CLO.L vs. LOCK.L

Last updated Jul 16, 2026

CLO.L (Global X Cloud Computing UCITS ETF USD Acc) and LOCK.L (iShares Digital Security UCITS ETF USD Acc) are both Technology Equities funds - CLO.L tracks the Indxx Global Cloud Computing Index while LOCK.L tracks the MSCI World/Information Tech NR USD. Both are passively managed. Over the past 3 years, CLO.L returned 5.16%/yr vs 19.95%/yr for LOCK.L. Their correlation of 0.86 suggests significant overlap in exposure. CLO.L charges 0.55%/yr vs 0.40%/yr for LOCK.L.

Performance

CLO.L vs. LOCK.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Cloud Computing UCITS ETF USD Acc (CLO.L) and iShares Digital Security UCITS ETF USD Acc (LOCK.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CLO.L achieves a 6.24% return, which is significantly lower than LOCK.L's 17.83% return.

CLO.L

• 1D: -0.25%
• 1M: 3.75%
• 6M: 9.87%
• YTD: 6.24%
• 1Y: 5.12%
• 3Y*: 5.16%
• 5Y*: —
• 10Y*: —

LOCK.L

• 1D: -1.64%
• 1M: 3.64%
• 6M: 17.83%
• YTD: 17.83%
• 1Y: 25.37%
• 3Y*: 19.95%
• 5Y*: 9.32%
• 10Y*: —

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

CLO.L vs. LOCK.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
CLO.L Global X Cloud Computing UCITS ETF USD Acc	6.24%	-6.11%	5.66%	44.70%	-40.70%	-13.65%
LOCK.L iShares Digital Security UCITS ETF USD Acc	17.83%	11.29%	16.92%	33.93%	-29.10%	0.05%

Correlation

The correlation between CLO.L and LOCK.L is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (All Time) Calculated using the full available price history since Nov 2, 2021	0.86

The correlation between CLO.L and LOCK.L shifts across timeframes, from 0.74 (1 year) to 0.86 (all time), reflecting how their relationship changes across market environments.

CLO.L vs. LOCK.L - Sectors Allocation Comparison

Sectors	CLO.L	LOCK.L
Technology	91.0%	82.2%
Communication Services	4.1%	-
Real Estate	3.1%	6.8%
Consumer Cyclical	1.9%	-
Healthcare	0.6%	-
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	0.1%
Industrials	-	10.3%
Utilities	-	-

Return for Risk

CLO.L vs. LOCK.L — Risk / Return Rank

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

CLO.L

CLO.L Risk / Return Rank: 12
CLO.L Sharpe Ratio Rank: 12
CLO.L Sortino Ratio Rank: 12
CLO.L Omega Ratio Rank: 12
CLO.L Calmar Ratio Rank: 11
CLO.L Martin Ratio Rank: 12

LOCK.L

LOCK.L Risk / Return Rank: 41
LOCK.L Sharpe Ratio Rank: 38
LOCK.L Sortino Ratio Rank: 39
LOCK.L Omega Ratio Rank: 37
LOCK.L Calmar Ratio Rank: 53
LOCK.L Martin Ratio Rank: 36

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.

CLO.L vs. LOCK.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Cloud Computing UCITS ETF USD Acc (CLO.L) and iShares Digital Security UCITS ETF USD Acc (LOCK.L). 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.

	CLO.L	LOCK.L	Difference
Sharpe ratio: Return per unit of total volatility	0.17	1.15	-0.98
Sortino ratio: Return per unit of downside risk	0.44	1.70	-1.25
Omega ratio: Gain probability vs. loss probability	1.06	1.21	-0.15
Calmar ratio: Return relative to maximum drawdown	0.19	2.17	-1.98
Martin ratio: Return relative to average drawdown	0.43	4.65	-4.22

CLO.L vs. LOCK.L - Sharpe Ratio Comparison

The current CLO.L Sharpe Ratio is 0.17, which is lower than the LOCK.L Sharpe Ratio of 1.15. The chart below compares the historical Sharpe Ratios of CLO.L and LOCK.L, 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

CLO.L vs. LOCK.L - Drawdown Comparison

The maximum CLO.L drawdown since its inception was -53.57%, which is greater than LOCK.L's maximum drawdown of -36.04%. Use the drawdown chart below to compare losses from any high point for CLO.L and LOCK.L.

Drawdown Indicators

	CLO.L	LOCK.L	Difference
Max Drawdown Largest peak-to-trough decline	-53.57%	-36.04%	-17.53%
Max Drawdown (1Y) Largest decline over 1 year	-26.63%	-11.65%	-14.98%
Max Drawdown (3Y) Largest decline over 3 years	-32.15%	-22.28%	-9.87%
Max Drawdown (5Y) Largest decline over 5 years	—	-36.04%	—
Current Drawdown Current decline from peak	-23.40%	-4.24%	-19.16%
Average Drawdown Average peak-to-trough decline	-34.25%	-9.53%	-24.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.85%	5.44%	+6.41%

Volatility

CLO.L vs. LOCK.L - Volatility Comparison

Global X Cloud Computing UCITS ETF USD Acc (CLO.L) has a higher volatility of 9.21% compared to iShares Digital Security UCITS ETF USD Acc (LOCK.L) at 7.36%. This indicates that CLO.L's price experiences larger fluctuations and is considered to be riskier than LOCK.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CLO.L	LOCK.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.21%	7.36%	+1.85%
Volatility (6M) Calculated over the trailing 6-month period	26.95%	18.44%	+8.51%
Volatility (1Y) Calculated over the trailing 1-year period	30.49%	22.05%	+8.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.41%	21.41%	+9.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.41%	21.20%	+9.21%

CLO.L vs. LOCK.L - Expense Ratio Comparison

CLO.L has a 0.55% expense ratio, which is higher than LOCK.L's 0.40% expense ratio.

Dividends

CLO.L vs. LOCK.L - Dividend Comparison

Neither CLO.L nor LOCK.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both CLO.L and LOCK.L in my portfolio?

CLO.L and LOCK.L have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CLO.L or LOCK.L?

On fees, LOCK.L is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CLO.L or LOCK.L?

LOCK.L is cheaper with a 0.40% expense ratio, compared with 0.55% for CLO.L.

What is the main difference between CLO.L and LOCK.L?

CLO.L tracks Indxx Global Cloud Computing Index, while LOCK.L tracks MSCI World/Information Tech NR USD. They also come from different issuers: Global X and iShares. Their fees differ too: 0.55% for CLO.L and 0.40% for LOCK.L.