CLOX vs. NCLO

Last updated Apr 1, 2026

Compare and contrast key facts about Panagram AAA CLO ETF (CLOX) and Nuveen AA-BBB CLO ETF (NCLO).

CLOX and NCLO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CLOX is an actively managed fund by Panagram. It was launched on Jul 18, 2023. NCLO is a passively managed fund by Nuveen that tracks the performance of the JP Morgan CLO A Index. It was launched on Dec 10, 2024.

Performance

CLOX vs. NCLO - Performance Comparison

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

CLOX vs. NCLO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CLOX Panagram AAA CLO ETF	1.01%	5.52%	0.31%
NCLO Nuveen AA-BBB CLO ETF	0.37%	6.28%	0.35%

Returns By Period

In the year-to-date period, CLOX achieves a 1.01% return, which is significantly higher than NCLO's 0.37% return.

CLOX

• 1D: 0.02%
• 1M: 0.22%
• YTD: 1.01%
• 6M: 2.48%
• 1Y: 5.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —

NCLO

• 1D: 0.12%
• 1M: -0.08%
• YTD: 0.37%
• 6M: 2.12%
• 1Y: 5.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CLOX vs. NCLO - Expense Ratio Comparison

CLOX has a 0.20% 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%.

NCLO

Nuveen AA-BBB CLO ETF

CLOX

Panagram AAA CLO ETF

Return for Risk

CLOX vs. NCLO — Risk / Return Rank

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

CLOX

CLOX Risk / Return Rank: 72
CLOX Sharpe Ratio Rank: 60
CLOX Sortino Ratio Rank: 50
CLOX Omega Ratio Rank: 96
CLOX Calmar Ratio Rank: 56
CLOX Martin Ratio Rank: 95

NCLO

NCLO Risk / Return Rank: 78
NCLO Sharpe Ratio Rank: 73
NCLO Sortino Ratio Rank: 69
NCLO Omega Ratio Rank: 87
NCLO Calmar Ratio Rank: 73
NCLO Martin Ratio Rank: 88

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.

CLOX vs. NCLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Panagram AAA CLO ETF (CLOX) 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.

	CLOX	NCLO	Difference
Sharpe ratio Return per unit of total volatility	1.04	1.31	-0.28
Sortino ratio Return per unit of downside risk	1.30	1.73	-0.43
Omega ratio Gain probability vs. loss probability	1.51	1.35	+0.15
Calmar ratio Return relative to maximum drawdown	1.36	1.88	-0.52
Martin ratio Return relative to average drawdown	15.61	11.07	+4.54
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CLOX vs. NCLO - Sharpe Ratio Comparison

The current CLOX Sharpe Ratio is 1.04, which is comparable to the NCLO Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of CLOX and NCLO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CLOX	NCLO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.04	1.31	-0.28
Sharpe Ratio (All Time) Calculated using the full available price history	1.93	1.45	+0.48

Correlation

The correlation between CLOX and NCLO is 0.14, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

CLOX vs. NCLO - Dividend Comparison

CLOX's dividend yield for the trailing twelve months is around 5.00%, less than NCLO's 5.99% yield.

	TTM	2025	2024	2023
CLOX Panagram AAA CLO ETF	5.00%	5.18%	6.25%	2.90%
NCLO Nuveen AA-BBB CLO ETF	5.99%	6.09%	0.35%	0.00%

Drawdowns

CLOX vs. NCLO - Drawdown Comparison

The maximum CLOX drawdown since its inception was -4.13%, which is greater than NCLO's maximum drawdown of -3.05%. Use the drawdown chart below to compare losses from any high point for CLOX and NCLO.

Drawdown Indicators

	CLOX	NCLO	Difference
Max Drawdown Largest peak-to-trough decline	-4.13%	-3.05%	-1.08%
Max Drawdown (1Y) Largest decline over 1 year	-4.02%	-3.05%	-0.97%
Current Drawdown Current decline from peak	0.00%	-0.48%	+0.48%
Average Drawdown Average peak-to-trough decline	-0.09%	-0.21%	+0.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.35%	0.52%	-0.17%

Volatility

CLOX vs. NCLO - Volatility Comparison

The current volatility for Panagram AAA CLO ETF (CLOX) is 0.63%, while Nuveen AA-BBB CLO ETF (NCLO) has a volatility of 3.04%. This indicates that CLOX experiences smaller price fluctuations and is considered to be less risky than NCLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CLOX	NCLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.63%	3.04%	-2.41%
Volatility (6M) Calculated over the trailing 6-month period	0.90%	3.29%	-2.39%
Volatility (1Y) Calculated over the trailing 1-year period	5.22%	4.23%	+0.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.42%	3.77%	-0.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.42%	3.77%	-0.35%