CLOA vs. BBBIX

Last updated Jun 5, 2026

CLOA (BlackRock AAA CLO ETF) and BBBIX (BBH Limited Duration Fund) are both funds - CLOA is a CLO fund actively managed by BlackRock, while BBBIX is a Ultrashort Bond fund managed by BBH. Over the past 3 years, CLOA returned 6.81%/yr vs 6.31%/yr for BBBIX. At a 0.06 correlation, their price movements are largely independent. CLOA charges 0.20%/yr vs 0.27%/yr for BBBIX.

Performance

CLOA vs. BBBIX - Performance Comparison

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

Returns By Period

In the year-to-date period, CLOA achieves a 2.07% return, which is significantly higher than BBBIX's 1.45% return.

CLOA

• 1D: 0.01%
• 1M: 0.39%
• YTD: 2.07%
• 6M: 2.50%
• 1Y: 5.35%
• 3Y*: 6.81%
• 5Y*: —
• 10Y*: —

BBBIX

• 1D: 0.00%
• 1M: 0.35%
• YTD: 1.45%
• 6M: 1.87%
• 1Y: 4.70%
• 3Y*: 6.31%
• 5Y*: 4.00%
• 10Y*: 3.46%

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

CLOA vs. BBBIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CLOA BlackRock AAA CLO ETF	2.07%	5.44%	7.25%	8.38%
BBBIX BBH Limited Duration Fund	1.45%	5.62%	6.79%	6.88%

Correlation

The correlation between CLOA and BBBIX is 0.05, 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	0.05
Correlation (3Y) Calculated over the trailing 3-year period	0.07
Correlation (All Time) Calculated using the full available price history since Jan 13, 2023	0.06

Return for Risk

CLOA vs. BBBIX — 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

BBBIX

BBBIX Risk / Return Rank: 97
BBBIX Sharpe Ratio Rank: 91
BBBIX Sortino Ratio Rank: 99
BBBIX Omega Ratio Rank: 98
BBBIX Calmar Ratio Rank: 98
BBBIX Martin Ratio Rank: 98

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. BBBIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock AAA CLO ETF (CLOA) and BBH Limited Duration Fund (BBBIX). 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	BBBIX	Difference
Sharpe ratio: Return per unit of total volatility	7.60	3.07	+4.53
Sortino ratio: Return per unit of downside risk	14.34	8.23	+6.12
Omega ratio: Gain probability vs. loss probability	3.44	2.37	+1.07
Calmar ratio: Return relative to maximum drawdown	30.42	8.41	+22.01
Martin ratio: Return relative to average drawdown	152.59	35.12	+117.47
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. BBBIX - Sharpe Ratio Comparison

The current CLOA Sharpe Ratio is 7.60, which is higher than the BBBIX Sharpe Ratio of 3.07. The chart below compares the historical Sharpe Ratios of CLOA and BBBIX, 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	BBBIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	7.60	3.07	+4.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	2.60	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	2.35	—
Sharpe Ratio (All Time) Calculated using the full available price history	5.22	1.48	+3.74

Drawdowns

CLOA vs. BBBIX - Drawdown Comparison

The maximum CLOA drawdown since its inception was -1.34%, smaller than the maximum BBBIX drawdown of -6.60%. Use the drawdown chart below to compare losses from any high point for CLOA and BBBIX.

Drawdown Indicators

	CLOA	BBBIX	Difference
Max Drawdown Largest peak-to-trough decline	-1.34%	-6.60%	+5.26%
Max Drawdown (1Y) Largest decline over 1 year	-0.18%	-0.57%	+0.39%
Max Drawdown (3Y) Largest decline over 3 years	-1.13%	-0.57%	-0.56%
Max Drawdown (5Y) Largest decline over 5 years	—	-3.16%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-6.60%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.05%	-0.46%	+0.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.04%	0.14%	-0.10%

Volatility

CLOA vs. BBBIX - Volatility Comparison

The current volatility for BlackRock AAA CLO ETF (CLOA) is 0.14%, while BBH Limited Duration Fund (BBBIX) has a volatility of 0.43%. This indicates that CLOA experiences smaller price fluctuations and is considered to be less risky than BBBIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CLOA	BBBIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.14%	0.43%	-0.29%
Volatility (6M) Calculated over the trailing 6-month period	0.48%	1.03%	-0.55%
Volatility (1Y) Calculated over the trailing 1-year period	0.71%	1.56%	-0.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.32%	1.55%	-0.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.32%	1.47%	-0.15%

CLOA vs. BBBIX - Expense Ratio Comparison

CLOA has a 0.20% expense ratio, which is lower than BBBIX's 0.27% expense ratio. Despite the difference, 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 vs. BBBIX - Dividend Comparison

CLOA's dividend yield for the trailing twelve months is around 4.96%, more than BBBIX's 4.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BBBIX BBH Limited Duration Fund	4.60%	4.68%	4.88%	4.31%	1.84%	1.35%	2.09%	3.01%	2.66%	2.09%	2.23%	2.08%
CLOA BlackRock AAA CLO ETF	4.96%	5.35%	6.01%	5.88%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CLOA and BBBIX in my portfolio?

CLOA and BBBIX have a correlation of 0.05, 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 BBBIX?

BBBIX has higher volatility (0.43%) compared to CLOA (0.14%). In terms of maximum drawdown, CLOA dropped -1.34% vs BBBIX's -6.60%.

Which has better risk-adjusted returns?

CLOA currently has the higher Sharpe Ratio (7.60 vs 3.07), 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.