JBBB vs. NCLO

Last updated Jun 4, 2026

JBBB (Janus Henderson B-BBB CLO ETF) and NCLO (Nuveen AA-BBB CLO ETF) are both CLO funds. JBBB is actively managed, while NCLO is passively managed. Over the past year, JBBB returned 5.67% vs 5.90% for NCLO. At a 0.08 correlation, their price movements are largely independent. JBBB charges 0.49%/yr vs 0.26%/yr for NCLO.

Performance

JBBB vs. NCLO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson B-BBB CLO ETF (JBBB) 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, JBBB achieves a 1.86% return, which is significantly lower than NCLO's 1.96% return.

JBBB

• 1D: 0.02%
• 1M: 0.62%
• YTD: 1.86%
• 6M: 2.34%
• 1Y: 5.67%
• 3Y*: 10.60%
• 5Y*: —
• 10Y*: —

NCLO

• 1D: -0.16%
• 1M: 0.61%
• YTD: 1.96%
• 6M: 2.57%
• 1Y: 5.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JBBB vs. NCLO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
JBBB Janus Henderson B-BBB CLO ETF	1.86%	5.43%	1.93%
NCLO Nuveen AA-BBB CLO ETF	1.96%	6.28%	0.35%

Correlation

The correlation between JBBB and NCLO is -0.02, 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 (1Y) Calculated over the trailing 1-year period	-0.02
Correlation (All Time) Calculated using the full available price history since Dec 12, 2024	0.08

The correlation between JBBB and NCLO shifts across timeframes, from -0.02 (1 year) to 0.08 (all time), reflecting how their relationship changes across market environments.

Return for Risk

JBBB vs. NCLO — Risk / Return Rank

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

JBBB

JBBB Risk / Return Rank: 51
JBBB Sharpe Ratio Rank: 48
JBBB Sortino Ratio Rank: 56
JBBB Omega Ratio Rank: 59
JBBB Calmar Ratio Rank: 46
JBBB Martin Ratio Rank: 47

NCLO

NCLO Risk / Return Rank: 54
NCLO Sharpe Ratio Rank: 46
NCLO Sortino Ratio Rank: 41
NCLO Omega Ratio Rank: 77
NCLO Calmar Ratio Rank: 39
NCLO Martin Ratio Rank: 69

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.

JBBB vs. NCLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson B-BBB CLO ETF (JBBB) 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.

	JBBB	NCLO	Difference
Sharpe ratio: Return per unit of total volatility	1.70	1.63	+0.08
Sortino ratio: Return per unit of downside risk	2.74	2.08	+0.66
Omega ratio: Gain probability vs. loss probability	1.37	1.46	-0.09
Calmar ratio: Return relative to maximum drawdown	2.31	1.94	+0.37
Martin ratio: Return relative to average drawdown	7.84	12.85	-5.00
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JBBB vs. NCLO - Sharpe Ratio Comparison

The current JBBB Sharpe Ratio is 1.70, which is comparable to the NCLO Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of JBBB and NCLO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	JBBB	NCLO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.70	1.63	+0.08
Sharpe Ratio (All Time) Calculated using the full available price history	1.31	1.59	-0.29

Drawdowns

JBBB vs. NCLO - Drawdown Comparison

The maximum JBBB drawdown since its inception was -10.57%, which is greater than NCLO's maximum drawdown of -3.05%. Use the drawdown chart below to compare losses from any high point for JBBB and NCLO.

Drawdown Indicators

	JBBB	NCLO	Difference
Max Drawdown Largest peak-to-trough decline	-10.57%	-3.05%	-7.52%
Max Drawdown (1Y) Largest decline over 1 year	-2.46%	-3.05%	+0.59%
Max Drawdown (3Y) Largest decline over 3 years	-3.82%	—	—
Current Drawdown Current decline from peak	0.00%	-0.35%	+0.35%
Average Drawdown Average peak-to-trough decline	-1.58%	-0.20%	-1.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.72%	0.46%	+0.26%

Volatility

JBBB vs. NCLO - Volatility Comparison

The current volatility for Janus Henderson B-BBB CLO ETF (JBBB) is 0.45%, while Nuveen AA-BBB CLO ETF (NCLO) has a volatility of 1.14%. This indicates that JBBB 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

	JBBB	NCLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.45%	1.14%	-0.69%
Volatility (6M) Calculated over the trailing 6-month period	2.76%	3.46%	-0.70%
Volatility (1Y) Calculated over the trailing 1-year period	3.34%	3.64%	-0.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.26%	3.72%	+1.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.26%	3.72%	+1.54%

JBBB vs. NCLO - Expense Ratio Comparison

JBBB has a 0.49% expense ratio, which is higher than NCLO's 0.26% expense ratio.

Dividends

JBBB vs. NCLO - Dividend Comparison

JBBB's dividend yield for the trailing twelve months is around 7.13%, more than NCLO's 5.78% yield.

Position	TTM	2025	2024	2023	2022
JBBB Janus Henderson B-BBB CLO ETF	7.13%	8.41%	9.24%	8.71%	5.71%
NCLO Nuveen AA-BBB CLO ETF	5.78%	6.09%	0.35%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JBBB and NCLO in my portfolio?

JBBB 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.

Which is riskier, JBBB or NCLO?

NCLO has higher volatility (1.14%) compared to JBBB (0.45%). In terms of maximum drawdown, JBBB dropped -10.57% vs NCLO's -3.05%.

Which ETF is better, JBBB or NCLO?

On 1-year performance, NCLO leads with 5.90% vs 5.67% for JBBB. On fees, NCLO is cheaper at 0.26% per year. On volatility, JBBB has been the lower-risk option at 0.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JBBB or NCLO?

Over the 1-year period, NCLO has performed better with a 5.90% return vs 5.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JBBB or NCLO?

NCLO is cheaper with a 0.26% expense ratio, compared with 0.49% for JBBB.

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

JBBB has the higher dividend yield at 7.13%, compared with 5.78% for NCLO.

What is the main difference between JBBB and NCLO?

They also come from different issuers: Janus Henderson and Nuveen. Their fees differ too: 0.49% for JBBB and 0.26% for NCLO.

Which has better risk-adjusted returns?

JBBB currently has the higher Sharpe Ratio (1.70 vs 1.63), 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.