NUDG vs. NCLO

Last updated Jul 28, 2026

NUDG (Nuveen Dividend Growth Fund ETF Class) and NCLO (Nuveen AA-BBB CLO ETF) are both exchange-traded funds - NUDG is a Dividend fund actively managed by Nuveen, while NCLO is a CLO fund tracking the JP Morgan CLO A Index. NUDG is actively managed, while NCLO is passively managed. Their -0.03 correlation means they have often moved in opposite directions in the past. NUDG charges 0.61%/yr vs 0.26%/yr for NCLO.

Performance

NUDG vs. NCLO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen Dividend Growth Fund ETF Class (NUDG) and Nuveen AA-BBB CLO ETF (NCLO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

NUDG

• 1D: 0.67%
• 1M: 3.12%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

NCLO

• 1D: 0.08%
• 1M: 0.45%
• 6M: 2.47%
• YTD: 2.67%
• 1Y: 5.66%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.72%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
NCLO Nuveen AA-BBB CLO ETF	$1.48M	$1.08M	$1.07M
NUDG Nuveen Dividend Growth Fund ETF Class	$504.41	$455.53	$412.95K

NUDG vs. NCLO - Yearly Performance Comparison

	2026 (YTD)
NUDG Nuveen Dividend Growth Fund ETF Class	0.95%
NCLO Nuveen AA-BBB CLO ETF	0.53%

Correlation

The correlation between NUDG and NCLO is -0.03, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 3, 2026	-0.03

Return for Risk

NUDG vs. NCLO — Risk / Return Rank

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

NUDG

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

NCLO

NCLO Risk / Return Rank: 68
NCLO Sharpe Ratio Rank: 62
NCLO Sortino Ratio Rank: 54
NCLO Omega Ratio Rank: 88
NCLO Calmar Ratio Rank: 53
NCLO Martin Ratio Rank: 82

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.

NUDG vs. NCLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Dividend Growth Fund ETF Class (NUDG) 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.

	NUDG	NCLO	Difference
Sharpe ratio: Return per unit of total volatility	—	1.44	—
Sortino ratio: Return per unit of downside risk	—	1.87	—
Omega ratio: Gain probability vs. loss probability	—	1.39	—
Calmar ratio: Return relative to maximum drawdown	—	1.86	—
Martin ratio: Return relative to average drawdown	—	11.01	—

Drawdowns

NUDG vs. NCLO - Drawdown Comparison

The maximum NUDG drawdown since its inception was -2.59%, smaller than the maximum NCLO drawdown of -3.05%. Use the drawdown chart below to compare losses from any high point for NUDG and NCLO.

Drawdown Indicators

	NUDG	NCLO	Difference
Max Drawdown Largest peak-to-trough decline	-2.59%	-3.05%	+0.46%
Max Drawdown (1Y) Largest decline over 1 year	—	-3.05%	—
Current Drawdown Current decline from peak	-0.32%	-0.58%	+0.26%
Average Drawdown Average peak-to-trough decline	-1.05%	-0.23%	-0.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.51%	—

Volatility

Volatility by Period

	NUDG	NCLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.23%	—
Volatility (6M) Calculated over the trailing 6-month period	—	3.77%	—
Volatility (1Y) Calculated over the trailing 1-year period	9.91%	3.95%	+5.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.91%	3.77%	+6.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.91%	3.77%	+6.14%

NUDG vs. NCLO - Expense Ratio Comparison

NUDG has a 0.61% expense ratio, which is higher than NCLO's 0.26% expense ratio.

Dividends

NUDG vs. NCLO - Dividend Comparison

NUDG's dividend yield for the trailing twelve months is around 0.26%, less than NCLO's 5.78% yield.

Position	TTM	2025	2024
NCLO Nuveen AA-BBB CLO ETF	5.78%	6.09%	0.35%
NUDG Nuveen Dividend Growth Fund ETF Class	0.26%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NUDG and NCLO in my portfolio?

NUDG and NCLO 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 ETF is better, NUDG or NCLO?

On fees, NCLO is cheaper at 0.26% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, NUDG or NCLO?

NCLO is cheaper with a 0.26% expense ratio, compared with 0.61% for NUDG.

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

NCLO has the higher dividend yield at 5.78%, compared with 0.26% for NUDG.

What is the main difference between NUDG and NCLO?

NUDG is categorized as Dividend, while NCLO is CLO. Their fees differ too: 0.61% for NUDG and 0.26% for NCLO.