NULC vs. NUDV

Last updated Jun 4, 2026

NULC (Nuveen ESG Large-Cap ETF) and NUDV (Nuveen ESG Dividend ETF) are both exchange-traded funds - NULC is a Large Cap Growth Equities fund tracking the MSCI TIAA ESG USA Large Cap, while NUDV is a Large Cap Value Equities fund tracking the Nuveen ESG USA High Dividend Yield Index. Both are passively managed. Over the past 3 years, NULC returned 21.23%/yr vs 15.87%/yr for NUDV. Their correlation of 0.80 suggests significant overlap in exposure. NULC charges 0.20%/yr vs 0.26%/yr for NUDV.

Performance

NULC vs. NUDV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen ESG Large-Cap ETF (NULC) and Nuveen ESG Dividend ETF (NUDV). 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 NUDV's 9.63% return.

NULC

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

NUDV

• 1D: -0.72%
• 1M: 1.42%
• YTD: 9.63%
• 6M: 10.03%
• 1Y: 18.63%
• 3Y*: 15.87%
• 5Y*: —
• 10Y*: —

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

NULC vs. NUDV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
NULC Nuveen ESG Large-Cap ETF	14.11%	16.29%	18.71%	22.54%	-20.18%	7.35%
NUDV Nuveen ESG Dividend ETF	9.63%	10.77%	14.02%	10.13%	-7.83%	8.92%

Correlation

The correlation between NULC and NUDV is 0.63, 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	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (All Time) Calculated using the full available price history since Sep 29, 2021	0.80

The correlation between NULC and NUDV shifts across timeframes, from 0.63 (1 year) to 0.80 (all time), reflecting how their relationship changes across market environments.

NULC vs. NUDV - Sectors Allocation Comparison

Sectors	NULC	NUDV
Technology	36.2%	13.2%
Financial Services	13.4%	23.2%
Communication Services	10.9%	3.9%
Healthcare	8.7%	11.3%
Industrials	8.4%	12.0%
Consumer Cyclical	8.0%	6.7%
Consumer Defensive	6.0%	10.5%
Energy	2.4%	5.0%
Real Estate	2.3%	5.8%
Utilities	2.0%	5.8%
Basic Materials	1.7%	2.7%

Return for Risk

NULC vs. NUDV — 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

NUDV

NUDV Risk / Return Rank: 55
NUDV Sharpe Ratio Rank: 52
NUDV Sortino Ratio Rank: 55
NUDV Omega Ratio Rank: 50
NUDV Calmar Ratio Rank: 57
NUDV Martin Ratio Rank: 57

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. NUDV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen ESG Large-Cap ETF (NULC) and Nuveen ESG Dividend ETF (NUDV). 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	NUDV	Difference
Sharpe ratio: Return per unit of total volatility	2.12	1.81	+0.31
Sortino ratio: Return per unit of downside risk	2.92	2.66	+0.26
Omega ratio: Gain probability vs. loss probability	1.37	1.32	+0.05
Calmar ratio: Return relative to maximum drawdown	3.04	2.84	+0.20
Martin ratio: Return relative to average drawdown	13.07	10.08	+3.00
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. NUDV - Sharpe Ratio Comparison

The current NULC Sharpe Ratio is 2.12, which is comparable to the NUDV Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of NULC and NUDV, 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	NUDV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.12	1.81	+0.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.68	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.80	0.64	+0.16

Drawdowns

NULC vs. NUDV - Drawdown Comparison

The maximum NULC drawdown since its inception was -34.86%, which is greater than NUDV's maximum drawdown of -20.10%. Use the drawdown chart below to compare losses from any high point for NULC and NUDV.

Drawdown Indicators

	NULC	NUDV	Difference
Max Drawdown Largest peak-to-trough decline	-34.86%	-20.10%	-14.76%
Max Drawdown (1Y) Largest decline over 1 year	-8.91%	-6.60%	-2.31%
Max Drawdown (3Y) Largest decline over 3 years	-18.53%	-16.48%	-2.05%
Max Drawdown (5Y) Largest decline over 5 years	-27.90%	—	—
Current Drawdown Current decline from peak	-0.57%	-0.72%	+0.15%
Average Drawdown Average peak-to-trough decline	-6.30%	-4.92%	-1.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.07%	1.85%	+0.22%

Volatility

NULC vs. NUDV - Volatility Comparison

Nuveen ESG Large-Cap ETF (NULC) has a higher volatility of 3.29% compared to Nuveen ESG Dividend ETF (NUDV) at 2.71%. This indicates that NULC's price experiences larger fluctuations and is considered to be riskier than NUDV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NULC	NUDV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.29%	2.71%	+0.58%
Volatility (6M) Calculated over the trailing 6-month period	9.90%	7.44%	+2.46%
Volatility (1Y) Calculated over the trailing 1-year period	12.80%	10.34%	+2.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.85%	14.97%	+1.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.68%	14.97%	+4.71%

NULC vs. NUDV - Expense Ratio Comparison

NULC has a 0.20% expense ratio, which is lower than NUDV's 0.26% expense ratio. Despite the difference, 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. NUDV - Dividend Comparison

NULC's dividend yield for the trailing twelve months is around 8.91%, more than NUDV's 2.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
NUDV Nuveen ESG Dividend ETF	2.27%	2.36%	6.18%	2.48%	2.96%	0.60%	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

Can I hold both NULC and NUDV in my portfolio?

NULC and NUDV have a correlation of 0.63, 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 NUDV?

NULC has higher volatility (3.29%) compared to NUDV (2.71%). In terms of maximum drawdown, NULC dropped -34.86% vs NUDV's -20.10%.

Which ETF is better, NULC or NUDV?

On 3-year performance, NULC leads with 21.23% vs 15.87% for NUDV. On fees, NULC is cheaper at 0.20% per year. On volatility, NUDV has been the lower-risk option at 2.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NULC or NUDV?

Over the 3-year period, NULC has performed better with a 21.23% return vs 15.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NULC or NUDV?

NULC is cheaper with a 0.20% expense ratio, compared with 0.26% for NUDV.

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

NULC has the higher dividend yield at 8.91%, compared with 2.27% for NUDV.

What is the main difference between NULC and NUDV?

NULC is categorized as Large Cap Growth Equities, while NUDV is Large Cap Value Equities. NULC tracks MSCI TIAA ESG USA Large Cap, while NUDV tracks Nuveen ESG USA High Dividend Yield Index. Their fees differ too: 0.20% for NULC and 0.26% for NUDV.

Which has better risk-adjusted returns?

NULC currently has the higher Sharpe Ratio (2.12 vs 1.81), 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.