NCLO vs. IYH
NCLO (Nuveen AA-BBB CLO ETF) and IYH (iShares U.S. Healthcare ETF) are both exchange-traded funds - NCLO is a CLO fund tracking the JP Morgan CLO A Index, while IYH is a Health & Biotech Equities fund tracking the Dow Jones U.S. Health Care Index. Both are passively managed. Over the past year, NCLO returned 6.16% vs 23.51% for IYH. Their 0.05 correlation means their historical movements had little consistent relationship. NCLO charges 0.26%/yr vs 0.43%/yr for IYH.
Performance
NCLO vs. IYH - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, NCLO achieves a 3.32% return, which is significantly lower than IYH's 5.42% return.
NCLO
- 1D
- 0.24%
- 1M
- 0.93%
- 6M
- 2.45%
- YTD
- 3.32%
- 1Y
- 6.16%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 6.05%
IYH
- 1D
- 0.00%
- 1M
- -1.40%
- 6M
- 6.20%
- YTD
- 5.42%
- 1Y
- 23.51%
- 3Y*
- 8.40%
- 5Y*
- 4.69%
- 10Y*
- 9.52%
- ALL TIME*
- 7.99%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $81.05M | $58.47M | $58.18M | |
| $805.70K | $960.01K | $1.09M |
NCLO vs. IYH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
NCLO Nuveen AA-BBB CLO ETF | 3.32% | 6.28% | 0.31% |
IYH iShares U.S. Healthcare ETF | 5.42% | 13.16% | -4.10% |
Correlation
The correlation between NCLO and IYH is -0.09, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.09 |
Correlation (All Time) Calculated using the full available price history since Dec 11, 2024 | 0.05 |
The correlation between NCLO and IYH shifts across timeframes, from -0.09 (1 year) to 0.05 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
NCLO vs. IYH — Risk / Return Rank
NCLO
IYH
NCLO vs. IYH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen AA-BBB CLO ETF (NCLO) and iShares U.S. Healthcare ETF (IYH). 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 | IYH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.05 | ||
| Sortino ratioReturn per unit of downside risk | -0.38 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.27 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 2.03 | 2.22 | -0.19 |
| Martin ratioReturn relative to average drawdown | 11.91 | 5.25 | +6.66 |
Loading charts...
Drawdowns
NCLO vs. IYH - Drawdown Comparison
The maximum NCLO drawdown since its inception was -3.05%, smaller than the maximum IYH drawdown of -43.12%. Use the drawdown chart below to compare losses from any high point for NCLO and IYH.
Loading charts...
Drawdown Indicators
| NCLO | IYH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.05% | -43.12% | +40.07% |
Max Drawdown (1Y)Largest decline over 1 year | -3.05% | -10.64% | +7.59% |
Max Drawdown (3Y)Largest decline over 3 years | — | -17.91% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -17.91% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -28.40% | — |
Current DrawdownCurrent decline from peak | 0.00% | -2.92% | +2.92% |
Average DrawdownAverage peak-to-trough decline | -0.23% | -8.92% | +8.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.52% | 4.50% | -3.98% |
Volatility
NCLO vs. IYH - Volatility Comparison
The current volatility for Nuveen AA-BBB CLO ETF (NCLO) is 0.74%, while iShares U.S. Healthcare ETF (IYH) has a volatility of 5.17%. This indicates that NCLO experiences smaller price fluctuations and is considered to be less risky than IYH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| NCLO | IYH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.74% | 5.17% | -4.43% |
Volatility (6M)Calculated over the trailing 6-month period | 3.79% | 12.02% | -8.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.96% | 15.61% | -11.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.76% | 15.23% | -11.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.76% | 16.82% | -13.06% |
NCLO vs. IYH - Expense Ratio Comparison
NCLO has a 0.26% expense ratio, which is lower than IYH's 0.43% expense ratio.
Dividends
NCLO vs. IYH - Dividend Comparison
NCLO's dividend yield for the trailing twelve months is around 5.73%, more than IYH's 1.17% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IYH iShares U.S. Healthcare ETF | 1.17% | 1.19% | 1.25% | 1.18% | 1.10% | 0.94% | 1.16% | 1.14% | 1.95% | 1.10% | 1.29% | 2.02% |
NCLO Nuveen AA-BBB CLO ETF | 5.73% | 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 IYH have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IYH has higher volatility (5.17%) compared to NCLO (0.74%). In terms of maximum drawdown, NCLO dropped -3.05% vs IYH's -43.12%.
On 1-year performance, IYH leads with 23.51% vs 6.16% for NCLO. On fees, NCLO is cheaper at 0.26% per year. On volatility, NCLO has been the lower-risk option at 0.74%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, IYH has performed better with a 23.51% return vs 6.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
NCLO is cheaper with a 0.26% expense ratio, compared with 0.43% for IYH.
NCLO has the higher dividend yield at 5.73%, compared with 1.17% for IYH.
NCLO is categorized as CLO, while IYH is Health & Biotech Equities. NCLO tracks JP Morgan CLO A Index, while IYH tracks Dow Jones U.S. Health Care Index. They also come from different issuers: Nuveen and iShares. Their fees differ too: 0.26% for NCLO and 0.43% for IYH.
NCLO currently has the higher Sharpe Ratio (1.56 vs 1.52), 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.
Find the right allocation for NCLO and IYH
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer