NULV vs. VOO

Last updated Jun 3, 2026

NULV (Nuveen ESG Large-Cap Value ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - NULV is a Large Cap Value Equities fund tracking the MSCI TIAA ESG USA Large Cap Value, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, NULV returned 8.70%/yr vs 13.90%/yr for VOO. Their correlation of 0.81 suggests significant overlap in exposure. NULV charges 0.26%/yr vs 0.03%/yr for VOO.

Performance

NULV vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen ESG Large-Cap Value ETF (NULV) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NULV achieves a 13.63% return, which is significantly higher than VOO's 10.91% return.

NULV

• 1D: 0.55%
• 1M: 2.82%
• YTD: 13.63%
• 6M: 15.04%
• 1Y: 28.44%
• 3Y*: 17.54%
• 5Y*: 8.70%
• 10Y*: —

VOO

• 1D: -0.70%
• 1M: 5.04%
• YTD: 10.91%
• 6M: 10.93%
• 1Y: 28.04%
• 3Y*: 22.44%
• 5Y*: 13.90%
• 10Y*: 15.56%

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

NULV vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NULV Nuveen ESG Large-Cap Value ETF	13.63%	16.31%	11.88%	7.60%	-10.09%	23.46%	1.87%	27.26%	-4.90%	15.67%
VOO Vanguard S&P 500 ETF	10.91%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%

Correlation

The correlation between NULV and VOO is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (All Time) Calculated using the full available price history since Dec 15, 2016	0.81

The correlation between NULV and VOO has been stable across timeframes, ranging from 0.73 to 0.81 - a consistent structural relationship.

NULV vs. VOO - Sectors Allocation Comparison

Sectors	NULV	VOO
Technology	20.1%	35.7%
Financial Services	18.8%	11.6%
Communication Services	13.7%	11.3%
Healthcare	11.6%	8.5%
Industrials	10.2%	8.3%
Consumer Defensive	9.2%	4.9%
Energy	4.1%	3.5%
Consumer Cyclical	4.0%	10.2%
Utilities	3.6%	2.4%
Real Estate	2.7%	1.9%
Basic Materials	2.3%	1.8%

Return for Risk

NULV vs. VOO — Risk / Return Rank

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

NULV

NULV Risk / Return Rank: 81
NULV Sharpe Ratio Rank: 81
NULV Sortino Ratio Rank: 84
NULV Omega Ratio Rank: 79
NULV Calmar Ratio Rank: 76
NULV Martin Ratio Rank: 82

VOO

VOO Risk / Return Rank: 70
VOO Sharpe Ratio Rank: 71
VOO Sortino Ratio Rank: 70
VOO Omega Ratio Rank: 70
VOO Calmar Ratio Rank: 62
VOO 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. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen ESG Large-Cap Value ETF (NULV) and Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio Return per unit of total volatility	2.69	2.39	+0.30
Sortino ratio Return per unit of downside risk	3.84	3.25	+0.58
Omega ratio Gain probability vs. loss probability	1.48	1.43	+0.05
Calmar ratio Return relative to maximum drawdown	3.95	3.16	+0.78
Martin ratio Return relative to average drawdown	16.63	14.73	+1.90
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. VOO - Sharpe Ratio Comparison

The current NULV Sharpe Ratio is 2.69, which is comparable to the VOO Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of NULV and VOO, 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	VOO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.69	2.39	+0.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.61	0.83	-0.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	0.89	-0.28

Drawdowns

NULV vs. VOO - Drawdown Comparison

The maximum NULV drawdown since its inception was -36.99%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for NULV and VOO.

Drawdown Indicators

	NULV	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-36.99%	-33.99%	-3.00%
Max Drawdown (1Y) Largest decline over 1 year	-7.28%	-8.90%	+1.62%
Max Drawdown (3Y) Largest decline over 3 years	-15.07%	-18.69%	+3.62%
Max Drawdown (5Y) Largest decline over 5 years	-21.47%	-24.52%	+3.05%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.99%	—
Current Drawdown Current decline from peak	0.00%	-0.70%	+0.70%
Average Drawdown Average peak-to-trough decline	-4.98%	-3.69%	-1.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.73%	1.91%	-0.18%

Volatility

NULV vs. VOO - Volatility Comparison

The current volatility for Nuveen ESG Large-Cap Value ETF (NULV) is 2.49%, while Vanguard S&P 500 ETF (VOO) has a volatility of 2.84%. This indicates that NULV experiences smaller price fluctuations and is considered to be less risky than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NULV	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.49%	2.84%	-0.35%
Volatility (6M) Calculated over the trailing 6-month period	7.92%	8.90%	-0.98%
Volatility (1Y) Calculated over the trailing 1-year period	10.64%	11.80%	-1.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.32%	16.81%	-2.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.02%	18.01%	-0.99%

NULV vs. VOO - Expense Ratio Comparison

NULV has a 0.26% expense ratio, which is higher than VOO's 0.03% 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. VOO - Dividend Comparison

NULV's dividend yield for the trailing twelve months is around 1.44%, more than VOO's 1.03% 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%
VOO Vanguard S&P 500 ETF	1.03%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both NULV and VOO in my portfolio?

NULV and VOO have a correlation of 0.73, 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 VOO?

VOO has higher volatility (2.84%) compared to NULV (2.49%). In terms of maximum drawdown, NULV dropped -36.99% vs VOO's -33.99%.

Which ETF is better, NULV or VOO?

On 5-year performance, VOO leads with 13.90% vs 8.70% for NULV. On fees, VOO is cheaper at 0.03% per year. On volatility, NULV has been the lower-risk option at 2.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NULV or VOO?

Over the 5-year period, VOO has performed better with a 13.90% return vs 8.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NULV or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.26% for NULV.

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

NULV has the higher dividend yield at 1.44%, compared with 1.03% for VOO.

What is the main difference between NULV and VOO?

NULV is categorized as Large Cap Value Equities, while VOO is S&P 500. NULV tracks MSCI TIAA ESG USA Large Cap Value, while VOO tracks S&P 500 Index. They also come from different issuers: Nuveen and Vanguard. Their fees differ too: 0.26% for NULV and 0.03% for VOO.

Which has better risk-adjusted returns?

NULV currently has the higher Sharpe Ratio (2.69 vs 2.39), 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.