NULG vs. QQQ

Last updated Jul 29, 2026

NULG (Nuveen ESG Large-Cap Growth ETF) and QQQ (Invesco QQQ ETF) are both exchange-traded funds - NULG is a Large Cap Growth Equities fund tracking the MSCI TIAA ESG USA Large Cap Growth, while QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 5 years, NULG returned 12.07%/yr vs 13.69%/yr for QQQ. Their correlation of 0.90 means they have usually moved in the same direction. NULG charges 0.25%/yr vs 0.18%/yr for QQQ.

Performance

NULG vs. QQQ - Performance Comparison

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

Returns By Period

In the year-to-date period, NULG achieves a 13.44% return, which is significantly higher than QQQ's 10.22% return.

NULG

• 1D: -0.43%
• 1M: -1.40%
• 6M: 11.59%
• YTD: 13.44%
• 1Y: 13.38%
• 3Y*: 20.40%
• 5Y*: 12.07%
• 10Y*: —
• ALL TIME*: 18.41%

QQQ

• 1D: -0.97%
• 1M: -4.39%
• 6M: 7.28%
• YTD: 10.22%
• 1Y: 19.47%
• 3Y*: 21.47%
• 5Y*: 13.69%
• 10Y*: 20.19%
• ALL TIME*: 10.57%

*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)
NULG Nuveen ESG Large-Cap Growth ETF	$4.46M	$5.57M	$8.22M
QQQ Invesco QQQ ETF	$27.38B	$27.21B	$30.90B

NULG vs. QQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NULG Nuveen ESG Large-Cap Growth ETF	13.44%	14.07%	23.75%	42.71%	-28.43%	28.06%	39.58%	39.23%	0.31%	24.57%
QQQ Invesco QQQ ETF	10.22%	20.77%	25.58%	54.86%	-32.58%	27.42%	48.62%	38.96%	-0.13%	32.66%

Correlation

The correlation between NULG and QQQ is 0.92, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.92
Correlation (3Y) Balances recent behavior with more history.	0.93
Correlation (5Y) Shows whether the relationship held over a longer period.	0.95
Correlation (All Time) Calculated using the full available price history since Dec 14, 2016	0.90

The correlation between NULG and QQQ has been stable across timeframes, ranging from 0.90 to 0.95 - a consistent structural relationship.

NULG vs. QQQ - Sectors Allocation Comparison

Sectors	NULG	QQQ
Technology	51.1%	60.9%
Consumer Cyclical	13.6%	10.7%
Industrials	11.8%	2.7%
Healthcare	9.0%	3.6%
Communication Services	5.0%	13.1%
Financial Services	4.5%	0.2%
Real Estate	2.3%	0.1%
Basic Materials	2.2%	1.0%
Consumer Defensive	0.6%	6.3%
Energy	-	0.5%
Utilities	-	1.1%

Return for Risk

NULG vs. QQQ — Risk / Return Rank

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

NULG

NULG Risk / Return Rank: 29
NULG Sharpe Ratio Rank: 29
NULG Sortino Ratio Rank: 28
NULG Omega Ratio Rank: 27
NULG Calmar Ratio Rank: 28
NULG Martin Ratio Rank: 31

QQQ

QQQ Risk / Return Rank: 43
QQQ Sharpe Ratio Rank: 41
QQQ Sortino Ratio Rank: 40
QQQ Omega Ratio Rank: 38
QQQ Calmar Ratio Rank: 46
QQQ Martin Ratio Rank: 48

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. QQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen ESG Large-Cap Growth ETF (NULG) and Invesco QQQ ETF (QQQ). 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	QQQ	Difference
Sharpe ratio: Return per unit of total volatility	0.72	1.03	-0.31
Sortino ratio: Return per unit of downside risk	1.10	1.48	-0.38
Omega ratio: Gain probability vs. loss probability	1.13	1.19	-0.05
Calmar ratio: Return relative to maximum drawdown	0.93	1.63	-0.71
Martin ratio: Return relative to average drawdown	3.05	5.42	-2.36

NULG vs. QQQ - Sharpe Ratio Comparison

The current NULG Sharpe Ratio is 0.72, which is lower than the QQQ Sharpe Ratio of 1.03. The chart below compares the historical Sharpe Ratios of NULG and QQQ, 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. QQQ - Drawdown Comparison

The maximum NULG drawdown since its inception was -36.17%, smaller than the maximum QQQ drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for NULG and QQQ.

Drawdown Indicators

	NULG	QQQ	Difference
Max Drawdown Largest peak-to-trough decline	-36.17%	-82.97%	+46.80%
Max Drawdown (1Y) Largest decline over 1 year	-14.50%	-11.96%	-2.54%
Max Drawdown (3Y) Largest decline over 3 years	-22.28%	-22.77%	+0.49%
Max Drawdown (5Y) Largest decline over 5 years	-36.17%	-35.12%	-1.05%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.12%	—
Current Drawdown Current decline from peak	-5.23%	-9.37%	+4.14%
Average Drawdown Average peak-to-trough decline	-6.77%	-32.63%	+25.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.40%	3.60%	+0.80%

Volatility

NULG vs. QQQ - Volatility Comparison

The current volatility for Nuveen ESG Large-Cap Growth ETF (NULG) is 5.53%, while Invesco QQQ ETF (QQQ) has a volatility of 6.59%. This indicates that NULG experiences smaller price fluctuations and is considered to be less risky than QQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NULG	QQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.53%	6.59%	-1.06%
Volatility (6M) Calculated over the trailing 6-month period	15.27%	15.65%	-0.38%
Volatility (1Y) Calculated over the trailing 1-year period	18.78%	18.99%	-0.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.83%	22.84%	-1.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.43%	22.48%	-1.05%

NULG vs. QQQ - Expense Ratio Comparison

NULG has a 0.25% expense ratio, which is higher than QQQ's 0.18% 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

NULG vs. QQQ - Dividend Comparison

NULG's dividend yield for the trailing twelve months is around 0.10%, less than QQQ's 0.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
QQQ Invesco QQQ ETF	0.45%	0.45%	0.56%	0.62%	0.80%	0.43%	0.55%	0.74%	0.91%	0.84%	1.06%	0.99%

Frequently Asked Questions

Can I hold both NULG and QQQ in my portfolio?

With a correlation of 0.92, NULG and QQQ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, NULG or QQQ?

QQQ has higher volatility (6.59%) compared to NULG (5.53%). In terms of maximum drawdown, NULG dropped -36.17% vs QQQ's -82.97%.

Which ETF is better, NULG or QQQ?

On 5-year performance, QQQ leads with 13.69% vs 12.07% for NULG. On fees, QQQ is cheaper at 0.18% per year. On volatility, NULG has been the lower-risk option at 5.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NULG or QQQ?

Over the 5-year period, QQQ has performed better with a 13.69% return vs 12.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NULG or QQQ?

QQQ is cheaper with a 0.18% expense ratio, compared with 0.25% for NULG.

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

QQQ has the higher dividend yield at 0.45%, compared with 0.10% for NULG.

What is the main difference between NULG and QQQ?

NULG is categorized as Large Cap Growth Equities, while QQQ is Nasdaq-100. NULG tracks MSCI TIAA ESG USA Large Cap Growth, while QQQ tracks NASDAQ-100 Index. They also come from different issuers: Nuveen and Invesco. Their fees differ too: 0.25% for NULG and 0.18% for QQQ.

Which has better risk-adjusted returns?

QQQ currently has the higher Sharpe Ratio (1.03 vs 0.72), 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.