NULG vs. MFUS

Last updated Jun 5, 2026

NULG (Nuveen ESG Large-Cap Growth ETF) and MFUS (PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF) are both Large Cap Growth Equities funds - NULG tracks the MSCI TIAA ESG USA Large Cap Growth while MFUS tracks the RAFI Dynamic Multi-Factor U.S. Index​. Both are passively managed. Over the past 5 years, NULG returned 14.66%/yr vs 12.86%/yr for MFUS. A 0.76 correlation means they provide meaningful diversification when combined. NULG charges 0.25%/yr vs 0.30%/yr for MFUS.

Performance

NULG vs. MFUS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen ESG Large-Cap Growth ETF (NULG) 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

The year-to-date returns for both stocks are quite close, with NULG having a 16.76% return and MFUS slightly lower at 16.59%.

NULG

• 1D: -0.39%
• 1M: 8.41%
• YTD: 16.76%
• 6M: 15.85%
• 1Y: 26.42%
• 3Y*: 24.67%
• 5Y*: 14.66%
• 10Y*: —

MFUS

• 1D: 0.19%
• 1M: 4.47%
• YTD: 16.59%
• 6M: 16.69%
• 1Y: 28.65%
• 3Y*: 22.52%
• 5Y*: 12.86%
• 10Y*: —

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

NULG vs. MFUS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NULG Nuveen ESG Large-Cap Growth ETF	16.76%	14.07%	23.75%	42.71%	-28.43%	28.06%	39.58%	39.23%	0.31%	7.65%
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF	16.59%	16.02%	20.17%	12.19%	-5.82%	24.10%	10.64%	26.17%	-7.30%	11.20%

Correlation

The correlation between NULG and MFUS is 0.67, 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	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (All Time) Calculated using the full available price history since Sep 7, 2017	0.76

The correlation between NULG and MFUS has been stable across timeframes, ranging from 0.67 to 0.76 - a consistent structural relationship.

NULG vs. MFUS - Sectors Allocation Comparison

Sectors	NULG	MFUS
Technology	56.5%	21.8%
Consumer Cyclical	9.8%	10.6%
Industrials	9.4%	12.6%
Financial Services	7.1%	12.6%
Communication Services	6.5%	5.3%
Healthcare	5.5%	13.5%
Consumer Defensive	2.1%	10.3%
Basic Materials	1.9%	2.8%
Real Estate	1.2%	1.8%
Energy	-	7.0%
Utilities	-	1.7%

Return for Risk

NULG vs. MFUS — Risk / Return Rank

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

NULG

NULG Risk / Return Rank: 42
NULG Sharpe Ratio Rank: 46
NULG Sortino Ratio Rank: 43
NULG Omega Ratio Rank: 44
NULG Calmar Ratio Rank: 37
NULG Martin Ratio Rank: 40

MFUS

MFUS Risk / Return Rank: 84
MFUS Sharpe Ratio Rank: 83
MFUS Sortino Ratio Rank: 86
MFUS Omega Ratio Rank: 81
MFUS Calmar Ratio Rank: 84
MFUS Martin Ratio Rank: 87

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.

NULG vs. MFUS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen ESG Large-Cap Growth ETF (NULG) 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.

	NULG	MFUS	Difference
Sharpe ratio: Return per unit of total volatility	1.56	2.69	-1.13
Sortino ratio: Return per unit of downside risk	2.15	3.85	-1.69
Omega ratio: Gain probability vs. loss probability	1.27	1.48	-0.21
Calmar ratio: Return relative to maximum drawdown	1.83	4.51	-2.68
Martin ratio: Return relative to average drawdown	6.22	18.52	-12.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NULG vs. MFUS - Sharpe Ratio Comparison

The current NULG Sharpe Ratio is 1.56, which is lower than the MFUS Sharpe Ratio of 2.69. The chart below compares the historical Sharpe Ratios of NULG 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

	NULG	MFUS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.56	2.69	-1.13
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	0.90	0.79	+0.10

Drawdowns

NULG vs. MFUS - Drawdown Comparison

The maximum NULG drawdown since its inception was -36.17%, roughly equal to the maximum MFUS drawdown of -35.21%. Use the drawdown chart below to compare losses from any high point for NULG and MFUS.

Drawdown Indicators

	NULG	MFUS	Difference
Max Drawdown Largest peak-to-trough decline	-36.17%	-35.21%	-0.96%
Max Drawdown (1Y) Largest decline over 1 year	-14.50%	-6.39%	-8.11%
Max Drawdown (3Y) Largest decline over 3 years	-22.28%	-15.39%	-6.89%
Max Drawdown (5Y) Largest decline over 5 years	-36.17%	-18.22%	-17.95%
Current Drawdown Current decline from peak	-0.99%	0.00%	-0.99%
Average Drawdown Average peak-to-trough decline	-6.84%	-3.99%	-2.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.26%	1.55%	+2.71%

Volatility

NULG vs. MFUS - Volatility Comparison

Nuveen ESG Large-Cap Growth ETF (NULG) has a higher volatility of 4.80% compared to PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (MFUS) at 2.97%. This indicates that NULG's price experiences larger fluctuations and is considered to be riskier than MFUS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NULG	MFUS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.80%	2.97%	+1.83%
Volatility (6M) Calculated over the trailing 6-month period	13.55%	8.22%	+5.33%
Volatility (1Y) Calculated over the trailing 1-year period	17.01%	10.71%	+6.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.51%	15.03%	+6.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.39%	17.35%	+4.04%

NULG vs. MFUS - Expense Ratio Comparison

NULG has a 0.25% expense ratio, which is lower than MFUS's 0.30% expense ratio.

Dividends

NULG vs. MFUS - Dividend Comparison

NULG's dividend yield for the trailing twelve months is around 0.10%, less than MFUS's 1.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF	1.35%	1.54%	1.45%	1.96%	2.07%	1.35%	1.72%	1.89%	1.69%	1.01%
NULG Nuveen ESG Large-Cap Growth ETF	0.10%	0.11%	0.16%	0.43%	0.40%	5.08%	2.68%	1.10%	3.73%	0.61%

Frequently Asked Questions

Can I hold both NULG and MFUS in my portfolio?

NULG and MFUS have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NULG or MFUS?

NULG has higher volatility (4.80%) compared to MFUS (2.97%). In terms of maximum drawdown, NULG dropped -36.17% vs MFUS's -35.21%.

Which ETF is better, NULG or MFUS?

On 5-year performance, NULG leads with 14.66% vs 12.86% for MFUS. On fees, NULG is cheaper at 0.25% per year. On volatility, MFUS has been the lower-risk option at 2.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NULG or MFUS?

Over the 5-year period, NULG has performed better with a 14.66% return vs 12.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NULG or MFUS?

NULG is cheaper with a 0.25% expense ratio, compared with 0.30% for MFUS.

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

MFUS has the higher dividend yield at 1.35%, compared with 0.10% for NULG.

What is the main difference between NULG and MFUS?

NULG tracks MSCI TIAA ESG USA Large Cap Growth, while MFUS tracks RAFI Dynamic Multi-Factor U.S. Index​. They also come from different issuers: Nuveen and PIMCO. Their fees differ too: 0.25% for NULG and 0.30% for MFUS.

Which has better risk-adjusted returns?

MFUS currently has the higher Sharpe Ratio (2.69 vs 1.56), 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.