BCLO vs. SPTU

Last updated Jun 3, 2026

BCLO (iShares BBB-B CLO Active ETF) and SPTU (State Street SPDR Portfolio Ultra Short T-Bill ETF) are both exchange-traded funds - BCLO is a CLO fund tracking the JP Morgan CLOIE High Quality Mezzanine Index, while SPTU is a Ultrashort Bond fund tracking the ICE BofA US Treasury Bill Index. Both are passively managed. At a correlation of -0.12, they often move in opposite directions. BCLO charges 0.45%/yr vs 0.05%/yr for SPTU.

Performance

BCLO vs. SPTU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares BBB-B CLO Active ETF (BCLO) and State Street SPDR Portfolio Ultra Short T-Bill ETF (SPTU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BCLO achieves a 2.74% return, which is significantly higher than SPTU's 1.48% return.

BCLO

• 1D: 0.00%
• 1M: 0.79%
• YTD: 2.74%
• 6M: 3.15%
• 1Y: 6.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPTU

• 1D: 0.02%
• 1M: 0.31%
• YTD: 1.48%
• 6M: 1.81%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BCLO vs. SPTU - Yearly Performance Comparison

	2026 (YTD)	2025
BCLO iShares BBB-B CLO Active ETF	2.74%	0.96%
SPTU State Street SPDR Portfolio Ultra Short T-Bill ETF	1.48%	0.92%

Correlation

The correlation between BCLO and SPTU is -0.12, 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 Oct 9, 2025	-0.12

Return for Risk

BCLO vs. SPTU — Risk / Return Rank

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

BCLO

BCLO Risk / Return Rank: 85
BCLO Sharpe Ratio Rank: 92
BCLO Sortino Ratio Rank: 95
BCLO Omega Ratio Rank: 97
BCLO Calmar Ratio Rank: 71
BCLO Martin Ratio Rank: 70

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. SPTU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares BBB-B CLO Active ETF (BCLO) and State Street SPDR Portfolio Ultra Short T-Bill ETF (SPTU). 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.

	BCLO	SPTU	Difference
Sharpe ratio Return per unit of total volatility	3.36	—	—
Sortino ratio Return per unit of downside risk	5.33	—	—
Omega ratio Gain probability vs. loss probability	1.87	—	—
Calmar ratio Return relative to maximum drawdown	3.60	—	—
Martin ratio Return relative to average drawdown	13.32	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	BCLO	SPTU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.36	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.41	11.88	-10.47

Drawdowns

BCLO vs. SPTU - Drawdown Comparison

The maximum BCLO drawdown since its inception was -4.45%, which is greater than SPTU's maximum drawdown of -0.04%. Use the drawdown chart below to compare losses from any high point for BCLO and SPTU.

Drawdown Indicators

	BCLO	SPTU	Difference
Max Drawdown Largest peak-to-trough decline	-4.45%	-0.04%	-4.41%
Max Drawdown (1Y) Largest decline over 1 year	-1.92%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.40%	-0.00%	-0.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.52%	—	—

Volatility

Volatility by Period

	BCLO	SPTU	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.66%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.65%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.03%	0.32%	+1.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.40%	0.32%	+4.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.40%	0.32%	+4.08%

BCLO vs. SPTU - Expense Ratio Comparison

BCLO has a 0.45% expense ratio, which is higher than SPTU's 0.05% expense ratio.

Dividends

BCLO vs. SPTU - Dividend Comparison

BCLO's dividend yield for the trailing twelve months is around 6.59%, more than SPTU's 2.36% yield.

Position	TTM	2025
BCLO iShares BBB-B CLO Active ETF	6.59%	6.45%
SPTU State Street SPDR Portfolio Ultra Short T-Bill ETF	2.36%	0.89%

Frequently Asked Questions

Can I hold both BCLO and SPTU in my portfolio?

BCLO and SPTU have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BCLO or SPTU?

On fees, SPTU is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BCLO or SPTU?

SPTU is cheaper with a 0.05% expense ratio, compared with 0.45% for BCLO.

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

BCLO has the higher dividend yield at 6.59%, compared with 2.36% for SPTU.

What is the main difference between BCLO and SPTU?

BCLO is categorized as CLO, while SPTU is Ultrashort Bond. BCLO tracks JP Morgan CLOIE High Quality Mezzanine Index, while SPTU tracks ICE BofA US Treasury Bill Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.45% for BCLO and 0.05% for SPTU.