NCLO vs. ICLO

Last updated Jun 4, 2026

NCLO (Nuveen AA-BBB CLO ETF) and ICLO (Invesco Aaa CLO Floating Rate Note ETF) are both CLO funds. NCLO is passively managed, while ICLO is actively managed. Over the past year, NCLO returned 5.90% vs 5.71% for ICLO. At a 0.24 correlation, their price movements are largely independent. Both charge a 0.26% expense ratio.

Performance

NCLO vs. ICLO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen AA-BBB CLO ETF (NCLO) and Invesco Aaa CLO Floating Rate Note ETF (ICLO). 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 ICLO's 2.11% return.

NCLO

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

ICLO

• 1D: 0.04%
• 1M: 0.49%
• YTD: 2.11%
• 6M: 2.50%
• 1Y: 5.71%
• 3Y*: 6.75%
• 5Y*: —
• 10Y*: —

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

NCLO vs. ICLO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NCLO Nuveen AA-BBB CLO ETF	1.96%	6.28%	0.35%
ICLO Invesco Aaa CLO Floating Rate Note ETF	2.11%	5.27%	0.35%

Correlation

The correlation between NCLO and ICLO is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (All Time) Calculated using the full available price history since Dec 12, 2024	0.24

Return for Risk

NCLO vs. ICLO — 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

ICLO

ICLO Risk / Return Rank: 97
ICLO Sharpe Ratio Rank: 96
ICLO Sortino Ratio Rank: 98
ICLO Omega Ratio Rank: 98
ICLO Calmar Ratio Rank: 98
ICLO Martin Ratio Rank: 98

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. ICLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen AA-BBB CLO ETF (NCLO) and Invesco Aaa CLO Floating Rate Note ETF (ICLO). 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	ICLO	Difference
Sharpe ratio: Return per unit of total volatility	1.63	4.20	-2.57
Sortino ratio: Return per unit of downside risk	2.08	7.14	-5.06
Omega ratio: Gain probability vs. loss probability	1.46	2.02	-0.55
Calmar ratio: Return relative to maximum drawdown	1.94	16.31	-14.37
Martin ratio: Return relative to average drawdown	12.85	70.34	-57.49
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. ICLO - Sharpe Ratio Comparison

The current NCLO Sharpe Ratio is 1.63, which is lower than the ICLO Sharpe Ratio of 4.20. The chart below compares the historical Sharpe Ratios of NCLO and ICLO, 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	ICLO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.63	4.20	-2.57
Sharpe Ratio (All Time) Calculated using the full available price history	1.59	2.83	-1.24

Drawdowns

NCLO vs. ICLO - Drawdown Comparison

The maximum NCLO drawdown since its inception was -3.05%, smaller than the maximum ICLO drawdown of -3.47%. Use the drawdown chart below to compare losses from any high point for NCLO and ICLO.

Drawdown Indicators

	NCLO	ICLO	Difference
Max Drawdown Largest peak-to-trough decline	-3.05%	-3.47%	+0.42%
Max Drawdown (1Y) Largest decline over 1 year	-3.05%	-0.35%	-2.70%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.47%	—
Current Drawdown Current decline from peak	-0.35%	0.00%	-0.35%
Average Drawdown Average peak-to-trough decline	-0.20%	-0.06%	-0.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.46%	0.08%	+0.38%

Volatility

NCLO vs. ICLO - Volatility Comparison

Nuveen AA-BBB CLO ETF (NCLO) has a higher volatility of 1.14% compared to Invesco Aaa CLO Floating Rate Note ETF (ICLO) at 0.31%. This indicates that NCLO's price experiences larger fluctuations and is considered to be riskier than ICLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NCLO	ICLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.14%	0.31%	+0.83%
Volatility (6M) Calculated over the trailing 6-month period	3.46%	0.78%	+2.68%
Volatility (1Y) Calculated over the trailing 1-year period	3.64%	1.37%	+2.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.72%	2.42%	+1.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.72%	2.42%	+1.30%

NCLO vs. ICLO - Expense Ratio Comparison

Both NCLO and ICLO have an expense ratio of 0.26%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

NCLO vs. ICLO - Dividend Comparison

NCLO's dividend yield for the trailing twelve months is around 5.78%, more than ICLO's 5.12% yield.

Position	TTM	2025	2024	2023
ICLO Invesco Aaa CLO Floating Rate Note ETF	5.12%	5.49%	6.51%	7.01%
NCLO Nuveen AA-BBB CLO ETF	5.78%	6.09%	0.35%	0.00%

Frequently Asked Questions

Can I hold both NCLO and ICLO in my portfolio?

NCLO and ICLO have a correlation of 0.18, 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 ICLO?

NCLO has higher volatility (1.14%) compared to ICLO (0.31%). In terms of maximum drawdown, NCLO dropped -3.05% vs ICLO's -3.47%.

Which ETF is better, NCLO or ICLO?

On 1-year performance, NCLO leads with 5.90% vs 5.71% for ICLO. Both ETFs have the same 0.26% expense ratio. On volatility, ICLO has been the lower-risk option at 0.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NCLO or ICLO?

Over the 1-year period, NCLO has performed better with a 5.90% return vs 5.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NCLO or ICLO?

NCLO and ICLO have the same expense ratio: 0.26% per year.

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

NCLO has the higher dividend yield at 5.78%, compared with 5.12% for ICLO.

What is the main difference between NCLO and ICLO?

They also come from different issuers: Nuveen and Invesco.

Which has better risk-adjusted returns?

ICLO currently has the higher Sharpe Ratio (4.20 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.