YCLO vs. NCLO

Last updated Jul 18, 2026

YCLO (Franklin BSP CLO ETF) and NCLO (Nuveen AA-BBB CLO ETF) are both CLO funds. YCLO is actively managed, while NCLO is passively managed. At a correlation of -0.18, they often move in opposite directions.

Performance

YCLO vs. NCLO - Performance Comparison

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

Returns By Period

YCLO

• 1D: 0.04%
• 1M: 0.65%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

NCLO

• 1D: 0.13%
• 1M: 0.39%
• 6M: 2.44%
• YTD: 2.50%
• 1Y: 5.82%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

YCLO vs. NCLO - Yearly Performance Comparison

	2026 (YTD)
YCLO Franklin BSP CLO ETF	0.90%
NCLO Nuveen AA-BBB CLO ETF	0.53%

Correlation

The correlation between YCLO and NCLO is -0.18, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 4, 2026	-0.18

Return for Risk

YCLO vs. NCLO — Risk / Return Rank

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

YCLO

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

NCLO

NCLO Risk / Return Rank: 63
NCLO Sharpe Ratio Rank: 56
NCLO Sortino Ratio Rank: 49
NCLO Omega Ratio Rank: 86
NCLO Calmar Ratio Rank: 48
NCLO Martin Ratio Rank: 79

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.

YCLO vs. NCLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin BSP CLO ETF (YCLO) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	YCLO	NCLO	Difference
Sharpe ratio: Return per unit of total volatility	—	1.48	—
Sortino ratio: Return per unit of downside risk	—	1.93	—
Omega ratio: Gain probability vs. loss probability	—	1.41	—
Calmar ratio: Return relative to maximum drawdown	—	1.91	—
Martin ratio: Return relative to average drawdown	—	11.52	—

Drawdowns

YCLO vs. NCLO - Drawdown Comparison

The maximum YCLO drawdown since its inception was -0.04%, smaller than the maximum NCLO drawdown of -3.05%. Use the drawdown chart below to compare losses from any high point for YCLO and NCLO.

Drawdown Indicators

	YCLO	NCLO	Difference
Max Drawdown Largest peak-to-trough decline	-0.04%	-3.05%	+3.01%
Max Drawdown (1Y) Largest decline over 1 year	—	-3.05%	—
Current Drawdown Current decline from peak	0.00%	-0.74%	+0.74%
Average Drawdown Average peak-to-trough decline	-0.00%	-0.23%	+0.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.51%	—

Volatility

Volatility by Period

	YCLO	NCLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.58%	—
Volatility (6M) Calculated over the trailing 6-month period	—	3.76%	—
Volatility (1Y) Calculated over the trailing 1-year period	0.46%	3.94%	-3.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.46%	3.79%	-3.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.46%	3.79%	-3.33%

Dividends

YCLO vs. NCLO - Dividend Comparison

YCLO's dividend yield for the trailing twelve months is around 0.31%, less than NCLO's 5.79% yield.

Position	TTM	2025	2024
NCLO Nuveen AA-BBB CLO ETF	5.79%	6.09%	0.35%
YCLO Franklin BSP CLO ETF	0.31%	0.00%	0.00%

Frequently Asked Questions

Can I hold both YCLO and NCLO in my portfolio?

YCLO and NCLO have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

NCLO has the higher dividend yield at 5.79%, compared with 0.31% for YCLO.

What is the main difference between YCLO and NCLO?

They also come from different issuers: Franklin Templeton and Nuveen.