NULV vs. NUDV

Last updated Jun 26, 2026

NULV (Nuveen ESG Large-Cap Value ETF) and NUDV (Nuveen ESG Dividend ETF) are both Large Cap Value Equities funds from Nuveen - NULV tracks the MSCI TIAA ESG USA Large Cap Value while NUDV tracks the Nuveen ESG USA High Dividend Yield Index. Both are passively managed. Over the past 3 years, NULV returned 16.18%/yr vs 15.68%/yr for NUDV. With a 0.96 correlation, they move nearly in lockstep. Both charge a 0.26% expense ratio.

Performance

NULV vs. NUDV - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with NULV having a 10.72% return and NUDV slightly higher at 10.99%.

NULV

• 1D: -0.04%
• 1M: -2.04%
• YTD: 10.72%
• 6M: 9.48%
• 1Y: 22.85%
• 3Y*: 16.18%
• 5Y*: 8.42%
• 10Y*: —

NUDV

• 1D: 0.38%
• 1M: 1.01%
• YTD: 10.99%
• 6M: 9.87%
• 1Y: 20.14%
• 3Y*: 15.68%
• 5Y*: —
• 10Y*: —

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

NULV vs. NUDV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
NULV Nuveen ESG Large-Cap Value ETF	10.72%	16.31%	11.88%	7.60%	-10.09%	5.80%
NUDV Nuveen ESG Dividend ETF	10.99%	10.77%	14.02%	10.13%	-7.83%	8.35%

Correlation

The correlation between NULV and NUDV 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	0.95
Correlation (All Time) Calculated using the full available price history since Sep 28, 2021	0.96

The correlation between NULV and NUDV has been stable across timeframes, ranging from 0.90 to 0.96 - a consistent structural relationship.

NULV vs. NUDV - Sectors Allocation Comparison

Sectors	NULV	NUDV
Financial Services	21.0%	22.4%
Healthcare	14.6%	13.7%
Technology	13.4%	11.8%
Industrials	12.0%	18.2%
Consumer Defensive	10.2%	9.3%
Consumer Cyclical	5.7%	5.8%
Utilities	5.3%	3.6%
Communication Services	5.1%	3.2%
Energy	4.6%	2.5%
Real Estate	3.7%	6.8%
Basic Materials	3.2%	2.2%

Return for Risk

NULV vs. NUDV — Risk / Return Rank

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

NULV

NULV Risk / Return Rank: 75
NULV Sharpe Ratio Rank: 77
NULV Sortino Ratio Rank: 78
NULV Omega Ratio Rank: 74
NULV Calmar Ratio Rank: 71
NULV Martin Ratio Rank: 76

NUDV

NUDV Risk / Return Rank: 69
NUDV Sharpe Ratio Rank: 69
NUDV Sortino Ratio Rank: 73
NUDV Omega Ratio Rank: 65
NUDV Calmar Ratio Rank: 70
NUDV Martin Ratio Rank: 68

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. NUDV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen ESG Large-Cap Value ETF (NULV) and Nuveen ESG Dividend ETF (NUDV). 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	NUDV	Difference
Sharpe ratio: Return per unit of total volatility	2.12	1.96	+0.16
Sortino ratio: Return per unit of downside risk	3.01	2.86	+0.15
Omega ratio: Gain probability vs. loss probability	1.38	1.34	+0.04
Calmar ratio: Return relative to maximum drawdown	3.15	3.07	+0.08
Martin ratio: Return relative to average drawdown	12.72	10.90	+1.82

NULV vs. NUDV - Sharpe Ratio Comparison

The current NULV Sharpe Ratio is 2.12, which is comparable to the NUDV Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of NULV and NUDV, 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. NUDV - Drawdown Comparison

The maximum NULV drawdown since its inception was -36.99%, which is greater than NUDV's maximum drawdown of -20.10%. Use the drawdown chart below to compare losses from any high point for NULV and NUDV.

Drawdown Indicators

	NULV	NUDV	Difference
Max Drawdown Largest peak-to-trough decline	-36.99%	-20.10%	-16.89%
Max Drawdown (1Y) Largest decline over 1 year	-7.28%	-6.60%	-0.68%
Max Drawdown (3Y) Largest decline over 3 years	-15.07%	-16.48%	+1.41%
Max Drawdown (5Y) Largest decline over 5 years	-21.47%	—	—
Current Drawdown Current decline from peak	-2.77%	-0.44%	-2.33%
Average Drawdown Average peak-to-trough decline	-4.96%	-4.86%	-0.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.80%	1.85%	-0.05%

Volatility

NULV vs. NUDV - Volatility Comparison

Nuveen ESG Large-Cap Value ETF (NULV) has a higher volatility of 3.28% compared to Nuveen ESG Dividend ETF (NUDV) at 3.01%. This indicates that NULV's price experiences larger fluctuations and is considered to be riskier than NUDV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NULV	NUDV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.28%	3.01%	+0.27%
Volatility (6M) Calculated over the trailing 6-month period	8.28%	7.63%	+0.65%
Volatility (1Y) Calculated over the trailing 1-year period	10.84%	10.38%	+0.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.32%	14.92%	-0.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.99%	14.92%	+2.07%

NULV vs. NUDV - Expense Ratio Comparison

Both NULV and NUDV have an expense ratio of 0.26%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

NULV vs. NUDV - Dividend Comparison

NULV's dividend yield for the trailing twelve months is around 1.48%, less than NUDV's 2.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
NUDV Nuveen ESG Dividend ETF	2.25%	2.36%	6.18%	2.48%	2.96%	0.60%	0.00%	0.00%	0.00%	0.00%
NULV Nuveen ESG Large-Cap Value ETF	1.48%	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 NUDV in my portfolio?

NULV and NUDV 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, NULV or NUDV?

NULV has higher volatility (3.28%) compared to NUDV (3.01%). In terms of maximum drawdown, NULV dropped -36.99% vs NUDV's -20.10%.

Which ETF is better, NULV or NUDV?

On 3-year performance, NULV leads with 16.18% vs 15.68% for NUDV. Both ETFs have the same 0.26% expense ratio. On volatility, NUDV has been the lower-risk option at 3.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NULV or NUDV?

Over the 3-year period, NULV has performed better with a 16.18% return vs 15.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NULV or NUDV?

NULV and NUDV have the same expense ratio: 0.26% per year.

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

NUDV has the higher dividend yield at 2.25%, compared with 1.48% for NULV.

What is the main difference between NULV and NUDV?

NULV tracks MSCI TIAA ESG USA Large Cap Value, while NUDV tracks Nuveen ESG USA High Dividend Yield Index.

Which has better risk-adjusted returns?

NULV currently has the higher Sharpe Ratio (2.12 vs 1.96), 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.