NDMO vs. CLOZ
NDMO (Nuveen Dynamic Municipal Opportunities Fund) is a stock, while CLOZ (Panagram Bbb-B Clo ETF) is CLO fund actively managed by Panagram. Over the past 3 years, NDMO returned 6.28%/yr vs 10.62%/yr for CLOZ. At a 0.01 correlation, their price movements are largely independent.
Performance
NDMO vs. CLOZ - Performance Comparison
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Returns By Period
In the year-to-date period, NDMO achieves a 5.30% return, which is significantly higher than CLOZ's 2.53% return.
NDMO
- 1D
- -0.39%
- 1M
- 1.09%
- YTD
- 5.30%
- 6M
- 1.13%
- 1Y
- 9.95%
- 3Y*
- 6.28%
- 5Y*
- -2.75%
- 10Y*
- —
CLOZ
- 1D
- -0.02%
- 1M
- 0.66%
- YTD
- 2.53%
- 6M
- 3.13%
- 1Y
- 6.21%
- 3Y*
- 10.62%
- 5Y*
- —
- 10Y*
- —
NDMO vs. CLOZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
NDMO Nuveen Dynamic Municipal Opportunities Fund | 5.30% | 8.21% | 8.31% | -5.66% |
CLOZ Panagram Bbb-B Clo ETF | 2.53% | 5.99% | 11.85% | 14.92% |
Correlation
The correlation between NDMO and CLOZ 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 (3Y) Calculated over the trailing 3-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since Jan 25, 2023 | 0.01 |
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Return for Risk
NDMO vs. CLOZ — Risk / Return Rank
NDMO
CLOZ
NDMO vs. CLOZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen Dynamic Municipal Opportunities Fund (NDMO) and Panagram Bbb-B Clo ETF (CLOZ). 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.
| NDMO | CLOZ | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.94 | 1.81 | -0.87 |
Sortino ratioReturn per unit of downside risk | 1.45 | 2.31 | -0.86 |
Omega ratioGain probability vs. loss probability | 1.18 | 1.46 | -0.28 |
Calmar ratioReturn relative to maximum drawdown | 1.68 | 1.60 | +0.08 |
Martin ratioReturn relative to average drawdown | 4.05 | 5.31 | -1.26 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| NDMO | CLOZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.94 | 1.81 | -0.87 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.17 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.01 | 2.77 | -2.76 |
Drawdowns
NDMO vs. CLOZ - Drawdown Comparison
The maximum NDMO drawdown since its inception was -42.54%, which is greater than CLOZ's maximum drawdown of -5.32%. Use the drawdown chart below to compare losses from any high point for NDMO and CLOZ.
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Drawdown Indicators
| NDMO | CLOZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.54% | -5.32% | -37.22% |
Max Drawdown (1Y)Largest decline over 1 year | -5.96% | -3.90% | -2.06% |
Max Drawdown (3Y)Largest decline over 3 years | -16.02% | -5.32% | -10.70% |
Max Drawdown (5Y)Largest decline over 5 years | -42.54% | — | — |
Current DrawdownCurrent decline from peak | -18.21% | -0.12% | -18.09% |
Average DrawdownAverage peak-to-trough decline | -21.45% | -0.38% | -21.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.46% | 1.17% | +1.29% |
Volatility
NDMO vs. CLOZ - Volatility Comparison
Nuveen Dynamic Municipal Opportunities Fund (NDMO) has a higher volatility of 2.65% compared to Panagram Bbb-B Clo ETF (CLOZ) at 0.42%. This indicates that NDMO's price experiences larger fluctuations and is considered to be riskier than CLOZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NDMO | CLOZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.65% | 0.42% | +2.23% |
Volatility (6M)Calculated over the trailing 6-month period | 8.23% | 3.13% | +5.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.66% | 3.45% | +7.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.12% | 3.80% | +12.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.60% | 3.80% | +11.80% |
Dividends
NDMO vs. CLOZ - Dividend Comparison
NDMO's dividend yield for the trailing twelve months is around 7.22%, less than CLOZ's 7.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
CLOZ Panagram Bbb-B Clo ETF | 7.39% | 7.63% | 9.09% | 8.81% | 0.00% | 0.00% | 0.00% |
NDMO Nuveen Dynamic Municipal Opportunities Fund | 7.22% | 7.38% | 7.43% | 7.80% | 9.24% | 5.52% | 1.46% |
Frequently Asked Questions
NDMO and CLOZ 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.
NDMO has higher volatility (2.65%) compared to CLOZ (0.42%). In terms of maximum drawdown, NDMO dropped -42.54% vs CLOZ's -5.32%.
CLOZ currently has the higher Sharpe Ratio (1.81 vs 0.94), 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.
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