NUMG vs. NULG

Last updated Aug 2, 2026

NUMG (Nuveen ESG Mid-Cap Growth ETF) and NULG (Nuveen ESG Large-Cap Growth ETF) are both exchange-traded funds - NUMG is a Mid Cap Growth Equities fund tracking the MSCI TIAA ESG USA Mid Cap Growth, while NULG is a Large Cap Growth Equities fund tracking the MSCI TIAA ESG USA Large Cap Growth. Both are passively managed. Over the past 5 years, NUMG returned -1.11%/yr vs 12.36%/yr for NULG. Their correlation of 0.86 means they have usually moved in the same direction. NUMG charges 0.30%/yr vs 0.25%/yr for NULG.

Performance

NUMG vs. NULG - Performance Comparison

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

Returns By Period

In the year-to-date period, NUMG achieves a -3.57% return, which is significantly lower than NULG's 14.65% return.

NUMG

• 1D: 0.35%
• 1M: -1.85%
• 6M: 1.90%
• YTD: -3.57%
• 1Y: -3.04%
• 3Y*: 4.79%
• 5Y*: -1.11%
• 10Y*: —
• ALL TIME*: 9.07%

NULG

• 1D: 0.26%
• 1M: -1.80%
• 6M: 14.61%
• YTD: 14.65%
• 1Y: 17.33%
• 3Y*: 20.86%
• 5Y*: 12.36%
• 10Y*: —
• ALL TIME*: 18.52%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
NULG Nuveen ESG Large-Cap Growth ETF	$5.29M	$5.26M	$8.26M
NUMG Nuveen ESG Mid-Cap Growth ETF	$601.10K	$621.84K	$1.03M

NUMG vs. NULG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NUMG Nuveen ESG Mid-Cap Growth ETF	-3.57%	0.78%	11.99%	20.47%	-28.31%	12.27%	45.73%	34.87%	-5.79%	19.00%
NULG Nuveen ESG Large-Cap Growth ETF	14.65%	14.07%	23.75%	42.71%	-28.43%	28.06%	39.58%	39.23%	0.31%	24.57%

Correlation

The correlation between NUMG and NULG is 0.77, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.77
Correlation (3Y) Balances recent behavior with more history.	0.81
Correlation (5Y) Shows whether the relationship held over a longer period.	0.87
Correlation (All Time) Calculated using the full available price history since Dec 14, 2016	0.86

The correlation between NUMG and NULG shifts across timeframes, from 0.77 (1 year) to 0.87 (5 years), reflecting how their relationship changes across market environments.

NUMG vs. NULG - Sectors Allocation Comparison

Sectors	NUMG	NULG
Technology	32.4%	51.1%
Industrials	19.2%	11.8%
Healthcare	16.3%	9.0%
Consumer Cyclical	15.1%	13.6%
Financial Services	7.9%	4.5%
Communication Services	4.7%	5.0%
Real Estate	2.3%	2.3%
Basic Materials	2.2%	2.2%
Utilities	1.2%	-
Consumer Defensive	-	0.6%
Energy	-	-

Return for Risk

NUMG vs. NULG — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

NUMG

NUMG Risk / Return Rank: 7
NUMG Sharpe Ratio Rank: 7
NUMG Sortino Ratio Rank: 7
NUMG Omega Ratio Rank: 7
NUMG Calmar Ratio Rank: 7
NUMG Martin Ratio Rank: 6

NULG

NULG Risk / Return Rank: 33
NULG Sharpe Ratio Rank: 33
NULG Sortino Ratio Rank: 32
NULG Omega Ratio Rank: 31
NULG Calmar Ratio Rank: 32
NULG Martin Ratio Rank: 35

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

NUMG vs. NULG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen ESG Mid-Cap Growth ETF (NUMG) and Nuveen ESG Large-Cap Growth ETF (NULG). 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.

	NUMG	NULG	Difference
Sharpe ratio: Return per unit of total volatility	-0.29	0.81	-1.10
Sortino ratio: Return per unit of downside risk	-0.28	1.23	-1.51
Omega ratio: Gain probability vs. loss probability	0.97	1.15	-0.18
Calmar ratio: Return relative to maximum drawdown	-0.28	1.06	-1.34
Martin ratio: Return relative to average drawdown	-0.69	3.47	-4.16

NUMG vs. NULG - Sharpe Ratio Comparison

The current NUMG Sharpe Ratio is -0.29, which is lower than the NULG Sharpe Ratio of 0.81. The chart below compares the historical Sharpe Ratios of NUMG and NULG, 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

NUMG vs. NULG - Drawdown Comparison

The maximum NUMG drawdown since its inception was -38.85%, which is greater than NULG's maximum drawdown of -36.17%. Use the drawdown chart below to compare losses from any high point for NUMG and NULG.

Drawdown Indicators

	NUMG	NULG	Difference
Max Drawdown Largest peak-to-trough decline	-38.85%	-36.17%	-2.68%
Max Drawdown (1Y) Largest decline over 1 year	-19.56%	-14.50%	-5.06%
Max Drawdown (3Y) Largest decline over 3 years	-26.58%	-22.28%	-4.30%
Max Drawdown (5Y) Largest decline over 5 years	-38.85%	-36.17%	-2.68%
Current Drawdown Current decline from peak	-12.22%	-4.21%	-8.01%
Average Drawdown Average peak-to-trough decline	-11.38%	-6.77%	-4.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.88%	4.42%	+3.46%

Volatility

NUMG vs. NULG - Volatility Comparison

The current volatility for Nuveen ESG Mid-Cap Growth ETF (NUMG) is 4.15%, while Nuveen ESG Large-Cap Growth ETF (NULG) has a volatility of 5.39%. This indicates that NUMG experiences smaller price fluctuations and is considered to be less risky than NULG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NUMG	NULG	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.15%	5.39%	-1.24%
Volatility (6M) Calculated over the trailing 6-month period	14.79%	15.53%	-0.74%
Volatility (1Y) Calculated over the trailing 1-year period	18.86%	19.00%	-0.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.96%	21.86%	+1.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.80%	21.44%	+0.36%

NUMG vs. NULG - Expense Ratio Comparison

NUMG has a 0.30% expense ratio, which is higher than NULG's 0.25% expense ratio.

Dividends

NUMG vs. NULG - Dividend Comparison

NUMG's dividend yield for the trailing twelve months is around 0.01%, less than NULG's 0.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
NULG Nuveen ESG Large-Cap Growth ETF	0.10%	0.11%	0.16%	0.43%	0.40%	5.08%	2.68%	1.10%	3.73%	0.61%
NUMG Nuveen ESG Mid-Cap Growth ETF	0.01%	0.01%	0.06%	0.18%	0.18%	12.76%	3.82%	0.27%	5.14%	0.56%

Frequently Asked Questions

Can I hold both NUMG and NULG in my portfolio?

NUMG and NULG have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NUMG or NULG?

NULG has higher volatility (5.39%) compared to NUMG (4.15%). In terms of maximum drawdown, NUMG dropped -38.85% vs NULG's -36.17%.

Which ETF is better, NUMG or NULG?

On 5-year performance, NULG leads with 12.36% vs -1.11% for NUMG. On fees, NULG is cheaper at 0.25% per year. On volatility, NUMG has been the lower-risk option at 4.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NUMG or NULG?

Over the 5-year period, NULG has performed better with a 12.36% return vs -1.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NUMG or NULG?

NULG is cheaper with a 0.25% expense ratio, compared with 0.30% for NUMG.

Which ETF pays a higher dividend yield, NUMG or NULG?

NULG has the higher dividend yield at 0.10%, compared with 0.01% for NUMG.

What is the main difference between NUMG and NULG?

NUMG is categorized as Mid Cap Growth Equities, while NULG is Large Cap Growth Equities. NUMG tracks MSCI TIAA ESG USA Mid Cap Growth, while NULG tracks MSCI TIAA ESG USA Large Cap Growth. Their fees differ too: 0.30% for NUMG and 0.25% for NULG.

Which has better risk-adjusted returns?

NULG currently has the higher Sharpe Ratio (0.81 vs -0.29), 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.