NFLT vs. PCLO

Last updated Jun 4, 2026

NFLT (Virtus Newfleet Multi-Sector Bond ETF) and PCLO (Virtus SEIX AAA Private Credit CLO ETF) are both exchange-traded funds - NFLT is a Multisector Bonds fund actively managed by Virtus, while PCLO is a CLO fund actively managed by Virtus. Both are actively managed. Over the past year, NFLT returned 7.11% vs 5.30% for PCLO. At a correlation of -0.01, they often move in opposite directions. NFLT charges 0.50%/yr vs 0.29%/yr for PCLO.

Performance

NFLT vs. PCLO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus Newfleet Multi-Sector Bond ETF (NFLT) and Virtus SEIX AAA Private Credit CLO ETF (PCLO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NFLT achieves a 1.50% return, which is significantly lower than PCLO's 1.97% return.

NFLT

• 1D: -0.16%
• 1M: 0.47%
• YTD: 1.50%
• 6M: 1.58%
• 1Y: 7.11%
• 3Y*: 7.38%
• 5Y*: 3.15%
• 10Y*: 4.13%

PCLO

• 1D: 0.08%
• 1M: 0.42%
• YTD: 1.97%
• 6M: 2.29%
• 1Y: 5.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NFLT vs. PCLO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NFLT Virtus Newfleet Multi-Sector Bond ETF	1.50%	8.77%	-0.80%
PCLO Virtus SEIX AAA Private Credit CLO ETF	1.97%	5.39%	0.50%

Correlation

The correlation between NFLT and PCLO 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 4, 2024	-0.01

Return for Risk

NFLT vs. PCLO — Risk / Return Rank

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

NFLT

NFLT Risk / Return Rank: 57
NFLT Sharpe Ratio Rank: 52
NFLT Sortino Ratio Rank: 53
NFLT Omega Ratio Rank: 52
NFLT Calmar Ratio Rank: 60
NFLT Martin Ratio Rank: 70

PCLO

PCLO Risk / Return Rank: 99
PCLO Sharpe Ratio Rank: 98
PCLO Sortino Ratio Rank: 99
PCLO Omega Ratio Rank: 99
PCLO Calmar Ratio Rank: 99
PCLO Martin Ratio Rank: 99

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.

NFLT vs. PCLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus Newfleet Multi-Sector Bond ETF (NFLT) and Virtus SEIX AAA Private Credit CLO ETF (PCLO). 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.

	NFLT	PCLO	Difference
Sharpe ratio: Return per unit of total volatility	1.78	5.94	-4.16
Sortino ratio: Return per unit of downside risk	2.60	10.34	-7.74
Omega ratio: Gain probability vs. loss probability	1.33	2.76	-1.44
Calmar ratio: Return relative to maximum drawdown	2.95	20.27	-17.32
Martin ratio: Return relative to average drawdown	13.00	123.68	-110.68
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NFLT vs. PCLO - Sharpe Ratio Comparison

The current NFLT Sharpe Ratio is 1.78, which is lower than the PCLO Sharpe Ratio of 5.94. The chart below compares the historical Sharpe Ratios of NFLT and PCLO, 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

	NFLT	PCLO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.78	5.94	-4.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.84	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.84	4.62	-3.78

Drawdowns

NFLT vs. PCLO - Drawdown Comparison

The maximum NFLT drawdown since its inception was -15.17%, which is greater than PCLO's maximum drawdown of -0.76%. Use the drawdown chart below to compare losses from any high point for NFLT and PCLO.

Drawdown Indicators

	NFLT	PCLO	Difference
Max Drawdown Largest peak-to-trough decline	-15.17%	-0.76%	-14.41%
Max Drawdown (1Y) Largest decline over 1 year	-2.42%	-0.26%	-2.16%
Max Drawdown (3Y) Largest decline over 3 years	-3.24%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-13.42%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-15.17%	—	—
Current Drawdown Current decline from peak	-0.33%	0.00%	-0.33%
Average Drawdown Average peak-to-trough decline	-2.10%	-0.03%	-2.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.55%	0.04%	+0.51%

Volatility

NFLT vs. PCLO - Volatility Comparison

Virtus Newfleet Multi-Sector Bond ETF (NFLT) has a higher volatility of 1.19% compared to Virtus SEIX AAA Private Credit CLO ETF (PCLO) at 0.25%. This indicates that NFLT's price experiences larger fluctuations and is considered to be riskier than PCLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NFLT	PCLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.19%	0.25%	+0.94%
Volatility (6M) Calculated over the trailing 6-month period	2.90%	0.70%	+2.20%
Volatility (1Y) Calculated over the trailing 1-year period	4.01%	0.90%	+3.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.43%	1.15%	+3.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.93%	1.15%	+3.78%

NFLT vs. PCLO - Expense Ratio Comparison

NFLT has a 0.50% expense ratio, which is higher than PCLO's 0.29% expense ratio.

Dividends

NFLT vs. PCLO - Dividend Comparison

NFLT's dividend yield for the trailing twelve months is around 5.50%, more than PCLO's 5.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NFLT Virtus Newfleet Multi-Sector Bond ETF	5.50%	5.74%	5.76%	6.02%	4.16%	3.41%	3.63%	4.33%	4.81%	6.23%	5.30%	0.67%
PCLO Virtus SEIX AAA Private Credit CLO ETF	5.27%	5.53%	0.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NFLT and PCLO in my portfolio?

NFLT and PCLO 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, NFLT or PCLO?

NFLT has higher volatility (1.19%) compared to PCLO (0.25%). In terms of maximum drawdown, NFLT dropped -15.17% vs PCLO's -0.76%.

Which ETF is better, NFLT or PCLO?

On 1-year performance, NFLT leads with 7.11% vs 5.30% for PCLO. On fees, PCLO is cheaper at 0.29% per year. On volatility, PCLO has been the lower-risk option at 0.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NFLT or PCLO?

Over the 1-year period, NFLT has performed better with a 7.11% return vs 5.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NFLT or PCLO?

PCLO is cheaper with a 0.29% expense ratio, compared with 0.50% for NFLT.

Which ETF pays a higher dividend yield, NFLT or PCLO?

NFLT has the higher dividend yield at 5.50%, compared with 5.27% for PCLO.

What is the main difference between NFLT and PCLO?

NFLT is categorized as Multisector Bonds, while PCLO is CLO. Their fees differ too: 0.50% for NFLT and 0.29% for PCLO.

Which has better risk-adjusted returns?

PCLO currently has the higher Sharpe Ratio (5.94 vs 1.78), 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.