NULV vs. SPYV

Last updated Jun 5, 2026

NULV (Nuveen ESG Large-Cap Value ETF) and SPYV (SPDR Portfolio S&P 500 Value ETF) are both exchange-traded funds - NULV is a Large Cap Value Equities fund tracking the MSCI TIAA ESG USA Large Cap Value, while SPYV is a S&P 500 fund tracking the S&P 500 Value Index. Both are passively managed. Over the past 5 years, NULV returned 8.68%/yr vs 10.89%/yr for SPYV. Their correlation of 0.92 suggests significant overlap in exposure. NULV charges 0.26%/yr vs 0.04%/yr for SPYV.

Performance

NULV vs. SPYV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen ESG Large-Cap Value ETF (NULV) and SPDR Portfolio S&P 500 Value ETF (SPYV). 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 SPYV's 8.45% return.

NULV

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

SPYV

• 1D: 0.92%
• 1M: 2.35%
• YTD: 8.45%
• 6M: 9.05%
• 1Y: 22.72%
• 3Y*: 16.16%
• 5Y*: 10.89%
• 10Y*: 11.90%

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

NULV vs. SPYV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NULV Nuveen ESG Large-Cap Value ETF	13.87%	16.31%	11.88%	7.60%	-10.09%	23.46%	1.87%	27.26%	-4.90%	15.67%
SPYV SPDR Portfolio S&P 500 Value ETF	8.45%	13.18%	12.24%	22.20%	-5.28%	24.91%	1.38%	31.70%	-9.01%	15.40%

Correlation

The correlation between NULV and SPYV 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	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (All Time) Calculated using the full available price history since Dec 15, 2016	0.92

The correlation between NULV and SPYV has been stable across timeframes, ranging from 0.90 to 0.95 - a consistent structural relationship.

NULV vs. SPYV - Sectors Allocation Comparison

Sectors	NULV	SPYV
Technology	20.1%	21.2%
Financial Services	18.8%	14.7%
Communication Services	13.7%	3.2%
Healthcare	11.6%	11.6%
Industrials	10.2%	10.6%
Consumer Defensive	9.2%	9.2%
Energy	4.1%	7.4%
Consumer Cyclical	4.0%	10.9%
Utilities	3.6%	4.4%
Real Estate	2.7%	3.3%
Basic Materials	2.3%	3.4%

Return for Risk

NULV vs. SPYV — 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

SPYV

SPYV Risk / Return Rank: 73
SPYV Sharpe Ratio Rank: 72
SPYV Sortino Ratio Rank: 73
SPYV Omega Ratio Rank: 71
SPYV Calmar Ratio Rank: 74
SPYV Martin Ratio Rank: 75

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. SPYV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen ESG Large-Cap Value ETF (NULV) and SPDR Portfolio S&P 500 Value ETF (SPYV). 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	SPYV	Difference
Sharpe ratio: Return per unit of total volatility	2.66	2.31	+0.35
Sortino ratio: Return per unit of downside risk	3.81	3.24	+0.56
Omega ratio: Gain probability vs. loss probability	1.48	1.42	+0.06
Calmar ratio: Return relative to maximum drawdown	3.91	3.67	+0.24
Martin ratio: Return relative to average drawdown	16.42	14.06	+2.37
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. SPYV - Sharpe Ratio Comparison

The current NULV Sharpe Ratio is 2.66, which is comparable to the SPYV Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of NULV and SPYV, 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	SPYV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.66	2.31	+0.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.61	0.76	-0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.70	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	0.43	+0.18

Drawdowns

NULV vs. SPYV - Drawdown Comparison

The maximum NULV drawdown since its inception was -36.99%, smaller than the maximum SPYV drawdown of -58.45%. Use the drawdown chart below to compare losses from any high point for NULV and SPYV.

Drawdown Indicators

	NULV	SPYV	Difference
Max Drawdown Largest peak-to-trough decline	-36.99%	-58.45%	+21.46%
Max Drawdown (1Y) Largest decline over 1 year	-7.28%	-6.22%	-1.06%
Max Drawdown (3Y) Largest decline over 3 years	-15.07%	-17.54%	+2.47%
Max Drawdown (5Y) Largest decline over 5 years	-21.47%	-17.89%	-3.58%
Max Drawdown (10Y) Largest decline over 10 years	—	-36.89%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.97%	-8.72%	+3.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.73%	1.62%	+0.11%

Volatility

NULV vs. SPYV - Volatility Comparison

Nuveen ESG Large-Cap Value ETF (NULV) has a higher volatility of 2.52% compared to SPDR Portfolio S&P 500 Value ETF (SPYV) at 2.03%. This indicates that NULV's price experiences larger fluctuations and is considered to be riskier than SPYV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NULV	SPYV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.52%	2.03%	+0.49%
Volatility (6M) Calculated over the trailing 6-month period	7.98%	7.09%	+0.89%
Volatility (1Y) Calculated over the trailing 1-year period	10.68%	9.87%	+0.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.33%	14.40%	-0.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.02%	16.94%	+0.08%

NULV vs. SPYV - Expense Ratio Comparison

NULV has a 0.26% expense ratio, which is higher than SPYV's 0.04% 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. SPYV - Dividend Comparison

NULV's dividend yield for the trailing twelve months is around 1.44%, less than SPYV's 1.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SPYV SPDR Portfolio S&P 500 Value ETF	1.68%	1.77%	2.29%	1.75%	2.22%	2.10%	2.38%	2.25%	2.97%	2.77%	2.39%	2.53%

Frequently Asked Questions

Can I hold both NULV and SPYV in my portfolio?

NULV and SPYV 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 SPYV?

NULV has higher volatility (2.52%) compared to SPYV (2.03%). In terms of maximum drawdown, NULV dropped -36.99% vs SPYV's -58.45%.

Which ETF is better, NULV or SPYV?

On 5-year performance, SPYV leads with 10.89% vs 8.68% for NULV. On fees, SPYV is cheaper at 0.04% per year. On volatility, SPYV has been the lower-risk option at 2.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NULV or SPYV?

Over the 5-year period, SPYV has performed better with a 10.89% return vs 8.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NULV or SPYV?

SPYV is cheaper with a 0.04% expense ratio, compared with 0.26% for NULV.

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

SPYV has the higher dividend yield at 1.68%, compared with 1.44% for NULV.

What is the main difference between NULV and SPYV?

NULV is categorized as Large Cap Value Equities, while SPYV is S&P 500. NULV tracks MSCI TIAA ESG USA Large Cap Value, while SPYV tracks S&P 500 Value Index. They also come from different issuers: Nuveen and State Street. Their fees differ too: 0.26% for NULV and 0.04% for SPYV.

Which has better risk-adjusted returns?

NULV currently has the higher Sharpe Ratio (2.66 vs 2.31), 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.