CLOA vs. ICLO
CLOA (iShares AAA CLO Active ETF) and ICLO (Invesco Aaa CLO Floating Rate Note ETF) are both CLO funds. Both are actively managed. Over the past 3 years, CLOA returned 6.62%/yr vs 6.60%/yr for ICLO. At a 0.14 correlation, their price movements are largely independent. CLOA charges 0.20%/yr vs 0.26%/yr for ICLO.
Performance
CLOA vs. ICLO - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with CLOA having a 2.27% return and ICLO slightly higher at 2.38%.
CLOA
- 1D
- 0.09%
- 1M
- 0.26%
- YTD
- 2.27%
- 6M
- 2.47%
- 1Y
- 5.23%
- 3Y*
- 6.62%
- 5Y*
- —
- 10Y*
- —
ICLO
- 1D
- 0.00%
- 1M
- 0.61%
- YTD
- 2.38%
- 6M
- 2.48%
- 1Y
- 5.52%
- 3Y*
- 6.60%
- 5Y*
- —
- 10Y*
- —
CLOA vs. ICLO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CLOA iShares AAA CLO Active ETF | 2.27% | 5.44% | 7.25% | 8.38% |
ICLO Invesco Aaa CLO Floating Rate Note ETF | 2.38% | 5.27% | 7.05% | 8.55% |
Correlation
The correlation between CLOA and ICLO is 0.09, 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 | 0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Jan 12, 2023 | 0.14 |
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Return for Risk
CLOA vs. ICLO — Risk / Return Rank
CLOA
ICLO
CLOA vs. ICLO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares AAA CLO Active ETF (CLOA) and Invesco Aaa CLO Floating Rate Note ETF (ICLO). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| CLOA | ICLO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.58 | ||
| Sortino ratioReturn per unit of downside risk | +7.55 | ||
| Omega ratioGain probability vs. loss probability | 3.43 | 1.94 | +1.48 |
| Calmar ratioReturn relative to maximum drawdown | 29.72 | 15.78 | +13.94 |
| Martin ratioReturn relative to average drawdown | 151.56 | 65.95 | +85.61 |
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Drawdowns
CLOA vs. ICLO - Drawdown Comparison
The maximum CLOA drawdown since its inception was -1.34%, smaller than the maximum ICLO drawdown of -3.47%. Use the drawdown chart below to compare losses from any high point for CLOA and ICLO.
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Drawdown Indicators
| CLOA | ICLO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.34% | -3.47% | +2.13% |
Max Drawdown (1Y)Largest decline over 1 year | -0.18% | -0.35% | +0.17% |
Max Drawdown (3Y)Largest decline over 3 years | -1.13% | -3.47% | +2.34% |
Current DrawdownCurrent decline from peak | 0.00% | -0.09% | +0.09% |
Average DrawdownAverage peak-to-trough decline | -0.05% | -0.06% | +0.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.03% | 0.08% | -0.05% |
Volatility
CLOA vs. ICLO - Volatility Comparison
The current volatility for iShares AAA CLO Active ETF (CLOA) is 0.15%, while Invesco Aaa CLO Floating Rate Note ETF (ICLO) has a volatility of 0.53%. This indicates that CLOA experiences smaller price fluctuations and is considered to be less risky than ICLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CLOA | ICLO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.15% | 0.53% | -0.38% |
Volatility (6M)Calculated over the trailing 6-month period | 0.49% | 0.88% | -0.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.69% | 1.39% | -0.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.31% | 2.42% | -1.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.31% | 2.42% | -1.11% |
CLOA vs. ICLO - Expense Ratio Comparison
CLOA has a 0.20% expense ratio, which is lower than ICLO's 0.26% 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. ICLO - Dividend Comparison
CLOA's dividend yield for the trailing twelve months is around 4.95%, less than ICLO's 5.50% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
CLOA iShares AAA CLO Active ETF | 4.95% | 5.35% | 6.01% | 5.88% |
ICLO Invesco Aaa CLO Floating Rate Note ETF | 5.50% | 5.49% | 6.51% | 7.01% |
Frequently Asked Questions
CLOA and ICLO have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ICLO has higher volatility (0.53%) compared to CLOA (0.15%). In terms of maximum drawdown, CLOA dropped -1.34% vs ICLO's -3.47%.
On 3-year performance, CLOA leads with 6.62% vs 6.60% for ICLO. 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 6.62% return vs 6.60%. 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 0.26% for ICLO.
ICLO has the higher dividend yield at 5.50%, compared with 4.95% for CLOA.
They also come from different issuers: BlackRock and Invesco. Their fees differ too: 0.20% for CLOA and 0.26% for ICLO.
CLOA currently has the higher Sharpe Ratio (7.58 vs 4.01), 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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