NULG vs. USSG

Last updated Jun 5, 2026

NULG (Nuveen ESG Large-Cap Growth ETF) and USSG (Xtrackers MSCI USA ESG Leaders Equity ETF) are both Large Cap Growth Equities funds - NULG tracks the MSCI TIAA ESG USA Large Cap Growth while USSG tracks the MSCI USA ESG Leaders. Both are passively managed. Over the past 5 years, NULG returned 14.66%/yr vs 14.04%/yr for USSG. Their correlation of 0.93 suggests significant overlap in exposure. NULG charges 0.25%/yr vs 0.10%/yr for USSG.

Performance

NULG vs. USSG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen ESG Large-Cap Growth ETF (NULG) and Xtrackers MSCI USA ESG Leaders Equity ETF (USSG). 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 USSG's 10.71% return.

NULG

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

USSG

• 1D: 1.10%
• 1M: 5.20%
• YTD: 10.71%
• 6M: 11.08%
• 1Y: 29.11%
• 3Y*: 22.87%
• 5Y*: 14.04%
• 10Y*: —

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

NULG vs. USSG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
NULG Nuveen ESG Large-Cap Growth ETF	16.76%	14.07%	23.75%	42.71%	-28.43%	28.06%	39.58%	24.00%
USSG Xtrackers MSCI USA ESG Leaders Equity ETF	10.71%	18.97%	23.45%	29.17%	-20.33%	31.83%	18.71%	19.24%

Correlation

The correlation between NULG and USSG is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since Mar 8, 2019	0.93

The correlation between NULG and USSG has been stable across timeframes, ranging from 0.87 to 0.94 - a consistent structural relationship.

NULG vs. USSG - Sectors Allocation Comparison

Sectors	NULG	USSG
Technology	56.5%	36.9%
Consumer Cyclical	9.8%	8.6%
Industrials	9.4%	8.1%
Financial Services	7.1%	10.6%
Communication Services	6.5%	14.5%
Healthcare	5.5%	9.6%
Consumer Defensive	2.1%	4.2%
Basic Materials	1.9%	2.1%
Real Estate	1.2%	2.2%
Energy	-	2.1%
Utilities	-	1.1%

Return for Risk

NULG vs. USSG — 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

USSG

USSG Risk / Return Rank: 64
USSG Sharpe Ratio Rank: 69
USSG Sortino Ratio Rank: 70
USSG Omega Ratio Rank: 66
USSG Calmar Ratio Rank: 54
USSG Martin Ratio Rank: 63

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. USSG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen ESG Large-Cap Growth ETF (NULG) and Xtrackers MSCI USA ESG Leaders Equity ETF (USSG). 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	USSG	Difference
Sharpe ratio: Return per unit of total volatility	1.56	2.22	-0.66
Sortino ratio: Return per unit of downside risk	2.15	3.12	-0.96
Omega ratio: Gain probability vs. loss probability	1.27	1.39	-0.12
Calmar ratio: Return relative to maximum drawdown	1.83	2.61	-0.78
Martin ratio: Return relative to average drawdown	6.22	11.19	-4.97
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. USSG - Sharpe Ratio Comparison

The current NULG Sharpe Ratio is 1.56, which is comparable to the USSG Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of NULG and USSG, 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	USSG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.56	2.22	-0.66
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.68	0.80	-0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.90	0.85	+0.05

Drawdowns

NULG vs. USSG - Drawdown Comparison

The maximum NULG drawdown since its inception was -36.17%, which is greater than USSG's maximum drawdown of -34.10%. Use the drawdown chart below to compare losses from any high point for NULG and USSG.

Drawdown Indicators

	NULG	USSG	Difference
Max Drawdown Largest peak-to-trough decline	-36.17%	-34.10%	-2.07%
Max Drawdown (1Y) Largest decline over 1 year	-14.50%	-11.20%	-3.30%
Max Drawdown (3Y) Largest decline over 3 years	-22.28%	-20.00%	-2.28%
Max Drawdown (5Y) Largest decline over 5 years	-36.17%	-27.00%	-9.17%
Current Drawdown Current decline from peak	-0.99%	-0.12%	-0.87%
Average Drawdown Average peak-to-trough decline	-6.84%	-5.60%	-1.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.26%	2.61%	+1.65%

Volatility

NULG vs. USSG - Volatility Comparison

Nuveen ESG Large-Cap Growth ETF (NULG) has a higher volatility of 4.80% compared to Xtrackers MSCI USA ESG Leaders Equity ETF (USSG) at 3.86%. This indicates that NULG's price experiences larger fluctuations and is considered to be riskier than USSG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NULG	USSG	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.80%	3.86%	+0.94%
Volatility (6M) Calculated over the trailing 6-month period	13.55%	10.09%	+3.46%
Volatility (1Y) Calculated over the trailing 1-year period	17.01%	13.15%	+3.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.51%	17.59%	+3.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.39%	20.16%	+1.23%

NULG vs. USSG - Expense Ratio Comparison

NULG has a 0.25% expense ratio, which is higher than USSG's 0.10% 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. USSG - Dividend Comparison

NULG's dividend yield for the trailing twelve months is around 0.10%, less than USSG's 0.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
USSG Xtrackers MSCI USA ESG Leaders Equity ETF	0.94%	1.02%	1.13%	1.60%	1.52%	1.13%	1.42%	1.21%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NULG and USSG in my portfolio?

NULG and USSG have a correlation of 0.87, 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 USSG?

NULG has higher volatility (4.80%) compared to USSG (3.86%). In terms of maximum drawdown, NULG dropped -36.17% vs USSG's -34.10%.

Which ETF is better, NULG or USSG?

On 5-year performance, NULG leads with 14.66% vs 14.04% for USSG. On fees, USSG is cheaper at 0.10% per year. On volatility, USSG has been the lower-risk option at 3.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NULG or USSG?

Over the 5-year period, NULG has performed better with a 14.66% return vs 14.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NULG or USSG?

USSG is cheaper with a 0.10% expense ratio, compared with 0.25% for NULG.

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

USSG has the higher dividend yield at 0.94%, compared with 0.10% for NULG.

What is the main difference between NULG and USSG?

NULG tracks MSCI TIAA ESG USA Large Cap Growth, while USSG tracks MSCI USA ESG Leaders. They also come from different issuers: Nuveen and Deutsche Bank. Their fees differ too: 0.25% for NULG and 0.10% for USSG.

Which has better risk-adjusted returns?

USSG currently has the higher Sharpe Ratio (2.22 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.