NUDV vs. NCLO

Last updated Jun 4, 2026

NUDV (Nuveen ESG Dividend ETF) and NCLO (Nuveen AA-BBB CLO ETF) are both exchange-traded funds - NUDV is a Large Cap Value Equities fund tracking the Nuveen ESG USA High Dividend Yield Index, while NCLO is a CLO fund tracking the JP Morgan CLO A Index. Both are passively managed. Over the past year, NUDV returned 18.63% vs 5.90% for NCLO. At a 0.17 correlation, their price movements are largely independent. Both charge a 0.26% expense ratio.

Performance

NUDV vs. NCLO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen ESG Dividend ETF (NUDV) 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, NUDV achieves a 9.63% return, which is significantly higher than NCLO's 1.96% return.

NUDV

• 1D: -0.72%
• 1M: 1.42%
• YTD: 9.63%
• 6M: 10.03%
• 1Y: 18.63%
• 3Y*: 15.87%
• 5Y*: —
• 10Y*: —

NCLO

• 1D: -0.16%
• 1M: 0.61%
• YTD: 1.96%
• 6M: 2.57%
• 1Y: 5.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NUDV vs. NCLO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NUDV Nuveen ESG Dividend ETF	9.63%	10.77%	-3.49%
NCLO Nuveen AA-BBB CLO ETF	1.96%	6.28%	0.35%

Correlation

The correlation between NUDV and NCLO is 0.07, 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	0.07
Correlation (All Time) Calculated using the full available price history since Dec 12, 2024	0.17

Return for Risk

NUDV vs. NCLO — Risk / Return Rank

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

NUDV

NUDV Risk / Return Rank: 55
NUDV Sharpe Ratio Rank: 52
NUDV Sortino Ratio Rank: 55
NUDV Omega Ratio Rank: 50
NUDV Calmar Ratio Rank: 57
NUDV Martin Ratio Rank: 57

NCLO

NCLO Risk / Return Rank: 54
NCLO Sharpe Ratio Rank: 46
NCLO Sortino Ratio Rank: 41
NCLO Omega Ratio Rank: 77
NCLO Calmar Ratio Rank: 39
NCLO Martin Ratio Rank: 69

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.

NUDV vs. NCLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen ESG Dividend ETF (NUDV) 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.

	NUDV	NCLO	Difference
Sharpe ratio: Return per unit of total volatility	1.81	1.63	+0.18
Sortino ratio: Return per unit of downside risk	2.66	2.08	+0.57
Omega ratio: Gain probability vs. loss probability	1.32	1.46	-0.15
Calmar ratio: Return relative to maximum drawdown	2.84	1.94	+0.90
Martin ratio: Return relative to average drawdown	10.08	12.85	-2.77
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NUDV vs. NCLO - Sharpe Ratio Comparison

The current NUDV Sharpe Ratio is 1.81, which is comparable to the NCLO Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of NUDV 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

	NUDV	NCLO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.81	1.63	+0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	1.59	-0.95

Drawdowns

NUDV vs. NCLO - Drawdown Comparison

The maximum NUDV drawdown since its inception was -20.10%, which is greater than NCLO's maximum drawdown of -3.05%. Use the drawdown chart below to compare losses from any high point for NUDV and NCLO.

Drawdown Indicators

	NUDV	NCLO	Difference
Max Drawdown Largest peak-to-trough decline	-20.10%	-3.05%	-17.05%
Max Drawdown (1Y) Largest decline over 1 year	-6.60%	-3.05%	-3.55%
Max Drawdown (3Y) Largest decline over 3 years	-16.48%	—	—
Current Drawdown Current decline from peak	-0.72%	-0.35%	-0.37%
Average Drawdown Average peak-to-trough decline	-4.92%	-0.20%	-4.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.85%	0.46%	+1.39%

Volatility

NUDV vs. NCLO - Volatility Comparison

Nuveen ESG Dividend ETF (NUDV) has a higher volatility of 2.71% compared to Nuveen AA-BBB CLO ETF (NCLO) at 1.14%. This indicates that NUDV's price experiences larger fluctuations and is considered to be riskier than NCLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NUDV	NCLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.71%	1.14%	+1.57%
Volatility (6M) Calculated over the trailing 6-month period	7.44%	3.46%	+3.98%
Volatility (1Y) Calculated over the trailing 1-year period	10.34%	3.64%	+6.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.97%	3.72%	+11.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.97%	3.72%	+11.25%

NUDV vs. NCLO - Expense Ratio Comparison

Both NUDV and NCLO have an expense ratio of 0.26%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

NUDV vs. NCLO - Dividend Comparison

NUDV's dividend yield for the trailing twelve months is around 2.27%, less than NCLO's 5.78% yield.

Position	TTM	2025	2024	2023	2022	2021
NCLO Nuveen AA-BBB CLO ETF	5.78%	6.09%	0.35%	0.00%	0.00%	0.00%
NUDV Nuveen ESG Dividend ETF	2.27%	2.36%	6.18%	2.48%	2.96%	0.60%

Frequently Asked Questions

Can I hold both NUDV and NCLO in my portfolio?

NUDV and NCLO have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NUDV or NCLO?

NUDV has higher volatility (2.71%) compared to NCLO (1.14%). In terms of maximum drawdown, NUDV dropped -20.10% vs NCLO's -3.05%.

Which ETF is better, NUDV or NCLO?

On 1-year performance, NUDV leads with 18.63% vs 5.90% for NCLO. Both ETFs have the same 0.26% expense ratio. On volatility, NCLO has been the lower-risk option at 1.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NUDV or NCLO?

Over the 1-year period, NUDV has performed better with a 18.63% return vs 5.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NUDV or NCLO?

NUDV and NCLO have the same expense ratio: 0.26% per year.

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

NCLO has the higher dividend yield at 5.78%, compared with 2.27% for NUDV.

What is the main difference between NUDV and NCLO?

NUDV is categorized as Large Cap Value Equities, while NCLO is CLO. NUDV tracks Nuveen ESG USA High Dividend Yield Index, while NCLO tracks JP Morgan CLO A Index.

Which has better risk-adjusted returns?

NUDV currently has the higher Sharpe Ratio (1.81 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.