CLOA vs. ICLO
Compare and contrast key facts about BlackRock AAA CLO ETF (CLOA) and Invesco Aaa Clo Floating Rate Note ETF (ICLO).
CLOA and ICLO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CLOA is an actively managed fund by Blackrock. It was launched on Jan 10, 2023. ICLO is an actively managed fund by Invesco. It was launched on Dec 9, 2022.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: CLOA or ICLO.
Key characteristics
| CLOA | ICLO | |
|---|---|---|
| YTD Return | 6.19% | 6.11% |
| 1Y Return | 7.81% | 8.10% |
| Sharpe Ratio | 9.65 | 6.58 |
| Sortino Ratio | 17.25 | 10.23 |
| Omega Ratio | 5.11 | 3.70 |
| Calmar Ratio | 27.43 | 12.99 |
| Martin Ratio | 237.97 | 105.29 |
| Ulcer Index | 0.03% | 0.08% |
| Daily Std Dev | 0.82% | 1.23% |
| Max Drawdown | -1.34% | -0.83% |
| Current Drawdown | 0.00% | -0.02% |
Correlation
The correlation between CLOA and ICLO is 0.12, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Performance
CLOA vs. ICLO - Performance Comparison
The year-to-date returns for both stocks are quite close, with CLOA having a 6.19% return and ICLO slightly lower at 6.11%. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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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%.
Risk-Adjusted Performance
CLOA vs. ICLO - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for BlackRock AAA CLO 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.
Dividends
CLOA vs. ICLO - Dividend Comparison
CLOA's dividend yield for the trailing twelve months is around 6.14%, less than ICLO's 7.21% yield.
| TTM | 2023 | |
|---|---|---|
CLOA BlackRock AAA CLO ETF | 6.14% | 5.88% |
ICLO Invesco Aaa Clo Floating Rate Note ETF | 7.21% | 7.09% |
Drawdowns
CLOA vs. ICLO - Drawdown Comparison
The maximum CLOA drawdown since its inception was -1.34%, which is greater than ICLO's maximum drawdown of -0.83%. Use the drawdown chart below to compare losses from any high point for CLOA and ICLO. For additional features, visit the drawdowns tool.
Volatility
CLOA vs. ICLO - Volatility Comparison
BlackRock AAA CLO ETF (CLOA) has a higher volatility of 0.21% compared to Invesco Aaa Clo Floating Rate Note ETF (ICLO) at 0.19%. This indicates that CLOA's price experiences larger fluctuations and is considered to be riskier than ICLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.