NUSC vs. NCLO

Last updated Jun 4, 2026

NUSC (Nuveen ESG Small-Cap ETF) and NCLO (Nuveen AA-BBB CLO ETF) are both exchange-traded funds - NUSC is a Small Cap Growth Equities fund tracking the MSCI TIAA ESG USA Small Cap, while NCLO is a CLO fund tracking the JP Morgan CLO A Index. Both are passively managed. Over the past year, NUSC returned 27.41% vs 5.90% for NCLO. At a 0.19 correlation, their price movements are largely independent. NUSC charges 0.30%/yr vs 0.26%/yr for NCLO.

Performance

NUSC vs. NCLO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen ESG Small-Cap ETF (NUSC) 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, NUSC achieves a 12.88% return, which is significantly higher than NCLO's 1.96% return.

NUSC

• 1D: -0.57%
• 1M: 3.77%
• YTD: 12.88%
• 6M: 12.74%
• 1Y: 27.41%
• 3Y*: 13.27%
• 5Y*: 4.68%
• 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)

NUSC vs. NCLO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NUSC Nuveen ESG Small-Cap ETF	12.88%	7.72%	-6.49%
NCLO Nuveen AA-BBB CLO ETF	1.96%	6.28%	0.35%

Correlation

The correlation between NUSC and NCLO is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (All Time) Calculated using the full available price history since Dec 12, 2024	0.19

Return for Risk

NUSC vs. NCLO — Risk / Return Rank

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

NUSC

NUSC Risk / Return Rank: 50
NUSC Sharpe Ratio Rank: 46
NUSC Sortino Ratio Rank: 48
NUSC Omega Ratio Rank: 42
NUSC Calmar Ratio Rank: 55
NUSC Martin Ratio Rank: 56

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.

NUSC vs. NCLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen ESG Small-Cap ETF (NUSC) 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.

	NUSC	NCLO	Difference
Sharpe ratio Return per unit of total volatility	1.61	1.63	-0.01
Sortino ratio Return per unit of downside risk	2.38	2.08	+0.29
Omega ratio Gain probability vs. loss probability	1.28	1.46	-0.19
Calmar ratio Return relative to maximum drawdown	2.72	1.94	+0.78
Martin ratio Return relative to average drawdown	9.81	12.85	-3.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NUSC vs. NCLO - Sharpe Ratio Comparison

The current NUSC Sharpe Ratio is 1.61, which is comparable to the NCLO Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of NUSC 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

	NUSC	NCLO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.61	1.63	-0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.22	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	1.59	-1.15

Drawdowns

NUSC vs. NCLO - Drawdown Comparison

The maximum NUSC drawdown since its inception was -41.49%, which is greater than NCLO's maximum drawdown of -3.05%. Use the drawdown chart below to compare losses from any high point for NUSC and NCLO.

Drawdown Indicators

	NUSC	NCLO	Difference
Max Drawdown Largest peak-to-trough decline	-41.49%	-3.05%	-38.44%
Max Drawdown (1Y) Largest decline over 1 year	-10.10%	-3.05%	-7.05%
Max Drawdown (3Y) Largest decline over 3 years	-26.95%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-28.85%	—	—
Current Drawdown Current decline from peak	-0.57%	-0.35%	-0.22%
Average Drawdown Average peak-to-trough decline	-8.21%	-0.20%	-8.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.80%	0.46%	+2.34%

Volatility

NUSC vs. NCLO - Volatility Comparison

Nuveen ESG Small-Cap ETF (NUSC) has a higher volatility of 4.50% compared to Nuveen AA-BBB CLO ETF (NCLO) at 1.14%. This indicates that NUSC'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

	NUSC	NCLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.50%	1.14%	+3.36%
Volatility (6M) Calculated over the trailing 6-month period	12.17%	3.46%	+8.71%
Volatility (1Y) Calculated over the trailing 1-year period	17.11%	3.64%	+13.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.15%	3.72%	+17.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.36%	3.72%	+18.64%

NUSC vs. NCLO - Expense Ratio Comparison

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

Dividends

NUSC vs. NCLO - Dividend Comparison

NUSC's dividend yield for the trailing twelve months is around 0.93%, less than NCLO's 5.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
NCLO Nuveen AA-BBB CLO ETF	5.78%	6.09%	0.35%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
NUSC Nuveen ESG Small-Cap ETF	0.93%	1.05%	1.15%	1.11%	1.16%	7.06%	0.52%	0.90%	3.95%	0.94%

Frequently Asked Questions

Can I hold both NUSC and NCLO in my portfolio?

NUSC and NCLO have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NUSC or NCLO?

NUSC has higher volatility (4.50%) compared to NCLO (1.14%). In terms of maximum drawdown, NUSC dropped -41.49% vs NCLO's -3.05%.

Which ETF is better, NUSC or NCLO?

On 1-year performance, NUSC leads with 27.41% 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, NUSC or NCLO?

Over the 1-year period, NUSC has performed better with a 27.41% return vs 5.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NUSC or NCLO?

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

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

NCLO has the higher dividend yield at 5.78%, compared with 0.93% for NUSC.

What is the main difference between NUSC and NCLO?

NUSC is categorized as Small Cap Growth Equities, while NCLO is CLO. NUSC tracks MSCI TIAA ESG USA Small Cap, while NCLO tracks JP Morgan CLO A Index. Their fees differ too: 0.30% for NUSC and 0.26% for NCLO.

Which has better risk-adjusted returns?

NCLO currently has the higher Sharpe Ratio (1.63 vs 1.61), 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.