NCPB vs. NCLO

Last updated Jun 4, 2026

NCPB (Nuveen Core Plus Bond ETF) and NCLO (Nuveen AA-BBB CLO ETF) are both exchange-traded funds - NCPB is a Intermediate Core-Plus Bond fund actively managed by Nuveen, while NCLO is a CLO fund tracking the JP Morgan CLO A Index. NCPB is actively managed, while NCLO is passively managed. Over the past year, NCPB returned 6.20% vs 5.90% for NCLO. At a 0.10 correlation, their price movements are largely independent. NCPB charges 0.30%/yr vs 0.26%/yr for NCLO.

Performance

NCPB vs. NCLO - Performance Comparison

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

Returns By Period

In the year-to-date period, NCPB achieves a 0.47% return, which is significantly lower than NCLO's 1.96% return.

NCPB

• 1D: -0.20%
• 1M: 0.41%
• YTD: 0.47%
• 6M: 0.53%
• 1Y: 6.20%
• 3Y*: —
• 5Y*: —
• 10Y*: —

NCLO

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

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

NCPB vs. NCLO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NCPB Nuveen Core Plus Bond ETF	0.47%	7.69%	-1.01%
NCLO Nuveen AA-BBB CLO ETF	1.96%	6.28%	0.35%

Correlation

The correlation between NCPB and NCLO is 0.05, 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	0.05
Correlation (All Time) Calculated using the full available price history since Dec 12, 2024	0.10

Return for Risk

NCPB vs. NCLO — Risk / Return Rank

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

NCPB

NCPB Risk / Return Rank: 49
NCPB Sharpe Ratio Rank: 52
NCPB Sortino Ratio Rank: 55
NCPB Omega Ratio Rank: 53
NCPB Calmar Ratio Rank: 44
NCPB Martin Ratio Rank: 43

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

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.

NCPB vs. NCLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Core Plus Bond ETF (NCPB) and Nuveen AA-BBB CLO ETF (NCLO). 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.

	NCPB	NCLO	Difference
Sharpe ratio: Return per unit of total volatility	1.76	1.63	+0.13
Sortino ratio: Return per unit of downside risk	2.61	2.08	+0.53
Omega ratio: Gain probability vs. loss probability	1.32	1.46	-0.14
Calmar ratio: Return relative to maximum drawdown	2.16	1.94	+0.22
Martin ratio: Return relative to average drawdown	6.87	12.85	-5.98
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NCPB vs. NCLO - Sharpe Ratio Comparison

The current NCPB Sharpe Ratio is 1.76, which is comparable to the NCLO Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of NCPB and NCLO, 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

	NCPB	NCLO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.76	1.63	+0.13
Sharpe Ratio (All Time) Calculated using the full available price history	1.21	1.59	-0.39

Drawdowns

NCPB vs. NCLO - Drawdown Comparison

The maximum NCPB drawdown since its inception was -3.59%, which is greater than NCLO's maximum drawdown of -3.05%. Use the drawdown chart below to compare losses from any high point for NCPB and NCLO.

Drawdown Indicators

	NCPB	NCLO	Difference
Max Drawdown Largest peak-to-trough decline	-3.59%	-3.05%	-0.54%
Max Drawdown (1Y) Largest decline over 1 year	-2.88%	-3.05%	+0.17%
Current Drawdown Current decline from peak	-1.37%	-0.35%	-1.02%
Average Drawdown Average peak-to-trough decline	-0.92%	-0.20%	-0.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.90%	0.46%	+0.44%

Volatility

NCPB vs. NCLO - Volatility Comparison

Nuveen Core Plus Bond ETF (NCPB) has a higher volatility of 1.25% compared to Nuveen AA-BBB CLO ETF (NCLO) at 1.14%. This indicates that NCPB's price experiences larger fluctuations and is considered to be riskier than NCLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NCPB	NCLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.25%	1.14%	+0.11%
Volatility (6M) Calculated over the trailing 6-month period	2.63%	3.46%	-0.83%
Volatility (1Y) Calculated over the trailing 1-year period	3.55%	3.64%	-0.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.34%	3.72%	+0.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.34%	3.72%	+0.62%

NCPB vs. NCLO - Expense Ratio Comparison

NCPB has a 0.30% expense ratio, which is higher than NCLO's 0.26% expense ratio.

Dividends

NCPB vs. NCLO - Dividend Comparison

NCPB's dividend yield for the trailing twelve months is around 5.22%, less than NCLO's 5.78% yield.

Position	TTM	2025	2024
NCLO Nuveen AA-BBB CLO ETF	5.78%	6.09%	0.35%
NCPB Nuveen Core Plus Bond ETF	5.22%	5.21%	5.14%

Frequently Asked Questions

Can I hold both NCPB and NCLO in my portfolio?

NCPB and NCLO have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NCPB or NCLO?

NCPB has higher volatility (1.25%) compared to NCLO (1.14%). In terms of maximum drawdown, NCPB dropped -3.59% vs NCLO's -3.05%.

Which ETF is better, NCPB or NCLO?

On 1-year performance, NCPB leads with 6.20% vs 5.90% for NCLO. On fees, NCLO is cheaper at 0.26% per year. 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, NCPB or NCLO?

Over the 1-year period, NCPB has performed better with a 6.20% return vs 5.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NCPB or NCLO?

NCLO is cheaper with a 0.26% expense ratio, compared with 0.30% for NCPB.

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

NCLO has the higher dividend yield at 5.78%, compared with 5.22% for NCPB.

What is the main difference between NCPB and NCLO?

NCPB is categorized as Intermediate Core-Plus Bond, while NCLO is CLO. Their fees differ too: 0.30% for NCPB and 0.26% for NCLO.

Which has better risk-adjusted returns?

NCPB currently has the higher Sharpe Ratio (1.76 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.