NULV vs. FDL

Last updated Jul 16, 2026

NULV (Nuveen ESG Large-Cap Value ETF) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both Large Cap Value Equities funds - NULV tracks the MSCI TIAA ESG USA Large Cap Value while FDL tracks the Morningstar Dividend Leaders Index. Both are passively managed. Over the past 5 years, NULV returned 9.07%/yr vs 13.56%/yr for FDL. Their correlation of 0.81 suggests significant overlap in exposure. NULV charges 0.26%/yr vs 0.43%/yr for FDL.

Performance

NULV vs. FDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen ESG Large-Cap Value ETF (NULV) and First Trust Morningstar Dividend Leaders Index Fund (FDL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NULV achieves a 13.78% return, which is significantly lower than FDL's 14.84% return.

NULV

• 1D: 0.02%
• 1M: 0.92%
• 6M: 9.64%
• YTD: 13.78%
• 1Y: 24.86%
• 3Y*: 16.02%
• 5Y*: 9.07%
• 10Y*: —

FDL

• 1D: 0.62%
• 1M: 0.61%
• 6M: 10.09%
• YTD: 14.84%
• 1Y: 22.74%
• 3Y*: 18.57%
• 5Y*: 13.56%
• 10Y*: 10.73%

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

NULV vs. FDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NULV Nuveen ESG Large-Cap Value ETF	13.78%	16.31%	11.88%	7.60%	-10.09%	23.46%	1.87%	27.26%	-4.90%	15.67%
FDL First Trust Morningstar Dividend Leaders Index Fund	14.84%	14.79%	17.98%	2.94%	6.66%	26.10%	-4.30%	24.41%	-5.99%	12.02%

Correlation

The correlation between NULV and FDL is 0.53, 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	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (All Time) Calculated using the full available price history since Dec 14, 2016	0.81

Over the past year, the correlation between NULV and FDL has dropped to 0.53 - well below their long-term average of 0.81, suggesting their price drivers have been diverging.

NULV vs. FDL - Sectors Allocation Comparison

Sectors	NULV	FDL
Financial Services	21.0%	15.2%
Healthcare	14.6%	17.6%
Technology	13.8%	1.4%
Industrials	11.2%	3.9%
Consumer Defensive	10.2%	14.4%
Consumer Cyclical	5.7%	4.7%
Utilities	5.3%	6.5%
Communication Services	4.7%	10.6%
Energy	4.6%	25.7%
Basic Materials	4.1%	0.3%
Real Estate	3.7%	-

Return for Risk

NULV vs. FDL — Risk / Return Rank

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

NULV

NULV Risk / Return Rank: 86
NULV Sharpe Ratio Rank: 88
NULV Sortino Ratio Rank: 89
NULV Omega Ratio Rank: 86
NULV Calmar Ratio Rank: 81
NULV Martin Ratio Rank: 85

FDL

FDL Risk / Return Rank: 82
FDL Sharpe Ratio Rank: 78
FDL Sortino Ratio Rank: 84
FDL Omega Ratio Rank: 72
FDL Calmar Ratio Rank: 94
FDL Martin Ratio Rank: 80

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. FDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen ESG Large-Cap Value ETF (NULV) and First Trust Morningstar Dividend Leaders Index Fund (FDL). 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.

	NULV	FDL	Difference
Sharpe ratio: Return per unit of total volatility	2.32	1.98	+0.34
Sortino ratio: Return per unit of downside risk	3.28	3.00	+0.28
Omega ratio: Gain probability vs. loss probability	1.42	1.34	+0.08
Calmar ratio: Return relative to maximum drawdown	3.43	5.35	-1.92
Martin ratio: Return relative to average drawdown	13.72	12.19	+1.54

NULV vs. FDL - Sharpe Ratio Comparison

The current NULV Sharpe Ratio is 2.32, which is comparable to the FDL Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of NULV and FDL, 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

NULV vs. FDL - Drawdown Comparison

The maximum NULV drawdown since its inception was -36.99%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for NULV and FDL.

Drawdown Indicators

	NULV	FDL	Difference
Max Drawdown Largest peak-to-trough decline	-36.99%	-65.93%	+28.94%
Max Drawdown (1Y) Largest decline over 1 year	-7.28%	-4.27%	-3.01%
Max Drawdown (3Y) Largest decline over 3 years	-15.07%	-12.24%	-2.83%
Max Drawdown (5Y) Largest decline over 5 years	-21.47%	-16.46%	-5.01%
Max Drawdown (10Y) Largest decline over 10 years	—	-41.40%	—
Current Drawdown Current decline from peak	-0.58%	-1.22%	+0.64%
Average Drawdown Average peak-to-trough decline	-4.94%	-9.61%	+4.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.82%	1.87%	-0.05%

Volatility

NULV vs. FDL - Volatility Comparison

The current volatility for Nuveen ESG Large-Cap Value ETF (NULV) is 2.75%, while First Trust Morningstar Dividend Leaders Index Fund (FDL) has a volatility of 4.70%. This indicates that NULV experiences smaller price fluctuations and is considered to be less risky than FDL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NULV	FDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.75%	4.70%	-1.95%
Volatility (6M) Calculated over the trailing 6-month period	8.23%	8.44%	-0.21%
Volatility (1Y) Calculated over the trailing 1-year period	10.83%	11.68%	-0.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.31%	14.37%	-0.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.96%	17.12%	-0.16%

NULV vs. FDL - Expense Ratio Comparison

NULV has a 0.26% expense ratio, which is lower than FDL's 0.43% expense ratio.

Dividends

NULV vs. FDL - Dividend Comparison

NULV's dividend yield for the trailing twelve months is around 1.44%, less than FDL's 3.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDL First Trust Morningstar Dividend Leaders Index Fund	3.69%	4.04%	4.96%	4.58%	3.58%	4.59%	4.48%	3.75%	3.97%	3.18%	2.93%	3.65%
NULV Nuveen ESG Large-Cap Value ETF	1.44%	1.64%	2.09%	2.55%	2.12%	4.52%	1.42%	1.47%	3.73%	1.22%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NULV and FDL in my portfolio?

NULV and FDL have a correlation of 0.53, 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 FDL?

FDL has higher volatility (4.70%) compared to NULV (2.75%). In terms of maximum drawdown, NULV dropped -36.99% vs FDL's -65.93%.

Which ETF is better, NULV or FDL?

On 5-year performance, FDL leads with 13.56% vs 9.07% for NULV. On fees, NULV is cheaper at 0.26% per year. On volatility, NULV has been the lower-risk option at 2.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NULV or FDL?

Over the 5-year period, FDL has performed better with a 13.56% return vs 9.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NULV or FDL?

NULV is cheaper with a 0.26% expense ratio, compared with 0.43% for FDL.

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

FDL has the higher dividend yield at 3.69%, compared with 1.44% for NULV.

What is the main difference between NULV and FDL?

NULV tracks MSCI TIAA ESG USA Large Cap Value, while FDL tracks Morningstar Dividend Leaders Index. They also come from different issuers: Nuveen and First Trust. Their fees differ too: 0.26% for NULV and 0.43% for FDL.

Which has better risk-adjusted returns?

NULV currently has the higher Sharpe Ratio (2.32 vs 1.98), 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.