CLOB vs. CLOX
CLOB (VanEck AA-BB CLO ETF) and CLOX (Panagram AAA CLO ETF) are both CLO funds. Both are actively managed. Over the past year, CLOB returned 6.30% vs 5.34% for CLOX. At a 0.25 correlation, their price movements are largely independent. CLOB charges 0.45%/yr vs 0.20%/yr for CLOX.
Performance
CLOB vs. CLOX - Performance Comparison
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Returns By Period
In the year-to-date period, CLOB achieves a 1.95% return, which is significantly lower than CLOX's 2.31% return.
CLOB
- 1D
- -0.01%
- 1M
- 0.19%
- YTD
- 1.95%
- 6M
- 1.84%
- 1Y
- 6.30%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CLOX
- 1D
- 0.02%
- 1M
- 0.32%
- YTD
- 2.31%
- 6M
- 2.45%
- 1Y
- 5.34%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CLOB vs. CLOX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
CLOB VanEck AA-BB CLO ETF | 1.95% | 6.94% | 2.77% |
CLOX Panagram AAA CLO ETF | 2.31% | 5.52% | 1.67% |
Correlation
The correlation between CLOB and CLOX is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since Sep 25, 2024 | 0.25 |
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Return for Risk
CLOB vs. CLOX — Risk / Return Rank
CLOB
CLOX
CLOB vs. CLOX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck AA-BB CLO ETF (CLOB) and Panagram AAA CLO ETF (CLOX). 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.
| CLOB | CLOX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.00 | ||
| Sortino ratioReturn per unit of downside risk | -3.90 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 2.02 | -0.55 |
| Calmar ratioReturn relative to maximum drawdown | 3.24 | 8.15 | -4.91 |
| Martin ratioReturn relative to average drawdown | 13.91 | 42.62 | -28.70 |
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Drawdowns
CLOB vs. CLOX - Drawdown Comparison
The maximum CLOB drawdown since its inception was -5.54%, which is greater than CLOX's maximum drawdown of -4.13%. Use the drawdown chart below to compare losses from any high point for CLOB and CLOX.
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Drawdown Indicators
| CLOB | CLOX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.54% | -4.13% | -1.41% |
Max Drawdown (1Y)Largest decline over 1 year | -1.96% | -0.66% | -1.30% |
Current DrawdownCurrent decline from peak | -0.19% | 0.00% | -0.19% |
Average DrawdownAverage peak-to-trough decline | -0.30% | -0.08% | -0.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.45% | 0.13% | +0.32% |
Volatility
CLOB vs. CLOX - Volatility Comparison
VanEck AA-BB CLO ETF (CLOB) has a higher volatility of 0.44% compared to Panagram AAA CLO ETF (CLOX) at 0.39%. This indicates that CLOB's price experiences larger fluctuations and is considered to be riskier than CLOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CLOB | CLOX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.44% | 0.39% | +0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 2.44% | 0.94% | +1.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.95% | 1.30% | +1.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.46% | 3.30% | +2.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.46% | 3.30% | +2.16% |
CLOB vs. CLOX - Expense Ratio Comparison
CLOB has a 0.45% expense ratio, which is higher than CLOX's 0.20% expense ratio.
Dividends
CLOB vs. CLOX - Dividend Comparison
CLOB's dividend yield for the trailing twelve months is around 6.42%, more than CLOX's 4.97% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
CLOB VanEck AA-BB CLO ETF | 6.42% | 6.61% | 1.65% | 0.00% |
CLOX Panagram AAA CLO ETF | 4.97% | 5.18% | 6.25% | 2.90% |
Frequently Asked Questions
CLOB and CLOX have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CLOB has higher volatility (0.44%) compared to CLOX (0.39%). In terms of maximum drawdown, CLOB dropped -5.54% vs CLOX's -4.13%.
On 1-year performance, CLOB leads with 6.30% vs 5.34% for CLOX. On fees, CLOX is cheaper at 0.20% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, CLOB has performed better with a 6.30% return vs 5.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CLOX is cheaper with a 0.20% expense ratio, compared with 0.45% for CLOB.
CLOB has the higher dividend yield at 6.42%, compared with 4.97% for CLOX.
They also come from different issuers: VanEck and Panagram. Their fees differ too: 0.45% for CLOB and 0.20% for CLOX.
CLOX currently has the higher Sharpe Ratio (4.15 vs 2.15), 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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