NUAG vs. PIFI

Last updated Jun 4, 2026

NUAG (Nuveen Enhanced Yield U.S. Aggregate Bond ETF) and PIFI (ClearShares Piton Intermediate Fixed Income ETF) are both Intermediate Core Bond funds. NUAG is passively managed, while PIFI is actively managed. Over the past 5 years, NUAG returned 0.47%/yr vs 1.02%/yr for PIFI. Their correlation of 0.91 suggests significant overlap in exposure. NUAG charges 0.19%/yr vs 0.45%/yr for PIFI.

Performance

NUAG vs. PIFI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen Enhanced Yield U.S. Aggregate Bond ETF (NUAG) and ClearShares Piton Intermediate Fixed Income ETF (PIFI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NUAG achieves a 0.50% return, which is significantly higher than PIFI's -0.13% return.

NUAG

• 1D: -0.19%
• 1M: 0.41%
• YTD: 0.50%
• 6M: 0.32%
• 1Y: 5.90%
• 3Y*: 4.89%
• 5Y*: 0.47%
• 10Y*: —

PIFI

• 1D: -0.15%
• 1M: -0.05%
• YTD: -0.13%
• 6M: -0.14%
• 1Y: 3.48%
• 3Y*: 3.73%
• 5Y*: 1.02%
• 10Y*: —

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

NUAG vs. PIFI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
NUAG Nuveen Enhanced Yield U.S. Aggregate Bond ETF	0.50%	7.37%	2.02%	7.52%	-13.97%	-2.03%	1.06%
PIFI ClearShares Piton Intermediate Fixed Income ETF	-0.13%	6.29%	2.52%	4.61%	-7.15%	-1.33%	0.10%

Correlation

The correlation between NUAG and PIFI is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (All Time) Calculated using the full available price history since Oct 5, 2020	0.91

The correlation between NUAG and PIFI has been stable across timeframes, ranging from 0.89 to 0.92 - a consistent structural relationship.

Return for Risk

NUAG vs. PIFI — Risk / Return Rank

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

NUAG

NUAG Risk / Return Rank: 47
NUAG Sharpe Ratio Rank: 48
NUAG Sortino Ratio Rank: 51
NUAG Omega Ratio Rank: 47
NUAG Calmar Ratio Rank: 47
NUAG Martin Ratio Rank: 44

PIFI

PIFI Risk / Return Rank: 37
PIFI Sharpe Ratio Rank: 38
PIFI Sortino Ratio Rank: 41
PIFI Omega Ratio Rank: 37
PIFI Calmar Ratio Rank: 37
PIFI Martin Ratio Rank: 35

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.

NUAG vs. PIFI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Enhanced Yield U.S. Aggregate Bond ETF (NUAG) and ClearShares Piton Intermediate Fixed Income ETF (PIFI). 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.

	NUAG	PIFI	Difference
Sharpe ratio Return per unit of total volatility	1.65	1.34	+0.32
Sortino ratio Return per unit of downside risk	2.48	2.03	+0.45
Omega ratio Gain probability vs. loss probability	1.30	1.24	+0.06
Calmar ratio Return relative to maximum drawdown	2.33	1.81	+0.52
Martin ratio Return relative to average drawdown	7.06	5.24	+1.82
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NUAG vs. PIFI - Sharpe Ratio Comparison

The current NUAG Sharpe Ratio is 1.65, which is comparable to the PIFI Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of NUAG and PIFI, 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

	NUAG	PIFI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.65	1.34	+0.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.08	0.28	-0.20
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.22	+0.09

Drawdowns

NUAG vs. PIFI - Drawdown Comparison

The maximum NUAG drawdown since its inception was -19.79%, which is greater than PIFI's maximum drawdown of -10.59%. Use the drawdown chart below to compare losses from any high point for NUAG and PIFI.

Drawdown Indicators

	NUAG	PIFI	Difference
Max Drawdown Largest peak-to-trough decline	-19.79%	-10.59%	-9.20%
Max Drawdown (1Y) Largest decline over 1 year	-2.54%	-1.93%	-0.61%
Max Drawdown (3Y) Largest decline over 3 years	-5.61%	-2.75%	-2.86%
Max Drawdown (5Y) Largest decline over 5 years	-19.19%	-10.41%	-8.78%
Current Drawdown Current decline from peak	-1.23%	-1.45%	+0.22%
Average Drawdown Average peak-to-trough decline	-4.95%	-3.23%	-1.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.84%	0.66%	+0.18%

Volatility

NUAG vs. PIFI - Volatility Comparison

Nuveen Enhanced Yield U.S. Aggregate Bond ETF (NUAG) has a higher volatility of 1.15% compared to ClearShares Piton Intermediate Fixed Income ETF (PIFI) at 0.81%. This indicates that NUAG's price experiences larger fluctuations and is considered to be riskier than PIFI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NUAG	PIFI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.15%	0.81%	+0.34%
Volatility (6M) Calculated over the trailing 6-month period	2.59%	1.83%	+0.76%
Volatility (1Y) Calculated over the trailing 1-year period	3.58%	2.61%	+0.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.01%	3.66%	+2.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.49%	3.48%	+2.01%

NUAG vs. PIFI - Expense Ratio Comparison

NUAG has a 0.19% expense ratio, which is lower than PIFI's 0.45% expense ratio.

Dividends

NUAG vs. PIFI - Dividend Comparison

NUAG's dividend yield for the trailing twelve months is around 4.50%, more than PIFI's 3.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
NUAG Nuveen Enhanced Yield U.S. Aggregate Bond ETF	4.50%	4.43%	4.44%	3.95%	3.60%	2.27%	2.93%	3.54%	3.79%	3.38%	0.48%
PIFI ClearShares Piton Intermediate Fixed Income ETF	3.76%	3.16%	2.92%	2.29%	1.22%	0.25%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NUAG and PIFI in my portfolio?

NUAG and PIFI have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NUAG or PIFI?

NUAG has higher volatility (1.15%) compared to PIFI (0.81%). In terms of maximum drawdown, NUAG dropped -19.79% vs PIFI's -10.59%.

Which ETF is better, NUAG or PIFI?

On 5-year performance, PIFI leads with 1.02% vs 0.47% for NUAG. On fees, NUAG is cheaper at 0.19% per year. On volatility, PIFI has been the lower-risk option at 0.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NUAG or PIFI?

Over the 5-year period, PIFI has performed better with a 1.02% return vs 0.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NUAG or PIFI?

NUAG is cheaper with a 0.19% expense ratio, compared with 0.45% for PIFI.

Which ETF pays a higher dividend yield, NUAG or PIFI?

NUAG has the higher dividend yield at 4.50%, compared with 3.76% for PIFI.

What is the main difference between NUAG and PIFI?

They also come from different issuers: Nuveen and ClearShares. Their fees differ too: 0.19% for NUAG and 0.45% for PIFI.

Which has better risk-adjusted returns?

NUAG currently has the higher Sharpe Ratio (1.65 vs 1.34), 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.