NULV vs. NUGO

Last updated Jun 5, 2026

NULV (Nuveen ESG Large-Cap Value ETF) and NUGO (Nuveen Growth Opportunities ETF) are both exchange-traded funds - NULV is a Large Cap Value Equities fund tracking the MSCI TIAA ESG USA Large Cap Value, while NUGO is a Large Cap Growth Equities fund actively managed by Nuveen. NULV is passively managed, while NUGO is actively managed. Over the past 3 years, NULV returned 17.85%/yr vs 25.80%/yr for NUGO. A 0.58 correlation means they provide meaningful diversification when combined. NULV charges 0.26%/yr vs 0.56%/yr for NUGO.

Performance

NULV vs. NUGO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen ESG Large-Cap Value ETF (NULV) and Nuveen Growth Opportunities ETF (NUGO). 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 NUGO's 9.96% return.

NULV

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

NUGO

• 1D: -0.25%
• 1M: 4.72%
• YTD: 9.96%
• 6M: 8.88%
• 1Y: 26.78%
• 3Y*: 25.80%
• 5Y*: —
• 10Y*: —

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

NULV vs. NUGO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
NULV Nuveen ESG Large-Cap Value ETF	13.87%	16.31%	11.88%	7.60%	-10.09%	7.11%
NUGO Nuveen Growth Opportunities ETF	9.96%	14.91%	35.95%	45.37%	-32.73%	7.78%

Correlation

The correlation between NULV and NUGO is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (All Time) Calculated using the full available price history since Sep 29, 2021	0.58

The correlation between NULV and NUGO shifts across timeframes, from 0.43 (3 years) to 0.58 (all time), reflecting how their relationship changes across market environments.

NULV vs. NUGO - Sectors Allocation Comparison

Sectors	NULV	NUGO
Technology	20.1%	54.6%
Financial Services	18.8%	3.3%
Communication Services	13.7%	13.2%
Healthcare	11.6%	6.5%
Industrials	10.2%	9.0%
Consumer Defensive	9.2%	0.9%
Energy	4.1%	-
Consumer Cyclical	4.0%	12.3%
Utilities	3.6%	0.2%
Real Estate	2.7%	-
Basic Materials	2.3%	1.6%

Return for Risk

NULV vs. NUGO — 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

NUGO

NUGO Risk / Return Rank: 38
NUGO Sharpe Ratio Rank: 44
NUGO Sortino Ratio Rank: 42
NUGO Omega Ratio Rank: 41
NUGO Calmar Ratio Rank: 32
NUGO Martin Ratio Rank: 33

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. NUGO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen ESG Large-Cap Value ETF (NULV) and Nuveen Growth Opportunities ETF (NUGO). 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	NUGO	Difference
Sharpe ratio: Return per unit of total volatility	2.66	1.52	+1.14
Sortino ratio: Return per unit of downside risk	3.81	2.11	+1.70
Omega ratio: Gain probability vs. loss probability	1.48	1.26	+0.22
Calmar ratio: Return relative to maximum drawdown	3.91	1.53	+2.37
Martin ratio: Return relative to average drawdown	16.42	4.99	+11.43
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. NUGO - Sharpe Ratio Comparison

The current NULV Sharpe Ratio is 2.66, which is higher than the NUGO Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of NULV and NUGO, 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	NUGO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.66	1.52	+1.14
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	0.59	+0.02

Drawdowns

NULV vs. NUGO - Drawdown Comparison

The maximum NULV drawdown since its inception was -36.99%, roughly equal to the maximum NUGO drawdown of -38.01%. Use the drawdown chart below to compare losses from any high point for NULV and NUGO.

Drawdown Indicators

	NULV	NUGO	Difference
Max Drawdown Largest peak-to-trough decline	-36.99%	-38.01%	+1.02%
Max Drawdown (1Y) Largest decline over 1 year	-7.28%	-17.54%	+10.26%
Max Drawdown (3Y) Largest decline over 3 years	-15.07%	-25.12%	+10.05%
Max Drawdown (5Y) Largest decline over 5 years	-21.47%	—	—
Current Drawdown Current decline from peak	0.00%	-1.64%	+1.64%
Average Drawdown Average peak-to-trough decline	-4.97%	-12.05%	+7.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.73%	5.38%	-3.65%

Volatility

NULV vs. NUGO - Volatility Comparison

The current volatility for Nuveen ESG Large-Cap Value ETF (NULV) is 2.52%, while Nuveen Growth Opportunities ETF (NUGO) has a volatility of 4.19%. This indicates that NULV experiences smaller price fluctuations and is considered to be less risky than NUGO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NULV	NUGO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.52%	4.19%	-1.67%
Volatility (6M) Calculated over the trailing 6-month period	7.98%	13.35%	-5.37%
Volatility (1Y) Calculated over the trailing 1-year period	10.68%	17.70%	-7.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.33%	23.11%	-8.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.02%	23.11%	-6.09%

NULV vs. NUGO - Expense Ratio Comparison

NULV has a 0.26% expense ratio, which is lower than NUGO's 0.56% expense ratio.

Dividends

NULV vs. NUGO - Dividend Comparison

NULV's dividend yield for the trailing twelve months is around 1.44%, while NUGO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
NUGO Nuveen Growth Opportunities ETF	0.00%	0.00%	0.00%	0.19%	0.26%	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 NUGO in my portfolio?

NULV and NUGO have a correlation of 0.44, 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 NUGO?

NUGO has higher volatility (4.19%) compared to NULV (2.52%). In terms of maximum drawdown, NULV dropped -36.99% vs NUGO's -38.01%.

Which ETF is better, NULV or NUGO?

On 3-year performance, NUGO leads with 25.80% vs 17.85% for NULV. On fees, NULV is cheaper at 0.26% per year. On volatility, NULV has been the lower-risk option at 2.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NULV or NUGO?

Over the 3-year period, NUGO has performed better with a 25.80% return vs 17.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NULV or NUGO?

NULV is cheaper with a 0.26% expense ratio, compared with 0.56% for NUGO.

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

NULV has the higher dividend yield at 1.44%, compared with 0.00% for NUGO.

What is the main difference between NULV and NUGO?

NULV is categorized as Large Cap Value Equities, while NUGO is Large Cap Growth Equities. Their fees differ too: 0.26% for NULV and 0.56% for NUGO.

Which has better risk-adjusted returns?

NULV currently has the higher Sharpe Ratio (2.66 vs 1.52), 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.