NCLO vs. CRQ.NEO
NCLO (Nuveen AA-BBB CLO ETF) and CRQ.NEO (iShares Canadian Fundamental Index ETF) are both exchange-traded funds - NCLO is a CLO fund tracking the JP Morgan CLO A Index, while CRQ.NEO is a Canada Equities fund tracking the FTSE RAFI Canada Index. Both are passively managed. Over the past year, NCLO returned 5.92% vs 42.03% for CRQ.NEO. At a 0.07 correlation, their price movements are largely independent. NCLO charges 0.26%/yr vs 0.72%/yr for CRQ.NEO.
Performance
NCLO vs. CRQ.NEO - Performance Comparison
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Different Trading Currencies
NCLO is traded in USD, while CRQ.NEO is traded in CAD. To make them comparable, the CRQ.NEO values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, NCLO achieves a 2.00% return, which is significantly lower than CRQ.NEO's 15.72% return.
NCLO
- 1D
- 0.04%
- 1M
- 1.01%
- YTD
- 2.00%
- 6M
- 2.62%
- 1Y
- 5.92%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CRQ.NEO
- 1D
- 1.02%
- 1M
- 2.53%
- YTD
- 15.72%
- 6M
- 20.71%
- 1Y
- 42.03%
- 3Y*
- 25.34%
- 5Y*
- 14.59%
- 10Y*
- 12.55%
NCLO vs. CRQ.NEO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
NCLO Nuveen AA-BBB CLO ETF | 2.00% | 6.28% | 0.35% |
CRQ.NEO iShares Canadian Fundamental Index ETF | 15.72% | 38.19% | -3.99% |
Correlation
The correlation between NCLO and CRQ.NEO is 0.06, 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 | 0.06 |
Correlation (All Time) Calculated using the full available price history since Dec 12, 2024 | 0.07 |
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Return for Risk
NCLO vs. CRQ.NEO — Risk / Return Rank
NCLO
CRQ.NEO
NCLO vs. CRQ.NEO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen AA-BBB CLO ETF (NCLO) and iShares Canadian Fundamental Index ETF (CRQ.NEO). 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 | CRQ.NEO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.01 | ||
| Sortino ratioReturn per unit of downside risk | -2.98 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.71 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | 1.95 | 5.92 | -3.97 |
| Martin ratioReturn relative to average drawdown | 12.87 | 25.01 | -12.14 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| NCLO | CRQ.NEO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.63 | 3.64 | -2.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.91 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.64 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.60 | 0.47 | +1.13 |
Drawdowns
NCLO vs. CRQ.NEO - Drawdown Comparison
The maximum NCLO drawdown since its inception was -3.05%, smaller than the maximum CRQ.NEO drawdown of -47.39%. Use the drawdown chart below to compare losses from any high point for NCLO and CRQ.NEO.
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Drawdown Indicators
| NCLO | CRQ.NEO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.05% | -47.39% | +44.34% |
Max Drawdown (1Y)Largest decline over 1 year | -3.05% | -7.13% | +4.08% |
Max Drawdown (3Y)Largest decline over 3 years | — | -12.70% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -23.53% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -47.39% | — |
Current DrawdownCurrent decline from peak | -0.31% | 0.00% | -0.31% |
Average DrawdownAverage peak-to-trough decline | -0.20% | -9.86% | +9.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.46% | 1.68% | -1.22% |
Volatility
NCLO vs. CRQ.NEO - Volatility Comparison
The current volatility for Nuveen AA-BBB CLO ETF (NCLO) is 1.07%, while iShares Canadian Fundamental Index ETF (CRQ.NEO) has a volatility of 3.27%. This indicates that NCLO experiences smaller price fluctuations and is considered to be less risky than CRQ.NEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NCLO | CRQ.NEO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.07% | 3.27% | -2.20% |
Volatility (6M)Calculated over the trailing 6-month period | 3.46% | 9.29% | -5.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.64% | 11.59% | -7.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.71% | 16.09% | -12.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.71% | 19.79% | -16.08% |
NCLO vs. CRQ.NEO - Expense Ratio Comparison
NCLO has a 0.26% expense ratio, which is lower than CRQ.NEO's 0.72% expense ratio.
Dividends
NCLO vs. CRQ.NEO - Dividend Comparison
NCLO's dividend yield for the trailing twelve months is around 5.78%, more than CRQ.NEO's 1.87% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CRQ.NEO iShares Canadian Fundamental Index ETF | 1.87% | 2.18% | 2.72% | 2.97% | 2.90% | 2.17% | 2.98% | 2.71% | 2.46% | 1.91% | 1.89% | 3.09% |
NCLO Nuveen AA-BBB CLO ETF | 5.78% | 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
NCLO and CRQ.NEO have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, NCLO is cheaper at 0.26% per year. The better choice depends on whether you care most about return, fees, risk, or income.
NCLO is cheaper with a 0.26% expense ratio, compared with 0.72% for CRQ.NEO.
NCLO is categorized as CLO, while CRQ.NEO is Canada Equities. NCLO tracks JP Morgan CLO A Index, while CRQ.NEO tracks FTSE RAFI Canada Index. They also come from different issuers: Nuveen and iShares. Their fees differ too: 0.26% for NCLO and 0.72% for CRQ.NEO.
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