BILT vs. NCLO

Last updated Jun 5, 2026

BILT (iShares Infrastructure Active ETF) and NCLO (Nuveen AA-BBB CLO ETF) are both exchange-traded funds - BILT is a Utilities Equities fund actively managed by iShares, while NCLO is a CLO fund tracking the JP Morgan CLO A Index. BILT is actively managed, while NCLO is passively managed. At a 0.00 correlation, their price movements are largely independent. BILT charges 0.60%/yr vs 0.26%/yr for NCLO.

Performance

BILT vs. NCLO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Infrastructure Active ETF (BILT) 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, BILT achieves a 12.84% return, which is significantly higher than NCLO's 2.00% return.

BILT

• 1D: 0.40%
• 1M: -1.04%
• YTD: 12.84%
• 6M: 12.40%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 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)

BILT vs. NCLO - Yearly Performance Comparison

	2026 (YTD)	2025
BILT iShares Infrastructure Active ETF	12.84%	3.99%
NCLO Nuveen AA-BBB CLO ETF	2.00%	2.83%

Correlation

The correlation between BILT and NCLO is 0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 1, 2025	0.00

Return for Risk

BILT vs. NCLO — Risk / Return Rank

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

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.

BILT vs. NCLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Infrastructure Active ETF (BILT) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	BILT	NCLO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.63	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.05	1.60	+0.45

Drawdowns

BILT vs. NCLO - Drawdown Comparison

The maximum BILT drawdown since its inception was -5.38%, which is greater than NCLO's maximum drawdown of -3.05%. Use the drawdown chart below to compare losses from any high point for BILT and NCLO.

Drawdown Indicators

	BILT	NCLO	Difference
Max Drawdown Largest peak-to-trough decline	-5.38%	-3.05%	-2.33%
Max Drawdown (1Y) Largest decline over 1 year	—	-3.05%	—
Current Drawdown Current decline from peak	-1.97%	-0.31%	-1.66%
Average Drawdown Average peak-to-trough decline	-1.44%	-0.20%	-1.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.46%	—

Volatility

Volatility by Period

	BILT	NCLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.07%	—
Volatility (6M) Calculated over the trailing 6-month period	—	3.46%	—
Volatility (1Y) Calculated over the trailing 1-year period	10.26%	3.64%	+6.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.26%	3.71%	+6.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.26%	3.71%	+6.55%

BILT vs. NCLO - Expense Ratio Comparison

BILT has a 0.60% expense ratio, which is higher than NCLO's 0.26% expense ratio.

Dividends

BILT vs. NCLO - Dividend Comparison

BILT's dividend yield for the trailing twelve months is around 1.33%, less than NCLO's 5.78% yield.

Position	TTM	2025	2024
BILT iShares Infrastructure Active ETF	1.33%	0.99%	0.00%
NCLO Nuveen AA-BBB CLO ETF	5.78%	6.09%	0.35%

Frequently Asked Questions

Can I hold both BILT and NCLO in my portfolio?

BILT and NCLO have a correlation of 0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BILT or NCLO?

On fees, NCLO is cheaper at 0.26% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BILT or NCLO?

NCLO is cheaper with a 0.26% expense ratio, compared with 0.60% for BILT.

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

NCLO has the higher dividend yield at 5.78%, compared with 1.33% for BILT.

What is the main difference between BILT and NCLO?

BILT is categorized as Utilities Equities, while NCLO is CLO. They also come from different issuers: iShares and Nuveen. Their fees differ too: 0.60% for BILT and 0.26% for NCLO.