NXUS vs. NCLO

Last updated Jun 7, 2026

NXUS (Nuveen International Aggregate Bond ETF) and NCLO (Nuveen AA-BBB CLO ETF) are both exchange-traded funds - NXUS is a Global Bonds fund tracking the Bloomberg Global Aggregate ex-USD Index (USD Hedged), while NCLO is a CLO fund tracking the JP Morgan CLO A Index. Both are passively managed. At a 0.12 correlation, their price movements are largely independent. NXUS charges 0.08%/yr vs 0.26%/yr for NCLO.

Performance

NXUS vs. NCLO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen International Aggregate Bond ETF (NXUS) 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, NXUS achieves a 0.48% return, which is significantly lower than NCLO's 1.90% return.

NXUS

• 1D: -0.14%
• 1M: 0.26%
• YTD: 0.48%
• 6M: 0.45%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

NCLO

• 1D: -0.10%
• 1M: 0.40%
• YTD: 1.90%
• 6M: 2.48%
• 1Y: 5.48%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NXUS vs. NCLO - Yearly Performance Comparison

	2026 (YTD)	2025
NXUS Nuveen International Aggregate Bond ETF	0.48%	0.61%
NCLO Nuveen AA-BBB CLO ETF	1.90%	1.95%

Correlation

The correlation between NXUS and NCLO is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 25, 2025	0.12

Return for Risk

NXUS vs. NCLO — Risk / Return Rank

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

NCLO

NCLO Risk / Return Rank: 57
NCLO Sharpe Ratio Rank: 48
NCLO Sortino Ratio Rank: 43
NCLO Omega Ratio Rank: 80
NCLO Calmar Ratio Rank: 40
NCLO Martin Ratio Rank: 71

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.

NXUS vs. NCLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen International Aggregate Bond ETF (NXUS) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	NXUS	NCLO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.60	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	1.58	-1.15

Drawdowns

NXUS vs. NCLO - Drawdown Comparison

The maximum NXUS drawdown since its inception was -2.81%, smaller than the maximum NCLO drawdown of -3.05%. Use the drawdown chart below to compare losses from any high point for NXUS and NCLO.

Drawdown Indicators

	NXUS	NCLO	Difference
Max Drawdown Largest peak-to-trough decline	-2.81%	-3.05%	+0.24%
Max Drawdown (1Y) Largest decline over 1 year	—	-3.05%	—
Current Drawdown Current decline from peak	-1.33%	-0.41%	-0.92%
Average Drawdown Average peak-to-trough decline	-0.91%	-0.20%	-0.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.46%	—

Volatility

Volatility by Period

	NXUS	NCLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.90%	—
Volatility (6M) Calculated over the trailing 6-month period	—	3.46%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.73%	3.64%	+0.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.73%	3.71%	+0.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.73%	3.71%	+0.02%

NXUS vs. NCLO - Expense Ratio Comparison

NXUS has a 0.08% 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

NXUS vs. NCLO - Dividend Comparison

NXUS's dividend yield for the trailing twelve months is around 1.67%, less than NCLO's 5.78% yield.

Position	TTM	2025	2024
NCLO Nuveen AA-BBB CLO ETF	5.78%	6.09%	0.35%
NXUS Nuveen International Aggregate Bond ETF	1.67%	0.39%	0.00%

Frequently Asked Questions

Can I hold both NXUS and NCLO in my portfolio?

NXUS and NCLO have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, NXUS or NCLO?

On fees, NXUS is cheaper at 0.08% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, NXUS or NCLO?

NXUS is cheaper with a 0.08% expense ratio, compared with 0.26% for NCLO.

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

NCLO has the higher dividend yield at 5.78%, compared with 1.67% for NXUS.

What is the main difference between NXUS and NCLO?

NXUS is categorized as Global Bonds, while NCLO is CLO. NXUS tracks Bloomberg Global Aggregate ex-USD Index (USD Hedged), while NCLO tracks JP Morgan CLO A Index. Their fees differ too: 0.08% for NXUS and 0.26% for NCLO.