NUSB vs. NCLO

Last updated Jun 4, 2026

NUSB (Nuveen Ultra Short Income ETF) and NCLO (Nuveen AA-BBB CLO ETF) are both exchange-traded funds - NUSB is a Ultrashort Bond fund actively managed by Nuveen, while NCLO is a CLO fund tracking the JP Morgan CLO A Index. NUSB is actively managed, while NCLO is passively managed. Over the past year, NUSB returned 4.32% vs 5.90% for NCLO. At a 0.01 correlation, their price movements are largely independent. NUSB charges 0.17%/yr vs 0.26%/yr for NCLO.

Performance

NUSB vs. NCLO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen Ultra Short Income ETF (NUSB) 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, NUSB achieves a 1.52% return, which is significantly lower than NCLO's 1.96% return.

NUSB

• 1D: 0.00%
• 1M: 0.32%
• YTD: 1.52%
• 6M: 1.88%
• 1Y: 4.32%
• 3Y*: —
• 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)

NUSB vs. NCLO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NUSB Nuveen Ultra Short Income ETF	1.52%	4.71%	0.27%
NCLO Nuveen AA-BBB CLO ETF	1.96%	6.28%	0.35%

Correlation

The correlation between NUSB and NCLO is 0.01, 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	0.01
Correlation (All Time) Calculated using the full available price history since Dec 12, 2024	0.01

Return for Risk

NUSB vs. NCLO — Risk / Return Rank

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

NUSB

NUSB Risk / Return Rank: 100
NUSB Sharpe Ratio Rank: 100
NUSB Sortino Ratio Rank: 100
NUSB Omega Ratio Rank: 100
NUSB Calmar Ratio Rank: 100
NUSB Martin Ratio Rank: 100

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.

NUSB vs. NCLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Ultra Short Income ETF (NUSB) 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.

	NUSB	NCLO	Difference
Sharpe ratio: Return per unit of total volatility	11.80	1.63	+10.17
Sortino ratio: Return per unit of downside risk	32.55	2.08	+30.47
Omega ratio: Gain probability vs. loss probability	9.19	1.46	+7.72
Calmar ratio: Return relative to maximum drawdown	72.98	1.94	+71.04
Martin ratio: Return relative to average drawdown	397.82	12.85	+384.97
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NUSB vs. NCLO - Sharpe Ratio Comparison

The current NUSB Sharpe Ratio is 11.80, which is higher than the NCLO Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of NUSB 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

	NUSB	NCLO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	11.80	1.63	+10.17
Sharpe Ratio (All Time) Calculated using the full available price history	12.54	1.59	+10.95

Drawdowns

NUSB vs. NCLO - Drawdown Comparison

The maximum NUSB drawdown since its inception was -0.16%, smaller than the maximum NCLO drawdown of -3.05%. Use the drawdown chart below to compare losses from any high point for NUSB and NCLO.

Drawdown Indicators

	NUSB	NCLO	Difference
Max Drawdown Largest peak-to-trough decline	-0.16%	-3.05%	+2.89%
Max Drawdown (1Y) Largest decline over 1 year	-0.06%	-3.05%	+2.99%
Current Drawdown Current decline from peak	0.00%	-0.35%	+0.35%
Average Drawdown Average peak-to-trough decline	-0.00%	-0.20%	+0.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	0.46%	-0.45%

Volatility

NUSB vs. NCLO - Volatility Comparison

The current volatility for Nuveen Ultra Short Income ETF (NUSB) is 0.09%, while Nuveen AA-BBB CLO ETF (NCLO) has a volatility of 1.14%. This indicates that NUSB experiences smaller price fluctuations and is considered to be less risky than NCLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NUSB	NCLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.09%	1.14%	-1.05%
Volatility (6M) Calculated over the trailing 6-month period	0.23%	3.46%	-3.23%
Volatility (1Y) Calculated over the trailing 1-year period	0.37%	3.64%	-3.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.39%	3.72%	-3.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.39%	3.72%	-3.33%

NUSB vs. NCLO - Expense Ratio Comparison

NUSB has a 0.17% expense ratio, which is lower than NCLO's 0.26% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

NUSB vs. NCLO - Dividend Comparison

NUSB's dividend yield for the trailing twelve months is around 4.30%, less than NCLO's 5.78% yield.

Position	TTM	2025	2024
NCLO Nuveen AA-BBB CLO ETF	5.78%	6.09%	0.35%
NUSB Nuveen Ultra Short Income ETF	4.30%	4.51%	3.61%

Frequently Asked Questions

Can I hold both NUSB and NCLO in my portfolio?

NUSB and NCLO have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NUSB or NCLO?

NCLO has higher volatility (1.14%) compared to NUSB (0.09%). In terms of maximum drawdown, NUSB dropped -0.16% vs NCLO's -3.05%.

Which ETF is better, NUSB or NCLO?

On 1-year performance, NCLO leads with 5.90% vs 4.32% for NUSB. On fees, NUSB is cheaper at 0.17% per year. On volatility, NUSB has been the lower-risk option at 0.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NUSB or NCLO?

Over the 1-year period, NCLO has performed better with a 5.90% return vs 4.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NUSB or NCLO?

NUSB is cheaper with a 0.17% expense ratio, compared with 0.26% for NCLO.

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

NCLO has the higher dividend yield at 5.78%, compared with 4.30% for NUSB.

What is the main difference between NUSB and NCLO?

NUSB is categorized as Ultrashort Bond, while NCLO is CLO. Their fees differ too: 0.17% for NUSB and 0.26% for NCLO.

Which has better risk-adjusted returns?

NUSB currently has the higher Sharpe Ratio (11.80 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.