NULG vs. NUEM

Last updated Jun 25, 2026

NULG (Nuveen ESG Large-Cap Growth ETF) and NUEM (Nuveen ESG Emerging Markets Equity ETF) are both exchange-traded funds - NULG is a Large Cap Growth Equities fund tracking the MSCI TIAA ESG USA Large Cap Growth, while NUEM is a Emerging Markets Equities fund tracking the MSCI TIAA ESG Emerging Markets. Both are passively managed. Over the past 5 years, NULG returned 13.44%/yr vs 4.89%/yr for NUEM. A 0.59 correlation means they provide meaningful diversification when combined. NULG charges 0.25%/yr vs 0.35%/yr for NUEM.

Performance

NULG vs. NUEM - Performance Comparison

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

Returns By Period

In the year-to-date period, NULG achieves a 15.51% return, which is significantly lower than NUEM's 17.45% return.

NULG

• 1D: 0.28%
• 1M: 1.92%
• YTD: 15.51%
• 6M: 13.97%
• 1Y: 24.20%
• 3Y*: 23.37%
• 5Y*: 13.44%
• 10Y*: —

NUEM

• 1D: -0.29%
• 1M: 2.12%
• YTD: 17.45%
• 6M: 17.09%
• 1Y: 31.22%
• 3Y*: 18.78%
• 5Y*: 4.89%
• 10Y*: —

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

NULG vs. NUEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NULG Nuveen ESG Large-Cap Growth ETF	15.51%	14.07%	23.75%	42.71%	-28.43%	28.06%	39.58%	39.23%	0.31%	10.69%
NUEM Nuveen ESG Emerging Markets Equity ETF	17.45%	27.12%	9.73%	8.57%	-19.74%	-1.08%	24.09%	16.67%	-17.26%	18.50%

Correlation

The correlation between NULG and NUEM is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (All Time) Calculated using the full available price history since Jun 13, 2017	0.59

The correlation between NULG and NUEM shifts across timeframes, from 0.58 (3 years) to 0.68 (1 year), reflecting how their relationship changes across market environments.

NULG vs. NUEM - Sectors Allocation Comparison

Sectors	NULG	NUEM
Technology	60.3%	36.5%
Consumer Cyclical	8.7%	11.2%
Industrials	8.5%	11.1%
Financial Services	6.5%	16.8%
Communication Services	6.0%	7.6%
Healthcare	5.6%	2.6%
Consumer Defensive	1.8%	1.5%
Basic Materials	1.7%	7.9%
Real Estate	1.0%	0.6%
Energy	-	2.6%
Utilities	-	1.7%

Return for Risk

NULG vs. NUEM — Risk / Return Rank

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

NULG

NULG Risk / Return Rank: 39
NULG Sharpe Ratio Rank: 42
NULG Sortino Ratio Rank: 40
NULG Omega Ratio Rank: 40
NULG Calmar Ratio Rank: 36
NULG Martin Ratio Rank: 39

NUEM

NUEM Risk / Return Rank: 55
NUEM Sharpe Ratio Rank: 50
NUEM Sortino Ratio Rank: 48
NUEM Omega Ratio Rank: 54
NUEM Calmar Ratio Rank: 62
NUEM Martin Ratio Rank: 58

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. NUEM - Risk-Adjusted Trends Comparison

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

	NULG	NUEM	Difference
Sharpe ratio: Return per unit of total volatility	1.34	1.53	-0.19
Sortino ratio: Return per unit of downside risk	1.86	2.12	-0.26
Omega ratio: Gain probability vs. loss probability	1.24	1.30	-0.06
Calmar ratio: Return relative to maximum drawdown	1.68	2.71	-1.04
Martin ratio: Return relative to average drawdown	5.63	9.14	-3.51

NULG vs. NUEM - Sharpe Ratio Comparison

The current NULG Sharpe Ratio is 1.34, which is comparable to the NUEM Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of NULG and NUEM, 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

NULG vs. NUEM - Drawdown Comparison

The maximum NULG drawdown since its inception was -36.17%, smaller than the maximum NUEM drawdown of -39.48%. Use the drawdown chart below to compare losses from any high point for NULG and NUEM.

Drawdown Indicators

	NULG	NUEM	Difference
Max Drawdown Largest peak-to-trough decline	-36.17%	-39.48%	+3.31%
Max Drawdown (1Y) Largest decline over 1 year	-14.50%	-11.56%	-2.94%
Max Drawdown (3Y) Largest decline over 3 years	-22.28%	-17.58%	-4.70%
Max Drawdown (5Y) Largest decline over 5 years	-36.17%	-38.10%	+1.93%
Current Drawdown Current decline from peak	-2.54%	-5.32%	+2.78%
Average Drawdown Average peak-to-trough decline	-6.81%	-14.95%	+8.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.31%	3.42%	+0.89%

Volatility

NULG vs. NUEM - Volatility Comparison

The current volatility for Nuveen ESG Large-Cap Growth ETF (NULG) is 7.92%, while Nuveen ESG Emerging Markets Equity ETF (NUEM) has a volatility of 10.41%. This indicates that NULG experiences smaller price fluctuations and is considered to be less risky than NUEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NULG	NUEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.92%	10.41%	-2.49%
Volatility (6M) Calculated over the trailing 6-month period	14.79%	18.42%	-3.63%
Volatility (1Y) Calculated over the trailing 1-year period	18.28%	20.67%	-2.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.74%	20.15%	+1.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.46%	20.36%	+1.10%

NULG vs. NUEM - Expense Ratio Comparison

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

Dividends

NULG vs. NUEM - Dividend Comparison

NULG's dividend yield for the trailing twelve months is around 0.10%, less than NUEM's 3.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
NUEM Nuveen ESG Emerging Markets Equity ETF	3.05%	3.58%	1.95%	2.37%	1.90%	2.45%	1.26%	1.98%	2.05%	0.62%
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 NUEM in my portfolio?

NULG and NUEM have a correlation of 0.68, 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 NUEM?

NUEM has higher volatility (10.41%) compared to NULG (7.92%). In terms of maximum drawdown, NULG dropped -36.17% vs NUEM's -39.48%.

Which ETF is better, NULG or NUEM?

On 5-year performance, NULG leads with 13.44% vs 4.89% for NUEM. On fees, NULG is cheaper at 0.25% per year. On volatility, NULG has been the lower-risk option at 7.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NULG or NUEM?

Over the 5-year period, NULG has performed better with a 13.44% return vs 4.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NULG or NUEM?

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

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

NUEM has the higher dividend yield at 3.05%, compared with 0.10% for NULG.

What is the main difference between NULG and NUEM?

NULG is categorized as Large Cap Growth Equities, while NUEM is Emerging Markets Equities. NULG tracks MSCI TIAA ESG USA Large Cap Growth, while NUEM tracks MSCI TIAA ESG Emerging Markets. Their fees differ too: 0.25% for NULG and 0.35% for NUEM.

Which has better risk-adjusted returns?

NUEM currently has the higher Sharpe Ratio (1.53 vs 1.34), 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.