NULC vs. PABD

Last updated Aug 5, 2026

NULC (Nuveen ESG Large-Cap ETF) and PABD (iShares Paris-Aligned Climate MSCI World Ex USA ETF) are both exchange-traded funds - NULC is a Large Cap Growth Equities fund tracking the MSCI TIAA ESG USA Large Cap, while PABD is a Foreign Large Cap Equities fund tracking the MSCI World ex USA Climate Paris Aligned Benchmark Extended Select Index - Benchmark TR Net. Both are passively managed. Over the past year, NULC returned 22.88% vs 22.57% for PABD. Their 0.71 correlation means they have sometimes moved together and sometimes differently. NULC charges 0.20%/yr vs 0.12%/yr for PABD.

Performance

NULC vs. PABD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen ESG Large-Cap ETF (NULC) and iShares Paris-Aligned Climate MSCI World Ex USA ETF (PABD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NULC achieves a 16.79% return, which is significantly higher than PABD's 10.99% 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%

PABD

• 1D: 1.30%
• 1M: 2.08%
• 6M: 6.47%
• YTD: 10.99%
• 1Y: 22.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 17.93%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
NULC Nuveen ESG Large-Cap ETF	$320.07K	$400.60K	$268.48K
PABD iShares Paris-Aligned Climate MSCI World Ex USA ETF	$85.10K	$54.57K	$337.88K

NULC vs. PABD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NULC Nuveen ESG Large-Cap ETF	16.79%	16.29%	18.42%
PABD iShares Paris-Aligned Climate MSCI World Ex USA ETF	10.99%	30.06%	5.32%

Correlation

The correlation between NULC and PABD is 0.75, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.75
Correlation (All Time) Calculated using the full available price history since Jan 19, 2024	0.71

The correlation between NULC and PABD has been stable across timeframes, ranging from 0.71 to 0.75 - a consistent structural relationship.

NULC vs. PABD - Sectors Allocation Comparison

Sectors	NULC	PABD
Technology	40.7%	14.5%
Financial Services	12.4%	29.5%
Healthcare	9.9%	12.2%
Industrials	9.0%	16.0%
Consumer Cyclical	7.5%	4.6%
Communication Services	6.7%	3.0%
Consumer Defensive	6.3%	4.4%
Energy	2.1%	0.2%
Utilities	2.0%	4.6%
Real Estate	2.0%	6.2%
Basic Materials	1.5%	4.8%

Return for Risk

NULC vs. PABD — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

NULC

NULC Risk / Return Rank: 65
NULC Sharpe Ratio Rank: 64
NULC Sortino Ratio Rank: 63
NULC Omega Ratio Rank: 60
NULC Calmar Ratio Rank: 65
NULC Martin Ratio Rank: 73

PABD

PABD Risk / Return Rank: 49
PABD Sharpe Ratio Rank: 50
PABD Sortino Ratio Rank: 50
PABD Omega Ratio Rank: 47
PABD Calmar Ratio Rank: 45
PABD Martin Ratio Rank: 52

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. PABD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen ESG Large-Cap ETF (NULC) and iShares Paris-Aligned Climate MSCI World Ex USA ETF (PABD). 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.

	NULC	PABD	Difference
Sharpe ratio: Return per unit of total volatility	1.70	1.40	+0.29
Sortino ratio: Return per unit of downside risk	2.37	2.03	+0.34
Omega ratio: Gain probability vs. loss probability	1.29	1.25	+0.05
Calmar ratio: Return relative to maximum drawdown	2.58	1.81	+0.77
Martin ratio: Return relative to average drawdown	10.27	6.79	+3.47

NULC vs. PABD - Sharpe Ratio Comparison

The current NULC Sharpe Ratio is 1.70, which is comparable to the PABD Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of NULC and PABD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

NULC vs. PABD - Drawdown Comparison

The maximum NULC drawdown since its inception was -34.86%, which is greater than PABD's maximum drawdown of -13.37%. Use the drawdown chart below to compare losses from any high point for NULC and PABD.

Drawdown Indicators

	NULC	PABD	Difference
Max Drawdown Largest peak-to-trough decline	-34.86%	-13.37%	-21.49%
Max Drawdown (1Y) Largest decline over 1 year	-8.91%	-12.55%	+3.64%
Max Drawdown (3Y) Largest decline over 3 years	-18.53%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-27.90%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-6.35%	-2.54%	-3.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.23%	3.33%	-1.10%

Volatility

NULC vs. PABD - Volatility Comparison

The current volatility for Nuveen ESG Large-Cap ETF (NULC) is 3.98%, while iShares Paris-Aligned Climate MSCI World Ex USA ETF (PABD) has a volatility of 4.60%. This indicates that NULC experiences smaller price fluctuations and is considered to be less risky than PABD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NULC	PABD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.98%	4.60%	-0.62%
Volatility (6M) Calculated over the trailing 6-month period	10.74%	13.94%	-3.20%
Volatility (1Y) Calculated over the trailing 1-year period	13.63%	16.21%	-2.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.00%	15.61%	+1.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.89%	15.61%	+4.28%

NULC vs. PABD - Expense Ratio Comparison

NULC has a 0.20% expense ratio, which is higher than PABD's 0.12% 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. PABD - Dividend Comparison

NULC's dividend yield for the trailing twelve months is around 8.71%, more than PABD's 2.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
NULC Nuveen ESG Large-Cap ETF	8.71%	10.17%	1.86%	1.32%	2.37%	6.14%	4.07%	0.77%
PABD iShares Paris-Aligned Climate MSCI World Ex USA ETF	2.94%	2.74%	2.87%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NULC and PABD in my portfolio?

NULC and PABD have a correlation of 0.75, 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 PABD?

PABD has higher volatility (4.60%) compared to NULC (3.98%). In terms of maximum drawdown, NULC dropped -34.86% vs PABD's -13.37%.

Which ETF is better, NULC or PABD?

On 1-year performance, NULC leads with 22.88% vs 22.57% for PABD. On fees, PABD is cheaper at 0.12% 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.

Which ETF has performed better, NULC or PABD?

Over the 1-year period, NULC has performed better with a 22.88% return vs 22.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NULC or PABD?

PABD is cheaper with a 0.12% expense ratio, compared with 0.20% for NULC.

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

NULC has the higher dividend yield at 8.71%, compared with 2.94% for PABD.

What is the main difference between NULC and PABD?

NULC is categorized as Large Cap Growth Equities, while PABD is Foreign Large Cap Equities. NULC tracks MSCI TIAA ESG USA Large Cap, while PABD tracks MSCI World ex USA Climate Paris Aligned Benchmark Extended Select Index - Benchmark TR Net. They also come from different issuers: Nuveen and iShares. Their fees differ too: 0.20% for NULC and 0.12% for PABD.

Which has better risk-adjusted returns?

NULC currently has the higher Sharpe Ratio (1.70 vs 1.40), 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.