^PUT vs. CLOZ
^PUT (CBOE S&P 500 PutWrite Index) is an index, while CLOZ (Panagram BBB-B CLO ETF) is CLO fund actively managed by Panagram. Over the past 3 years, ^PUT returned 11.43%/yr vs 10.50%/yr for CLOZ. At a 0.21 correlation, their price movements are largely independent.
Performance
^PUT vs. CLOZ - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, ^PUT achieves a 4.42% return, which is significantly higher than CLOZ's 2.40% return.
^PUT
- 1D
- 0.16%
- 1M
- 1.91%
- YTD
- 4.42%
- 6M
- 5.27%
- 1Y
- 17.48%
- 3Y*
- 11.43%
- 5Y*
- —
- 10Y*
- —
CLOZ
- 1D
- -0.22%
- 1M
- 0.55%
- YTD
- 2.40%
- 6M
- 2.87%
- 1Y
- 6.11%
- 3Y*
- 10.50%
- 5Y*
- —
- 10Y*
- —
^PUT vs. CLOZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
^PUT CBOE S&P 500 PutWrite Index | 4.42% | 9.19% | 17.84% | 10.95% |
CLOZ Panagram BBB-B CLO ETF | 2.40% | 5.99% | 11.85% | 14.92% |
Correlation
The correlation between ^PUT and CLOZ is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since Jan 25, 2023 | 0.21 |
The correlation between ^PUT and CLOZ shifts across timeframes, from 0.21 (3 years) to 0.32 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
^PUT vs. CLOZ — Risk / Return Rank
^PUT
CLOZ
^PUT vs. CLOZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for CBOE S&P 500 PutWrite Index (^PUT) and Panagram BBB-B CLO ETF (CLOZ). 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.
| ^PUT | CLOZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.01 | ||
| Sortino ratioReturn per unit of downside risk | +1.66 | ||
| Omega ratioGain probability vs. loss probability | 1.70 | 1.45 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | 3.60 | 1.57 | +2.03 |
| Martin ratioReturn relative to average drawdown | 19.41 | 5.22 | +14.19 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| ^PUT | CLOZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.79 | 1.79 | +1.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.34 | 2.75 | -1.41 |
Drawdowns
^PUT vs. CLOZ - Drawdown Comparison
The maximum ^PUT drawdown since its inception was -15.06%, which is greater than CLOZ's maximum drawdown of -5.32%. Use the drawdown chart below to compare losses from any high point for ^PUT and CLOZ.
Loading charts...
Drawdown Indicators
| ^PUT | CLOZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.06% | -5.32% | -9.74% |
Max Drawdown (1Y)Largest decline over 1 year | -4.72% | -3.90% | -0.82% |
Max Drawdown (3Y)Largest decline over 3 years | -15.06% | -5.32% | -9.74% |
Current DrawdownCurrent decline from peak | 0.00% | -0.25% | +0.25% |
Average DrawdownAverage peak-to-trough decline | -1.30% | -0.38% | -0.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 1.17% | -0.29% |
Volatility
^PUT vs. CLOZ - Volatility Comparison
CBOE S&P 500 PutWrite Index (^PUT) has a higher volatility of 0.73% compared to Panagram BBB-B CLO ETF (CLOZ) at 0.47%. This indicates that ^PUT's price experiences larger fluctuations and is considered to be riskier than CLOZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| ^PUT | CLOZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.73% | 0.47% | +0.26% |
Volatility (6M)Calculated over the trailing 6-month period | 5.15% | 3.14% | +2.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.09% | 3.44% | +2.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.57% | 3.80% | +5.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.57% | 3.80% | +5.77% |
Frequently Asked Questions
^PUT and CLOZ have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
^PUT has higher volatility (0.73%) compared to CLOZ (0.47%). In terms of maximum drawdown, ^PUT dropped -15.06% vs CLOZ's -5.32%.
^PUT currently has the higher Sharpe Ratio (2.79 vs 1.79), 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.
Find the right allocation for ^PUT and CLOZ
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer