NULC vs. MFUS

Last updated Jun 4, 2026

NULC (Nuveen ESG Large-Cap ETF) and MFUS (PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF) are both Large Cap Growth Equities funds - NULC tracks the MSCI TIAA ESG USA Large Cap while MFUS tracks the RAFI Dynamic Multi-Factor U.S. Index​. Both are passively managed. Over the past 5 years, NULC returned 11.41%/yr vs 12.82%/yr for MFUS. Their correlation of 0.89 suggests significant overlap in exposure. NULC charges 0.20%/yr vs 0.30%/yr for MFUS.

Performance

NULC vs. MFUS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen ESG Large-Cap ETF (NULC) and PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (MFUS). 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 lower than MFUS's 16.37% return.

NULC

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

MFUS

• 1D: 0.03%
• 1M: 5.72%
• YTD: 16.37%
• 6M: 16.58%
• 1Y: 28.04%
• 3Y*: 22.25%
• 5Y*: 12.82%
• 10Y*: —

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

NULC vs. MFUS - 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%
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF	16.37%	16.02%	20.17%	12.19%	-5.82%	24.10%	10.64%	13.07%

Correlation

The correlation between NULC and MFUS is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (All Time) Calculated using the full available price history since Jun 5, 2019	0.89

The correlation between NULC and MFUS has been stable across timeframes, ranging from 0.82 to 0.89 - a consistent structural relationship.

NULC vs. MFUS - Sectors Allocation Comparison

Sectors	NULC	MFUS
Technology	36.2%	21.8%
Financial Services	13.4%	12.6%
Communication Services	10.9%	5.3%
Healthcare	8.7%	13.5%
Industrials	8.4%	12.6%
Consumer Cyclical	8.0%	10.6%
Consumer Defensive	6.0%	10.3%
Energy	2.4%	7.0%
Real Estate	2.3%	1.8%
Utilities	2.0%	1.7%
Basic Materials	1.7%	2.8%

Return for Risk

NULC vs. MFUS — 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

MFUS

MFUS Risk / Return Rank: 82
MFUS Sharpe Ratio Rank: 80
MFUS Sortino Ratio Rank: 83
MFUS Omega Ratio Rank: 78
MFUS Calmar Ratio Rank: 83
MFUS Martin Ratio Rank: 86

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. MFUS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen ESG Large-Cap ETF (NULC) and PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (MFUS). 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	MFUS	Difference
Sharpe ratio: Return per unit of total volatility	2.12	2.63	-0.51
Sortino ratio: Return per unit of downside risk	2.92	3.77	-0.85
Omega ratio: Gain probability vs. loss probability	1.37	1.47	-0.10
Calmar ratio: Return relative to maximum drawdown	3.04	4.41	-1.37
Martin ratio: Return relative to average drawdown	13.07	18.13	-5.05
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. MFUS - Sharpe Ratio Comparison

The current NULC Sharpe Ratio is 2.12, which is comparable to the MFUS Sharpe Ratio of 2.63. The chart below compares the historical Sharpe Ratios of NULC and MFUS, 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	MFUS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.12	2.63	-0.51
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.68	0.86	-0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.80	0.79	+0.01

Drawdowns

NULC vs. MFUS - Drawdown Comparison

The maximum NULC drawdown since its inception was -34.86%, roughly equal to the maximum MFUS drawdown of -35.21%. Use the drawdown chart below to compare losses from any high point for NULC and MFUS.

Drawdown Indicators

	NULC	MFUS	Difference
Max Drawdown Largest peak-to-trough decline	-34.86%	-35.21%	+0.35%
Max Drawdown (1Y) Largest decline over 1 year	-8.91%	-6.39%	-2.52%
Max Drawdown (3Y) Largest decline over 3 years	-18.53%	-15.39%	-3.14%
Max Drawdown (5Y) Largest decline over 5 years	-27.90%	-18.22%	-9.68%
Current Drawdown Current decline from peak	-0.57%	0.00%	-0.57%
Average Drawdown Average peak-to-trough decline	-6.30%	-4.00%	-2.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.07%	1.55%	+0.52%

Volatility

NULC vs. MFUS - Volatility Comparison

Nuveen ESG Large-Cap ETF (NULC) and PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (MFUS) have volatilities of 3.29% and 3.19%, 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

	NULC	MFUS	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.29%	3.19%	+0.10%
Volatility (6M) Calculated over the trailing 6-month period	9.90%	8.22%	+1.68%
Volatility (1Y) Calculated over the trailing 1-year period	12.80%	10.72%	+2.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.85%	15.03%	+1.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.68%	17.35%	+2.33%

NULC vs. MFUS - Expense Ratio Comparison

NULC has a 0.20% expense ratio, which is lower than MFUS's 0.30% expense ratio.

Dividends

NULC vs. MFUS - Dividend Comparison

NULC's dividend yield for the trailing twelve months is around 8.91%, more than MFUS's 1.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF	1.36%	1.54%	1.45%	1.96%	2.07%	1.35%	1.72%	1.89%	1.69%	1.01%
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%

Frequently Asked Questions

Can I hold both NULC and MFUS in my portfolio?

NULC and MFUS have a correlation of 0.82, 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 MFUS?

NULC has higher volatility (3.29%) compared to MFUS (3.19%). In terms of maximum drawdown, NULC dropped -34.86% vs MFUS's -35.21%.

Which ETF is better, NULC or MFUS?

On 5-year performance, MFUS leads with 12.82% vs 11.41% for NULC. On fees, NULC is cheaper at 0.20% per year. On volatility, MFUS has been the lower-risk option at 3.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NULC or MFUS?

Over the 5-year period, MFUS has performed better with a 12.82% 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 MFUS?

NULC is cheaper with a 0.20% expense ratio, compared with 0.30% for MFUS.

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

NULC has the higher dividend yield at 8.91%, compared with 1.36% for MFUS.

What is the main difference between NULC and MFUS?

NULC tracks MSCI TIAA ESG USA Large Cap, while MFUS tracks RAFI Dynamic Multi-Factor U.S. Index​. They also come from different issuers: Nuveen and PIMCO. Their fees differ too: 0.20% for NULC and 0.30% for MFUS.

Which has better risk-adjusted returns?

MFUS currently has the higher Sharpe Ratio (2.63 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.