Anand's CPU benchmarks are very browser-oriented. The Shield usually beat all other Android devices, but still lost to the iPad Air. I suspect that has more to do with the quality of Mobile Safari than the differences in hardware. In the GPU benchmarks, the Shield does very, very well. http://www.anandtech.com/show/8296/the-nvidia-shield-tablet-...
Overall, the K1 has both CPU and GPU paper/marketing specs that are theoretically a little better than an Xbox 360. This is demoed by the 360 game Trine 2 running very nearly as well on a Shield as on the 360. http://www.eurogamer.net/articles/digitalfoundry-2014-can-tr...
edit: Looks like the Nexus has a 2048x1536 screen vs the Shield's 1920x1200. 51% more pixels on the same GPU will be a much prettier at the cost of more GPU|battery strain. Given the high power GPU, that seems like a good trade off for a non-gaming-oriented tab.