NUMI vs. NDVG

Last updated Jun 4, 2026

NUMI (Nuveen Municipal Income ETF) and NDVG (Nuveen Dividend Growth ETF) are both exchange-traded funds - NUMI is a Municipal Bonds fund actively managed by Nuveen, while NDVG is a Large Cap Growth Equities fund actively managed by Nuveen. Both are actively managed. At a 0.19 correlation, their price movements are largely independent. NUMI charges 0.29%/yr vs 0.64%/yr for NDVG.

Performance

NUMI vs. NDVG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen Municipal Income ETF (NUMI) and Nuveen Dividend Growth ETF (NDVG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

NUMI

• 1D: 0.06%
• 1M: 0.54%
• YTD: 1.53%
• 6M: 1.91%
• 1Y: 7.75%
• 3Y*: —
• 5Y*: —
• 10Y*: —

NDVG

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NUMI vs. NDVG - Yearly Performance Comparison

	2026 (YTD)	2025
NUMI Nuveen Municipal Income ETF	1.53%	3.84%
NDVG Nuveen Dividend Growth ETF	-1.62%	6.51%

Correlation

The correlation between NUMI and NDVG is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (All Time) Calculated using the full available price history since Jan 24, 2025	0.19

Return for Risk

NUMI vs. NDVG — Risk / Return Rank

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

NUMI

NUMI Risk / Return Rank: 66
NUMI Sharpe Ratio Rank: 69
NUMI Sortino Ratio Rank: 74
NUMI Omega Ratio Rank: 81
NUMI Calmar Ratio Rank: 56
NUMI Martin Ratio Rank: 51

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.

NUMI vs. NDVG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Municipal Income ETF (NUMI) and Nuveen Dividend Growth ETF (NDVG). 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.

	NUMI	NDVG	Difference
Sharpe ratio: Return per unit of total volatility	2.24	—	—
Sortino ratio: Return per unit of downside risk	3.32	—	—
Omega ratio: Gain probability vs. loss probability	1.48	—	—
Calmar ratio: Return relative to maximum drawdown	2.76	—	—
Martin ratio: Return relative to average drawdown	8.62	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	NUMI	NDVG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.24	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.91	—	—

Drawdowns

Drawdown Indicators

	NUMI	NDVG	Difference
Max Drawdown Largest peak-to-trough decline	-4.72%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-2.82%	—	—
Current Drawdown Current decline from peak	-0.63%	—	—
Average Drawdown Average peak-to-trough decline	-1.39%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	0.90%	—	—

Volatility

Volatility by Period

	NUMI	NDVG	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.05%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.23%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	3.48%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.39%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.39%	—	—

NUMI vs. NDVG - Expense Ratio Comparison

NUMI has a 0.29% expense ratio, which is lower than NDVG's 0.64% expense ratio.

Dividends

NUMI vs. NDVG - Dividend Comparison

NUMI's dividend yield for the trailing twelve months is around 3.66%, less than NDVG's 4.41% yield.

Position	TTM	2025	2024	2023	2022	2021
NDVG Nuveen Dividend Growth ETF	4.41%	1.05%	1.20%	1.24%	1.34%	0.57%
NUMI Nuveen Municipal Income ETF	3.66%	3.44%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NUMI and NDVG in my portfolio?

NUMI and NDVG have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, NUMI or NDVG?

On fees, NUMI is cheaper at 0.29% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, NUMI or NDVG?

NUMI is cheaper with a 0.29% expense ratio, compared with 0.64% for NDVG.

Which ETF pays a higher dividend yield, NUMI or NDVG?

NDVG has the higher dividend yield at 4.41%, compared with 3.66% for NUMI.

What is the main difference between NUMI and NDVG?

NUMI is categorized as Municipal Bonds, while NDVG is Large Cap Growth Equities. Their fees differ too: 0.29% for NUMI and 0.64% for NDVG.