NUMI vs. NUMG

Last updated Jul 16, 2026

NUMI (Nuveen Municipal Income ETF) and NUMG (Nuveen ESG Mid-Cap Growth ETF) are both exchange-traded funds - NUMI is a Municipal Bonds fund actively managed by Nuveen, while NUMG is a Mid Cap Growth Equities fund tracking the MSCI TIAA ESG USA Mid Cap Growth. NUMI is actively managed, while NUMG is passively managed. Over the past year, NUMI returned 7.55% vs -1.93% for NUMG. At a 0.18 correlation, their price movements are largely independent. NUMI charges 0.29%/yr vs 0.30%/yr for NUMG.

Performance

NUMI vs. NUMG - Performance Comparison

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

Returns By Period

In the year-to-date period, NUMI achieves a 1.80% return, which is significantly higher than NUMG's -2.46% return.

NUMI

• 1D: 0.06%
• 1M: 0.45%
• 6M: 1.10%
• YTD: 1.80%
• 1Y: 7.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —

NUMG

• 1D: -1.02%
• 1M: 0.29%
• 6M: -3.16%
• YTD: -2.46%
• 1Y: -1.93%
• 3Y*: 5.30%
• 5Y*: -0.38%
• 10Y*: —

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

NUMI vs. NUMG - Yearly Performance Comparison

	2026 (YTD)	2025
NUMI Nuveen Municipal Income ETF	1.80%	3.78%
NUMG Nuveen ESG Mid-Cap Growth ETF	-2.46%	-3.73%

Correlation

The correlation between NUMI and NUMG is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (All Time) Calculated using the full available price history since Jan 23, 2025	0.18

Return for Risk

NUMI vs. NUMG — Risk / Return Rank

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

NUMI

NUMI Risk / Return Rank: 80
NUMI Sharpe Ratio Rank: 88
NUMI Sortino Ratio Rank: 90
NUMI Omega Ratio Rank: 93
NUMI Calmar Ratio Rank: 66
NUMI Martin Ratio Rank: 63

NUMG

NUMG Risk / Return Rank: 8
NUMG Sharpe Ratio Rank: 8
NUMG Sortino Ratio Rank: 8
NUMG Omega Ratio Rank: 8
NUMG Calmar Ratio Rank: 8
NUMG Martin Ratio Rank: 8

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. NUMG - Risk-Adjusted Trends Comparison

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

	NUMI	NUMG	Difference
Sharpe ratio: Return per unit of total volatility	2.31	-0.10	+2.42
Sortino ratio: Return per unit of downside risk	3.42	-0.01	+3.44
Omega ratio: Gain probability vs. loss probability	1.51	1.00	+0.51
Calmar ratio: Return relative to maximum drawdown	2.69	-0.10	+2.78
Martin ratio: Return relative to average drawdown	9.00	-0.24	+9.24

NUMI vs. NUMG - Sharpe Ratio Comparison

The current NUMI Sharpe Ratio is 2.31, which is higher than the NUMG Sharpe Ratio of -0.10. The chart below compares the historical Sharpe Ratios of NUMI and NUMG, 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

NUMI vs. NUMG - Drawdown Comparison

The maximum NUMI drawdown since its inception was -4.72%, smaller than the maximum NUMG drawdown of -38.85%. Use the drawdown chart below to compare losses from any high point for NUMI and NUMG.

Drawdown Indicators

	NUMI	NUMG	Difference
Max Drawdown Largest peak-to-trough decline	-4.72%	-38.85%	+34.13%
Max Drawdown (1Y) Largest decline over 1 year	-2.82%	-19.71%	+16.89%
Max Drawdown (3Y) Largest decline over 3 years	—	-26.58%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-38.85%	—
Current Drawdown Current decline from peak	-0.36%	-11.21%	+10.85%
Average Drawdown Average peak-to-trough decline	-1.32%	-11.37%	+10.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.84%	7.91%	-7.07%

Volatility

NUMI vs. NUMG - Volatility Comparison

The current volatility for Nuveen Municipal Income ETF (NUMI) is 0.54%, while Nuveen ESG Mid-Cap Growth ETF (NUMG) has a volatility of 4.84%. This indicates that NUMI experiences smaller price fluctuations and is considered to be less risky than NUMG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NUMI	NUMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.54%	4.84%	-4.30%
Volatility (6M) Calculated over the trailing 6-month period	2.20%	15.14%	-12.94%
Volatility (1Y) Calculated over the trailing 1-year period	3.29%	18.81%	-15.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.24%	22.98%	-18.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.24%	21.83%	-17.59%

NUMI vs. NUMG - Expense Ratio Comparison

NUMI has a 0.29% expense ratio, which is lower than NUMG's 0.30% expense ratio.

Dividends

NUMI vs. NUMG - Dividend Comparison

NUMI's dividend yield for the trailing twelve months is around 3.63%, more than NUMG's 0.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
NUMI Nuveen Municipal Income ETF	3.63%	3.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NUMI and NUMG in my portfolio?

NUMI and NUMG have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NUMI or NUMG?

NUMG has higher volatility (4.84%) compared to NUMI (0.54%). In terms of maximum drawdown, NUMI dropped -4.72% vs NUMG's -38.85%.

Which ETF is better, NUMI or NUMG?

On 1-year performance, NUMI leads with 7.55% vs -1.93% for NUMG. On fees, NUMI is cheaper at 0.29% per year. On volatility, NUMI has been the lower-risk option at 0.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NUMI or NUMG?

Over the 1-year period, NUMI has performed better with a 7.55% return vs -1.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NUMI or NUMG?

NUMI is cheaper with a 0.29% expense ratio, compared with 0.30% for NUMG.

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

NUMI has the higher dividend yield at 3.63%, compared with 0.01% for NUMG.

What is the main difference between NUMI and NUMG?

NUMI is categorized as Municipal Bonds, while NUMG is Mid Cap Growth Equities. Their fees differ too: 0.29% for NUMI and 0.30% for NUMG.

Which has better risk-adjusted returns?

NUMI currently has the higher Sharpe Ratio (2.31 vs -0.10), 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.