CLOA vs. FMNY
CLOA (BlackRock AAA CLO ETF) and FMNY (First Trust New York High Income Municipal ETF) are both exchange-traded funds - CLOA is a CLO fund actively managed by BlackRock, while FMNY is a Municipal Bonds fund actively managed by First Trust. Both are actively managed. Over the past 3 years, CLOA returned 6.74%/yr vs 4.11%/yr for FMNY. At a 0.02 correlation, their price movements are largely independent. CLOA charges 0.20%/yr vs 0.65%/yr for FMNY.
Performance
CLOA vs. FMNY - Performance Comparison
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Returns By Period
In the year-to-date period, CLOA achieves a 2.06% return, which is significantly higher than FMNY's 1.93% return.
CLOA
- 1D
- 0.02%
- 1M
- 0.44%
- YTD
- 2.06%
- 6M
- 2.51%
- 1Y
- 5.28%
- 3Y*
- 6.74%
- 5Y*
- —
- 10Y*
- —
FMNY
- 1D
- -0.00%
- 1M
- 0.72%
- YTD
- 1.93%
- 6M
- 2.20%
- 1Y
- 7.77%
- 3Y*
- 4.11%
- 5Y*
- 0.60%
- 10Y*
- —
CLOA vs. FMNY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CLOA BlackRock AAA CLO ETF | 2.06% | 5.44% | 7.25% | 8.38% |
FMNY First Trust New York High Income Municipal ETF | 1.93% | 3.94% | 1.74% | 4.42% |
Correlation
The correlation between CLOA and FMNY is -0.11, 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 | -0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.00 |
Correlation (All Time) Calculated using the full available price history since Jan 13, 2023 | 0.02 |
The correlation between CLOA and FMNY shifts across timeframes, from -0.11 (1 year) to 0.02 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CLOA vs. FMNY — Risk / Return Rank
CLOA
FMNY
CLOA vs. FMNY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BlackRock AAA CLO ETF (CLOA) and First Trust New York High Income Municipal ETF (FMNY). 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 | FMNY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +5.08 | ||
| Sortino ratioReturn per unit of downside risk | +10.54 | ||
| Omega ratioGain probability vs. loss probability | 3.34 | 1.49 | +1.85 |
| Calmar ratioReturn relative to maximum drawdown | 30.02 | 2.76 | +27.26 |
| Martin ratioReturn relative to average drawdown | 150.47 | 8.93 | +141.53 |
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 | FMNY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 7.45 | 2.37 | +5.08 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.15 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 5.22 | 0.19 | +5.03 |
Drawdowns
CLOA vs. FMNY - Drawdown Comparison
The maximum CLOA drawdown since its inception was -1.34%, smaller than the maximum FMNY drawdown of -15.90%. Use the drawdown chart below to compare losses from any high point for CLOA and FMNY.
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Drawdown Indicators
| CLOA | FMNY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.34% | -15.90% | +14.56% |
Max Drawdown (1Y)Largest decline over 1 year | -0.18% | -2.83% | +2.65% |
Max Drawdown (3Y)Largest decline over 3 years | -1.13% | -5.88% | +4.75% |
Max Drawdown (5Y)Largest decline over 5 years | — | -15.90% | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.65% | +0.65% |
Average DrawdownAverage peak-to-trough decline | -0.05% | -5.69% | +5.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.04% | 0.87% | -0.83% |
Volatility
CLOA vs. FMNY - Volatility Comparison
The current volatility for BlackRock AAA CLO ETF (CLOA) is 0.15%, while First Trust New York High Income Municipal ETF (FMNY) has a volatility of 0.82%. This indicates that CLOA experiences smaller price fluctuations and is considered to be less risky than FMNY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CLOA | FMNY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.15% | 0.82% | -0.67% |
Volatility (6M)Calculated over the trailing 6-month period | 0.48% | 2.37% | -1.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.71% | 3.29% | -2.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.32% | 4.00% | -2.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.32% | 3.99% | -2.67% |
CLOA vs. FMNY - Expense Ratio Comparison
CLOA has a 0.20% expense ratio, which is lower than FMNY's 0.65% expense ratio.
Dividends
CLOA vs. FMNY - Dividend Comparison
CLOA's dividend yield for the trailing twelve months is around 4.96%, more than FMNY's 3.68% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
CLOA BlackRock AAA CLO ETF | 4.96% | 5.35% | 6.01% | 5.88% | 0.00% | 0.00% |
FMNY First Trust New York High Income Municipal ETF | 3.68% | 3.64% | 3.56% | 3.25% | 2.34% | 0.72% |
Frequently Asked Questions
CLOA and FMNY have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FMNY has higher volatility (0.82%) compared to CLOA (0.15%). In terms of maximum drawdown, CLOA dropped -1.34% vs FMNY's -15.90%.
On 3-year performance, CLOA leads with 6.74% vs 4.11% for FMNY. 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.
Over the 3-year period, CLOA has performed better with a 6.74% return vs 4.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CLOA is cheaper with a 0.20% expense ratio, compared with 0.65% for FMNY.
CLOA has the higher dividend yield at 4.96%, compared with 3.68% for FMNY.
CLOA is categorized as CLO, while FMNY is Municipal Bonds. They also come from different issuers: BlackRock and First Trust. Their fees differ too: 0.20% for CLOA and 0.65% for FMNY.
CLOA currently has the higher Sharpe Ratio (7.45 vs 2.37), 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.
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