NULV vs. CVSE

Last updated Jun 4, 2026

NULV (Nuveen ESG Large-Cap Value ETF) and CVSE (Calvert US Select Equity ETF) are both exchange-traded funds - NULV is a Large Cap Value Equities fund tracking the MSCI TIAA ESG USA Large Cap Value, while CVSE is a Large Cap Blend Equities fund actively managed by Calvert. NULV is passively managed, while CVSE is actively managed. Over the past 3 years, NULV returned 17.26%/yr vs 13.34%/yr for CVSE. A 0.72 correlation means they provide meaningful diversification when combined. NULV charges 0.26%/yr vs 0.29%/yr for CVSE.

Performance

NULV vs. CVSE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen ESG Large-Cap Value ETF (NULV) and Calvert US Select Equity ETF (CVSE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

NULV

• 1D: -0.70%
• 1M: 2.62%
• YTD: 12.83%
• 6M: 13.15%
• 1Y: 26.76%
• 3Y*: 17.26%
• 5Y*: 8.48%
• 10Y*: —

CVSE

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: 0.00%
• 1Y: 8.06%
• 3Y*: 13.34%
• 5Y*: —
• 10Y*: —

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

NULV vs. CVSE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NULV Nuveen ESG Large-Cap Value ETF	12.83%	16.31%	11.88%	3.12%
CVSE Calvert US Select Equity ETF	0.00%	10.14%	19.11%	13.35%

Correlation

The correlation between NULV and CVSE is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (All Time) Calculated using the full available price history since Feb 2, 2023	0.72

Over the past year, the correlation between NULV and CVSE has dropped to 0.40 - well below their long-term average of 0.72, suggesting their price drivers have been diverging.

NULV vs. CVSE - Sectors Allocation Comparison

Sectors	NULV	CVSE
Technology	20.1%	39.5%
Financial Services	18.8%	16.3%
Communication Services	13.7%	5.1%
Healthcare	11.6%	10.3%
Industrials	10.2%	11.3%
Consumer Defensive	9.2%	1.7%
Energy	4.1%	-
Consumer Cyclical	4.0%	7.0%
Utilities	3.6%	2.5%
Real Estate	2.7%	3.5%
Basic Materials	2.3%	2.7%

Return for Risk

NULV vs. CVSE — Risk / Return Rank

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

NULV

NULV Risk / Return Rank: 77
NULV Sharpe Ratio Rank: 78
NULV Sortino Ratio Rank: 81
NULV Omega Ratio Rank: 76
NULV Calmar Ratio Rank: 74
NULV Martin Ratio Rank: 79

CVSE

CVSE Risk / Return Rank: 46
CVSE Sharpe Ratio Rank: 36
CVSE Sortino Ratio Rank: 37
CVSE Omega Ratio Rank: 67
CVSE Calmar Ratio Rank: 54
CVSE Martin Ratio Rank: 37

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.

NULV vs. CVSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen ESG Large-Cap Value ETF (NULV) and Calvert US Select Equity ETF (CVSE). 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.

	NULV	CVSE	Difference
Sharpe ratio: Return per unit of total volatility	2.52	1.28	+1.25
Sortino ratio: Return per unit of downside risk	3.62	1.90	+1.72
Omega ratio: Gain probability vs. loss probability	1.45	1.40	+0.05
Calmar ratio: Return relative to maximum drawdown	3.69	2.66	+1.03
Martin ratio: Return relative to average drawdown	15.52	5.71	+9.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NULV vs. CVSE - Sharpe Ratio Comparison

The current NULV Sharpe Ratio is 2.52, which is higher than the CVSE Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of NULV and CVSE, 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

	NULV	CVSE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.52	1.28	+1.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	0.92	-0.32

Drawdowns

NULV vs. CVSE - Drawdown Comparison

The maximum NULV drawdown since its inception was -36.99%, which is greater than CVSE's maximum drawdown of -20.29%. Use the drawdown chart below to compare losses from any high point for NULV and CVSE.

Drawdown Indicators

	NULV	CVSE	Difference
Max Drawdown Largest peak-to-trough decline	-36.99%	-20.29%	-16.70%
Max Drawdown (1Y) Largest decline over 1 year	-7.28%	-3.08%	-4.20%
Max Drawdown (3Y) Largest decline over 3 years	-15.07%	-20.29%	+5.22%
Max Drawdown (5Y) Largest decline over 5 years	-21.47%	—	—
Current Drawdown Current decline from peak	-0.70%	-1.68%	+0.98%
Average Drawdown Average peak-to-trough decline	-4.98%	-2.69%	-2.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.73%	1.42%	+0.31%

Volatility

NULV vs. CVSE - Volatility Comparison

Nuveen ESG Large-Cap Value ETF (NULV) has a higher volatility of 2.55% compared to Calvert US Select Equity ETF (CVSE) at 0.00%. This indicates that NULV's price experiences larger fluctuations and is considered to be riskier than CVSE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NULV	CVSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.55%	0.00%	+2.55%
Volatility (6M) Calculated over the trailing 6-month period	7.94%	0.00%	+7.94%
Volatility (1Y) Calculated over the trailing 1-year period	10.67%	6.49%	+4.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.33%	13.87%	+0.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.02%	13.87%	+3.15%

NULV vs. CVSE - Expense Ratio Comparison

NULV has a 0.26% expense ratio, which is lower than CVSE's 0.29% expense ratio.

Dividends

NULV vs. CVSE - Dividend Comparison

NULV's dividend yield for the trailing twelve months is around 1.45%, more than CVSE's 0.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CVSE Calvert US Select Equity ETF	0.59%	0.81%	1.05%	1.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
NULV Nuveen ESG Large-Cap Value ETF	1.45%	1.64%	2.09%	2.55%	2.12%	4.52%	1.42%	1.47%	3.73%	1.22%

Frequently Asked Questions

Can I hold both NULV and CVSE in my portfolio?

NULV and CVSE have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NULV or CVSE?

NULV has higher volatility (2.55%) compared to CVSE (0.00%). In terms of maximum drawdown, NULV dropped -36.99% vs CVSE's -20.29%.

Which ETF is better, NULV or CVSE?

On 3-year performance, NULV leads with 17.26% vs 13.34% for CVSE. On fees, NULV is cheaper at 0.26% per year. On volatility, CVSE has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NULV or CVSE?

Over the 3-year period, NULV has performed better with a 17.26% return vs 13.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NULV or CVSE?

NULV is cheaper with a 0.26% expense ratio, compared with 0.29% for CVSE.

Which ETF pays a higher dividend yield, NULV or CVSE?

NULV has the higher dividend yield at 1.45%, compared with 0.59% for CVSE.

What is the main difference between NULV and CVSE?

NULV is categorized as Large Cap Value Equities, while CVSE is Large Cap Blend Equities. They also come from different issuers: Nuveen and Calvert. Their fees differ too: 0.26% for NULV and 0.29% for CVSE.

Which has better risk-adjusted returns?

NULV currently has the higher Sharpe Ratio (2.52 vs 1.28), 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.