NUGO vs. NCLO

Last updated Jun 4, 2026

NUGO (Nuveen Growth Opportunities ETF) and NCLO (Nuveen AA-BBB CLO ETF) are both exchange-traded funds - NUGO is a Large Cap Growth Equities fund actively managed by Nuveen, while NCLO is a CLO fund tracking the JP Morgan CLO A Index. NUGO is actively managed, while NCLO is passively managed. Over the past year, NUGO returned 27.74% vs 5.90% for NCLO. At a 0.16 correlation, their price movements are largely independent. NUGO charges 0.56%/yr vs 0.26%/yr for NCLO.

Performance

NUGO vs. NCLO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen Growth Opportunities ETF (NUGO) 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, NUGO achieves a 10.24% return, which is significantly higher than NCLO's 1.96% return.

NUGO

• 1D: -1.39%
• 1M: 5.87%
• YTD: 10.24%
• 6M: 9.17%
• 1Y: 27.74%
• 3Y*: 25.96%
• 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)

NUGO vs. NCLO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NUGO Nuveen Growth Opportunities ETF	10.24%	14.91%	-3.46%
NCLO Nuveen AA-BBB CLO ETF	1.96%	6.28%	0.35%

Correlation

The correlation between NUGO and NCLO is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (All Time) Calculated using the full available price history since Dec 12, 2024	0.16

Return for Risk

NUGO vs. NCLO — Risk / Return Rank

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

NUGO

NUGO Risk / Return Rank: 39
NUGO Sharpe Ratio Rank: 45
NUGO Sortino Ratio Rank: 43
NUGO Omega Ratio Rank: 43
NUGO Calmar Ratio Rank: 33
NUGO Martin Ratio Rank: 34

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.

NUGO vs. NCLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Growth Opportunities ETF (NUGO) 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.

	NUGO	NCLO	Difference
Sharpe ratio: Return per unit of total volatility	1.57	1.63	-0.05
Sortino ratio: Return per unit of downside risk	2.17	2.08	+0.08
Omega ratio: Gain probability vs. loss probability	1.27	1.46	-0.19
Calmar ratio: Return relative to maximum drawdown	1.59	1.94	-0.35
Martin ratio: Return relative to average drawdown	5.17	12.85	-7.68
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NUGO vs. NCLO - Sharpe Ratio Comparison

The current NUGO Sharpe Ratio is 1.57, which is comparable to the NCLO Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of NUGO 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

	NUGO	NCLO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.57	1.63	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	1.59	-1.00

Drawdowns

NUGO vs. NCLO - Drawdown Comparison

The maximum NUGO drawdown since its inception was -38.01%, which is greater than NCLO's maximum drawdown of -3.05%. Use the drawdown chart below to compare losses from any high point for NUGO and NCLO.

Drawdown Indicators

	NUGO	NCLO	Difference
Max Drawdown Largest peak-to-trough decline	-38.01%	-3.05%	-34.96%
Max Drawdown (1Y) Largest decline over 1 year	-17.54%	-3.05%	-14.49%
Max Drawdown (3Y) Largest decline over 3 years	-25.12%	—	—
Current Drawdown Current decline from peak	-1.39%	-0.35%	-1.04%
Average Drawdown Average peak-to-trough decline	-12.06%	-0.20%	-11.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.38%	0.46%	+4.92%

Volatility

NUGO vs. NCLO - Volatility Comparison

Nuveen Growth Opportunities ETF (NUGO) has a higher volatility of 4.21% compared to Nuveen AA-BBB CLO ETF (NCLO) at 1.14%. This indicates that NUGO'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

	NUGO	NCLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.21%	1.14%	+3.07%
Volatility (6M) Calculated over the trailing 6-month period	13.36%	3.46%	+9.90%
Volatility (1Y) Calculated over the trailing 1-year period	17.71%	3.64%	+14.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.12%	3.72%	+19.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.12%	3.72%	+19.40%

NUGO vs. NCLO - Expense Ratio Comparison

NUGO has a 0.56% expense ratio, which is higher than NCLO's 0.26% expense ratio.

Dividends

NUGO vs. NCLO - Dividend Comparison

NUGO has not paid dividends to shareholders, while NCLO's dividend yield for the trailing twelve months is around 5.78%.

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%
NUGO Nuveen Growth Opportunities ETF	0.00%	0.00%	0.00%	0.19%	0.26%	0.00%

Frequently Asked Questions

Can I hold both NUGO and NCLO in my portfolio?

NUGO and NCLO have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NUGO or NCLO?

NUGO has higher volatility (4.21%) compared to NCLO (1.14%). In terms of maximum drawdown, NUGO dropped -38.01% vs NCLO's -3.05%.

Which ETF is better, NUGO or NCLO?

On 1-year performance, NUGO leads with 27.74% vs 5.90% for NCLO. On fees, NCLO is cheaper at 0.26% per year. 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, NUGO or NCLO?

Over the 1-year period, NUGO has performed better with a 27.74% return vs 5.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NUGO or NCLO?

NCLO is cheaper with a 0.26% expense ratio, compared with 0.56% for NUGO.

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

NCLO has the higher dividend yield at 5.78%, compared with 0.00% for NUGO.

What is the main difference between NUGO and NCLO?

NUGO is categorized as Large Cap Growth Equities, while NCLO is CLO. Their fees differ too: 0.56% for NUGO and 0.26% for NCLO.

Which has better risk-adjusted returns?

NCLO currently has the higher Sharpe Ratio (1.63 vs 1.57), 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.