NUMI vs. NUSC

Last updated Jun 4, 2026

NUMI (Nuveen Municipal Income ETF) and NUSC (Nuveen ESG Small-Cap ETF) are both exchange-traded funds - NUMI is a Municipal Bonds fund actively managed by Nuveen, while NUSC is a Small Cap Growth Equities fund tracking the MSCI TIAA ESG USA Small Cap. NUMI is actively managed, while NUSC is passively managed. Over the past year, NUMI returned 7.75% vs 27.41% for NUSC. At a 0.21 correlation, their price movements are largely independent. NUMI charges 0.29%/yr vs 0.30%/yr for NUSC.

Performance

NUMI vs. NUSC - Performance Comparison

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

Returns By Period

In the year-to-date period, NUMI achieves a 1.53% return, which is significantly lower than NUSC's 12.88% return.

NUMI

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

NUSC

• 1D: -0.57%
• 1M: 3.77%
• YTD: 12.88%
• 6M: 12.74%
• 1Y: 27.41%
• 3Y*: 13.27%
• 5Y*: 4.68%
• 10Y*: —

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

NUMI vs. NUSC - Yearly Performance Comparison

	2026 (YTD)	2025
NUMI Nuveen Municipal Income ETF	1.53%	3.84%
NUSC Nuveen ESG Small-Cap ETF	12.88%	3.28%

Correlation

The correlation between NUMI and NUSC is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (All Time) Calculated using the full available price history since Jan 24, 2025	0.21

Return for Risk

NUMI vs. NUSC — 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

NUSC

NUSC Risk / Return Rank: 50
NUSC Sharpe Ratio Rank: 46
NUSC Sortino Ratio Rank: 48
NUSC Omega Ratio Rank: 42
NUSC Calmar Ratio Rank: 55
NUSC Martin Ratio Rank: 56

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. NUSC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Municipal Income ETF (NUMI) and Nuveen ESG Small-Cap ETF (NUSC). 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	NUSC	Difference
Sharpe ratio: Return per unit of total volatility	2.24	1.61	+0.63
Sortino ratio: Return per unit of downside risk	3.32	2.38	+0.94
Omega ratio: Gain probability vs. loss probability	1.48	1.28	+0.21
Calmar ratio: Return relative to maximum drawdown	2.76	2.72	+0.03
Martin ratio: Return relative to average drawdown	8.62	9.81	-1.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NUMI vs. NUSC - Sharpe Ratio Comparison

The current NUMI Sharpe Ratio is 2.24, which is higher than the NUSC Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of NUMI and NUSC, 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

	NUMI	NUSC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.24	1.61	+0.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.22	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.91	0.44	+0.47

Drawdowns

NUMI vs. NUSC - Drawdown Comparison

The maximum NUMI drawdown since its inception was -4.72%, smaller than the maximum NUSC drawdown of -41.49%. Use the drawdown chart below to compare losses from any high point for NUMI and NUSC.

Drawdown Indicators

	NUMI	NUSC	Difference
Max Drawdown Largest peak-to-trough decline	-4.72%	-41.49%	+36.77%
Max Drawdown (1Y) Largest decline over 1 year	-2.82%	-10.10%	+7.28%
Max Drawdown (3Y) Largest decline over 3 years	—	-26.95%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-28.85%	—
Current Drawdown Current decline from peak	-0.63%	-0.57%	-0.06%
Average Drawdown Average peak-to-trough decline	-1.39%	-8.21%	+6.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.90%	2.80%	-1.90%

Volatility

NUMI vs. NUSC - Volatility Comparison

The current volatility for Nuveen Municipal Income ETF (NUMI) is 1.05%, while Nuveen ESG Small-Cap ETF (NUSC) has a volatility of 4.50%. This indicates that NUMI experiences smaller price fluctuations and is considered to be less risky than NUSC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NUMI	NUSC	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.05%	4.50%	-3.45%
Volatility (6M) Calculated over the trailing 6-month period	2.23%	12.17%	-9.94%
Volatility (1Y) Calculated over the trailing 1-year period	3.48%	17.11%	-13.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.39%	21.15%	-16.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.39%	22.36%	-17.97%

NUMI vs. NUSC - Expense Ratio Comparison

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

Dividends

NUMI vs. NUSC - Dividend Comparison

NUMI's dividend yield for the trailing twelve months is around 3.66%, more than NUSC's 0.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
NUMI Nuveen Municipal Income ETF	3.66%	3.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
NUSC Nuveen ESG Small-Cap ETF	0.93%	1.05%	1.15%	1.11%	1.16%	7.06%	0.52%	0.90%	3.95%	0.94%

Frequently Asked Questions

Can I hold both NUMI and NUSC in my portfolio?

NUMI and NUSC have a correlation of 0.26, 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 NUSC?

NUSC has higher volatility (4.50%) compared to NUMI (1.05%). In terms of maximum drawdown, NUMI dropped -4.72% vs NUSC's -41.49%.

Which ETF is better, NUMI or NUSC?

On 1-year performance, NUSC leads with 27.41% vs 7.75% for NUMI. On fees, NUMI is cheaper at 0.29% per year. On volatility, NUMI has been the lower-risk option at 1.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NUMI or NUSC?

Over the 1-year period, NUSC has performed better with a 27.41% return vs 7.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NUMI or NUSC?

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

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

NUMI has the higher dividend yield at 3.66%, compared with 0.93% for NUSC.

What is the main difference between NUMI and NUSC?

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

Which has better risk-adjusted returns?

NUMI currently has the higher Sharpe Ratio (2.24 vs 1.61), 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.