GLAD vs. NCLO
GLAD (Gladstone Capital Corporation) is a stock, while NCLO (Nuveen AA-BBB CLO ETF) is CLO fund tracking the JP Morgan CLO A Index. Over the past year, GLAD returned -23.20% vs 5.95% for NCLO. Their 0.07 correlation means their historical movements had little consistent relationship.
Performance
GLAD vs. NCLO - Performance Comparison
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Returns By Period
In the year-to-date period, GLAD achieves a -2.63% return, which is significantly lower than NCLO's 3.07% return.
GLAD
- 1D
- 1.87%
- 1M
- -1.88%
- 6M
- -1.51%
- YTD
- -2.63%
- 1Y
- -23.20%
- 3Y*
- 4.58%
- 5Y*
- 5.27%
- 10Y*
- 10.97%
- ALL TIME*
- 6.71%
NCLO
- 1D
- 0.13%
- 1M
- 0.69%
- 6M
- 2.53%
- YTD
- 3.07%
- 1Y
- 5.95%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 5.91%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $3.25M | $3.18M | $3.28M | |
| $1.42M | $964.97K | $1.08M |
GLAD vs. NCLO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
GLAD Gladstone Capital Corporation | -2.63% | -21.14% | 4.84% |
NCLO Nuveen AA-BBB CLO ETF | 3.07% | 6.28% | 0.31% |
Correlation
The correlation between GLAD and NCLO is 0.02, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.02 |
Correlation (All Time) Calculated using the full available price history since Dec 11, 2024 | 0.07 |
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Return for Risk
GLAD vs. NCLO — Risk / Return Rank
GLAD
NCLO
GLAD vs. NCLO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Gladstone Capital Corporation (GLAD) 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.
| GLAD | NCLO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.40 | ||
| Sortino ratioReturn per unit of downside risk | -3.11 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.41 | -0.55 |
| Calmar ratioReturn relative to maximum drawdown | -0.65 | 1.96 | -2.61 |
| Martin ratioReturn relative to average drawdown | -0.99 | 11.50 | -12.49 |
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Drawdowns
GLAD vs. NCLO - Drawdown Comparison
The maximum GLAD drawdown since its inception was -74.87%, which is greater than NCLO's maximum drawdown of -3.05%. Use the drawdown chart below to compare losses from any high point for GLAD and NCLO.
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Drawdown Indicators
| GLAD | NCLO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.87% | -3.05% | -71.82% |
Max Drawdown (1Y)Largest decline over 1 year | -35.67% | -3.05% | -32.62% |
Max Drawdown (3Y)Largest decline over 3 years | -39.59% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -39.59% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -58.37% | — | — |
Current DrawdownCurrent decline from peak | -28.30% | -0.19% | -28.11% |
Average DrawdownAverage peak-to-trough decline | -18.76% | -0.23% | -18.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 23.54% | 0.52% | +23.02% |
Volatility
GLAD vs. NCLO - Volatility Comparison
Gladstone Capital Corporation (GLAD) has a higher volatility of 5.74% compared to Nuveen AA-BBB CLO ETF (NCLO) at 0.71%. This indicates that GLAD'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.
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Volatility by Period
| GLAD | NCLO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.74% | 0.71% | +5.03% |
Volatility (6M)Calculated over the trailing 6-month period | 19.20% | 3.78% | +15.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.25% | 3.96% | +22.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.71% | 3.76% | +19.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 30.06% | 3.76% | +26.30% |
Dividends
GLAD vs. NCLO - Dividend Comparison
GLAD's dividend yield for the trailing twelve months is around 10.15%, more than NCLO's 5.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GLAD Gladstone Capital Corporation | 10.15% | 9.85% | 8.37% | 9.16% | 8.42% | 6.73% | 8.97% | 8.46% | 11.51% | 9.12% | 8.95% | 11.49% |
NCLO Nuveen AA-BBB CLO ETF | 5.74% | 6.09% | 0.35% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GLAD and NCLO have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLAD has higher volatility (5.74%) compared to NCLO (0.71%). In terms of maximum drawdown, GLAD dropped -74.87% vs NCLO's -3.05%.
NCLO currently has the higher Sharpe Ratio (1.51 vs -0.89), 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.
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