CLOA vs. SHLD

Last updated Jun 14, 2026

CLOA (BlackRock AAA CLO ETF) and SHLD (Global X Defense Tech ETF) are both exchange-traded funds - CLOA is a CLO fund actively managed by BlackRock, while SHLD is a Aerospace & Defense fund tracking the Global X Defense Tech Index. CLOA is actively managed, while SHLD is passively managed. Over the past year, CLOA returned 5.12% vs 8.26% for SHLD. At a 0.07 correlation, their price movements are largely independent. CLOA charges 0.20%/yr vs 0.50%/yr for SHLD.

Performance

CLOA vs. SHLD - Performance Comparison

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

Returns By Period

In the year-to-date period, CLOA achieves a 2.15% return, which is significantly higher than SHLD's -1.50% return.

CLOA

• 1D: 0.02%
• 1M: 0.30%
• YTD: 2.15%
• 6M: 2.54%
• 1Y: 5.12%
• 3Y*: 6.62%
• 5Y*: —
• 10Y*: —

SHLD

• 1D: -2.04%
• 1M: 2.37%
• YTD: -1.50%
• 6M: -1.03%
• 1Y: 8.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CLOA vs. SHLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CLOA BlackRock AAA CLO ETF	2.15%	5.44%	7.25%	2.35%
SHLD Global X Defense Tech ETF	-1.50%	74.16%	35.03%	12.89%

Correlation

The correlation between CLOA and SHLD 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 Sep 13, 2023	0.07

Return for Risk

CLOA vs. SHLD — 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

SHLD

SHLD Risk / Return Rank: 16
SHLD Sharpe Ratio Rank: 17
SHLD Sortino Ratio Rank: 17
SHLD Omega Ratio Rank: 16
SHLD Calmar Ratio Rank: 16
SHLD Martin Ratio Rank: 16

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. SHLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock AAA CLO ETF (CLOA) and Global X Defense Tech ETF (SHLD). 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	SHLD	Difference
Sharpe ratio: Return per unit of total volatility	7.39	0.43	+6.96
Sortino ratio: Return per unit of downside risk	13.73	0.78	+12.95
Omega ratio: Gain probability vs. loss probability	3.33	1.09	+2.24
Calmar ratio: Return relative to maximum drawdown	29.15	0.52	+28.63
Martin ratio: Return relative to average drawdown	145.81	1.28	+144.53

CLOA vs. SHLD - Sharpe Ratio Comparison

The current CLOA Sharpe Ratio is 7.39, which is higher than the SHLD Sharpe Ratio of 0.43. The chart below compares the historical Sharpe Ratios of CLOA and SHLD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CLOA vs. SHLD - Drawdown Comparison

The maximum CLOA drawdown since its inception was -1.34%, smaller than the maximum SHLD drawdown of -20.10%. Use the drawdown chart below to compare losses from any high point for CLOA and SHLD.

Drawdown Indicators

	CLOA	SHLD	Difference
Max Drawdown Largest peak-to-trough decline	-1.34%	-20.10%	+18.76%
Max Drawdown (1Y) Largest decline over 1 year	-0.18%	-20.10%	+19.92%
Max Drawdown (3Y) Largest decline over 3 years	-1.13%	—	—
Current Drawdown Current decline from peak	0.00%	-18.20%	+18.20%
Average Drawdown Average peak-to-trough decline	-0.05%	-3.34%	+3.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.04%	8.12%	-8.08%

Volatility

CLOA vs. SHLD - Volatility Comparison

The current volatility for BlackRock AAA CLO ETF (CLOA) is 0.13%, while Global X Defense Tech ETF (SHLD) has a volatility of 9.05%. This indicates that CLOA experiences smaller price fluctuations and is considered to be less risky than SHLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CLOA	SHLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.13%	9.05%	-8.92%
Volatility (6M) Calculated over the trailing 6-month period	0.48%	19.94%	-19.46%
Volatility (1Y) Calculated over the trailing 1-year period	0.70%	24.55%	-23.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.31%	21.29%	-19.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.31%	21.29%	-19.98%

CLOA vs. SHLD - Expense Ratio Comparison

CLOA has a 0.20% expense ratio, which is lower than SHLD's 0.50% expense ratio.

Dividends

CLOA vs. SHLD - Dividend Comparison

CLOA's dividend yield for the trailing twelve months is around 4.95%, more than SHLD's 0.56% yield.

Position	TTM	2025	2024	2023
CLOA BlackRock AAA CLO ETF	4.95%	5.35%	6.01%	5.88%
SHLD Global X Defense Tech ETF	0.56%	0.55%	0.53%	0.26%

Frequently Asked Questions

Can I hold both CLOA and SHLD in my portfolio?

CLOA and SHLD 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 SHLD?

SHLD has higher volatility (9.05%) compared to CLOA (0.13%). In terms of maximum drawdown, CLOA dropped -1.34% vs SHLD's -20.10%.

Which ETF is better, CLOA or SHLD?

On 1-year performance, SHLD leads with 8.26% vs 5.12% for CLOA. On fees, CLOA is cheaper at 0.20% per year. On volatility, CLOA has been the lower-risk option at 0.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CLOA or SHLD?

Over the 1-year period, SHLD has performed better with a 8.26% return vs 5.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CLOA or SHLD?

CLOA is cheaper with a 0.20% expense ratio, compared with 0.50% for SHLD.

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

CLOA has the higher dividend yield at 4.95%, compared with 0.56% for SHLD.

What is the main difference between CLOA and SHLD?

CLOA is categorized as CLO, while SHLD is Aerospace & Defense. They also come from different issuers: BlackRock and Global X. Their fees differ too: 0.20% for CLOA and 0.50% for SHLD.

Which has better risk-adjusted returns?

CLOA currently has the higher Sharpe Ratio (7.39 vs 0.43), 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.