NULG vs. VOO

Last updated Jun 18, 2026

NULG (Nuveen ESG Large-Cap Growth ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - NULG is a Large Cap Growth Equities fund tracking the MSCI TIAA ESG USA Large Cap Growth, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, NULG returned 14.32%/yr vs 13.84%/yr for VOO. Their correlation of 0.89 suggests significant overlap in exposure. NULG charges 0.25%/yr vs 0.03%/yr for VOO.

Performance

NULG vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen ESG Large-Cap Growth ETF (NULG) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NULG achieves a 16.38% return, which is significantly higher than VOO's 9.00% return.

NULG

• 1D: -0.42%
• 1M: 4.28%
• YTD: 16.38%
• 6M: 20.38%
• 1Y: 27.25%
• 3Y*: 22.95%
• 5Y*: 14.32%
• 10Y*: —

VOO

• 1D: -1.21%
• 1M: 0.37%
• YTD: 9.00%
• 6M: 11.04%
• 1Y: 25.53%
• 3Y*: 20.52%
• 5Y*: 13.84%
• 10Y*: 15.51%

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

NULG vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NULG Nuveen ESG Large-Cap Growth ETF	16.38%	14.07%	23.75%	42.71%	-28.43%	28.06%	39.58%	39.23%	0.31%	24.57%
VOO Vanguard S&P 500 ETF	9.00%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%

Correlation

The correlation between NULG and VOO is 0.90, 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	0.90
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 Dec 14, 2016	0.89

The correlation between NULG and VOO has been stable across timeframes, ranging from 0.89 to 0.94 - a consistent structural relationship.

NULG vs. VOO - Sectors Allocation Comparison

Sectors	NULG	VOO
Technology	60.3%	35.6%
Consumer Cyclical	8.7%	10.1%
Industrials	8.5%	8.0%
Financial Services	6.5%	11.6%
Communication Services	6.0%	11.1%
Healthcare	5.6%	8.5%
Consumer Defensive	1.8%	4.9%
Basic Materials	1.7%	1.8%
Real Estate	1.0%	1.9%
Energy	-	3.5%
Utilities	-	2.8%

Return for Risk

NULG vs. VOO — Risk / Return Rank

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

NULG

NULG Risk / Return Rank: 43
NULG Sharpe Ratio Rank: 46
NULG Sortino Ratio Rank: 43
NULG Omega Ratio Rank: 44
NULG Calmar Ratio Rank: 39
NULG Martin Ratio Rank: 41

VOO

VOO Risk / Return Rank: 68
VOO Sharpe Ratio Rank: 68
VOO Sortino Ratio Rank: 66
VOO Omega Ratio Rank: 69
VOO Calmar Ratio Rank: 61
VOO Martin Ratio Rank: 74

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. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen ESG Large-Cap Growth ETF (NULG) and Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio: Return per unit of total volatility	1.52	2.08	-0.56
Sortino ratio: Return per unit of downside risk	2.09	2.81	-0.72
Omega ratio: Gain probability vs. loss probability	1.27	1.38	-0.11
Calmar ratio: Return relative to maximum drawdown	1.89	2.88	-0.99
Martin ratio: Return relative to average drawdown	6.35	12.99	-6.64

NULG vs. VOO - Sharpe Ratio Comparison

The current NULG Sharpe Ratio is 1.52, which is comparable to the VOO Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of NULG and VOO, 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. VOO - Drawdown Comparison

The maximum NULG drawdown since its inception was -36.17%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for NULG and VOO.

Drawdown Indicators

	NULG	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-36.17%	-33.99%	-2.18%
Max Drawdown (1Y) Largest decline over 1 year	-14.50%	-8.90%	-5.60%
Max Drawdown (3Y) Largest decline over 3 years	-22.28%	-18.69%	-3.59%
Max Drawdown (5Y) Largest decline over 5 years	-36.17%	-24.52%	-11.65%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.99%	—
Current Drawdown Current decline from peak	-1.62%	-2.41%	+0.79%
Average Drawdown Average peak-to-trough decline	-6.82%	-3.68%	-3.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.30%	1.97%	+2.33%

Volatility

NULG vs. VOO - Volatility Comparison

Nuveen ESG Large-Cap Growth ETF (NULG) has a higher volatility of 7.43% compared to Vanguard S&P 500 ETF (VOO) at 4.65%. This indicates that NULG's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NULG	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.43%	4.65%	+2.78%
Volatility (6M) Calculated over the trailing 6-month period	14.78%	9.76%	+5.02%
Volatility (1Y) Calculated over the trailing 1-year period	18.06%	12.37%	+5.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.69%	16.91%	+4.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.45%	18.05%	+3.40%

NULG vs. VOO - Expense Ratio Comparison

NULG has a 0.25% expense ratio, which is higher than VOO's 0.03% 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. VOO - Dividend Comparison

NULG's dividend yield for the trailing twelve months is around 0.10%, less than VOO's 1.05% 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%
VOO Vanguard S&P 500 ETF	1.05%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both NULG and VOO in my portfolio?

NULG and VOO have a correlation of 0.90, 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 VOO?

NULG has higher volatility (7.43%) compared to VOO (4.65%). In terms of maximum drawdown, NULG dropped -36.17% vs VOO's -33.99%.

Which ETF is better, NULG or VOO?

On 5-year performance, NULG leads with 14.32% vs 13.84% for VOO. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 4.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NULG or VOO?

Over the 5-year period, NULG has performed better with a 14.32% return vs 13.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NULG or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.25% for NULG.

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

VOO has the higher dividend yield at 1.05%, compared with 0.10% for NULG.

What is the main difference between NULG and VOO?

NULG is categorized as Large Cap Growth Equities, while VOO is S&P 500. NULG tracks MSCI TIAA ESG USA Large Cap Growth, while VOO tracks S&P 500 Index. They also come from different issuers: Nuveen and Vanguard. Their fees differ too: 0.25% for NULG and 0.03% for VOO.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (2.08 vs 1.52), 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.