NUSC vs. NUMI

Last updated Jun 24, 2026

NUSC (Nuveen ESG Small-Cap ETF) and NUMI (Nuveen Municipal Income ETF) are both exchange-traded funds - NUSC is a Small Cap Growth Equities fund tracking the MSCI TIAA ESG USA Small Cap, while NUMI is a Municipal Bonds fund actively managed by Nuveen. NUSC is passively managed, while NUMI is actively managed. Over the past year, NUSC returned 28.10% vs 6.96% for NUMI. At a 0.21 correlation, their price movements are largely independent. NUSC charges 0.30%/yr vs 0.29%/yr for NUMI.

Performance

NUSC vs. NUMI - Performance Comparison

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

Returns By Period

In the year-to-date period, NUSC achieves a 13.66% return, which is significantly higher than NUMI's 1.59% return.

NUSC

• 1D: -0.98%
• 1M: 3.23%
• YTD: 13.66%
• 6M: 11.49%
• 1Y: 28.10%
• 3Y*: 13.78%
• 5Y*: 4.65%
• 10Y*: —

NUMI

• 1D: 0.00%
• 1M: 1.01%
• YTD: 1.59%
• 6M: 1.65%
• 1Y: 6.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NUSC vs. NUMI - Yearly Performance Comparison

	2026 (YTD)	2025
NUSC Nuveen ESG Small-Cap ETF	13.66%	3.64%
NUMI Nuveen Municipal Income ETF	1.59%	3.78%

Correlation

The correlation between NUSC and NUMI is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (All Time) Calculated using the full available price history since Jan 23, 2025	0.21

Return for Risk

NUSC vs. NUMI — Risk / Return Rank

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

NUSC

NUSC Risk / Return Rank: 54
NUSC Sharpe Ratio Rank: 51
NUSC Sortino Ratio Rank: 52
NUSC Omega Ratio Rank: 46
NUSC Calmar Ratio Rank: 61
NUSC Martin Ratio Rank: 61

NUMI

NUMI Risk / Return Rank: 66
NUMI Sharpe Ratio Rank: 70
NUMI Sortino Ratio Rank: 75
NUMI Omega Ratio Rank: 82
NUMI Calmar Ratio Rank: 55
NUMI Martin Ratio Rank: 49

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.

NUSC vs. NUMI - Risk-Adjusted Trends Comparison

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

	NUSC	NUMI	Difference
Sharpe ratio: Return per unit of total volatility	1.62	2.05	-0.43
Sortino ratio: Return per unit of downside risk	2.37	3.04	-0.67
Omega ratio: Gain probability vs. loss probability	1.28	1.44	-0.17
Calmar ratio: Return relative to maximum drawdown	2.79	2.48	+0.32
Martin ratio: Return relative to average drawdown	10.07	7.64	+2.42

NUSC vs. NUMI - Sharpe Ratio Comparison

The current NUSC Sharpe Ratio is 1.62, which is comparable to the NUMI Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of NUSC and NUMI, 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

NUSC vs. NUMI - Drawdown Comparison

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

Drawdown Indicators

	NUSC	NUMI	Difference
Max Drawdown Largest peak-to-trough decline	-41.49%	-4.72%	-36.77%
Max Drawdown (1Y) Largest decline over 1 year	-10.10%	-2.82%	-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	-1.07%	-0.57%	-0.50%
Average Drawdown Average peak-to-trough decline	-8.17%	-1.36%	-6.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.80%	0.91%	+1.89%

Volatility

NUSC vs. NUMI - Volatility Comparison

Nuveen ESG Small-Cap ETF (NUSC) has a higher volatility of 5.19% compared to Nuveen Municipal Income ETF (NUMI) at 0.68%. This indicates that NUSC's price experiences larger fluctuations and is considered to be riskier than NUMI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NUSC	NUMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.19%	0.68%	+4.51%
Volatility (6M) Calculated over the trailing 6-month period	12.72%	2.20%	+10.52%
Volatility (1Y) Calculated over the trailing 1-year period	17.45%	3.41%	+14.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.19%	4.32%	+16.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.34%	4.32%	+18.02%

NUSC vs. NUMI - Expense Ratio Comparison

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

Dividends

NUSC vs. NUMI - Dividend Comparison

NUSC's dividend yield for the trailing twelve months is around 0.92%, less than NUMI's 3.66% 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	0.92%	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 NUSC and NUMI in my portfolio?

NUSC and NUMI have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NUSC or NUMI?

NUSC has higher volatility (5.19%) compared to NUMI (0.68%). In terms of maximum drawdown, NUSC dropped -41.49% vs NUMI's -4.72%.

Which ETF is better, NUSC or NUMI?

On 1-year performance, NUSC leads with 28.10% vs 6.96% for NUMI. On fees, NUMI is cheaper at 0.29% per year. On volatility, NUMI has been the lower-risk option at 0.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NUSC or NUMI?

Over the 1-year period, NUSC has performed better with a 28.10% return vs 6.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NUSC or NUMI?

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

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

NUMI has the higher dividend yield at 3.66%, compared with 0.92% for NUSC.

What is the main difference between NUSC and NUMI?

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

Which has better risk-adjusted returns?

NUMI currently has the higher Sharpe Ratio (2.05 vs 1.62), 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.