NCLO vs. NUDV

Last updated Jun 4, 2026

NCLO (Nuveen AA-BBB CLO ETF) and NUDV (Nuveen ESG Dividend ETF) are both exchange-traded funds - NCLO is a CLO fund tracking the JP Morgan CLO A Index, while NUDV is a Large Cap Value Equities fund tracking the Nuveen ESG USA High Dividend Yield Index. Both are passively managed. Over the past year, NCLO returned 5.90% vs 18.63% for NUDV. At a 0.17 correlation, their price movements are largely independent. Both charge a 0.26% expense ratio.

Performance

NCLO vs. NUDV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen AA-BBB CLO ETF (NCLO) and Nuveen ESG Dividend ETF (NUDV). 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 NUDV's 9.63% return.

NCLO

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

NUDV

• 1D: -0.72%
• 1M: 1.42%
• YTD: 9.63%
• 6M: 10.03%
• 1Y: 18.63%
• 3Y*: 15.87%
• 5Y*: —
• 10Y*: —

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

NCLO vs. NUDV - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NCLO Nuveen AA-BBB CLO ETF	1.96%	6.28%	0.35%
NUDV Nuveen ESG Dividend ETF	9.63%	10.77%	-3.49%

Correlation

The correlation between NCLO and NUDV is 0.07, 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	0.07
Correlation (All Time) Calculated using the full available price history since Dec 12, 2024	0.17

Return for Risk

NCLO vs. NUDV — 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

NUDV

NUDV Risk / Return Rank: 55
NUDV Sharpe Ratio Rank: 52
NUDV Sortino Ratio Rank: 55
NUDV Omega Ratio Rank: 50
NUDV Calmar Ratio Rank: 57
NUDV Martin Ratio Rank: 57

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. NUDV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen AA-BBB CLO ETF (NCLO) and Nuveen ESG Dividend ETF (NUDV). 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	NUDV	Difference
Sharpe ratio: Return per unit of total volatility	1.63	1.81	-0.18
Sortino ratio: Return per unit of downside risk	2.08	2.66	-0.57
Omega ratio: Gain probability vs. loss probability	1.46	1.32	+0.15
Calmar ratio: Return relative to maximum drawdown	1.94	2.84	-0.90
Martin ratio: Return relative to average drawdown	12.85	10.08	+2.77
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. NUDV - Sharpe Ratio Comparison

The current NCLO Sharpe Ratio is 1.63, which is comparable to the NUDV Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of NCLO and NUDV, 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	NUDV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.63	1.81	-0.18
Sharpe Ratio (All Time) Calculated using the full available price history	1.59	0.64	+0.95

Drawdowns

NCLO vs. NUDV - Drawdown Comparison

The maximum NCLO drawdown since its inception was -3.05%, smaller than the maximum NUDV drawdown of -20.10%. Use the drawdown chart below to compare losses from any high point for NCLO and NUDV.

Drawdown Indicators

	NCLO	NUDV	Difference
Max Drawdown Largest peak-to-trough decline	-3.05%	-20.10%	+17.05%
Max Drawdown (1Y) Largest decline over 1 year	-3.05%	-6.60%	+3.55%
Max Drawdown (3Y) Largest decline over 3 years	—	-16.48%	—
Current Drawdown Current decline from peak	-0.35%	-0.72%	+0.37%
Average Drawdown Average peak-to-trough decline	-0.20%	-4.92%	+4.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.46%	1.85%	-1.39%

Volatility

NCLO vs. NUDV - Volatility Comparison

The current volatility for Nuveen AA-BBB CLO ETF (NCLO) is 1.14%, while Nuveen ESG Dividend ETF (NUDV) has a volatility of 2.71%. This indicates that NCLO experiences smaller price fluctuations and is considered to be less risky than NUDV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NCLO	NUDV	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.14%	2.71%	-1.57%
Volatility (6M) Calculated over the trailing 6-month period	3.46%	7.44%	-3.98%
Volatility (1Y) Calculated over the trailing 1-year period	3.64%	10.34%	-6.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.72%	14.97%	-11.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.72%	14.97%	-11.25%

NCLO vs. NUDV - Expense Ratio Comparison

Both NCLO and NUDV 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. NUDV - Dividend Comparison

NCLO's dividend yield for the trailing twelve months is around 5.78%, more than NUDV's 2.27% yield.

Position	TTM	2025	2024	2023	2022	2021
NCLO Nuveen AA-BBB CLO ETF	5.78%	6.09%	0.35%	0.00%	0.00%	0.00%
NUDV Nuveen ESG Dividend ETF	2.27%	2.36%	6.18%	2.48%	2.96%	0.60%

Frequently Asked Questions

Can I hold both NCLO and NUDV in my portfolio?

NCLO and NUDV have a correlation of 0.07, 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 NUDV?

NUDV has higher volatility (2.71%) compared to NCLO (1.14%). In terms of maximum drawdown, NCLO dropped -3.05% vs NUDV's -20.10%.

Which ETF is better, NCLO or NUDV?

On 1-year performance, NUDV leads with 18.63% vs 5.90% for NCLO. Both ETFs have the same 0.26% expense ratio. 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 NUDV?

Over the 1-year period, NUDV has performed better with a 18.63% 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 NUDV?

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

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

NCLO has the higher dividend yield at 5.78%, compared with 2.27% for NUDV.

What is the main difference between NCLO and NUDV?

NCLO is categorized as CLO, while NUDV is Large Cap Value Equities. NCLO tracks JP Morgan CLO A Index, while NUDV tracks Nuveen ESG USA High Dividend Yield Index.

Which has better risk-adjusted returns?

NUDV currently has the higher Sharpe Ratio (1.81 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.