CLOA vs. PCLO

Last updated Jun 4, 2026

CLOA (BlackRock AAA CLO ETF) and PCLO (Virtus SEIX AAA Private Credit CLO ETF) are both CLO funds. Both are actively managed. Over the past year, CLOA returned 5.28% vs 5.30% for PCLO. At a 0.12 correlation, their price movements are largely independent. CLOA charges 0.20%/yr vs 0.29%/yr for PCLO.

Performance

CLOA vs. PCLO - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with CLOA having a 2.06% return and PCLO slightly lower at 1.97%.

CLOA

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

PCLO

• 1D: 0.08%
• 1M: 0.42%
• YTD: 1.97%
• 6M: 2.29%
• 1Y: 5.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CLOA vs. PCLO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CLOA BlackRock AAA CLO ETF	2.06%	5.44%	0.45%
PCLO Virtus SEIX AAA Private Credit CLO ETF	1.97%	5.39%	0.50%

Correlation

The correlation between CLOA and PCLO 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 (All Time) Calculated using the full available price history since Dec 4, 2024	0.12

Return for Risk

CLOA vs. PCLO — 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

PCLO

PCLO Risk / Return Rank: 99
PCLO Sharpe Ratio Rank: 98
PCLO Sortino Ratio Rank: 99
PCLO Omega Ratio Rank: 99
PCLO Calmar Ratio Rank: 99
PCLO 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. PCLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock AAA CLO ETF (CLOA) and Virtus SEIX AAA Private Credit CLO ETF (PCLO). 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	PCLO	Difference
Sharpe ratio: Return per unit of total volatility	7.45	5.94	+1.51
Sortino ratio: Return per unit of downside risk	13.98	10.34	+3.64
Omega ratio: Gain probability vs. loss probability	3.34	2.76	+0.58
Calmar ratio: Return relative to maximum drawdown	30.02	20.27	+9.74
Martin ratio: Return relative to average drawdown	150.47	123.68	+26.79
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. PCLO - Sharpe Ratio Comparison

The current CLOA Sharpe Ratio is 7.45, which is comparable to the PCLO Sharpe Ratio of 5.94. The chart below compares the historical Sharpe Ratios of CLOA and PCLO, 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	PCLO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	7.45	5.94	+1.51
Sharpe Ratio (All Time) Calculated using the full available price history	5.22	4.62	+0.60

Drawdowns

CLOA vs. PCLO - Drawdown Comparison

The maximum CLOA drawdown since its inception was -1.34%, which is greater than PCLO's maximum drawdown of -0.76%. Use the drawdown chart below to compare losses from any high point for CLOA and PCLO.

Drawdown Indicators

	CLOA	PCLO	Difference
Max Drawdown Largest peak-to-trough decline	-1.34%	-0.76%	-0.58%
Max Drawdown (1Y) Largest decline over 1 year	-0.18%	-0.26%	+0.08%
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%	-0.03%	-0.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.04%	0.04%	0.00%

Volatility

CLOA vs. PCLO - Volatility Comparison

The current volatility for BlackRock AAA CLO ETF (CLOA) is 0.15%, while Virtus SEIX AAA Private Credit CLO ETF (PCLO) has a volatility of 0.25%. This indicates that CLOA experiences smaller price fluctuations and is considered to be less risky than PCLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CLOA	PCLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.15%	0.25%	-0.10%
Volatility (6M) Calculated over the trailing 6-month period	0.48%	0.70%	-0.22%
Volatility (1Y) Calculated over the trailing 1-year period	0.71%	0.90%	-0.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.32%	1.15%	+0.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.32%	1.15%	+0.17%

CLOA vs. PCLO - Expense Ratio Comparison

CLOA has a 0.20% expense ratio, which is lower than PCLO's 0.29% expense ratio.

Dividends

CLOA vs. PCLO - Dividend Comparison

CLOA's dividend yield for the trailing twelve months is around 4.96%, less than PCLO's 5.27% yield.

Position	TTM	2025	2024	2023
CLOA BlackRock AAA CLO ETF	4.96%	5.35%	6.01%	5.88%
PCLO Virtus SEIX AAA Private Credit CLO ETF	5.27%	5.53%	0.44%	0.00%

Frequently Asked Questions

Can I hold both CLOA and PCLO in my portfolio?

CLOA and PCLO 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.

Which is riskier, CLOA or PCLO?

PCLO has higher volatility (0.25%) compared to CLOA (0.15%). In terms of maximum drawdown, CLOA dropped -1.34% vs PCLO's -0.76%.

Which ETF is better, CLOA or PCLO?

On 1-year performance, PCLO leads with 5.30% vs 5.28% 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 PCLO?

Over the 1-year period, PCLO has performed better with a 5.30% return vs 5.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CLOA or PCLO?

CLOA is cheaper with a 0.20% expense ratio, compared with 0.29% for PCLO.

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

PCLO has the higher dividend yield at 5.27%, compared with 4.96% for CLOA.

What is the main difference between CLOA and PCLO?

They also come from different issuers: BlackRock and Virtus. Their fees differ too: 0.20% for CLOA and 0.29% for PCLO.

Which has better risk-adjusted returns?

CLOA currently has the higher Sharpe Ratio (7.45 vs 5.94), 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.