NAZ vs NCLO

Comparison between Nuveen Arizona Quality Municipal Income Fund (NAZ, ETF) and NUVEEN AA-BBB CLO ETF (NCLO, ETF).

NAZ vs NCLO - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	NAZ(ETF)	NCLO(ETF)
Net Assets	$149M	$148M
Expense Ratio	N/A	0.26%
Max Drawdown	48.77%	3.71%
Sharpe Ratio	1.55	0.58
5Y Beta	0.11	0.05
5Y Dividends CAGR	8.31%	N/A

Net Assets

Winner

NAZ

$149M

NCLO

$148M

Expense Ratio

NAZ

N/A

NCLO

0.26%

Max Drawdown

NAZ

48.77%

Winner

NCLO

3.71%

Sharpe Ratio

Winner

NAZ

1.55

NCLO

0.58

5Y Beta

NAZ

0.11

Winner

NCLO

0.05

5Y Dividends CAGR

NAZ

8.31%

NCLO

N/A

NAZ vs NCLO - Historical Returns

Returns include dividend reinvestment.

Period	NAZ	NCLO
1 month	+5.62%	+0.91%
3 months	+10.28%	+3.93%
6 months	+14.48%	+2.47%
1 year	+23.28%	+5.79%
5 years(CAGR)	+1.53%	N/A
10 years(CAGR)	+2.93%	N/A
Max(CAGR)	+4.54%	+5.78%

Winner

NAZ

+5.62%

NCLO

+0.91%

Winner

NAZ

+10.28%

NCLO

+3.93%

Winner

NAZ

+14.48%

NCLO

+2.47%

Winner

NAZ

+23.28%

NCLO

+5.79%

5Y(CAGR)

NAZ

+1.53%

NCLO

N/A

10Y(CAGR)

NAZ

+2.93%

NCLO

N/A

Max(CAGR)

NAZ

+4.54%

Winner

NCLO

+5.78%

NAZ vs NCLO - Annual Returns (1999 - 2026)

Returns include dividend reinvestment.

Year	NAZ	NCLO
2026	+15.00%	+2.08%
2025	+11.54%	+6.24%
2024	+12.88%	+0.35%
2023	-1.90%	N/A
2022	-27.11%	N/A
2021	+5.02%	N/A
2020	+22.04%	N/A
2019	+16.46%	N/A
2018	-12.82%	N/A
2017	+5.58%	N/A
2016	-3.17%	N/A
2015	+11.35%	N/A
2014	+25.72%	N/A
2013	-16.80%	N/A
2012	+14.38%	N/A
2011	+17.63%	N/A
2010	+3.58%	N/A
2009	+40.86%	N/A
2008	-22.86%	N/A
2007	-4.82%	N/A
2006	-0.29%	N/A
2005	-0.39%	N/A
2004	+0.02%	N/A
2003	+11.61%	N/A
2002	+0.75%	N/A
2001	+6.83%	N/A
2000	+15.21%	N/A
1999	-9.75%	N/A

NAZ vs NCLO Drawdown Comparison

The maximum drawdown for NAZ was -38.28%, occurring on Oct 25, 2023. Recovery took 1109 trading sessions.

The maximum drawdown for NCLO was -3.05%, occurring on Mar 4, 2026. Recovery took 42 trading sessions.

The current NCLO drawdown is -0.41%.

Rank	NAZ	NCLO
#1	-38.28% Nov 9, 2021 - Apr 14, 2026	-3.05% Feb 3, 2026 - Apr 6, 2026
#2	-34.81% Apr 1, 2004 - Sep 22, 2009	-1.43% Mar 31, 2025 - Apr 24, 2025
#3	-28.08% Jul 6, 2016 - Sep 1, 2020	-0.64% Apr 25, 2025 - May 2, 2025
#4	-27.21% Jan 28, 2013 - Jan 28, 2015	-0.56% May 19, 2025 - Jun 6, 2025
#5	-20.06% Oct 29, 2010 - Dec 30, 2011	-0.52% May 28, 2026 - May 29, 2026
#6	-13.78% Jul 11, 2002 - Jun 12, 2003	-0.48% May 1, 2026 - May 6, 2026
#7	-13.30% Jul 15, 2003 - Feb 2, 2004	-0.47% May 2, 2025 - May 8, 2025
#8	-11.33% Nov 4, 1999 - Dec 11, 2000	-0.37% Apr 6, 2026 - Apr 22, 2026
#9	-6.87% Jan 14, 2010 - Aug 12, 2010	-0.36% Jun 6, 2025 - Jun 24, 2025
#10	-6.81% Dec 4, 2020 - May 28, 2021	-0.35% Mar 7, 2025 - Mar 31, 2025
#11	-5.89% Oct 6, 2009 - Jan 6, 2010	-0.28% Oct 8, 2025 - Oct 13, 2025
#12	-4.81% Mar 5, 2002 - Apr 23, 2002	-0.26% Oct 13, 2025 - Oct 20, 2025
#13	-4.69% Oct 3, 2012 - Jan 9, 2013	-0.25% Oct 20, 2025 - Oct 30, 2025
#14	-4.65% Feb 2, 2015 - Apr 17, 2015	-0.25% May 8, 2025 - May 12, 2025
#15	-4.64% Mar 13, 2012 - Mar 21, 2012	-0.24% Dec 11, 2025 - Dec 18, 2025

Correlation

Correlation between NAZ and NCLO is 0.83 which considered as a strong positive correlation - the stocks tend to move together.

0.83

-101

Dividend Comparison (2000 - 2026)

NAZ vs NCLO dividend yield comparison.

Year	NAZ	NCLO
2026	2.46%	2.18%
2025	7.09%	6.09%
2024	6.20%	0.35%
2023	3.63%	0.00%
2022	5.01%	0.00%
2021	3.75%	0.00%
2020	3.52%	0.00%
2019	3.82%	0.00%
2018	4.52%	0.00%
2017	4.65%	0.00%
2016	5.53%	0.00%
2015	5.25%	0.00%
2014	5.53%	0.00%
2013	6.35%	0.00%
2012	5.01%	0.00%
2011	5.35%	0.00%
2010	5.76%	0.00%
2009	5.11%	0.00%
2008	6.72%	0.00%
2007	4.90%	0.00%
2006	4.62%	0.00%
2005	5.41%	0.00%
2004	5.95%	0.00%
2003	5.68%	0.00%
2002	5.93%	0.00%
2001	5.35%	0.00%
2000	2.21%	0.00%