PHYL vs. NCLO

Last updated Apr 2, 2026

Compare and contrast key facts about PGIM Active High Yield Bond ETF (PHYL) and Nuveen AA-BBB CLO ETF (NCLO).

PHYL and NCLO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PHYL is an actively managed fund by Prudential. It was launched on Sep 24, 2018. NCLO is a passively managed fund by Nuveen that tracks the performance of the JP Morgan CLO A Index. It was launched on Dec 10, 2024.

Performance

PHYL vs. NCLO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Active High Yield Bond ETF (PHYL) and Nuveen AA-BBB CLO ETF (NCLO). The values are adjusted to include any dividend payments, if applicable.

PHYL vs. NCLO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PHYL PGIM Active High Yield Bond ETF	-0.40%	9.65%	-0.85%
NCLO Nuveen AA-BBB CLO ETF	0.33%	6.28%	0.35%

Returns By Period

In the year-to-date period, PHYL achieves a -0.40% return, which is significantly lower than NCLO's 0.33% return.

PHYL

• 1D: 0.29%
• 1M: -1.10%
• YTD: -0.40%
• 6M: 0.83%
• 1Y: 7.48%
• 3Y*: 8.73%
• 5Y*: 4.01%
• 10Y*: —

NCLO

• 1D: -0.03%
• 1M: -0.17%
• YTD: 0.33%
• 6M: 2.03%
• 1Y: 5.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PHYL vs. NCLO - Expense Ratio Comparison

PHYL has a 0.53% expense ratio, which is higher than NCLO's 0.26% expense ratio.

PHYL

PGIM Active High Yield Bond ETF

NCLO

Nuveen AA-BBB CLO ETF

Return for Risk

PHYL vs. NCLO — Risk / Return Rank

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

PHYL

PHYL Risk / Return Rank: 83
PHYL Sharpe Ratio Rank: 83
PHYL Sortino Ratio Rank: 85
PHYL Omega Ratio Rank: 89
PHYL Calmar Ratio Rank: 74
PHYL Martin Ratio Rank: 82

NCLO

NCLO Risk / Return Rank: 74
NCLO Sharpe Ratio Rank: 71
NCLO Sortino Ratio Rank: 66
NCLO Omega Ratio Rank: 85
NCLO Calmar Ratio Rank: 65
NCLO Martin Ratio Rank: 85

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.

PHYL vs. NCLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Active High Yield Bond ETF (PHYL) 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.

	PHYL	NCLO	Difference
Sharpe ratio Return per unit of total volatility	1.69	1.32	+0.36
Sortino ratio Return per unit of downside risk	2.35	1.75	+0.61
Omega ratio Gain probability vs. loss probability	1.39	1.36	+0.03
Calmar ratio Return relative to maximum drawdown	2.05	1.80	+0.25
Martin ratio Return relative to average drawdown	9.77	10.65	-0.88
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PHYL vs. NCLO - Sharpe Ratio Comparison

The current PHYL Sharpe Ratio is 1.69, which is comparable to the NCLO Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of PHYL and NCLO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PHYL	NCLO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.69	1.32	+0.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.69	1.44	-0.74

Correlation

The correlation between PHYL and NCLO is 0.14, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

PHYL vs. NCLO - Dividend Comparison

PHYL's dividend yield for the trailing twelve months is around 7.18%, more than NCLO's 5.91% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
PHYL PGIM Active High Yield Bond ETF	7.18%	7.05%	8.28%	7.62%	6.55%	6.13%	7.51%	7.31%	1.79%
NCLO Nuveen AA-BBB CLO ETF	5.91%	6.09%	0.35%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

PHYL vs. NCLO - Drawdown Comparison

The maximum PHYL drawdown since its inception was -22.07%, which is greater than NCLO's maximum drawdown of -3.05%. Use the drawdown chart below to compare losses from any high point for PHYL and NCLO.

Drawdown Indicators

	PHYL	NCLO	Difference
Max Drawdown Largest peak-to-trough decline	-22.07%	-3.05%	-19.02%
Max Drawdown (1Y) Largest decline over 1 year	-3.80%	-3.05%	-0.75%
Max Drawdown (5Y) Largest decline over 5 years	-16.11%	—	—
Current Drawdown Current decline from peak	-1.48%	-0.51%	-0.97%
Average Drawdown Average peak-to-trough decline	-3.13%	-0.21%	-2.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.80%	0.52%	+0.28%

Volatility

PHYL vs. NCLO - Volatility Comparison

The current volatility for PGIM Active High Yield Bond ETF (PHYL) is 1.91%, while Nuveen AA-BBB CLO ETF (NCLO) has a volatility of 2.98%. This indicates that PHYL 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

	PHYL	NCLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.91%	2.98%	-1.07%
Volatility (6M) Calculated over the trailing 6-month period	2.52%	3.29%	-0.77%
Volatility (1Y) Calculated over the trailing 1-year period	4.46%	4.23%	+0.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.66%	3.76%	+1.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.72%	3.76%	+3.96%