CLOO vs. NCLO

Last updated Jul 17, 2026

CLOO (NYLI Investment Grade CLO ETF) and NCLO (Nuveen AA-BBB CLO ETF) are both CLO funds. CLOO is actively managed, while NCLO is passively managed. At a correlation of -0.12, they often move in opposite directions. CLOO charges 0.25%/yr vs 0.26%/yr for NCLO.

Performance

CLOO vs. NCLO - Performance Comparison

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

Returns By Period

CLOO

• 1D: 0.00%
• 1M: 0.44%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

NCLO

• 1D: -0.11%
• 1M: 0.28%
• 6M: 2.33%
• YTD: 2.37%
• 1Y: 5.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CLOO vs. NCLO - Yearly Performance Comparison

	2026 (YTD)
CLOO NYLI Investment Grade CLO ETF	1.10%
NCLO Nuveen AA-BBB CLO ETF	1.38%

Correlation

The correlation between CLOO and NCLO is -0.12, 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 (All Time) Calculated using the full available price history since May 6, 2026	-0.12

Return for Risk

CLOO vs. NCLO — Risk / Return Rank

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

CLOO

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

NCLO

NCLO Risk / Return Rank: 61
NCLO Sharpe Ratio Rank: 52
NCLO Sortino Ratio Rank: 45
NCLO Omega Ratio Rank: 84
NCLO Calmar Ratio Rank: 45
NCLO Martin Ratio Rank: 77

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.

CLOO vs. NCLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NYLI Investment Grade CLO ETF (CLOO) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	CLOO	NCLO	Difference
Sharpe ratio: Return per unit of total volatility	—	1.44	—
Sortino ratio: Return per unit of downside risk	—	1.88	—
Omega ratio: Gain probability vs. loss probability	—	1.40	—
Calmar ratio: Return relative to maximum drawdown	—	1.86	—
Martin ratio: Return relative to average drawdown	—	11.26	—

Drawdowns

CLOO vs. NCLO - Drawdown Comparison

The maximum CLOO drawdown since its inception was -0.04%, smaller than the maximum NCLO drawdown of -3.05%. Use the drawdown chart below to compare losses from any high point for CLOO and NCLO.

Drawdown Indicators

	CLOO	NCLO	Difference
Max Drawdown Largest peak-to-trough decline	-0.04%	-3.05%	+3.01%
Max Drawdown (1Y) Largest decline over 1 year	—	-3.05%	—
Current Drawdown Current decline from peak	0.00%	-0.87%	+0.87%
Average Drawdown Average peak-to-trough decline	-0.00%	-0.23%	+0.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.50%	—

Volatility

Volatility by Period

	CLOO	NCLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.58%	—
Volatility (6M) Calculated over the trailing 6-month period	—	3.76%	—
Volatility (1Y) Calculated over the trailing 1-year period	0.48%	3.94%	-3.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.48%	3.80%	-3.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.48%	3.80%	-3.32%

CLOO vs. NCLO - Expense Ratio Comparison

CLOO has a 0.25% expense ratio, which is lower than NCLO's 0.26% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

CLOO vs. NCLO - Dividend Comparison

CLOO's dividend yield for the trailing twelve months is around 0.59%, less than NCLO's 5.80% yield.

Position	TTM	2025	2024
CLOO NYLI Investment Grade CLO ETF	0.59%	0.00%	0.00%
NCLO Nuveen AA-BBB CLO ETF	5.80%	6.09%	0.35%

Frequently Asked Questions

Can I hold both CLOO and NCLO in my portfolio?

CLOO and NCLO have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CLOO or NCLO?

On fees, CLOO is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CLOO or NCLO?

CLOO is cheaper with a 0.25% expense ratio, compared with 0.26% for NCLO.

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

NCLO has the higher dividend yield at 5.80%, compared with 0.59% for CLOO.

What is the main difference between CLOO and NCLO?

They also come from different issuers: New York Life Investment Management and Nuveen. Their fees differ too: 0.25% for CLOO and 0.26% for NCLO.