ACLO vs. HDMV

Last updated Aug 4, 2026

ACLO (TCW AAA CLO ETF) and HDMV (First Trust Horizon Managed Volatility Developed Intl ETF) are both exchange-traded funds - ACLO is a CLO fund actively managed by TCW, while HDMV is a Foreign Large Cap Equities fund actively managed by First Trust. Both are actively managed. Over the past year, ACLO returned 5.20% vs 17.73% for HDMV. Their -0.16 correlation means they have often moved in opposite directions in the past. ACLO charges 0.20%/yr vs 0.80%/yr for HDMV.

Performance

ACLO vs. HDMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TCW AAA CLO ETF (ACLO) and First Trust Horizon Managed Volatility Developed Intl ETF (HDMV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ACLO achieves a 3.00% return, which is significantly lower than HDMV's 12.03% return.

ACLO

• 1D: -0.02%
• 1M: 0.45%
• 6M: 2.36%
• YTD: 3.00%
• 1Y: 5.20%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.38%

HDMV

• 1D: -0.19%
• 1M: 4.01%
• 6M: 7.11%
• YTD: 12.03%
• 1Y: 17.73%
• 3Y*: 15.69%
• 5Y*: 7.52%
• 10Y*: —
• ALL TIME*: 6.00%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ACLO TCW AAA CLO ETF	$1.35M	$998.55K	$1.41M
HDMV First Trust Horizon Managed Volatility Developed Intl ETF	$25.55K	$21.15K	$25.56K

ACLO vs. HDMV - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ACLO TCW AAA CLO ETF	3.00%	5.32%	0.81%
HDMV First Trust Horizon Managed Volatility Developed Intl ETF	12.03%	29.31%	-1.70%

Correlation

The correlation between ACLO and HDMV is -0.21, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.21
Correlation (All Time) Calculated using the full available price history since Nov 18, 2024	-0.16

Return for Risk

ACLO vs. HDMV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ACLO

ACLO Risk / Return Rank: 99
ACLO Sharpe Ratio Rank: 99
ACLO Sortino Ratio Rank: 99
ACLO Omega Ratio Rank: 99
ACLO Calmar Ratio Rank: 99
ACLO Martin Ratio Rank: 99

HDMV

HDMV Risk / Return Rank: 58
HDMV Sharpe Ratio Rank: 63
HDMV Sortino Ratio Rank: 61
HDMV Omega Ratio Rank: 62
HDMV Calmar Ratio Rank: 54
HDMV Martin Ratio Rank: 48

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ACLO vs. HDMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TCW AAA CLO ETF (ACLO) and First Trust Horizon Managed Volatility Developed Intl ETF (HDMV). 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.

	ACLO	HDMV	Difference
Sharpe ratio: Return per unit of total volatility	7.29	1.55	+5.75
Sortino ratio: Return per unit of downside risk	15.15	2.14	+13.01
Omega ratio: Gain probability vs. loss probability	3.42	1.28	+2.14
Calmar ratio: Return relative to maximum drawdown	19.49	2.04	+17.46
Martin ratio: Return relative to average drawdown	164.43	5.73	+158.70

ACLO vs. HDMV - Sharpe Ratio Comparison

The current ACLO Sharpe Ratio is 7.29, which is higher than the HDMV Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of ACLO and HDMV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ACLO vs. HDMV - Drawdown Comparison

The maximum ACLO drawdown since its inception was -1.01%, smaller than the maximum HDMV drawdown of -32.01%. Use the drawdown chart below to compare losses from any high point for ACLO and HDMV.

Drawdown Indicators

	ACLO	HDMV	Difference
Max Drawdown Largest peak-to-trough decline	-1.01%	-32.01%	+31.00%
Max Drawdown (1Y) Largest decline over 1 year	-0.27%	-8.73%	+8.46%
Max Drawdown (3Y) Largest decline over 3 years	—	-10.33%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.11%	—
Current Drawdown Current decline from peak	-0.02%	-1.03%	+1.01%
Average Drawdown Average peak-to-trough decline	-0.04%	-6.71%	+6.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.03%	3.10%	-3.07%

Volatility

ACLO vs. HDMV - Volatility Comparison

The current volatility for TCW AAA CLO ETF (ACLO) is 0.19%, while First Trust Horizon Managed Volatility Developed Intl ETF (HDMV) has a volatility of 2.70%. This indicates that ACLO experiences smaller price fluctuations and is considered to be less risky than HDMV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ACLO	HDMV	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.19%	2.70%	-2.51%
Volatility (6M) Calculated over the trailing 6-month period	0.56%	9.91%	-9.35%
Volatility (1Y) Calculated over the trailing 1-year period	0.72%	11.54%	-10.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.05%	12.10%	-11.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.05%	13.20%	-12.15%

ACLO vs. HDMV - Expense Ratio Comparison

ACLO has a 0.20% expense ratio, which is lower than HDMV's 0.80% expense ratio.

Dividends

ACLO vs. HDMV - Dividend Comparison

ACLO's dividend yield for the trailing twelve months is around 4.89%, more than HDMV's 3.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
ACLO TCW AAA CLO ETF	4.89%	4.87%	0.59%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
HDMV First Trust Horizon Managed Volatility Developed Intl ETF	3.98%	5.09%	3.24%	3.14%	3.53%	3.11%	1.45%	3.63%	2.88%	3.23%	0.18%

Frequently Asked Questions

Can I hold both ACLO and HDMV in my portfolio?

ACLO and HDMV have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ACLO or HDMV?

HDMV has higher volatility (2.70%) compared to ACLO (0.19%). In terms of maximum drawdown, ACLO dropped -1.01% vs HDMV's -32.01%.

Which ETF is better, ACLO or HDMV?

On 1-year performance, HDMV leads with 17.73% vs 5.20% for ACLO. On fees, ACLO is cheaper at 0.20% per year. On volatility, ACLO has been the lower-risk option at 0.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ACLO or HDMV?

Over the 1-year period, HDMV has performed better with a 17.73% return vs 5.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ACLO or HDMV?

ACLO is cheaper with a 0.20% expense ratio, compared with 0.80% for HDMV.

Which ETF pays a higher dividend yield, ACLO or HDMV?

ACLO has the higher dividend yield at 4.89%, compared with 3.98% for HDMV.

What is the main difference between ACLO and HDMV?

ACLO is categorized as CLO, while HDMV is Foreign Large Cap Equities. They also come from different issuers: TCW and First Trust. Their fees differ too: 0.20% for ACLO and 0.80% for HDMV.

Which has better risk-adjusted returns?

ACLO currently has the higher Sharpe Ratio (7.29 vs 1.55), 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.