
• 5Y*: 11.41%
• 10Y*: —

ITOT

• 1D: -0.73%
• 1M: 5.01%
• YTD: 11.25%
• 6M: 11.12%
• 1Y: 28.12%
• 3Y*: 22.09%
• 5Y*: 12.69%
• 10Y*: 15.01%

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

NULC vs. ITOT - 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%
ITOT iShares Core S&P Total U.S. Stock Market ETF	11.25%	17.00%	23.80%	26.12%	-19.47%	25.68%	20.71%	15.73%

Correlation

The correlation between NULC and ITOT is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jun 5, 2019	0.97

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

NULC vs. ITOT - Sectors Allocation Comparison

Sectors	NULC	ITOT
Technology	36.2%	33.8%
Financial Services	13.4%	12.1%
Communication Services	10.9%	10.3%
Healthcare	8.7%	9.0%
Industrials	8.4%	9.5%
Consumer Cyclical	8.0%	10.1%
Consumer Defensive	6.0%	4.7%
Energy	2.4%	3.7%
Real Estate	2.3%	2.4%
Utilities	2.0%	2.3%
Basic Materials	1.7%	2.1%

Return for Risk

NULC vs. ITOT — Risk / Return Rank

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

NULC

NULC Risk / Return Rank: 64
NULC Sharpe Ratio Rank: 63
NULC Sortino Ratio Rank: 62
NULC Omega Ratio Rank: 61
NULC Calmar Ratio Rank: 61
NULC Martin Ratio Rank: 70

ITOT

ITOT Risk / Return Rank: 68
ITOT Sharpe Ratio Rank: 69
ITOT Sortino Ratio Rank: 68
ITOT Omega Ratio Rank: 67
ITOT Calmar Ratio Rank: 63
ITOT Martin Ratio Rank: 75

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. ITOT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen ESG Large-Cap ETF (NULC) and iShares Core S&P Total U.S. Stock Market ETF (ITOT). 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	ITOT	Difference
Sharpe ratio: Return per unit of total volatility	2.12	2.32	-0.20
Sortino ratio: Return per unit of downside risk	2.92	3.17	-0.25
Omega ratio: Gain probability vs. loss probability	1.37	1.42	-0.04
Calmar ratio: Return relative to maximum drawdown	3.04	3.17	-0.14
Martin ratio: Return relative to average drawdown	13.07	14.57	-1.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NULC vs. ITOT - Sharpe Ratio Comparison

The current NULC Sharpe Ratio is 2.12, which is comparable to the ITOT Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of NULC and ITOT, 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

	NULC	ITOT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.12	2.32	-0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.68	0.74	-0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.82	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.80	0.57	+0.23

Drawdowns

NULC vs. ITOT - Drawdown Comparison

The maximum NULC drawdown since its inception was -34.86%, smaller than the maximum ITOT drawdown of -55.20%. Use the drawdown chart below to compare losses from any high point for NULC and ITOT.

Drawdown Indicators

	NULC	ITOT	Difference
Max Drawdown Largest peak-to-trough decline	-34.86%	-55.20%	+20.34%
Max Drawdown (1Y) Largest decline over 1 year	-8.91%	-8.90%	-0.01%
Max Drawdown (3Y) Largest decline over 3 years	-18.53%	-19.44%	+0.91%
Max Drawdown (5Y) Largest decline over 5 years	-27.90%	-25.36%	-2.54%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.00%	—
Current Drawdown Current decline from peak	-0.57%	-0.73%	+0.16%
Average Drawdown Average peak-to-trough decline	-6.30%	-6.97%	+0.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.07%	1.94%	+0.13%

Volatility

NULC vs. ITOT - Volatility Comparison

Nuveen ESG Large-Cap ETF (NULC) has a higher volatility of 3.29% compared to iShares Core S&P Total U.S. Stock Market ETF (ITOT) at 2.99%. This indicates that NULC's price experiences larger fluctuations and is considered to be riskier than ITOT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NULC	ITOT	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.29%	2.99%	+0.30%
Volatility (6M) Calculated over the trailing 6-month period	9.90%	9.13%	+0.77%
Volatility (1Y) Calculated over the trailing 1-year period	12.80%	12.20%	+0.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.85%	17.36%	-0.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.68%	18.26%	+1.42%

NULC vs. ITOT - Expense Ratio Comparison

NULC has a 0.20% expense ratio, which is higher than ITOT'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. ITOT - Dividend Comparison

NULC's dividend yield for the trailing twelve months is around 8.91%, more than ITOT's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ITOT iShares Core S&P Total U.S. Stock Market ETF	0.98%	1.11%	1.23%	1.47%	1.66%	1.18%	1.41%	1.88%	2.14%	1.69%	1.83%	2.01%
NULC Nuveen ESG Large-Cap ETF	8.91%	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

Can I hold both NULC and ITOT in my portfolio?

With a correlation of 0.95, NULC and ITOT 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, NULC or ITOT?

NULC has higher volatility (3.29%) compared to ITOT (2.99%). In terms of maximum drawdown, NULC dropped -34.86% vs ITOT's -55.20%.

Which ETF is better, NULC or ITOT?

On 5-year performance, ITOT leads with 12.69% vs 11.41% for NULC. On fees, ITOT is cheaper at 0.03% per year. On volatility, ITOT has been the lower-risk option at 2.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NULC or ITOT?

Over the 5-year period, ITOT has performed better with a 12.69% return vs 11.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NULC or ITOT?

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

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

NULC has the higher dividend yield at 8.91%, compared with 0.98% for ITOT.

What is the main difference between NULC and ITOT?

NULC is categorized as Large Cap Growth Equities, while ITOT is Large Cap Blend Equities. NULC tracks MSCI TIAA ESG USA Large Cap, while ITOT tracks S&P Total Market Index. They also come from different issuers: Nuveen and iShares. Their fees differ too: 0.20% for NULC and 0.03% for ITOT.

Which has better risk-adjusted returns?

ITOT currently has the higher Sharpe Ratio (2.32 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.