NUHY vs. NCLO

Last updated Jun 5, 2026

NUHY (Nuveen ESG High Yield Corporate Bond ETF) and NCLO (Nuveen AA-BBB CLO ETF) are both exchange-traded funds - NUHY is a High Yield Bonds fund tracking the Bloomberg Barclays MSCI US Aggregate ESG Select Index, while NCLO is a CLO fund tracking the JP Morgan CLO A Index. Both are passively managed. Over the past year, NUHY returned 6.51% vs 5.92% for NCLO. At a 0.18 correlation, their price movements are largely independent. NUHY charges 0.30%/yr vs 0.26%/yr for NCLO.

Performance

NUHY vs. NCLO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen ESG High Yield Corporate Bond ETF (NUHY) 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, NUHY achieves a 1.49% return, which is significantly lower than NCLO's 2.00% return.

NUHY

• 1D: 0.14%
• 1M: 0.75%
• YTD: 1.49%
• 6M: 1.82%
• 1Y: 6.51%
• 3Y*: 8.51%
• 5Y*: 3.43%
• 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)

NUHY vs. NCLO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NUHY Nuveen ESG High Yield Corporate Bond ETF	1.49%	9.12%	-1.20%
NCLO Nuveen AA-BBB CLO ETF	2.00%	6.28%	0.35%

Correlation

The correlation between NUHY 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	0.18

Return for Risk

NUHY vs. NCLO — Risk / Return Rank

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

NUHY

NUHY Risk / Return Rank: 53
NUHY Sharpe Ratio Rank: 51
NUHY Sortino Ratio Rank: 56
NUHY Omega Ratio Rank: 55
NUHY Calmar Ratio Rank: 47
NUHY Martin Ratio Rank: 58

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.

NUHY vs. NCLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen ESG High Yield Corporate Bond ETF (NUHY) 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.

	NUHY	NCLO	Difference
Sharpe ratio: Return per unit of total volatility	1.72	1.63	+0.08
Sortino ratio: Return per unit of downside risk	2.64	2.09	+0.55
Omega ratio: Gain probability vs. loss probability	1.34	1.46	-0.13
Calmar ratio: Return relative to maximum drawdown	2.28	1.95	+0.33
Martin ratio: Return relative to average drawdown	10.16	12.87	-2.71
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NUHY vs. NCLO - Sharpe Ratio Comparison

The current NUHY Sharpe Ratio is 1.72, which is comparable to the NCLO Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of NUHY 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

	NUHY	NCLO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.72	1.63	+0.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	1.60	-1.17

Drawdowns

NUHY vs. NCLO - Drawdown Comparison

The maximum NUHY drawdown since its inception was -20.14%, which is greater than NCLO's maximum drawdown of -3.05%. Use the drawdown chart below to compare losses from any high point for NUHY and NCLO.

Drawdown Indicators

	NUHY	NCLO	Difference
Max Drawdown Largest peak-to-trough decline	-20.14%	-3.05%	-17.09%
Max Drawdown (1Y) Largest decline over 1 year	-2.87%	-3.05%	+0.18%
Max Drawdown (3Y) Largest decline over 3 years	-4.68%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-16.92%	—	—
Current Drawdown Current decline from peak	-0.12%	-0.31%	+0.19%
Average Drawdown Average peak-to-trough decline	-3.53%	-0.20%	-3.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.64%	0.46%	+0.18%

Volatility

NUHY vs. NCLO - Volatility Comparison

Nuveen ESG High Yield Corporate Bond ETF (NUHY) has a higher volatility of 1.35% compared to Nuveen AA-BBB CLO ETF (NCLO) at 1.07%. This indicates that NUHY'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

	NUHY	NCLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.35%	1.07%	+0.28%
Volatility (6M) Calculated over the trailing 6-month period	3.04%	3.46%	-0.42%
Volatility (1Y) Calculated over the trailing 1-year period	3.82%	3.64%	+0.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.31%	3.71%	+3.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.51%	3.71%	+4.80%

NUHY vs. NCLO - Expense Ratio Comparison

NUHY has a 0.30% expense ratio, which is higher than NCLO's 0.26% expense ratio.

Dividends

NUHY vs. NCLO - Dividend Comparison

NUHY's dividend yield for the trailing twelve months is around 6.63%, more than NCLO's 5.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
NCLO Nuveen AA-BBB CLO ETF	5.78%	6.09%	0.35%	0.00%	0.00%	0.00%	0.00%	0.00%
NUHY Nuveen ESG High Yield Corporate Bond ETF	6.63%	6.51%	6.59%	6.64%	6.36%	4.88%	5.10%	1.37%

Frequently Asked Questions

Can I hold both NUHY and NCLO in my portfolio?

NUHY 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, NUHY or NCLO?

NUHY has higher volatility (1.35%) compared to NCLO (1.07%). In terms of maximum drawdown, NUHY dropped -20.14% vs NCLO's -3.05%.

Which ETF is better, NUHY or NCLO?

On 1-year performance, NUHY leads with 6.51% vs 5.92% for NCLO. On fees, NCLO is cheaper at 0.26% per year. On volatility, NCLO has been the lower-risk option at 1.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NUHY or NCLO?

Over the 1-year period, NUHY has performed better with a 6.51% return vs 5.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NUHY or NCLO?

NCLO is cheaper with a 0.26% expense ratio, compared with 0.30% for NUHY.

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

NUHY has the higher dividend yield at 6.63%, compared with 5.78% for NCLO.

What is the main difference between NUHY and NCLO?

NUHY is categorized as High Yield Bonds, while NCLO is CLO. NUHY tracks Bloomberg Barclays MSCI US Aggregate ESG Select Index, while NCLO tracks JP Morgan CLO A Index. Their fees differ too: 0.30% for NUHY and 0.26% for NCLO.

Which has better risk-adjusted returns?

NUHY currently has the higher Sharpe Ratio (1.72 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.