NULG vs. NHYM

Last updated Jun 5, 2026

NULG (Nuveen ESG Large-Cap Growth ETF) and NHYM (Nuveen High Yield Municipal Income ETF) are both exchange-traded funds - NULG is a Large Cap Growth Equities fund tracking the MSCI TIAA ESG USA Large Cap Growth, while NHYM is a High Yield Muni fund actively managed by Nuveen. NULG is passively managed, while NHYM is actively managed. Over the past year, NULG returned 26.42% vs 8.17% for NHYM. At a 0.08 correlation, their price movements are largely independent. NULG charges 0.25%/yr vs 0.35%/yr for NHYM.

Performance

NULG vs. NHYM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen ESG Large-Cap Growth ETF (NULG) and Nuveen High Yield Municipal Income ETF (NHYM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NULG achieves a 16.76% return, which is significantly higher than NHYM's 2.94% return.

NULG

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

NHYM

• 1D: 0.17%
• 1M: 1.24%
• YTD: 2.94%
• 6M: 3.46%
• 1Y: 8.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NULG vs. NHYM - Yearly Performance Comparison

	2026 (YTD)	2025
NULG Nuveen ESG Large-Cap Growth ETF	16.76%	8.61%
NHYM Nuveen High Yield Municipal Income ETF	2.94%	3.25%

Correlation

The correlation between NULG and NHYM is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (All Time) Calculated using the full available price history since Jan 24, 2025	0.08

Return for Risk

NULG vs. NHYM — 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

NHYM

NHYM Risk / Return Rank: 60
NHYM Sharpe Ratio Rank: 57
NHYM Sortino Ratio Rank: 63
NHYM Omega Ratio Rank: 66
NHYM Calmar Ratio Rank: 61
NHYM Martin Ratio Rank: 52

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. NHYM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen ESG Large-Cap Growth ETF (NULG) and Nuveen High Yield Municipal Income ETF (NHYM). 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	NHYM	Difference
Sharpe ratio: Return per unit of total volatility	1.56	1.89	-0.33
Sortino ratio: Return per unit of downside risk	2.15	2.90	-0.75
Omega ratio: Gain probability vs. loss probability	1.27	1.39	-0.11
Calmar ratio: Return relative to maximum drawdown	1.83	2.96	-1.13
Martin ratio: Return relative to average drawdown	6.22	8.68	-2.46
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. NHYM - Sharpe Ratio Comparison

The current NULG Sharpe Ratio is 1.56, which is comparable to the NHYM Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of NULG and NHYM, 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	NHYM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.56	1.89	-0.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.68	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.90	0.78	+0.12

Drawdowns

NULG vs. NHYM - Drawdown Comparison

The maximum NULG drawdown since its inception was -36.17%, which is greater than NHYM's maximum drawdown of -6.11%. Use the drawdown chart below to compare losses from any high point for NULG and NHYM.

Drawdown Indicators

	NULG	NHYM	Difference
Max Drawdown Largest peak-to-trough decline	-36.17%	-6.11%	-30.06%
Max Drawdown (1Y) Largest decline over 1 year	-14.50%	-2.77%	-11.73%
Max Drawdown (3Y) Largest decline over 3 years	-22.28%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-36.17%	—	—
Current Drawdown Current decline from peak	-0.99%	0.00%	-0.99%
Average Drawdown Average peak-to-trough decline	-6.84%	-1.73%	-5.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.26%	0.95%	+3.31%

Volatility

NULG vs. NHYM - Volatility Comparison

Nuveen ESG Large-Cap Growth ETF (NULG) has a higher volatility of 4.80% compared to Nuveen High Yield Municipal Income ETF (NHYM) at 1.35%. This indicates that NULG's price experiences larger fluctuations and is considered to be riskier than NHYM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NULG	NHYM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.80%	1.35%	+3.45%
Volatility (6M) Calculated over the trailing 6-month period	13.55%	2.61%	+10.94%
Volatility (1Y) Calculated over the trailing 1-year period	17.01%	4.39%	+12.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.51%	5.92%	+15.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.39%	5.92%	+15.47%

NULG vs. NHYM - Expense Ratio Comparison

NULG has a 0.25% expense ratio, which is lower than NHYM's 0.35% expense ratio.

Dividends

NULG vs. NHYM - Dividend Comparison

NULG's dividend yield for the trailing twelve months is around 0.10%, less than NHYM's 4.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
NHYM Nuveen High Yield Municipal Income ETF	4.52%	4.06%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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 NHYM in my portfolio?

NULG and NHYM have a correlation of 0.12, 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 NHYM?

NULG has higher volatility (4.80%) compared to NHYM (1.35%). In terms of maximum drawdown, NULG dropped -36.17% vs NHYM's -6.11%.

Which ETF is better, NULG or NHYM?

On 1-year performance, NULG leads with 26.42% vs 8.17% for NHYM. On fees, NULG is cheaper at 0.25% per year. On volatility, NHYM has been the lower-risk option at 1.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NULG or NHYM?

Over the 1-year period, NULG has performed better with a 26.42% return vs 8.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NULG or NHYM?

NULG is cheaper with a 0.25% expense ratio, compared with 0.35% for NHYM.

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

NHYM has the higher dividend yield at 4.52%, compared with 0.10% for NULG.

What is the main difference between NULG and NHYM?

NULG is categorized as Large Cap Growth Equities, while NHYM is High Yield Muni. Their fees differ too: 0.25% for NULG and 0.35% for NHYM.

Which has better risk-adjusted returns?

NHYM currently has the higher Sharpe Ratio (1.89 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.