NCLO vs. NUSB

Last updated Jun 25, 2026

NCLO (Nuveen AA-BBB CLO ETF) and NUSB (Nuveen Ultra Short Income ETF) are both exchange-traded funds - NCLO is a CLO fund tracking the JP Morgan CLO A Index, while NUSB is a Ultrashort Bond fund actively managed by Nuveen. NCLO is passively managed, while NUSB is actively managed. Over the past year, NCLO returned 5.81% vs 4.22% for NUSB. At a 0.02 correlation, their price movements are largely independent. NCLO charges 0.26%/yr vs 0.17%/yr for NUSB.

Performance

NCLO vs. NUSB - Performance Comparison

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

Returns By Period

In the year-to-date period, NCLO achieves a 2.24% return, which is significantly higher than NUSB's 1.73% return.

NCLO

• 1D: 0.12%
• 1M: 0.50%
• YTD: 2.24%
• 6M: 2.45%
• 1Y: 5.81%
• 3Y*: —
• 5Y*: —
• 10Y*: —

NUSB

• 1D: 0.02%
• 1M: 0.34%
• YTD: 1.73%
• 6M: 1.81%
• 1Y: 4.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NCLO vs. NUSB - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NCLO Nuveen AA-BBB CLO ETF	2.24%	6.28%	0.31%
NUSB Nuveen Ultra Short Income ETF	1.73%	4.71%	0.27%

Correlation

The correlation between NCLO and NUSB is 0.03, 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	0.03
Correlation (All Time) Calculated using the full available price history since Dec 11, 2024	0.02

Return for Risk

NCLO vs. NUSB — Risk / Return Rank

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

NCLO

NCLO Risk / Return Rank: 60
NCLO Sharpe Ratio Rank: 53
NCLO Sortino Ratio Rank: 46
NCLO Omega Ratio Rank: 85
NCLO Calmar Ratio Rank: 43
NCLO Martin Ratio Rank: 75

NUSB

NUSB Risk / Return Rank: 100
NUSB Sharpe Ratio Rank: 100
NUSB Sortino Ratio Rank: 99
NUSB Omega Ratio Rank: 99
NUSB Calmar Ratio Rank: 100
NUSB Martin Ratio Rank: 100

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. NUSB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen AA-BBB CLO ETF (NCLO) and Nuveen Ultra Short Income ETF (NUSB). 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	NUSB	Difference
Sharpe ratio: Return per unit of total volatility	1.61	11.49	-9.89
Sortino ratio: Return per unit of downside risk	2.05	30.41	-28.36
Omega ratio: Gain probability vs. loss probability	1.46	8.42	-6.97
Calmar ratio: Return relative to maximum drawdown	1.91	71.24	-69.33
Martin ratio: Return relative to average drawdown	12.62	378.49	-365.87

NCLO vs. NUSB - Sharpe Ratio Comparison

The current NCLO Sharpe Ratio is 1.61, which is lower than the NUSB Sharpe Ratio of 11.49. The chart below compares the historical Sharpe Ratios of NCLO and NUSB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

NCLO vs. NUSB - Drawdown Comparison

The maximum NCLO drawdown since its inception was -3.05%, which is greater than NUSB's maximum drawdown of -0.16%. Use the drawdown chart below to compare losses from any high point for NCLO and NUSB.

Drawdown Indicators

	NCLO	NUSB	Difference
Max Drawdown Largest peak-to-trough decline	-3.05%	-0.16%	-2.89%
Max Drawdown (1Y) Largest decline over 1 year	-3.05%	-0.06%	-2.99%
Current Drawdown Current decline from peak	-0.07%	0.00%	-0.07%
Average Drawdown Average peak-to-trough decline	-0.20%	-0.00%	-0.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.46%	0.01%	+0.45%

Volatility

NCLO vs. NUSB - Volatility Comparison

Nuveen AA-BBB CLO ETF (NCLO) has a higher volatility of 0.95% compared to Nuveen Ultra Short Income ETF (NUSB) at 0.08%. This indicates that NCLO's price experiences larger fluctuations and is considered to be riskier than NUSB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NCLO	NUSB	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.95%	0.08%	+0.87%
Volatility (6M) Calculated over the trailing 6-month period	3.47%	0.23%	+3.24%
Volatility (1Y) Calculated over the trailing 1-year period	3.64%	0.37%	+3.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.67%	0.38%	+3.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.67%	0.38%	+3.29%

NCLO vs. NUSB - Expense Ratio Comparison

NCLO has a 0.26% expense ratio, which is higher than NUSB's 0.17% 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. NUSB - Dividend Comparison

NCLO's dividend yield for the trailing twelve months is around 5.77%, more than NUSB's 4.29% yield.

Position	TTM	2025	2024
NCLO Nuveen AA-BBB CLO ETF	5.77%	6.09%	0.35%
NUSB Nuveen Ultra Short Income ETF	4.29%	4.51%	3.61%

Frequently Asked Questions

Can I hold both NCLO and NUSB in my portfolio?

NCLO and NUSB have a correlation of 0.03, 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 NUSB?

NCLO has higher volatility (0.95%) compared to NUSB (0.08%). In terms of maximum drawdown, NCLO dropped -3.05% vs NUSB's -0.16%.

Which ETF is better, NCLO or NUSB?

On 1-year performance, NCLO leads with 5.81% vs 4.22% for NUSB. On fees, NUSB is cheaper at 0.17% per year. On volatility, NUSB has been the lower-risk option at 0.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NCLO or NUSB?

Over the 1-year period, NCLO has performed better with a 5.81% return vs 4.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NCLO or NUSB?

NUSB is cheaper with a 0.17% expense ratio, compared with 0.26% for NCLO.

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

NCLO has the higher dividend yield at 5.77%, compared with 4.29% for NUSB.

What is the main difference between NCLO and NUSB?

NCLO is categorized as CLO, while NUSB is Ultrashort Bond. Their fees differ too: 0.26% for NCLO and 0.17% for NUSB.

Which has better risk-adjusted returns?

NUSB currently has the higher Sharpe Ratio (11.49 vs 1.61), 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.