CLOA vs. FAAA

Last updated Jun 4, 2026

CLOA (BlackRock AAA CLO ETF) and FAAA (Fidelity AAA CLO ETF) are both CLO funds. Both are actively managed. At a 0.32 correlation, their price movements are largely independent. Both charge a 0.20% expense ratio.

Performance

CLOA vs. FAAA - Performance Comparison

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

Returns By Period

CLOA

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

FAAA

• 1D: 0.02%
• 1M: 0.49%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CLOA vs. FAAA - Yearly Performance Comparison

	2026 (YTD)
CLOA BlackRock AAA CLO ETF	1.37%
FAAA Fidelity AAA CLO ETF	1.50%

Correlation

The correlation between CLOA and FAAA is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 13, 2026	0.32

Return for Risk

CLOA vs. FAAA — 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

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. FAAA - Risk-Adjusted Trends Comparison

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

Sharpe Ratios by Period

	CLOA	FAAA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	7.45	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	5.22	5.41	-0.20

Drawdowns

CLOA vs. FAAA - Drawdown Comparison

The maximum CLOA drawdown since its inception was -1.34%, which is greater than FAAA's maximum drawdown of -0.55%. Use the drawdown chart below to compare losses from any high point for CLOA and FAAA.

Drawdown Indicators

	CLOA	FAAA	Difference
Max Drawdown Largest peak-to-trough decline	-1.34%	-0.55%	-0.79%
Max Drawdown (1Y) Largest decline over 1 year	-0.18%	—	—
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%	-0.07%	+0.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.04%	—	—

Volatility

Volatility by Period

	CLOA	FAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.15%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.48%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	0.71%	0.94%	-0.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.32%	0.94%	+0.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.32%	0.94%	+0.38%

CLOA vs. FAAA - Expense Ratio Comparison

Both CLOA and FAAA 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. FAAA - Dividend Comparison

CLOA's dividend yield for the trailing twelve months is around 4.96%, more than FAAA's 1.32% yield.

Position	TTM	2025	2024	2023
CLOA BlackRock AAA CLO ETF	4.96%	5.35%	6.01%	5.88%
FAAA Fidelity AAA CLO ETF	1.32%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CLOA and FAAA in my portfolio?

CLOA and FAAA have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CLOA or FAAA?

Both ETFs have the same 0.20% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CLOA or FAAA?

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

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

CLOA has the higher dividend yield at 4.96%, compared with 1.32% for FAAA.

What is the main difference between CLOA and FAAA?

They also come from different issuers: BlackRock and Fidelity.