CLOA.DE vs. IEMG
CLOA.DE (Invesco EUR AAA CLO UCITS ETF Acc) and IEMG (iShares Core MSCI Emerging Markets ETF) are both exchange-traded funds - CLOA.DE is a CLO fund tracking the J.P. Morgan European Collateralized Loan Obligation AAA-only Index, while IEMG is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets Investable Market Index (USD) (Net). Both are passively managed. Over the past year, CLOA.DE returned 3.46% vs 46.73% for IEMG. At a correlation of -0.11, they often move in opposite directions. CLOA.DE charges 0.25%/yr vs 0.09%/yr for IEMG.
Performance
CLOA.DE vs. IEMG - Performance Comparison
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Different Trading Currencies
CLOA.DE is traded in EUR, while IEMG is traded in USD. To make them comparable, the IEMG values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, CLOA.DE achieves a 1.37% return, which is significantly lower than IEMG's 26.40% return.
CLOA.DE
- 1D
- 0.11%
- 1M
- 0.39%
- YTD
- 1.37%
- 6M
- 1.66%
- 1Y
- 3.46%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IEMG
- 1D
- -1.12%
- 1M
- 5.51%
- YTD
- 26.40%
- 6M
- 27.77%
- 1Y
- 46.73%
- 3Y*
- 19.92%
- 5Y*
- 8.36%
- 10Y*
- 9.97%
CLOA.DE vs. IEMG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CLOA.DE Invesco EUR AAA CLO UCITS ETF Acc | 1.37% | 2.88% |
IEMG iShares Core MSCI Emerging Markets ETF | 26.40% | 13.02% |
Correlation
The correlation between CLOA.DE and IEMG is -0.20, 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 (1Y) Calculated over the trailing 1-year period | -0.20 |
Correlation (All Time) Calculated using the full available price history since Feb 14, 2025 | -0.11 |
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Return for Risk
CLOA.DE vs. IEMG — Risk / Return Rank
CLOA.DE
IEMG
CLOA.DE vs. IEMG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco EUR AAA CLO UCITS ETF Acc (CLOA.DE) and iShares Core MSCI Emerging Markets ETF (IEMG). 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.
| CLOA.DE | IEMG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.09 | ||
| Sortino ratioReturn per unit of downside risk | +0.64 | ||
| Omega ratioGain probability vs. loss probability | 1.55 | 1.48 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 11.09 | 4.44 | +6.65 |
| Martin ratioReturn relative to average drawdown | 35.06 | 16.21 | +18.85 |
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
| CLOA.DE | IEMG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.68 | 2.59 | +0.09 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.50 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.52 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.31 | 0.40 | +1.91 |
Drawdowns
CLOA.DE vs. IEMG - Drawdown Comparison
The maximum CLOA.DE drawdown since its inception was -0.49%, smaller than the maximum IEMG drawdown of -34.49%. Use the drawdown chart below to compare losses from any high point for CLOA.DE and IEMG.
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Drawdown Indicators
| CLOA.DE | IEMG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.49% | -34.49% | +34.00% |
Max Drawdown (1Y)Largest decline over 1 year | -0.31% | -10.58% | +10.27% |
Max Drawdown (3Y)Largest decline over 3 years | — | -17.88% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -22.55% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -32.63% | — |
Current DrawdownCurrent decline from peak | -0.02% | -2.17% | +2.15% |
Average DrawdownAverage peak-to-trough decline | -0.09% | -9.17% | +9.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.10% | 2.89% | -2.79% |
Volatility
CLOA.DE vs. IEMG - Volatility Comparison
The current volatility for Invesco EUR AAA CLO UCITS ETF Acc (CLOA.DE) is 0.43%, while iShares Core MSCI Emerging Markets ETF (IEMG) has a volatility of 7.50%. This indicates that CLOA.DE experiences smaller price fluctuations and is considered to be less risky than IEMG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CLOA.DE | IEMG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.43% | 7.50% | -7.07% |
Volatility (6M)Calculated over the trailing 6-month period | 0.95% | 15.44% | -14.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.30% | 18.13% | -16.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.42% | 16.66% | -15.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.42% | 19.18% | -17.76% |
CLOA.DE vs. IEMG - Expense Ratio Comparison
CLOA.DE has a 0.25% expense ratio, which is higher than IEMG's 0.09% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
CLOA.DE vs. IEMG - Dividend Comparison
CLOA.DE has not paid dividends to shareholders, while IEMG's dividend yield for the trailing twelve months is around 2.20%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CLOA.DE Invesco EUR AAA CLO UCITS ETF Acc | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IEMG iShares Core MSCI Emerging Markets ETF | 2.20% | 2.75% | 3.20% | 2.89% | 2.71% | 3.06% | 1.87% | 3.15% | 2.76% | 2.35% | 2.28% | 2.53% |
Frequently Asked Questions
CLOA.DE and IEMG have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IEMG is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IEMG is cheaper with a 0.09% expense ratio, compared with 0.25% for CLOA.DE.
CLOA.DE is categorized as CLO, while IEMG is Emerging Markets Diversified. CLOA.DE tracks J.P. Morgan European Collateralized Loan Obligation AAA-only Index, while IEMG tracks MSCI Emerging Markets Investable Market Index (USD) (Net). They also come from different issuers: Invesco and iShares. Their fees differ too: 0.25% for CLOA.DE and 0.09% for IEMG.
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