NULC vs USMV
Nuveen ESG Large-Cap ETF vs iShares MSCI USA Minimum Volatility Factor ETF
Which is better, NULC or USMV?
NULC has been ahead.
USMV has a lower expense ratio. NULC led over 1Y, 3Y, 5Y and the full window. USMV is less concentrated, with 15.1% of the fund in its ten largest positions against 33.0%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | NULC | USMV |
|---|---|---|
| Expense Ratio | 0.21% | 0.15%Best |
| AUM | $72M | $23.3B |
| Dividend Yield | 0.88% | 1.42% |
| Holdings | 138 | 178 |
| YTD Return | +18.28%Best | +7.92% |
| 1Y Return | +20.76%Best | +7.64% |
| 3Y Return (annualized) | +21.61%Best | +12.58% |
| 5Y Return (annualized) | +11.34%Best | +7.80% |
| Volatility (annualized) | 16.7% | 13.3%Best |
| Max Drawdown | -34.9% | -33.1%Best |
| $10,000 over 5 years | $17,110Best | $14,558 |
| Top 10 Weight | 33.0% | 15.1%Best |
| Fund Family | Nuveen | iShares by BlackRock (US) |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Jun 3, 2019 | Oct 18, 2011 |
Volatility and max drawdown are measured over the window both funds cover: Jun 4, 2019 to Oct 13, 2026 (7.4 years).
NULC vs USMV growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 7.4 years both funds cover.
NULC vs USMV Performance
Nuveen ESG Large-Cap ETF (NULC) is an ETF from Nuveen and iShares MSCI USA Minimum Volatility Factor ETF (USMV) is an ETF from iShares by BlackRock (US). Over the past year NULC returned +20.76% while USMV returned +7.64%. Year to date, NULC is up 18.28% versus a gain of 7.92% for USMV.
Over three years, NULC compounded at +21.61% per year against +12.58% for USMV; over five years the annualized figures are +11.34% and +7.80% respectively. Across the full 7-year window we track, NULC has the edge at +15.43% annualized vs +8.52%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
NULC has been the more volatile fund, with annualized monthly volatility of 16.7% compared with 13.3% for USMV. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -34.9% for NULC and -33.1% for USMV. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.86. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
NULC charges 0.21% per year while USMV charges 0.15%. On a $10,000 position that is $21 vs $15 annually, a gap of $6 per year that compounds over a long holding period. On income, NULC currently yields 0.88% against 1.42% for USMV.
Holdings Overlap
62.6% of NULC's money is in holdings USMV also owns. 40.3% of USMV's money is in holdings NULC also owns.
The two portfolios partly overlap.
59 positions in common, counted across the 128 positions we hold weights for in NULC and 175 in USMV, against full books of 138 and 178.
What only one of them owns
Our book lists 114 positions for USMV that do not appear in our book for NULC (58.3% of the fund), and 67 for NULC that do not appear in USMV (36.7%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in NULC | Weight in USMV | Difference |
|---|---|---|---|
| NVDANvidia Corp | 8.89% | 1.53% | 7.36% |
| MSFTMicrosoft Corp | 5.27% | 1.56% | 3.71% |
| AVGOBroadcom Inc | 3.52% | 0.94% | 2.58% |
| METAMeta Platforms Inc | 3.66% | 0.09% | 3.57% |
| AMDAdvanced Micro Devices Inc | 2.67% | 0.74% | 1.93% |
| CSCOCisco Systems Inc. - Ordinary Shares | 1.81% | 1.41% | 0.40% |
| MAMastercard Inc | 1.80% | 1.24% | 0.56% |
| KOCoca Cola Co. | 1.75% | 1.28% | 0.47% |
| VVisa Inc Class A | 1.94% | 1.01% | 0.93% |
| MRKMerck & Company Inc | 1.50% | 1.44% | 0.06% |
62.6% of NULC is already inside USMV.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, NULC or USMV?
NULC has an expense ratio of 0.21% while USMV charges 0.15%. USMV is the cheaper option, by $6 a year on a $10,000 investment.
Which performed better, NULC or USMV?
Over the past year NULC returned +20.76% vs +7.64% for USMV, so NULC leads on 1-year performance. Over the longest common window we track (7 years), NULC annualized +15.43% vs +8.52% for USMV. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, NULC or USMV?
NULC has been the more volatile fund at 16.7% annualized versus 13.3% for USMV. Worst drawdown: NULC -34.9% vs USMV -33.1%.
Should I hold both NULC and USMV?
NULC and USMV have a monthly-return correlation of 0.86, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between NULC and USMV?
62.6% of NULC's money is in holdings USMV also owns. 40.3% of USMV's is in holdings NULC also owns. They hold 59 positions in common, counted across the 128 positions we hold weights for in NULC and 175 in USMV.
Which pays a higher dividend, NULC or USMV?
NULC yields 0.88% while USMV yields 1.42%, so USMV currently pays the higher dividend yield.
Is USMV better than NULC?
USMV has a lower expense ratio. NULC led over 1Y, 3Y, 5Y and the full window. USMV is less concentrated, with 15.1% of the fund in its ten largest positions against 33.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.