BCLO vs. ICLO

Last updated Jun 23, 2026

BCLO (iShares BBB-B CLO Active ETF) and ICLO (Invesco Aaa CLO Floating Rate Note ETF) are both CLO funds. BCLO is passively managed, while ICLO is actively managed. Over the past year, BCLO returned 6.70% vs 5.52% for ICLO. At a 0.09 correlation, their price movements are largely independent. BCLO charges 0.45%/yr vs 0.26%/yr for ICLO.

Performance

BCLO vs. ICLO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares BBB-B CLO Active ETF (BCLO) and Invesco Aaa CLO Floating Rate Note ETF (ICLO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BCLO achieves a 2.96% return, which is significantly higher than ICLO's 2.38% return.

BCLO

• 1D: 0.03%
• 1M: 0.41%
• YTD: 2.96%
• 6M: 3.09%
• 1Y: 6.70%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ICLO

• 1D: 0.00%
• 1M: 0.61%
• YTD: 2.38%
• 6M: 2.48%
• 1Y: 5.52%
• 3Y*: 6.60%
• 5Y*: —
• 10Y*: —

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

BCLO vs. ICLO - Yearly Performance Comparison

	2026 (YTD)	2025
BCLO iShares BBB-B CLO Active ETF	2.96%	5.41%
ICLO Invesco Aaa CLO Floating Rate Note ETF	2.38%	4.87%

Correlation

The correlation between BCLO and ICLO is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.06
Correlation (All Time) Calculated using the full available price history since Jan 30, 2025	0.09

Return for Risk

BCLO vs. ICLO — Risk / Return Rank

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

BCLO

BCLO Risk / Return Rank: 86
BCLO Sharpe Ratio Rank: 94
BCLO Sortino Ratio Rank: 96
BCLO Omega Ratio Rank: 97
BCLO Calmar Ratio Rank: 72
BCLO Martin Ratio Rank: 72

ICLO

ICLO Risk / Return Rank: 97
ICLO Sharpe Ratio Rank: 96
ICLO Sortino Ratio Rank: 98
ICLO Omega Ratio Rank: 97
ICLO Calmar Ratio Rank: 98
ICLO Martin Ratio Rank: 98

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.

BCLO vs. ICLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares BBB-B CLO Active ETF (BCLO) and Invesco Aaa CLO Floating Rate Note ETF (ICLO). 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.

	BCLO	ICLO	Difference
Sharpe ratio: Return per unit of total volatility	3.35	4.01	-0.66
Sortino ratio: Return per unit of downside risk	5.34	6.72	-1.38
Omega ratio: Gain probability vs. loss probability	1.89	1.94	-0.06
Calmar ratio: Return relative to maximum drawdown	3.51	15.78	-12.27
Martin ratio: Return relative to average drawdown	12.97	65.95	-52.99

BCLO vs. ICLO - Sharpe Ratio Comparison

The current BCLO Sharpe Ratio is 3.35, which is comparable to the ICLO Sharpe Ratio of 4.01. The chart below compares the historical Sharpe Ratios of BCLO and ICLO, 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

BCLO vs. ICLO - Drawdown Comparison

The maximum BCLO drawdown since its inception was -4.45%, which is greater than ICLO's maximum drawdown of -3.47%. Use the drawdown chart below to compare losses from any high point for BCLO and ICLO.

Drawdown Indicators

	BCLO	ICLO	Difference
Max Drawdown Largest peak-to-trough decline	-4.45%	-3.47%	-0.98%
Max Drawdown (1Y) Largest decline over 1 year	-1.92%	-0.35%	-1.57%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.47%	—
Current Drawdown Current decline from peak	-0.05%	-0.09%	+0.04%
Average Drawdown Average peak-to-trough decline	-0.39%	-0.06%	-0.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.52%	0.08%	+0.44%

Volatility

BCLO vs. ICLO - Volatility Comparison

The current volatility for iShares BBB-B CLO Active ETF (BCLO) is 0.21%, while Invesco Aaa CLO Floating Rate Note ETF (ICLO) has a volatility of 0.53%. This indicates that BCLO experiences smaller price fluctuations and is considered to be less risky than ICLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BCLO	ICLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.21%	0.53%	-0.32%
Volatility (6M) Calculated over the trailing 6-month period	1.63%	0.88%	+0.75%
Volatility (1Y) Calculated over the trailing 1-year period	2.01%	1.39%	+0.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.31%	2.42%	+1.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.31%	2.42%	+1.89%

BCLO vs. ICLO - Expense Ratio Comparison

BCLO has a 0.45% expense ratio, which is higher than ICLO's 0.26% expense ratio.

Dividends

BCLO vs. ICLO - Dividend Comparison

BCLO's dividend yield for the trailing twelve months is around 6.58%, more than ICLO's 5.50% yield.

Position	TTM	2025	2024	2023
BCLO iShares BBB-B CLO Active ETF	6.58%	6.45%	0.00%	0.00%
ICLO Invesco Aaa CLO Floating Rate Note ETF	5.02%	5.49%	6.51%	7.01%

Frequently Asked Questions

Can I hold both BCLO and ICLO in my portfolio?

BCLO and ICLO have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BCLO or ICLO?

ICLO has higher volatility (0.53%) compared to BCLO (0.21%). In terms of maximum drawdown, BCLO dropped -4.45% vs ICLO's -3.47%.

Which ETF is better, BCLO or ICLO?

On 1-year performance, BCLO leads with 6.70% vs 5.52% for ICLO. On fees, ICLO is cheaper at 0.26% per year. On volatility, BCLO has been the lower-risk option at 0.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BCLO or ICLO?

Over the 1-year period, BCLO has performed better with a 6.70% return vs 5.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BCLO or ICLO?

ICLO is cheaper with a 0.26% expense ratio, compared with 0.45% for BCLO.

Which ETF pays a higher dividend yield, BCLO or ICLO?

BCLO has the higher dividend yield at 6.58%, compared with 5.50% for ICLO.

What is the main difference between BCLO and ICLO?

They also come from different issuers: iShares and Invesco. Their fees differ too: 0.45% for BCLO and 0.26% for ICLO.

Which has better risk-adjusted returns?

ICLO currently has the higher Sharpe Ratio (4.01 vs 3.35), 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.