NCLO vs. AAA

Last updated Apr 2, 2026

Compare and contrast key facts about Nuveen AA-BBB CLO ETF (NCLO) and AAF First Priority CLO Bond ETF (AAA).

NCLO and AAA are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. 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. AAA is an actively managed fund by Alternative Access Funds LLC. It was launched on Sep 9, 2020.

Performance

NCLO vs. AAA - Performance Comparison

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

NCLO vs. AAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NCLO Nuveen AA-BBB CLO ETF	0.33%	6.28%	0.35%
AAA AAF First Priority CLO Bond ETF	1.08%	4.92%	0.25%

Returns By Period

In the year-to-date period, NCLO achieves a 0.33% return, which is significantly lower than AAA's 1.08% return.

NCLO

• 1D: -0.03%
• 1M: -0.17%
• YTD: 0.33%
• 6M: 2.03%
• 1Y: 5.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AAA

• 1D: 0.20%
• 1M: 0.21%
• YTD: 1.08%
• 6M: 2.35%
• 1Y: 5.28%
• 3Y*: 6.63%
• 5Y*: 4.48%
• 10Y*: —

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

NCLO vs. AAA - Expense Ratio Comparison

NCLO has a 0.26% expense ratio, which is higher than AAA's 0.25% expense ratio. However, 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

AAA

AAF First Priority CLO Bond ETF

Return for Risk

NCLO vs. AAA — Risk / Return Rank

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

NCLO

NCLO Risk / Return Rank: 74
NCLO Sharpe Ratio Rank: 71
NCLO Sortino Ratio Rank: 66
NCLO Omega Ratio Rank: 85
NCLO Calmar Ratio Rank: 65
NCLO Martin Ratio Rank: 85

AAA

AAA Risk / Return Rank: 86
AAA Sharpe Ratio Rank: 80
AAA Sortino Ratio Rank: 83
AAA Omega Ratio Rank: 90
AAA Calmar Ratio Rank: 82
AAA Martin Ratio Rank: 96

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.

NCLO vs. AAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen AA-BBB CLO ETF (NCLO) and AAF First Priority CLO Bond ETF (AAA). 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.

	NCLO	AAA	Difference
Sharpe ratio Return per unit of total volatility	1.32	1.56	-0.24
Sortino ratio Return per unit of downside risk	1.75	2.27	-0.52
Omega ratio Gain probability vs. loss probability	1.36	1.39	-0.03
Calmar ratio Return relative to maximum drawdown	1.80	2.48	-0.68
Martin ratio Return relative to average drawdown	10.65	18.01	-7.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NCLO vs. AAA - Sharpe Ratio Comparison

The current NCLO Sharpe Ratio is 1.32, which is comparable to the AAA Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of NCLO and AAA, 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

	NCLO	AAA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.32	1.56	-0.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	2.03	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.44	1.94	-0.50

Correlation

The correlation between NCLO and AAA is 0.05, 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

NCLO vs. AAA - Dividend Comparison

NCLO's dividend yield for the trailing twelve months is around 5.91%, more than AAA's 4.99% yield.

	TTM	2025	2024	2023	2022	2021	2020
NCLO Nuveen AA-BBB CLO ETF	5.91%	6.09%	0.35%	0.00%	0.00%	0.00%	0.00%
AAA AAF First Priority CLO Bond ETF	4.99%	5.11%	6.17%	6.11%	2.78%	1.06%	0.32%

Drawdowns

NCLO vs. AAA - Drawdown Comparison

The maximum NCLO drawdown since its inception was -3.05%, which is greater than AAA's maximum drawdown of -2.63%. Use the drawdown chart below to compare losses from any high point for NCLO and AAA.

Drawdown Indicators

	NCLO	AAA	Difference
Max Drawdown Largest peak-to-trough decline	-3.05%	-2.63%	-0.42%
Max Drawdown (1Y) Largest decline over 1 year	-3.05%	-2.25%	-0.80%
Max Drawdown (5Y) Largest decline over 5 years	—	-2.63%	—
Current Drawdown Current decline from peak	-0.51%	0.00%	-0.51%
Average Drawdown Average peak-to-trough decline	-0.21%	-0.31%	+0.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.52%	0.31%	+0.21%

Volatility

NCLO vs. AAA - Volatility Comparison

Nuveen AA-BBB CLO ETF (NCLO) has a higher volatility of 2.98% compared to AAF First Priority CLO Bond ETF (AAA) at 0.63%. This indicates that NCLO's price experiences larger fluctuations and is considered to be riskier than AAA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NCLO	AAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.98%	0.63%	+2.35%
Volatility (6M) Calculated over the trailing 6-month period	3.29%	1.52%	+1.77%
Volatility (1Y) Calculated over the trailing 1-year period	4.23%	3.40%	+0.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.76%	2.22%	+1.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.76%	2.13%	+1.63%