NCLO vs. YCLO

Last updated Jul 16, 2026

NCLO (Nuveen AA-BBB CLO ETF) and YCLO (Franklin BSP CLO ETF) are both CLO funds. NCLO is passively managed, while YCLO is actively managed. At a correlation of -0.31, they often move in opposite directions.

Performance

NCLO vs. YCLO - Performance Comparison

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

Returns By Period

NCLO

• 1D: 0.22%
• 1M: 0.46%
• 6M: 2.48%
• YTD: 2.48%
• 1Y: 5.75%
• 3Y*: —
• 5Y*: —
• 10Y*: —

YCLO

• 1D: 0.06%
• 1M: 0.65%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NCLO vs. YCLO - Yearly Performance Comparison

	2026 (YTD)
NCLO Nuveen AA-BBB CLO ETF	0.51%
YCLO Franklin BSP CLO ETF	0.88%

Correlation

The correlation between NCLO and YCLO is -0.31, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 4, 2026	-0.31

Return for Risk

NCLO vs. YCLO — Risk / Return Rank

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

NCLO

NCLO Risk / Return Rank: 61
NCLO Sharpe Ratio Rank: 53
NCLO Sortino Ratio Rank: 45
NCLO Omega Ratio Rank: 85
NCLO Calmar Ratio Rank: 45
NCLO Martin Ratio Rank: 77

YCLO

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. YCLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen AA-BBB CLO ETF (NCLO) and Franklin BSP CLO ETF (YCLO). 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	YCLO	Difference
Sharpe ratio: Return per unit of total volatility	1.47	—	—
Sortino ratio: Return per unit of downside risk	1.91	—	—
Omega ratio: Gain probability vs. loss probability	1.41	—	—
Calmar ratio: Return relative to maximum drawdown	1.89	—	—
Martin ratio: Return relative to average drawdown	11.50	—	—

Drawdowns

NCLO vs. YCLO - Drawdown Comparison

The maximum NCLO drawdown since its inception was -3.05%, which is greater than YCLO's maximum drawdown of -0.04%. Use the drawdown chart below to compare losses from any high point for NCLO and YCLO.

Drawdown Indicators

	NCLO	YCLO	Difference
Max Drawdown Largest peak-to-trough decline	-3.05%	-0.04%	-3.01%
Max Drawdown (1Y) Largest decline over 1 year	-3.05%	—	—
Current Drawdown Current decline from peak	-0.76%	0.00%	-0.76%
Average Drawdown Average peak-to-trough decline	-0.22%	-0.00%	-0.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.50%	—	—

Volatility

Volatility by Period

	NCLO	YCLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.57%	—	—
Volatility (6M) Calculated over the trailing 6-month period	3.76%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	3.94%	0.45%	+3.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.80%	0.45%	+3.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.80%	0.45%	+3.35%

Dividends

NCLO vs. YCLO - Dividend Comparison

NCLO's dividend yield for the trailing twelve months is around 5.79%, more than YCLO's 0.31% yield.

Position	TTM	2025	2024
NCLO Nuveen AA-BBB CLO ETF	5.79%	6.09%	0.35%
YCLO Franklin BSP CLO ETF	0.31%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NCLO and YCLO in my portfolio?

NCLO and YCLO have a correlation of -0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

NCLO has the higher dividend yield at 5.79%, compared with 0.31% for YCLO.

What is the main difference between NCLO and YCLO?

They also come from different issuers: Nuveen and Franklin Templeton.