CLOA vs. ACLO

Last updated Jun 4, 2026

CLOA (BlackRock AAA CLO ETF) and ACLO (TCW AAA CLO ETF) are both CLO funds. Both are actively managed. Over the past year, CLOA returned 5.28% vs 5.31% for ACLO. At a 0.12 correlation, their price movements are largely independent. Both charge a 0.20% expense ratio.

Performance

CLOA vs. ACLO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock AAA CLO ETF (CLOA) and TCW AAA CLO ETF (ACLO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CLOA achieves a 2.06% return, which is significantly lower than ACLO's 2.21% return.

CLOA

• 1D: 0.02%
• 1M: 0.44%
• YTD: 2.06%
• 6M: 2.51%
• 1Y: 5.28%
• 3Y*: 6.74%
• 5Y*: —
• 10Y*: —

ACLO

• 1D: 0.02%
• 1M: 0.42%
• YTD: 2.21%
• 6M: 2.58%
• 1Y: 5.31%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CLOA vs. ACLO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CLOA BlackRock AAA CLO ETF	2.06%	5.44%	0.92%
ACLO TCW AAA CLO ETF	2.21%	5.32%	0.81%

Correlation

The correlation between CLOA and ACLO is -0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.02
Correlation (All Time) Calculated using the full available price history since Nov 19, 2024	0.12

The correlation between CLOA and ACLO shifts across timeframes, from -0.02 (1 year) to 0.12 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CLOA vs. ACLO — Risk / Return Rank

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

CLOA

CLOA Risk / Return Rank: 99
CLOA Sharpe Ratio Rank: 99
CLOA Sortino Ratio Rank: 99
CLOA Omega Ratio Rank: 99
CLOA Calmar Ratio Rank: 99
CLOA Martin Ratio Rank: 99

ACLO

ACLO Risk / Return Rank: 99
ACLO Sharpe Ratio Rank: 99
ACLO Sortino Ratio Rank: 99
ACLO Omega Ratio Rank: 99
ACLO Calmar Ratio Rank: 99
ACLO Martin Ratio Rank: 99

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.

CLOA vs. ACLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock AAA CLO ETF (CLOA) and TCW AAA CLO ETF (ACLO). 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	ACLO	Difference
Sharpe ratio Return per unit of total volatility	7.45	7.29	+0.16
Sortino ratio Return per unit of downside risk	13.98	14.85	-0.87
Omega ratio Gain probability vs. loss probability	3.34	3.41	-0.06
Calmar ratio Return relative to maximum drawdown	30.02	19.90	+10.11
Martin ratio Return relative to average drawdown	150.47	164.37	-13.91
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CLOA vs. ACLO - Sharpe Ratio Comparison

The current CLOA Sharpe Ratio is 7.45, which is comparable to the ACLO Sharpe Ratio of 7.29. The chart below compares the historical Sharpe Ratios of CLOA and ACLO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CLOA	ACLO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	7.45	7.29	+0.16
Sharpe Ratio (All Time) Calculated using the full available price history	5.22	5.10	+0.12

Drawdowns

CLOA vs. ACLO - Drawdown Comparison

The maximum CLOA drawdown since its inception was -1.34%, which is greater than ACLO's maximum drawdown of -1.01%. Use the drawdown chart below to compare losses from any high point for CLOA and ACLO.

Drawdown Indicators

	CLOA	ACLO	Difference
Max Drawdown Largest peak-to-trough decline	-1.34%	-1.01%	-0.33%
Max Drawdown (1Y) Largest decline over 1 year	-0.18%	-0.27%	+0.09%
Max Drawdown (3Y) Largest decline over 3 years	-1.13%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.05%	-0.05%	0.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.04%	0.03%	+0.01%

Volatility

CLOA vs. ACLO - Volatility Comparison

BlackRock AAA CLO ETF (CLOA) has a higher volatility of 0.15% compared to TCW AAA CLO ETF (ACLO) at 0.14%. This indicates that CLOA's price experiences larger fluctuations and is considered to be riskier than ACLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CLOA	ACLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.15%	0.14%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	0.48%	0.57%	-0.09%
Volatility (1Y) Calculated over the trailing 1-year period	0.71%	0.73%	-0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.32%	1.08%	+0.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.32%	1.08%	+0.24%

CLOA vs. ACLO - Expense Ratio Comparison

Both CLOA and ACLO have an expense ratio of 0.20%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

CLOA vs. ACLO - Dividend Comparison

CLOA's dividend yield for the trailing twelve months is around 4.96%, more than ACLO's 4.91% yield.

Position	TTM	2025	2024	2023
ACLO TCW AAA CLO ETF	4.91%	4.87%	0.59%	0.00%
CLOA BlackRock AAA CLO ETF	4.96%	5.35%	6.01%	5.88%

Frequently Asked Questions

Can I hold both CLOA and ACLO in my portfolio?

CLOA and ACLO have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CLOA or ACLO?

CLOA has higher volatility (0.15%) compared to ACLO (0.14%). In terms of maximum drawdown, CLOA dropped -1.34% vs ACLO's -1.01%.

Which ETF is better, CLOA or ACLO?

On 1-year performance, ACLO leads with 5.31% vs 5.28% for CLOA. Both ETFs have the same 0.20% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CLOA or ACLO?

Over the 1-year period, ACLO has performed better with a 5.31% return vs 5.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CLOA or ACLO?

CLOA and ACLO have the same expense ratio: 0.20% per year.

Which ETF pays a higher dividend yield, CLOA or ACLO?

CLOA has the higher dividend yield at 4.96%, compared with 4.91% for ACLO.

What is the main difference between CLOA and ACLO?

They also come from different issuers: BlackRock and TCW.

Which has better risk-adjusted returns?

CLOA currently has the higher Sharpe Ratio (7.45 vs 7.29), 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.