NCLO vs. CLOO

Last updated Jul 16, 2026

NCLO (Nuveen AA-BBB CLO ETF) and CLOO (NYLI Investment Grade CLO ETF) are both CLO funds. NCLO is passively managed, while CLOO is actively managed. At a correlation of -0.15, they often move in opposite directions. NCLO charges 0.26%/yr vs 0.25%/yr for CLOO.

Performance

NCLO vs. CLOO - Performance Comparison

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

Returns By Period

NCLO

• 1D: 0.22%
• 1M: 0.46%
• 6M: 2.48%
• YTD: 2.48%
• 1Y: 5.75%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CLOO

• 1D: 0.04%
• 1M: 0.46%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NCLO vs. CLOO - Yearly Performance Comparison

	2026 (YTD)
NCLO Nuveen AA-BBB CLO ETF	1.49%
CLOO NYLI Investment Grade CLO ETF	1.10%

Correlation

The correlation between NCLO and CLOO is -0.15, 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 (All Time) Calculated using the full available price history since May 6, 2026	-0.15

Return for Risk

NCLO vs. CLOO — Risk / Return Rank

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

NCLO

NCLO Risk / Return Rank: 61
NCLO Sharpe Ratio Rank: 53
NCLO Sortino Ratio Rank: 45
NCLO Omega Ratio Rank: 85
NCLO Calmar Ratio Rank: 45
NCLO Martin Ratio Rank: 77

CLOO

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. CLOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen AA-BBB CLO ETF (NCLO) and NYLI Investment Grade CLO ETF (CLOO). 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.

	NCLO	CLOO	Difference
Sharpe ratio: Return per unit of total volatility	1.47	—	—
Sortino ratio: Return per unit of downside risk	1.91	—	—
Omega ratio: Gain probability vs. loss probability	1.41	—	—
Calmar ratio: Return relative to maximum drawdown	1.89	—	—
Martin ratio: Return relative to average drawdown	11.50	—	—

Drawdowns

NCLO vs. CLOO - Drawdown Comparison

The maximum NCLO drawdown since its inception was -3.05%, which is greater than CLOO's maximum drawdown of -0.04%. Use the drawdown chart below to compare losses from any high point for NCLO and CLOO.

Drawdown Indicators

	NCLO	CLOO	Difference
Max Drawdown Largest peak-to-trough decline	-3.05%	-0.04%	-3.01%
Max Drawdown (1Y) Largest decline over 1 year	-3.05%	—	—
Current Drawdown Current decline from peak	-0.76%	0.00%	-0.76%
Average Drawdown Average peak-to-trough decline	-0.22%	-0.00%	-0.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.50%	—	—

Volatility

Volatility by Period

	NCLO	CLOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.57%	—	—
Volatility (6M) Calculated over the trailing 6-month period	3.76%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	3.94%	0.48%	+3.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.80%	0.48%	+3.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.80%	0.48%	+3.32%

NCLO vs. CLOO - Expense Ratio Comparison

NCLO has a 0.26% expense ratio, which is higher than CLOO'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%.

Dividends

NCLO vs. CLOO - Dividend Comparison

NCLO's dividend yield for the trailing twelve months is around 5.79%, more than CLOO's 0.59% yield.

Position	TTM	2025	2024
CLOO NYLI Investment Grade CLO ETF	0.59%	0.00%	0.00%
NCLO Nuveen AA-BBB CLO ETF	5.79%	6.09%	0.35%

Frequently Asked Questions

Can I hold both NCLO and CLOO in my portfolio?

NCLO and CLOO have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, NCLO or CLOO?

On fees, CLOO is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, NCLO or CLOO?

CLOO is cheaper with a 0.25% expense ratio, compared with 0.26% for NCLO.

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

NCLO has the higher dividend yield at 5.79%, compared with 0.59% for CLOO.

What is the main difference between NCLO and CLOO?

They also come from different issuers: Nuveen and New York Life Investment Management. Their fees differ too: 0.26% for NCLO and 0.25% for CLOO.