NULV vs SPY
Nuveen ESG Large-Cap Value ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, NULV or SPY?
Large Cap Value against Large Cap Blend.
SPY has a lower expense ratio. NULV led over 1Y, SPY over 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.91. NULV is less concentrated, with 30.9% of the fund in its ten largest positions against 38.2%.
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 | NULV | SPY |
|---|---|---|
| Expense Ratio | 0.26% | 0.09%Best |
| AUM | $2.5B | $811.2B |
| Dividend Yield | 1.37% | 0.98% |
| Holdings | 102 | 1,515 |
| YTD Return | +16.69%Best | +12.70% |
| 1Y Return | +22.42%Best | +15.53% |
| 3Y Return (annualized) | +19.17% | +22.86%Best |
| 5Y Return (annualized) | +9.65% | +13.47%Best |
| Volatility (annualized) | 15.4%Best | 15.5% |
| Max Drawdown | -37.0% | -34.1%Best |
| $10,000 over 5 years | $15,851 | $18,811Best |
| Top 10 Weight | 30.9%Best | 38.2% |
| Fund Family | Nuveen | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Value | Large Cap Blend |
| Inception | Dec 13, 2016 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Dec 14, 2016 to Oct 1, 2026 (9.8 years).
NULV vs SPY 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 9.8 years both funds cover.
NULV vs SPY Performance
Nuveen ESG Large-Cap Value ETF (NULV) is an ETF from Nuveen and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year NULV returned +22.42% while SPY returned +15.53%. Year to date, NULV is up 16.69% versus a gain of 12.70% for SPY.
Over three years, NULV compounded at +19.17% per year against +22.86% for SPY; over five years the annualized figures are +9.65% and +13.47% respectively. Across the full 10-year window we track, SPY has the edge at +14.14% annualized vs +10.24%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.5% compared with 15.4% for NULV. 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 -37.0% for NULV and -34.1% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.91. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
NULV charges 0.26% per year while SPY charges 0.09%. On a $10,000 position that is $26 vs $9 annually, a gap of $17 per year that compounds over a long holding period. On income, NULV currently yields 1.37% against 0.98% for SPY.
Holdings Overlap
95.7% of NULV's money is in holdings SPY also owns. 23.7% of SPY's money is in holdings NULV also owns.
Most of NULV is already inside SPY. Owning both mostly buys the same companies twice.
118 positions in common, counted across the 127 positions we hold weights for in NULV and 504 in SPY, against full books of 102 and 1,515.
What only one of them owns
Our book lists 381 positions for SPY that do not appear in our book for NULV (75.6% of the fund), and 8 for NULV that do not appear in SPY (3.4%).
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 NULV | Weight in SPY | Difference |
|---|---|---|---|
| MSFTMicrosoft Corp | 10.64% | 5.71% | 4.93% |
| METAMeta Platforms Inc | 4.52% | 2.22% | 2.30% |
| CSCOCisco Systems Inc. - Ordinary Shares | 2.57% | 0.66% | 1.91% |
| KOCoca Cola Co. | 2.23% | 0.52% | 1.71% |
| ABBVAbbvie Inc. | 1.89% | 0.70% | 1.19% |
| MSMorgan Stanley | 1.99% | 0.38% | 1.61% |
| CCitigroup Inc. | 2.00% | 0.35% | 1.65% |
| PGProcter & Gamble Company | 1.70% | 0.52% | 1.18% |
| GSGoldman Sachs Group Inc/The | 1.68% | 0.44% | 1.24% |
| VZVerizon Communications Inc Vz | 1.56% | 0.33% | 1.23% |
95.7% of NULV is already inside SPY.
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, NULV or SPY?
NULV has an expense ratio of 0.26% while SPY charges 0.09%. SPY is the cheaper option, by $17 a year on a $10,000 investment.
Which performed better, NULV or SPY?
Over the past year NULV returned +22.42% vs +15.53% for SPY, so NULV leads on 1-year performance. Over the longest common window we track (10 years), NULV annualized +10.24% vs +14.14% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, NULV or SPY?
SPY has been the more volatile fund at 15.5% annualized versus 15.4% for NULV. Worst drawdown: NULV -37.0% vs SPY -34.1%.
Should I hold both NULV and SPY?
NULV and SPY have a monthly-return correlation of 0.91, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between NULV and SPY?
95.7% of NULV's money is in holdings SPY also owns. 23.7% of SPY's is in holdings NULV also owns. They hold 118 positions in common, counted across the 127 positions we hold weights for in NULV and 504 in SPY.
Which pays a higher dividend, NULV or SPY?
NULV yields 1.37% while SPY yields 0.98%, so NULV currently pays the higher dividend yield.
Is SPY better than NULV?
SPY has a lower expense ratio. NULV led over 1Y, SPY over 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.91. NULV is less concentrated, with 30.9% of the fund in its ten largest positions against 38.2%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.