NULV vs. FNDX

Last updated Jul 16, 2026

NULV (Nuveen ESG Large-Cap Value ETF) and FNDX (Schwab Fundamental U.S. Large Company Index ETF) are both Large Cap Value Equities funds - NULV tracks the MSCI TIAA ESG USA Large Cap Value while FNDX tracks the RAFI Fundamental High Liquidity US Large Index. Both are passively managed. Over the past 5 years, NULV returned 9.07%/yr vs 13.97%/yr for FNDX. Their correlation of 0.91 suggests significant overlap in exposure. NULV charges 0.26%/yr vs 0.25%/yr for FNDX.

Performance

NULV vs. FNDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen ESG Large-Cap Value ETF (NULV) and Schwab Fundamental U.S. Large Company Index ETF (FNDX). 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 FNDX's 16.60% return.

NULV

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

FNDX

• 1D: 0.13%
• 1M: 0.54%
• 6M: 12.51%
• YTD: 16.60%
• 1Y: 30.04%
• 3Y*: 19.71%
• 5Y*: 13.97%
• 10Y*: 14.04%

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

NULV vs. FNDX - 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%
FNDX Schwab Fundamental U.S. Large Company Index ETF	16.60%	16.94%	16.77%	18.23%	-6.92%	31.73%	9.12%	28.65%	-7.30%	17.12%

Correlation

The correlation between NULV and FNDX is 0.88, 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	0.88
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	0.91

The correlation between NULV and FNDX has been stable across timeframes, ranging from 0.88 to 0.94 - a consistent structural relationship.

NULV vs. FNDX - Sectors Allocation Comparison

Sectors	NULV	FNDX
Financial Services	21.0%	13.3%
Healthcare	14.6%	11.9%
Technology	13.8%	22.1%
Industrials	11.2%	9.1%
Consumer Defensive	10.2%	7.0%
Consumer Cyclical	5.7%	9.1%
Utilities	5.3%	3.0%
Communication Services	4.7%	9.9%
Energy	4.6%	9.3%
Basic Materials	4.1%	3.6%
Real Estate	3.7%	1.7%

Return for Risk

NULV vs. FNDX — 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

FNDX

FNDX Risk / Return Rank: 94
FNDX Sharpe Ratio Rank: 95
FNDX Sortino Ratio Rank: 95
FNDX Omega Ratio Rank: 94
FNDX Calmar Ratio Rank: 93
FNDX Martin Ratio Rank: 93

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. FNDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen ESG Large-Cap Value ETF (NULV) and Schwab Fundamental U.S. Large Company Index ETF (FNDX). 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	FNDX	Difference
Sharpe ratio: Return per unit of total volatility	2.32	2.95	-0.63
Sortino ratio: Return per unit of downside risk	3.28	4.11	-0.83
Omega ratio: Gain probability vs. loss probability	1.42	1.55	-0.13
Calmar ratio: Return relative to maximum drawdown	3.43	4.98	-1.55
Martin ratio: Return relative to average drawdown	13.72	19.31	-5.58

NULV vs. FNDX - Sharpe Ratio Comparison

The current NULV Sharpe Ratio is 2.32, which is comparable to the FNDX Sharpe Ratio of 2.95. The chart below compares the historical Sharpe Ratios of NULV and FNDX, 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. FNDX - Drawdown Comparison

The maximum NULV drawdown since its inception was -36.99%, roughly equal to the maximum FNDX drawdown of -37.72%. Use the drawdown chart below to compare losses from any high point for NULV and FNDX.

Drawdown Indicators

	NULV	FNDX	Difference
Max Drawdown Largest peak-to-trough decline	-36.99%	-37.72%	+0.73%
Max Drawdown (1Y) Largest decline over 1 year	-7.28%	-6.06%	-1.22%
Max Drawdown (3Y) Largest decline over 3 years	-15.07%	-16.30%	+1.23%
Max Drawdown (5Y) Largest decline over 5 years	-21.47%	-19.06%	-2.41%
Max Drawdown (10Y) Largest decline over 10 years	—	-37.72%	—
Current Drawdown Current decline from peak	-0.58%	0.00%	-0.58%
Average Drawdown Average peak-to-trough decline	-4.94%	-3.53%	-1.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.82%	1.56%	+0.26%

Volatility

NULV vs. FNDX - Volatility Comparison

Nuveen ESG Large-Cap Value ETF (NULV) has a higher volatility of 2.75% compared to Schwab Fundamental U.S. Large Company Index ETF (FNDX) at 2.04%. This indicates that NULV's price experiences larger fluctuations and is considered to be riskier than FNDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NULV	FNDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.75%	2.04%	+0.71%
Volatility (6M) Calculated over the trailing 6-month period	8.23%	7.40%	+0.83%
Volatility (1Y) Calculated over the trailing 1-year period	10.83%	10.31%	+0.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.31%	15.13%	-0.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.96%	17.44%	-0.48%

NULV vs. FNDX - Expense Ratio Comparison

NULV has a 0.26% expense ratio, which is higher than FNDX's 0.25% 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

NULV vs. FNDX - Dividend Comparison

NULV's dividend yield for the trailing twelve months is around 1.44%, less than FNDX's 1.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNDX Schwab Fundamental U.S. Large Company Index ETF	1.46%	1.63%	1.76%	1.82%	2.07%	1.64%	2.29%	2.23%	2.40%	1.86%	2.01%	2.01%
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 FNDX in my portfolio?

NULV and FNDX have a correlation of 0.88, 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 FNDX?

NULV has higher volatility (2.75%) compared to FNDX (2.04%). In terms of maximum drawdown, NULV dropped -36.99% vs FNDX's -37.72%.

Which ETF is better, NULV or FNDX?

On 5-year performance, FNDX leads with 13.97% vs 9.07% for NULV. On fees, FNDX is cheaper at 0.25% per year. On volatility, FNDX has been the lower-risk option at 2.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NULV or FNDX?

Over the 5-year period, FNDX has performed better with a 13.97% 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 FNDX?

FNDX is cheaper with a 0.25% expense ratio, compared with 0.26% for NULV.

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

FNDX has the higher dividend yield at 1.46%, compared with 1.44% for NULV.

What is the main difference between NULV and FNDX?

NULV tracks MSCI TIAA ESG USA Large Cap Value, while FNDX tracks RAFI Fundamental High Liquidity US Large Index. They also come from different issuers: Nuveen and Charles Schwab. Their fees differ too: 0.26% for NULV and 0.25% for FNDX.

Which has better risk-adjusted returns?

FNDX currently has the higher Sharpe Ratio (2.95 vs 2.32), 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.