CLOA vs. DYNF

Last updated Jun 4, 2026

CLOA (BlackRock AAA CLO ETF) and DYNF (BlackRock U.S. Equity Factor Rotation ETF) are both exchange-traded funds - CLOA is a CLO fund actively managed by BlackRock, while DYNF is a Large Cap Growth Equities fund actively managed by BlackRock. Both are actively managed. Over the past 3 years, CLOA returned 6.74%/yr vs 26.22%/yr for DYNF. At a 0.10 correlation, their price movements are largely independent. CLOA charges 0.20%/yr vs 0.30%/yr for DYNF.

Performance

CLOA vs. DYNF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock AAA CLO ETF (CLOA) and BlackRock U.S. Equity Factor Rotation ETF (DYNF). 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 DYNF's 11.55% return.

CLOA

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

DYNF

• 1D: -0.57%
• 1M: 5.74%
• YTD: 11.55%
• 6M: 11.74%
• 1Y: 30.19%
• 3Y*: 26.22%
• 5Y*: 15.04%
• 10Y*: —

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

CLOA vs. DYNF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CLOA BlackRock AAA CLO ETF	2.06%	5.44%	7.25%	8.38%
DYNF BlackRock U.S. Equity Factor Rotation ETF	11.55%	20.00%	30.29%	30.93%

Correlation

The correlation between CLOA and DYNF is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (All Time) Calculated using the full available price history since Jan 13, 2023	0.10

The correlation between CLOA and DYNF shifts across timeframes, from 0.10 (all time) to 0.24 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

CLOA vs. DYNF — 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

DYNF

DYNF Risk / Return Rank: 73
DYNF Sharpe Ratio Rank: 73
DYNF Sortino Ratio Rank: 71
DYNF Omega Ratio Rank: 71
DYNF Calmar Ratio Rank: 69
DYNF Martin Ratio Rank: 83

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. DYNF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock AAA CLO ETF (CLOA) and BlackRock U.S. Equity Factor Rotation ETF (DYNF). 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	DYNF	Difference
Sharpe ratio: Return per unit of total volatility	7.45	2.44	+5.01
Sortino ratio: Return per unit of downside risk	13.98	3.32	+10.66
Omega ratio: Gain probability vs. loss probability	3.34	1.43	+1.91
Calmar ratio: Return relative to maximum drawdown	30.02	3.50	+26.52
Martin ratio: Return relative to average drawdown	150.47	16.97	+133.50
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. DYNF - Sharpe Ratio Comparison

The current CLOA Sharpe Ratio is 7.45, which is higher than the DYNF Sharpe Ratio of 2.44. The chart below compares the historical Sharpe Ratios of CLOA and DYNF, 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	DYNF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	7.45	2.44	+5.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.86	—
Sharpe Ratio (All Time) Calculated using the full available price history	5.22	0.83	+4.39

Drawdowns

CLOA vs. DYNF - Drawdown Comparison

The maximum CLOA drawdown since its inception was -1.34%, smaller than the maximum DYNF drawdown of -34.72%. Use the drawdown chart below to compare losses from any high point for CLOA and DYNF.

Drawdown Indicators

	CLOA	DYNF	Difference
Max Drawdown Largest peak-to-trough decline	-1.34%	-34.72%	+33.38%
Max Drawdown (1Y) Largest decline over 1 year	-0.18%	-8.67%	+8.49%
Max Drawdown (3Y) Largest decline over 3 years	-1.13%	-18.70%	+17.57%
Max Drawdown (5Y) Largest decline over 5 years	—	-28.65%	—
Current Drawdown Current decline from peak	0.00%	-0.57%	+0.57%
Average Drawdown Average peak-to-trough decline	-0.05%	-5.98%	+5.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.04%	1.78%	-1.74%

Volatility

CLOA vs. DYNF - Volatility Comparison

The current volatility for BlackRock AAA CLO ETF (CLOA) is 0.15%, while BlackRock U.S. Equity Factor Rotation ETF (DYNF) has a volatility of 3.27%. This indicates that CLOA experiences smaller price fluctuations and is considered to be less risky than DYNF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CLOA	DYNF	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.15%	3.27%	-3.12%
Volatility (6M) Calculated over the trailing 6-month period	0.48%	9.55%	-9.07%
Volatility (1Y) Calculated over the trailing 1-year period	0.71%	12.44%	-11.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.32%	17.50%	-16.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.32%	19.90%	-18.58%

CLOA vs. DYNF - Expense Ratio Comparison

CLOA has a 0.20% expense ratio, which is lower than DYNF's 0.30% expense ratio.

Dividends

CLOA vs. DYNF - Dividend Comparison

CLOA's dividend yield for the trailing twelve months is around 4.96%, more than DYNF's 0.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
CLOA BlackRock AAA CLO ETF	4.96%	5.35%	6.01%	5.88%	0.00%	0.00%	0.00%	0.00%
DYNF BlackRock U.S. Equity Factor Rotation ETF	0.89%	1.01%	0.65%	1.11%	1.66%	2.89%	1.52%	1.22%

Frequently Asked Questions

Can I hold both CLOA and DYNF in my portfolio?

CLOA and DYNF have a correlation of 0.24, 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 DYNF?

DYNF has higher volatility (3.27%) compared to CLOA (0.15%). In terms of maximum drawdown, CLOA dropped -1.34% vs DYNF's -34.72%.

Which ETF is better, CLOA or DYNF?

On 3-year performance, DYNF leads with 26.22% vs 6.74% for CLOA. On fees, CLOA is cheaper at 0.20% per year. On volatility, CLOA has been the lower-risk option at 0.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CLOA or DYNF?

Over the 3-year period, DYNF has performed better with a 26.22% return vs 6.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CLOA or DYNF?

CLOA is cheaper with a 0.20% expense ratio, compared with 0.30% for DYNF.

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

CLOA has the higher dividend yield at 4.96%, compared with 0.89% for DYNF.

What is the main difference between CLOA and DYNF?

CLOA is categorized as CLO, while DYNF is Large Cap Growth Equities. Their fees differ too: 0.20% for CLOA and 0.30% for DYNF.

Which has better risk-adjusted returns?

CLOA currently has the higher Sharpe Ratio (7.45 vs 2.44), 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.