CION vs. CLOZ
CION (CION Investment Corporation) is a stock, while CLOZ (Panagram Bbb-B Clo ETF) is CLO fund actively managed by Panagram. Over the past 3 years, CION returned 2.79%/yr vs 10.65%/yr for CLOZ. At a 0.17 correlation, their price movements are largely independent.
Performance
CION vs. CLOZ - Performance Comparison
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Returns By Period
In the year-to-date period, CION achieves a -23.59% return, which is significantly lower than CLOZ's 2.62% return.
CION
- 1D
- 3.75%
- 1M
- -11.10%
- YTD
- -23.59%
- 6M
- -25.52%
- 1Y
- -12.05%
- 3Y*
- 2.79%
- 5Y*
- —
- 10Y*
- —
CLOZ
- 1D
- 0.08%
- 1M
- 0.67%
- YTD
- 2.62%
- 6M
- 3.25%
- 1Y
- 6.62%
- 3Y*
- 10.65%
- 5Y*
- —
- 10Y*
- —
CION vs. CLOZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CION CION Investment Corporation | -23.59% | -2.26% | 14.82% | 22.71% |
CLOZ Panagram Bbb-B Clo ETF | 2.62% | 5.99% | 11.85% | 14.92% |
Correlation
The correlation between CION and CLOZ is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Jan 25, 2023 | 0.17 |
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Return for Risk
CION vs. CLOZ — Risk / Return Rank
CION
CLOZ
CION vs. CLOZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for CION Investment Corporation (CION) 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.
| CION | CLOZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.38 | ||
| Sortino ratioReturn per unit of downside risk | -2.92 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.50 | -0.55 |
| Calmar ratioReturn relative to maximum drawdown | -0.36 | 1.70 | -2.07 |
| Martin ratioReturn relative to average drawdown | -0.79 | 5.66 | -6.45 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CION | CLOZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.45 | 1.93 | -2.38 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.09 | 2.77 | -2.68 |
Drawdowns
CION vs. CLOZ - Drawdown Comparison
The maximum CION drawdown since its inception was -45.39%, which is greater than CLOZ's maximum drawdown of -5.32%. Use the drawdown chart below to compare losses from any high point for CION and CLOZ.
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Drawdown Indicators
| CION | CLOZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.39% | -5.32% | -40.07% |
Max Drawdown (1Y)Largest decline over 1 year | -33.39% | -3.90% | -29.49% |
Max Drawdown (3Y)Largest decline over 3 years | -37.62% | -5.32% | -32.30% |
Current DrawdownCurrent decline from peak | -32.16% | -0.03% | -32.13% |
Average DrawdownAverage peak-to-trough decline | -15.00% | -0.38% | -14.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.19% | 1.17% | +14.02% |
Volatility
CION vs. CLOZ - Volatility Comparison
CION Investment Corporation (CION) has a higher volatility of 10.75% compared to Panagram Bbb-B Clo ETF (CLOZ) at 0.42%. This indicates that CION'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.
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Volatility by Period
| CION | CLOZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.75% | 0.42% | +10.33% |
Volatility (6M)Calculated over the trailing 6-month period | 22.79% | 3.13% | +19.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.08% | 3.45% | +23.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.44% | 3.80% | +25.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.44% | 3.80% | +25.64% |
Dividends
CION vs. CLOZ - Dividend Comparison
CION's dividend yield for the trailing twelve months is around 17.63%, more than CLOZ's 7.38% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
CION CION Investment Corporation | 17.63% | 14.89% | 13.33% | 14.24% | 14.87% | 3.52% |
CLOZ Panagram Bbb-B Clo ETF | 7.38% | 7.63% | 9.09% | 8.81% | 0.00% | 0.00% |
Frequently Asked Questions
CION and CLOZ have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CION has higher volatility (10.75%) compared to CLOZ (0.42%). In terms of maximum drawdown, CION dropped -45.39% vs CLOZ's -5.32%.
CLOZ currently has the higher Sharpe Ratio (1.93 vs -0.45), 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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