FAAA vs. NCLO
Compare and contrast key facts about Fidelity AAA CLO ETF (FAAA) and Nuveen AA-BBB CLO ETF (NCLO).
FAAA and NCLO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FAAA is an actively managed fund by Fidelity. It was launched on Feb 10, 2026. 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
FAAA vs. NCLO - Performance Comparison
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FAAA vs. NCLO - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
FAAA Fidelity AAA CLO ETF | 0.31% |
NCLO Nuveen AA-BBB CLO ETF | -0.02% |
Returns By Period
FAAA
- 1D
- 0.04%
- 1M
- 0.06%
- YTD
- —
- 6M
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
NCLO
- 1D
- 0.12%
- 1M
- -0.08%
- YTD
- 0.37%
- 6M
- 2.12%
- 1Y
- 5.53%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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FAAA vs. NCLO - Expense Ratio Comparison
FAAA 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%.
Return for Risk
FAAA vs. NCLO — Risk / Return Rank
FAAA
NCLO
FAAA vs. NCLO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity AAA CLO ETF (FAAA) 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.
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Sharpe Ratios by Period
| FAAA | NCLO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | 1.31 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.93 | 1.45 | +0.48 |
Correlation
The correlation between FAAA and NCLO is 0.09, 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
FAAA vs. NCLO - Dividend Comparison
FAAA's dividend yield for the trailing twelve months is around 0.62%, less than NCLO's 5.99% yield.
| TTM | 2025 | 2024 | |
|---|---|---|---|
FAAA Fidelity AAA CLO ETF | 0.62% | 0.00% | 0.00% |
NCLO Nuveen AA-BBB CLO ETF | 5.99% | 6.09% | 0.35% |
Drawdowns
FAAA vs. NCLO - Drawdown Comparison
The maximum FAAA drawdown since its inception was -0.55%, smaller than the maximum NCLO drawdown of -3.05%. Use the drawdown chart below to compare losses from any high point for FAAA and NCLO.
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Drawdown Indicators
| FAAA | NCLO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.55% | -3.05% | +2.50% |
Max Drawdown (1Y)Largest decline over 1 year | — | -3.05% | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.48% | +0.48% |
Average DrawdownAverage peak-to-trough decline | -0.17% | -0.21% | +0.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.52% | — |
Volatility
FAAA vs. NCLO - Volatility Comparison
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Volatility by Period
| FAAA | NCLO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 3.04% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 3.29% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 1.29% | 4.23% | -2.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.29% | 3.77% | -2.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.29% | 3.77% | -2.48% |