NULV vs. NCPB

Last updated Jun 5, 2026

NULV (Nuveen ESG Large-Cap Value ETF) and NCPB (Nuveen Core Plus Bond ETF) are both exchange-traded funds - NULV is a Large Cap Value Equities fund tracking the MSCI TIAA ESG USA Large Cap Value, while NCPB is a Intermediate Core-Plus Bond fund actively managed by Nuveen. NULV is passively managed, while NCPB is actively managed. Over the past year, NULV returned 28.31% vs 5.71% for NCPB. At a 0.34 correlation, their price movements are largely independent. NULV charges 0.26%/yr vs 0.30%/yr for NCPB.

Performance

NULV vs. NCPB - Performance Comparison

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

Returns By Period

In the year-to-date period, NULV achieves a 13.87% return, which is significantly higher than NCPB's 0.59% return.

NULV

• 1D: 0.92%
• 1M: 2.54%
• YTD: 13.87%
• 6M: 14.07%
• 1Y: 28.31%
• 3Y*: 17.85%
• 5Y*: 8.68%
• 10Y*: —

NCPB

• 1D: 0.12%
• 1M: 0.33%
• YTD: 0.59%
• 6M: 0.84%
• 1Y: 5.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NULV vs. NCPB - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NULV Nuveen ESG Large-Cap Value ETF	13.87%	16.31%	7.03%
NCPB Nuveen Core Plus Bond ETF	0.59%	7.69%	3.55%

Correlation

The correlation between NULV and NCPB is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (All Time) Calculated using the full available price history since Mar 7, 2024	0.34

Return for Risk

NULV vs. NCPB — Risk / Return Rank

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

NULV

NULV Risk / Return Rank: 82
NULV Sharpe Ratio Rank: 83
NULV Sortino Ratio Rank: 86
NULV Omega Ratio Rank: 81
NULV Calmar Ratio Rank: 78
NULV Martin Ratio Rank: 82

NCPB

NCPB Risk / Return Rank: 46
NCPB Sharpe Ratio Rank: 48
NCPB Sortino Ratio Rank: 50
NCPB Omega Ratio Rank: 48
NCPB Calmar Ratio Rank: 41
NCPB Martin Ratio Rank: 41

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. NCPB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen ESG Large-Cap Value ETF (NULV) and Nuveen Core Plus Bond ETF (NCPB). 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	NCPB	Difference
Sharpe ratio: Return per unit of total volatility	2.66	1.64	+1.03
Sortino ratio: Return per unit of downside risk	3.81	2.41	+1.39
Omega ratio: Gain probability vs. loss probability	1.48	1.30	+0.18
Calmar ratio: Return relative to maximum drawdown	3.91	1.99	+1.91
Martin ratio: Return relative to average drawdown	16.42	6.30	+10.12
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. NCPB - Sharpe Ratio Comparison

The current NULV Sharpe Ratio is 2.66, which is higher than the NCPB Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of NULV and NCPB, 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	NCPB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.66	1.64	+1.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.61	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	1.22	-0.61

Drawdowns

NULV vs. NCPB - Drawdown Comparison

The maximum NULV drawdown since its inception was -36.99%, which is greater than NCPB's maximum drawdown of -3.59%. Use the drawdown chart below to compare losses from any high point for NULV and NCPB.

Drawdown Indicators

	NULV	NCPB	Difference
Max Drawdown Largest peak-to-trough decline	-36.99%	-3.59%	-33.40%
Max Drawdown (1Y) Largest decline over 1 year	-7.28%	-2.88%	-4.40%
Max Drawdown (3Y) Largest decline over 3 years	-15.07%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-21.47%	—	—
Current Drawdown Current decline from peak	0.00%	-1.25%	+1.25%
Average Drawdown Average peak-to-trough decline	-4.97%	-0.93%	-4.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.73%	0.91%	+0.82%

Volatility

NULV vs. NCPB - Volatility Comparison

Nuveen ESG Large-Cap Value ETF (NULV) has a higher volatility of 2.52% compared to Nuveen Core Plus Bond ETF (NCPB) at 1.24%. This indicates that NULV's price experiences larger fluctuations and is considered to be riskier than NCPB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NULV	NCPB	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.52%	1.24%	+1.28%
Volatility (6M) Calculated over the trailing 6-month period	7.98%	2.63%	+5.35%
Volatility (1Y) Calculated over the trailing 1-year period	10.68%	3.54%	+7.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.33%	4.34%	+9.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.02%	4.34%	+12.68%

NULV vs. NCPB - Expense Ratio Comparison

NULV has a 0.26% expense ratio, which is lower than NCPB's 0.30% expense ratio.

Dividends

NULV vs. NCPB - Dividend Comparison

NULV's dividend yield for the trailing twelve months is around 1.44%, less than NCPB's 5.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
NCPB Nuveen Core Plus Bond ETF	5.21%	5.21%	5.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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%

Frequently Asked Questions

Can I hold both NULV and NCPB in my portfolio?

NULV and NCPB have a correlation of 0.39, 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 NCPB?

NULV has higher volatility (2.52%) compared to NCPB (1.24%). In terms of maximum drawdown, NULV dropped -36.99% vs NCPB's -3.59%.

Which ETF is better, NULV or NCPB?

On 1-year performance, NULV leads with 28.31% vs 5.71% for NCPB. On fees, NULV is cheaper at 0.26% per year. On volatility, NCPB has been the lower-risk option at 1.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NULV or NCPB?

Over the 1-year period, NULV has performed better with a 28.31% return vs 5.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NULV or NCPB?

NULV is cheaper with a 0.26% expense ratio, compared with 0.30% for NCPB.

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

NCPB has the higher dividend yield at 5.21%, compared with 1.44% for NULV.

What is the main difference between NULV and NCPB?

NULV is categorized as Large Cap Value Equities, while NCPB is Intermediate Core-Plus Bond. Their fees differ too: 0.26% for NULV and 0.30% for NCPB.

Which has better risk-adjusted returns?

NULV currently has the higher Sharpe Ratio (2.66 vs 1.64), 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.