NHYB vs. NCLO

Last updated Jun 27, 2026

NHYB (Nuveen High Yield Corporate Bond ETF) and NCLO (Nuveen AA-BBB CLO ETF) are both exchange-traded funds - NHYB is a High Yield Bonds fund tracking the ICE BofA BB-B US Cash Pay High Yield Constrained Index, while NCLO is a CLO fund tracking the JP Morgan CLO A Index. Both are passively managed. At a 0.18 correlation, their price movements are largely independent. NHYB charges 0.08%/yr vs 0.26%/yr for NCLO.

Performance

NHYB vs. NCLO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen High Yield Corporate Bond ETF (NHYB) 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, NHYB achieves a 1.99% return, which is significantly lower than NCLO's 2.21% return.

NHYB

• 1D: 0.04%
• 1M: 0.33%
• YTD: 1.99%
• 6M: 1.95%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

NCLO

• 1D: -1.03%
• 1M: 0.41%
• YTD: 2.21%
• 6M: 2.41%
• 1Y: 5.76%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NHYB vs. NCLO - Yearly Performance Comparison

	2026 (YTD)	2025
NHYB Nuveen High Yield Corporate Bond ETF	1.99%	1.24%
NCLO Nuveen AA-BBB CLO ETF	2.21%	1.93%

Correlation

The correlation between NHYB and NCLO is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 24, 2025	0.18

Return for Risk

NHYB vs. NCLO — Risk / Return Rank

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

NHYB

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

NCLO

NCLO Risk / Return Rank: 57
NCLO Sharpe Ratio Rank: 48
NCLO Sortino Ratio Rank: 41
NCLO Omega Ratio Rank: 82
NCLO Calmar Ratio Rank: 42
NCLO Martin Ratio Rank: 75

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.

NHYB vs. NCLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen High Yield Corporate Bond ETF (NHYB) 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.

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.

	NHYB	NCLO	Difference
Sharpe ratio: Return per unit of total volatility	—	1.48	—
Sortino ratio: Return per unit of downside risk	—	1.91	—
Omega ratio: Gain probability vs. loss probability	—	1.42	—
Calmar ratio: Return relative to maximum drawdown	—	1.89	—
Martin ratio: Return relative to average drawdown	—	12.38	—

Drawdowns

NHYB vs. NCLO - Drawdown Comparison

The maximum NHYB drawdown since its inception was -2.40%, smaller than the maximum NCLO drawdown of -3.05%. Use the drawdown chart below to compare losses from any high point for NHYB and NCLO.

Drawdown Indicators

	NHYB	NCLO	Difference
Max Drawdown Largest peak-to-trough decline	-2.40%	-3.05%	+0.65%
Max Drawdown (1Y) Largest decline over 1 year	—	-3.05%	—
Current Drawdown Current decline from peak	-0.12%	-1.03%	+0.91%
Average Drawdown Average peak-to-trough decline	-0.36%	-0.20%	-0.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.47%	—

Volatility

Volatility by Period

	NHYB	NCLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.75%	—
Volatility (6M) Calculated over the trailing 6-month period	—	3.75%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.61%	3.91%	-0.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.61%	3.84%	-0.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.61%	3.84%	-0.23%

NHYB vs. NCLO - Expense Ratio Comparison

NHYB has a 0.08% expense ratio, which is lower than NCLO's 0.26% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

NHYB vs. NCLO - Dividend Comparison

NHYB's dividend yield for the trailing twelve months is around 4.24%, less than NCLO's 5.77% yield.

Position	TTM	2025	2024
NCLO Nuveen AA-BBB CLO ETF	5.77%	6.09%	0.35%
NHYB Nuveen High Yield Corporate Bond ETF	4.24%	1.28%	0.00%

Frequently Asked Questions

Can I hold both NHYB and NCLO in my portfolio?

NHYB and NCLO have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, NHYB or NCLO?

On fees, NHYB is cheaper at 0.08% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, NHYB or NCLO?

NHYB is cheaper with a 0.08% expense ratio, compared with 0.26% for NCLO.

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

NCLO has the higher dividend yield at 5.77%, compared with 4.24% for NHYB.

What is the main difference between NHYB and NCLO?

NHYB is categorized as High Yield Bonds, while NCLO is CLO. NHYB tracks ICE BofA BB-B US Cash Pay High Yield Constrained Index, while NCLO tracks JP Morgan CLO A Index. Their fees differ too: 0.08% for NHYB and 0.26% for NCLO.