BPAY vs. CLOA
BPAY (BlackRock Future Financial and Technology ETF) and CLOA (iShares AAA CLO Active ETF) are both exchange-traded funds - BPAY is a Financials Equities fund actively managed by BlackRock, while CLOA is a CLO fund actively managed by BlackRock. Both are actively managed. Over the past 3 years, BPAY returned 9.98%/yr vs 6.46%/yr for CLOA. At a 0.08 correlation, their price movements are largely independent. BPAY charges 0.70%/yr vs 0.20%/yr for CLOA.
Performance
BPAY vs. CLOA - Performance Comparison
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Returns By Period
In the year-to-date period, BPAY achieves a -0.95% return, which is significantly lower than CLOA's 2.50% return.
BPAY
- 1D
- -0.96%
- 1M
- 7.86%
- 6M
- -0.87%
- YTD
- -0.95%
- 1Y
- -13.26%
- 3Y*
- 9.98%
- 5Y*
- —
- 10Y*
- —
CLOA
- 1D
- -0.06%
- 1M
- 0.30%
- 6M
- 2.15%
- YTD
- 2.50%
- 1Y
- 5.09%
- 3Y*
- 6.46%
- 5Y*
- —
- 10Y*
- —
BPAY vs. CLOA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
BPAY BlackRock Future Financial and Technology ETF | -0.95% | 8.54% | 17.28% | 7.01% |
CLOA iShares AAA CLO Active ETF | 2.50% | 5.44% | 7.25% | 8.38% |
Correlation
The correlation between BPAY and CLOA is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Jan 12, 2023 | 0.08 |
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Return for Risk
BPAY vs. CLOA — Risk / Return Rank
BPAY
CLOA
BPAY vs. CLOA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BlackRock Future Financial and Technology ETF (BPAY) and iShares AAA CLO Active ETF (CLOA). 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.
| BPAY | CLOA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -8.07 | ||
| Sortino ratioReturn per unit of downside risk | -14.75 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 3.40 | -2.46 |
| Calmar ratioReturn relative to maximum drawdown | -0.40 | 28.93 | -29.33 |
| Martin ratioReturn relative to average drawdown | -0.72 | 151.41 | -152.13 |
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Drawdowns
BPAY vs. CLOA - Drawdown Comparison
The maximum BPAY drawdown since its inception was -33.62%, which is greater than CLOA's maximum drawdown of -1.34%. Use the drawdown chart below to compare losses from any high point for BPAY and CLOA.
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Drawdown Indicators
| BPAY | CLOA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.62% | -1.34% | -32.28% |
Max Drawdown (1Y)Largest decline over 1 year | -33.62% | -0.18% | -33.44% |
Max Drawdown (3Y)Largest decline over 3 years | -33.62% | -1.13% | -32.49% |
Current DrawdownCurrent decline from peak | -16.32% | -0.06% | -16.26% |
Average DrawdownAverage peak-to-trough decline | -10.84% | -0.05% | -10.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.48% | 0.03% | +18.45% |
Volatility
BPAY vs. CLOA - Volatility Comparison
BlackRock Future Financial and Technology ETF (BPAY) has a higher volatility of 6.81% compared to iShares AAA CLO Active ETF (CLOA) at 0.16%. This indicates that BPAY's price experiences larger fluctuations and is considered to be riskier than CLOA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BPAY | CLOA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.81% | 0.16% | +6.65% |
Volatility (6M)Calculated over the trailing 6-month period | 20.22% | 0.49% | +19.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.15% | 0.68% | +25.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.49% | 1.30% | +23.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.49% | 1.30% | +23.19% |
BPAY vs. CLOA - Expense Ratio Comparison
BPAY has a 0.70% expense ratio, which is higher than CLOA's 0.20% expense ratio.
Dividends
BPAY vs. CLOA - Dividend Comparison
BPAY's dividend yield for the trailing twelve months is around 6.84%, more than CLOA's 4.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
BPAY BlackRock Future Financial and Technology ETF | 6.84% | 6.49% | 0.48% | 1.18% | 0.18% |
CLOA iShares AAA CLO Active ETF | 4.90% | 5.35% | 6.01% | 5.88% | 0.00% |
Frequently Asked Questions
BPAY and CLOA have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BPAY has higher volatility (6.81%) compared to CLOA (0.16%). In terms of maximum drawdown, BPAY dropped -33.62% vs CLOA's -1.34%.
On 3-year performance, BPAY leads with 9.98% vs 6.46% for CLOA. On fees, CLOA is cheaper at 0.20% per year. On volatility, CLOA has been the lower-risk option at 0.16%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BPAY has performed better with a 9.98% return vs 6.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CLOA is cheaper with a 0.20% expense ratio, compared with 0.70% for BPAY.
BPAY has the higher dividend yield at 6.84%, compared with 4.90% for CLOA.
BPAY is categorized as Financials Equities, while CLOA is CLO. Their fees differ too: 0.70% for BPAY and 0.20% for CLOA.
CLOA currently has the higher Sharpe Ratio (7.56 vs -0.51), 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.
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