BDRY vs. NCLO

Last updated Jun 5, 2026

BDRY (Breakwave Dry Bulk Shipping ETF) and NCLO (Nuveen AA-BBB CLO ETF) are both exchange-traded funds - BDRY is a Commodities fund tracking the Breakwave Dry Freight Futures Index, while NCLO is a CLO fund tracking the JP Morgan CLO A Index. Both are passively managed. Over the past year, BDRY returned 133.58% vs 5.92% for NCLO. At a correlation of -0.09, they often move in opposite directions. BDRY charges 3.76%/yr vs 0.26%/yr for NCLO.

Performance

BDRY vs. NCLO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Breakwave Dry Bulk Shipping ETF (BDRY) and Nuveen AA-BBB CLO ETF (NCLO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BDRY achieves a 44.36% return, which is significantly higher than NCLO's 2.00% return.

BDRY

• 1D: 0.32%
• 1M: 3.94%
• YTD: 44.36%
• 6M: 36.57%
• 1Y: 133.58%
• 3Y*: 24.57%
• 5Y*: -11.64%
• 10Y*: —

NCLO

• 1D: 0.04%
• 1M: 1.01%
• YTD: 2.00%
• 6M: 2.62%
• 1Y: 5.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BDRY vs. NCLO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BDRY Breakwave Dry Bulk Shipping ETF	44.36%	44.24%	6.48%
NCLO Nuveen AA-BBB CLO ETF	2.00%	6.28%	0.35%

Correlation

The correlation between BDRY and NCLO is -0.14, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.14
Correlation (All Time) Calculated using the full available price history since Dec 12, 2024	-0.09

Return for Risk

BDRY vs. NCLO — Risk / Return Rank

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

BDRY

BDRY Risk / Return Rank: 84
BDRY Sharpe Ratio Rank: 91
BDRY Sortino Ratio Rank: 78
BDRY Omega Ratio Rank: 74
BDRY Calmar Ratio Rank: 92
BDRY Martin Ratio Rank: 86

NCLO

NCLO Risk / Return Rank: 56
NCLO Sharpe Ratio Rank: 48
NCLO Sortino Ratio Rank: 42
NCLO Omega Ratio Rank: 79
NCLO Calmar Ratio Rank: 40
NCLO Martin Ratio Rank: 70

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.

BDRY vs. NCLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Breakwave Dry Bulk Shipping ETF (BDRY) and Nuveen AA-BBB CLO ETF (NCLO). 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.

	BDRY	NCLO	Difference
Sharpe ratio: Return per unit of total volatility	3.19	1.63	+1.56
Sortino ratio: Return per unit of downside risk	3.43	2.09	+1.34
Omega ratio: Gain probability vs. loss probability	1.43	1.46	-0.03
Calmar ratio: Return relative to maximum drawdown	6.22	1.95	+4.27
Martin ratio: Return relative to average drawdown	18.11	12.87	+5.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BDRY vs. NCLO - Sharpe Ratio Comparison

The current BDRY Sharpe Ratio is 3.19, which is higher than the NCLO Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of BDRY and NCLO, 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

	BDRY	NCLO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.19	1.63	+1.56
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.19	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.13	1.60	-1.73

Drawdowns

BDRY vs. NCLO - Drawdown Comparison

The maximum BDRY drawdown since its inception was -89.16%, which is greater than NCLO's maximum drawdown of -3.05%. Use the drawdown chart below to compare losses from any high point for BDRY and NCLO.

Drawdown Indicators

	BDRY	NCLO	Difference
Max Drawdown Largest peak-to-trough decline	-89.16%	-3.05%	-86.11%
Max Drawdown (1Y) Largest decline over 1 year	-21.60%	-3.05%	-18.55%
Max Drawdown (3Y) Largest decline over 3 years	-69.71%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-89.16%	—	—
Current Drawdown Current decline from peak	-69.50%	-0.31%	-69.19%
Average Drawdown Average peak-to-trough decline	-58.39%	-0.20%	-58.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.41%	0.46%	+6.95%

Volatility

BDRY vs. NCLO - Volatility Comparison

Breakwave Dry Bulk Shipping ETF (BDRY) has a higher volatility of 10.84% compared to Nuveen AA-BBB CLO ETF (NCLO) at 1.07%. This indicates that BDRY's price experiences larger fluctuations and is considered to be riskier than NCLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BDRY	NCLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.84%	1.07%	+9.77%
Volatility (6M) Calculated over the trailing 6-month period	29.99%	3.46%	+26.53%
Volatility (1Y) Calculated over the trailing 1-year period	42.26%	3.64%	+38.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.69%	3.71%	+56.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	62.56%	3.71%	+58.85%

BDRY vs. NCLO - Expense Ratio Comparison

BDRY has a 3.76% expense ratio, which is higher than NCLO's 0.26% expense ratio.

Dividends

BDRY vs. NCLO - Dividend Comparison

BDRY has not paid dividends to shareholders, while NCLO's dividend yield for the trailing twelve months is around 5.78%.

Position	TTM	2025	2024
BDRY Breakwave Dry Bulk Shipping ETF	0.00%	0.00%	0.00%
NCLO Nuveen AA-BBB CLO ETF	5.78%	6.09%	0.35%

Frequently Asked Questions

Can I hold both BDRY and NCLO in my portfolio?

BDRY and NCLO have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BDRY or NCLO?

BDRY has higher volatility (10.84%) compared to NCLO (1.07%). In terms of maximum drawdown, BDRY dropped -89.16% vs NCLO's -3.05%.

Which ETF is better, BDRY or NCLO?

On 1-year performance, BDRY leads with 133.58% vs 5.92% for NCLO. On fees, NCLO is cheaper at 0.26% per year. On volatility, NCLO has been the lower-risk option at 1.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BDRY or NCLO?

Over the 1-year period, BDRY has performed better with a 133.58% return vs 5.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BDRY or NCLO?

NCLO is cheaper with a 0.26% expense ratio, compared with 3.76% for BDRY.

Which ETF pays a higher dividend yield, BDRY or NCLO?

NCLO has the higher dividend yield at 5.78%, compared with 0.00% for BDRY.

What is the main difference between BDRY and NCLO?

BDRY is categorized as Commodities, while NCLO is CLO. BDRY tracks Breakwave Dry Freight Futures Index, while NCLO tracks JP Morgan CLO A Index. They also come from different issuers: ETFMG and Nuveen. Their fees differ too: 3.76% for BDRY and 0.26% for NCLO.

Which has better risk-adjusted returns?

BDRY currently has the higher Sharpe Ratio (3.19 vs 1.63), 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.