NPFI vs. NCLO

Last updated Jun 5, 2026

NPFI (Nuveen Preferred And Income ETF) and NCLO (Nuveen AA-BBB CLO ETF) are both exchange-traded funds - NPFI is a Preferred Stock/Convertible Bonds fund actively managed by Nuveen, while NCLO is a CLO fund tracking the JP Morgan CLO A Index. NPFI is actively managed, while NCLO is passively managed. Over the past year, NPFI returned 7.77% vs 5.92% for NCLO. At a 0.14 correlation, their price movements are largely independent. NPFI charges 0.55%/yr vs 0.26%/yr for NCLO.

Performance

NPFI vs. NCLO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen Preferred And Income ETF (NPFI) 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, NPFI achieves a 1.68% return, which is significantly lower than NCLO's 2.00% return.

NPFI

• 1D: 0.06%
• 1M: 0.43%
• YTD: 1.68%
• 6M: 2.17%
• 1Y: 7.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —

NCLO

• 1D: 0.04%
• 1M: 1.01%
• YTD: 2.00%
• 6M: 2.62%
• 1Y: 5.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NPFI vs. NCLO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NPFI Nuveen Preferred And Income ETF	1.68%	9.21%	-0.41%
NCLO Nuveen AA-BBB CLO ETF	2.00%	6.28%	0.35%

Correlation

The correlation between NPFI and NCLO is 0.09, 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	0.09
Correlation (All Time) Calculated using the full available price history since Dec 12, 2024	0.14

Return for Risk

NPFI vs. NCLO — Risk / Return Rank

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

NPFI

NPFI Risk / Return Rank: 76
NPFI Sharpe Ratio Rank: 83
NPFI Sortino Ratio Rank: 90
NPFI Omega Ratio Rank: 93
NPFI Calmar Ratio Rank: 50
NPFI Martin Ratio Rank: 66

NCLO

NCLO Risk / Return Rank: 56
NCLO Sharpe Ratio Rank: 48
NCLO Sortino Ratio Rank: 42
NCLO Omega Ratio Rank: 79
NCLO Calmar Ratio Rank: 40
NCLO Martin Ratio Rank: 70

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.

NPFI vs. NCLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Preferred And Income ETF (NPFI) 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.

	NPFI	NCLO	Difference
Sharpe ratio: Return per unit of total volatility	2.68	1.63	+1.05
Sortino ratio: Return per unit of downside risk	4.12	2.09	+2.03
Omega ratio: Gain probability vs. loss probability	1.63	1.46	+0.17
Calmar ratio: Return relative to maximum drawdown	2.45	1.95	+0.51
Martin ratio: Return relative to average drawdown	11.83	12.87	-1.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NPFI vs. NCLO - Sharpe Ratio Comparison

The current NPFI Sharpe Ratio is 2.68, which is higher than the NCLO Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of NPFI 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

	NPFI	NCLO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.68	1.63	+1.05
Sharpe Ratio (All Time) Calculated using the full available price history	2.66	1.60	+1.06

Drawdowns

NPFI vs. NCLO - Drawdown Comparison

The maximum NPFI drawdown since its inception was -3.18%, roughly equal to the maximum NCLO drawdown of -3.05%. Use the drawdown chart below to compare losses from any high point for NPFI and NCLO.

Drawdown Indicators

	NPFI	NCLO	Difference
Max Drawdown Largest peak-to-trough decline	-3.18%	-3.05%	-0.13%
Max Drawdown (1Y) Largest decline over 1 year	-3.18%	-3.05%	-0.13%
Current Drawdown Current decline from peak	-0.06%	-0.31%	+0.25%
Average Drawdown Average peak-to-trough decline	-0.34%	-0.20%	-0.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.66%	0.46%	+0.20%

Volatility

NPFI vs. NCLO - Volatility Comparison

The current volatility for Nuveen Preferred And Income ETF (NPFI) is 0.75%, while Nuveen AA-BBB CLO ETF (NCLO) has a volatility of 1.07%. This indicates that NPFI experiences smaller price fluctuations and is considered to be less risky than NCLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NPFI	NCLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.75%	1.07%	-0.32%
Volatility (6M) Calculated over the trailing 6-month period	2.53%	3.46%	-0.93%
Volatility (1Y) Calculated over the trailing 1-year period	2.91%	3.64%	-0.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.95%	3.71%	-0.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.95%	3.71%	-0.76%

NPFI vs. NCLO - Expense Ratio Comparison

NPFI has a 0.55% expense ratio, which is higher than NCLO's 0.26% expense ratio.

Dividends

NPFI vs. NCLO - Dividend Comparison

NPFI's dividend yield for the trailing twelve months is around 6.40%, more than NCLO's 5.78% yield.

Position	TTM	2025	2024
NCLO Nuveen AA-BBB CLO ETF	5.78%	6.09%	0.35%
NPFI Nuveen Preferred And Income ETF	6.40%	6.33%	5.10%

Frequently Asked Questions

Can I hold both NPFI and NCLO in my portfolio?

NPFI and NCLO have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NPFI or NCLO?

NCLO has higher volatility (1.07%) compared to NPFI (0.75%). In terms of maximum drawdown, NPFI dropped -3.18% vs NCLO's -3.05%.

Which ETF is better, NPFI or NCLO?

On 1-year performance, NPFI leads with 7.77% vs 5.92% for NCLO. On fees, NCLO is cheaper at 0.26% per year. On volatility, NPFI has been the lower-risk option at 0.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NPFI or NCLO?

Over the 1-year period, NPFI has performed better with a 7.77% return vs 5.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NPFI or NCLO?

NCLO is cheaper with a 0.26% expense ratio, compared with 0.55% for NPFI.

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

NPFI has the higher dividend yield at 6.40%, compared with 5.78% for NCLO.

What is the main difference between NPFI and NCLO?

NPFI is categorized as Preferred Stock/Convertible Bonds, while NCLO is CLO. Their fees differ too: 0.55% for NPFI and 0.26% for NCLO.

Which has better risk-adjusted returns?

NPFI currently has the higher Sharpe Ratio (2.68 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.