NUSC vs. SPY

Last updated Jun 3, 2026

NUSC (Nuveen ESG Small-Cap ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - NUSC is a Small Cap Growth Equities fund tracking the MSCI TIAA ESG USA Small Cap, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, NUSC returned 4.86%/yr vs 14.20%/yr for SPY. Their correlation of 0.81 suggests significant overlap in exposure. NUSC charges 0.30%/yr vs 0.09%/yr for SPY.

Performance

NUSC vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen ESG Small-Cap ETF (NUSC) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NUSC achieves a 13.53% return, which is significantly higher than SPY's 11.69% return.

NUSC

• 1D: 0.90%
• 1M: 3.51%
• YTD: 13.53%
• 6M: 14.63%
• 1Y: 30.06%
• 3Y*: 13.48%
• 5Y*: 4.86%
• 10Y*: —

SPY

• 1D: 0.14%
• 1M: 5.40%
• YTD: 11.69%
• 6M: 12.09%
• 1Y: 29.62%
• 3Y*: 22.64%
• 5Y*: 14.20%
• 10Y*: 15.57%

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

NUSC vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NUSC Nuveen ESG Small-Cap ETF	13.53%	7.72%	8.29%	15.72%	-17.73%	17.51%	23.69%	27.09%	-9.40%	16.50%
SPY State Street SPDR S&P 500 ETF	11.69%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between NUSC and SPY is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (All Time) Calculated using the full available price history since Dec 15, 2016	0.81

The correlation between NUSC and SPY has been stable across timeframes, ranging from 0.77 to 0.82 - a consistent structural relationship.

Return for Risk

NUSC vs. SPY — 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: 53
NUSC Omega Ratio Rank: 47
NUSC Calmar Ratio Rank: 59
NUSC Martin Ratio Rank: 59

SPY

SPY Risk / Return Rank: 75
SPY Sharpe Ratio Rank: 77
SPY Sortino Ratio Rank: 75
SPY Omega Ratio Rank: 76
SPY Calmar Ratio Rank: 68
SPY Martin Ratio Rank: 80

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen ESG Small-Cap ETF (NUSC) and State Street SPDR S&P 500 ETF (SPY). 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.

	NUSC	SPY	Difference
Sharpe ratio Return per unit of total volatility	1.77	2.52	-0.76
Sortino ratio Return per unit of downside risk	2.57	3.42	-0.84
Omega ratio Gain probability vs. loss probability	1.30	1.46	-0.16
Calmar ratio Return relative to maximum drawdown	2.95	3.42	-0.47
Martin ratio Return relative to average drawdown	10.64	15.93	-5.28
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NUSC vs. SPY - Sharpe Ratio Comparison

The current NUSC Sharpe Ratio is 1.77, which is comparable to the SPY Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of NUSC and SPY, 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

	NUSC	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.77	2.52	-0.76
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.23	0.84	-0.61
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.59	-0.14

Drawdowns

NUSC vs. SPY - Drawdown Comparison

The maximum NUSC drawdown since its inception was -41.49%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for NUSC and SPY.

Drawdown Indicators

	NUSC	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-41.49%	-55.19%	+13.70%
Max Drawdown (1Y) Largest decline over 1 year	-10.10%	-8.88%	-1.22%
Max Drawdown (3Y) Largest decline over 3 years	-26.95%	-18.76%	-8.19%
Max Drawdown (5Y) Largest decline over 5 years	-28.85%	-24.50%	-4.35%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-8.22%	-9.05%	+0.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.80%	1.91%	+0.89%

Volatility

NUSC vs. SPY - Volatility Comparison

Nuveen ESG Small-Cap ETF (NUSC) has a higher volatility of 4.55% compared to State Street SPDR S&P 500 ETF (SPY) at 2.75%. This indicates that NUSC's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NUSC	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.55%	2.75%	+1.80%
Volatility (6M) Calculated over the trailing 6-month period	12.18%	8.89%	+3.29%
Volatility (1Y) Calculated over the trailing 1-year period	17.10%	11.81%	+5.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.15%	17.05%	+4.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.36%	17.94%	+4.42%

NUSC vs. SPY - Expense Ratio Comparison

NUSC has a 0.30% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

NUSC vs. SPY - Dividend Comparison

NUSC's dividend yield for the trailing twelve months is around 0.92%, less than SPY's 0.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	0.97%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both NUSC and SPY in my portfolio?

NUSC and SPY have a correlation of 0.78, 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 SPY?

NUSC has higher volatility (4.55%) compared to SPY (2.75%). In terms of maximum drawdown, NUSC dropped -41.49% vs SPY's -55.19%.

Which ETF is better, NUSC or SPY?

On 5-year performance, SPY leads with 14.20% vs 4.86% for NUSC. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 2.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NUSC or SPY?

Over the 5-year period, SPY has performed better with a 14.20% return vs 4.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NUSC or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.30% for NUSC.

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

SPY has the higher dividend yield at 0.97%, compared with 0.92% for NUSC.

What is the main difference between NUSC and SPY?

NUSC is categorized as Small Cap Growth Equities, while SPY is S&P 500. NUSC tracks MSCI TIAA ESG USA Small Cap, while SPY tracks S&P 500 Index. They also come from different issuers: Nuveen and State Street. Their fees differ too: 0.30% for NUSC and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.52 vs 1.77), 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.