NCLO vs. BDRY

Last updated Jun 4, 2026

NCLO (Nuveen AA-BBB CLO ETF) and BDRY (Breakwave Dry Bulk Shipping ETF) are both exchange-traded funds - NCLO is a CLO fund tracking the JP Morgan CLO A Index, while BDRY is a Commodities fund tracking the Breakwave Dry Freight Futures Index. Both are passively managed. Over the past year, NCLO returned 5.90% vs 142.69% for BDRY. At a correlation of -0.09, they often move in opposite directions. NCLO charges 0.26%/yr vs 3.76%/yr for BDRY.

Performance

NCLO vs. BDRY - Performance Comparison

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

Returns By Period

In the year-to-date period, NCLO achieves a 1.96% return, which is significantly lower than BDRY's 43.90% return.

NCLO

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

BDRY

• 1D: -2.47%
• 1M: 7.04%
• YTD: 43.90%
• 6M: 35.70%
• 1Y: 142.69%
• 3Y*: 27.14%
• 5Y*: -11.69%
• 10Y*: —

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

NCLO vs. BDRY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NCLO Nuveen AA-BBB CLO ETF	1.96%	6.28%	0.35%
BDRY Breakwave Dry Bulk Shipping ETF	43.90%	44.24%	6.48%

Correlation

The correlation between NCLO and BDRY is -0.14, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.14
Correlation (All Time) Calculated using the full available price history since Dec 12, 2024	-0.09

Return for Risk

NCLO vs. BDRY — Risk / Return Rank

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

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

BDRY

BDRY Risk / Return Rank: 85
BDRY Sharpe Ratio Rank: 92
BDRY Sortino Ratio Rank: 79
BDRY Omega Ratio Rank: 74
BDRY Calmar Ratio Rank: 93
BDRY 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.

NCLO vs. BDRY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen AA-BBB CLO ETF (NCLO) and Breakwave Dry Bulk Shipping ETF (BDRY). 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	BDRY	Difference
Sharpe ratio: Return per unit of total volatility	1.63	3.40	-1.77
Sortino ratio: Return per unit of downside risk	2.08	3.58	-1.49
Omega ratio: Gain probability vs. loss probability	1.46	1.45	+0.02
Calmar ratio: Return relative to maximum drawdown	1.94	6.65	-4.71
Martin ratio: Return relative to average drawdown	12.85	19.36	-6.51
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. BDRY - Sharpe Ratio Comparison

The current NCLO Sharpe Ratio is 1.63, which is lower than the BDRY Sharpe Ratio of 3.40. The chart below compares the historical Sharpe Ratios of NCLO and BDRY, 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

	NCLO	BDRY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.63	3.40	-1.77
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.19	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.59	-0.13	+1.72

Drawdowns

NCLO vs. BDRY - Drawdown Comparison

The maximum NCLO drawdown since its inception was -3.05%, smaller than the maximum BDRY drawdown of -89.16%. Use the drawdown chart below to compare losses from any high point for NCLO and BDRY.

Drawdown Indicators

	NCLO	BDRY	Difference
Max Drawdown Largest peak-to-trough decline	-3.05%	-89.16%	+86.11%
Max Drawdown (1Y) Largest decline over 1 year	-3.05%	-21.60%	+18.55%
Max Drawdown (3Y) Largest decline over 3 years	—	-69.71%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-89.16%	—
Current Drawdown Current decline from peak	-0.35%	-69.60%	+69.25%
Average Drawdown Average peak-to-trough decline	-0.20%	-58.38%	+58.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.46%	7.40%	-6.94%

Volatility

NCLO vs. BDRY - Volatility Comparison

The current volatility for Nuveen AA-BBB CLO ETF (NCLO) is 1.14%, while Breakwave Dry Bulk Shipping ETF (BDRY) has a volatility of 11.26%. This indicates that NCLO experiences smaller price fluctuations and is considered to be less risky than BDRY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NCLO	BDRY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.14%	11.26%	-10.12%
Volatility (6M) Calculated over the trailing 6-month period	3.46%	30.02%	-26.56%
Volatility (1Y) Calculated over the trailing 1-year period	3.64%	42.29%	-38.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.72%	60.70%	-56.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.72%	62.58%	-58.86%

NCLO vs. BDRY - Expense Ratio Comparison

NCLO has a 0.26% expense ratio, which is lower than BDRY's 3.76% expense ratio.

Dividends

NCLO vs. BDRY - Dividend Comparison

NCLO's dividend yield for the trailing twelve months is around 5.78%, while BDRY has not paid dividends to shareholders.

Position	TTM	2025	2024
BDRY Breakwave Dry Bulk Shipping ETF	0.00%	0.00%	0.00%
NCLO Nuveen AA-BBB CLO ETF	5.78%	6.09%	0.35%

Frequently Asked Questions

Can I hold both NCLO and BDRY in my portfolio?

NCLO and BDRY have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NCLO or BDRY?

BDRY has higher volatility (11.26%) compared to NCLO (1.14%). In terms of maximum drawdown, NCLO dropped -3.05% vs BDRY's -89.16%.

Which ETF is better, NCLO or BDRY?

On 1-year performance, BDRY leads with 142.69% vs 5.90% for NCLO. On fees, NCLO is cheaper at 0.26% per year. On volatility, NCLO has been the lower-risk option at 1.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NCLO or BDRY?

Over the 1-year period, BDRY has performed better with a 142.69% return vs 5.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NCLO or BDRY?

NCLO is cheaper with a 0.26% expense ratio, compared with 3.76% for BDRY.

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

NCLO has the higher dividend yield at 5.78%, compared with 0.00% for BDRY.

What is the main difference between NCLO and BDRY?

NCLO is categorized as CLO, while BDRY is Commodities. NCLO tracks JP Morgan CLO A Index, while BDRY tracks Breakwave Dry Freight Futures Index. They also come from different issuers: Nuveen and ETFMG. Their fees differ too: 0.26% for NCLO and 3.76% for BDRY.

Which has better risk-adjusted returns?

BDRY currently has the higher Sharpe Ratio (3.40 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.