CLOI vs. STAX

Last updated Jun 4, 2026

CLOI (VanEck CLO ETF) and STAX (Macquarie Tax-Free USA Short Term ETF) are both exchange-traded funds - CLOI is a CLO fund actively managed by VanEck, while STAX is a Municipal Bonds fund actively managed by Macquarie. Both are actively managed. Over the past year, CLOI returned 5.56% vs 3.87% for STAX. At a 0.03 correlation, their price movements are largely independent. CLOI charges 0.40%/yr vs 0.29%/yr for STAX.

Performance

CLOI vs. STAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck CLO ETF (CLOI) and Macquarie Tax-Free USA Short Term ETF (STAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CLOI achieves a 2.06% return, which is significantly higher than STAX's 0.93% return.

CLOI

• 1D: 0.00%
• 1M: 0.61%
• YTD: 2.06%
• 6M: 2.58%
• 1Y: 5.56%
• 3Y*: 7.11%
• 5Y*: —
• 10Y*: —

STAX

• 1D: -0.08%
• 1M: 0.13%
• YTD: 0.93%
• 6M: 1.25%
• 1Y: 3.87%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CLOI vs. STAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CLOI VanEck CLO ETF	2.06%	5.84%	8.26%	0.33%
STAX Macquarie Tax-Free USA Short Term ETF	0.93%	4.12%	2.55%	1.45%

Correlation

The correlation between CLOI and STAX is -0.10, 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	-0.10
Correlation (All Time) Calculated using the full available price history since Nov 30, 2023	0.03

The correlation between CLOI and STAX shifts across timeframes, from -0.10 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CLOI vs. STAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CLOI

CLOI Risk / Return Rank: 97
CLOI Sharpe Ratio Rank: 97
CLOI Sortino Ratio Rank: 98
CLOI Omega Ratio Rank: 98
CLOI Calmar Ratio Rank: 96
CLOI Martin Ratio Rank: 97

STAX

STAX Risk / Return Rank: 86
STAX Sharpe Ratio Rank: 95
STAX Sortino Ratio Rank: 97
STAX Omega Ratio Rank: 98
STAX Calmar Ratio Rank: 74
STAX Martin Ratio Rank: 65

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.

CLOI vs. STAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck CLO ETF (CLOI) and Macquarie Tax-Free USA Short Term ETF (STAX). 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.

	CLOI	STAX	Difference
Sharpe ratio Return per unit of total volatility	4.72	3.86	+0.86
Sortino ratio Return per unit of downside risk	7.43	6.16	+1.27
Omega ratio Gain probability vs. loss probability	2.16	1.99	+0.17
Calmar ratio Return relative to maximum drawdown	8.95	3.70	+5.25
Martin ratio Return relative to average drawdown	42.16	11.77	+30.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CLOI vs. STAX - Sharpe Ratio Comparison

The current CLOI Sharpe Ratio is 4.72, which is comparable to the STAX Sharpe Ratio of 3.86. The chart below compares the historical Sharpe Ratios of CLOI and STAX, 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

	CLOI	STAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.72	3.86	+0.86
Sharpe Ratio (All Time) Calculated using the full available price history	2.77	2.64	+0.12

Drawdowns

CLOI vs. STAX - Drawdown Comparison

The maximum CLOI drawdown since its inception was -3.25%, which is greater than STAX's maximum drawdown of -1.42%. Use the drawdown chart below to compare losses from any high point for CLOI and STAX.

Drawdown Indicators

	CLOI	STAX	Difference
Max Drawdown Largest peak-to-trough decline	-3.25%	-1.42%	-1.83%
Max Drawdown (1Y) Largest decline over 1 year	-0.62%	-1.05%	+0.43%
Max Drawdown (3Y) Largest decline over 3 years	-3.25%	—	—
Current Drawdown Current decline from peak	0.00%	-0.43%	+0.43%
Average Drawdown Average peak-to-trough decline	-0.19%	-0.23%	+0.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.13%	0.33%	-0.20%

Volatility

CLOI vs. STAX - Volatility Comparison

The current volatility for VanEck CLO ETF (CLOI) is 0.14%, while Macquarie Tax-Free USA Short Term ETF (STAX) has a volatility of 0.35%. This indicates that CLOI experiences smaller price fluctuations and is considered to be less risky than STAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CLOI	STAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.14%	0.35%	-0.21%
Volatility (6M) Calculated over the trailing 6-month period	0.67%	0.79%	-0.12%
Volatility (1Y) Calculated over the trailing 1-year period	1.19%	1.01%	+0.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.56%	1.38%	+1.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.56%	1.38%	+1.18%

CLOI vs. STAX - Expense Ratio Comparison

CLOI has a 0.40% expense ratio, which is higher than STAX's 0.29% expense ratio.

Dividends

CLOI vs. STAX - Dividend Comparison

CLOI's dividend yield for the trailing twelve months is around 5.35%, more than STAX's 3.22% yield.

Position	TTM	2025	2024	2023	2022
CLOI VanEck CLO ETF	5.35%	5.61%	6.71%	5.61%	2.23%
STAX Macquarie Tax-Free USA Short Term ETF	3.22%	3.16%	3.43%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CLOI and STAX in my portfolio?

CLOI and STAX have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CLOI or STAX?

STAX has higher volatility (0.35%) compared to CLOI (0.14%). In terms of maximum drawdown, CLOI dropped -3.25% vs STAX's -1.42%.

Which ETF is better, CLOI or STAX?

On 1-year performance, CLOI leads with 5.56% vs 3.87% for STAX. On fees, STAX is cheaper at 0.29% per year. On volatility, CLOI has been the lower-risk option at 0.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CLOI or STAX?

Over the 1-year period, CLOI has performed better with a 5.56% return vs 3.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CLOI or STAX?

STAX is cheaper with a 0.29% expense ratio, compared with 0.40% for CLOI.

Which ETF pays a higher dividend yield, CLOI or STAX?

CLOI has the higher dividend yield at 5.35%, compared with 3.22% for STAX.

What is the main difference between CLOI and STAX?

CLOI is categorized as CLO, while STAX is Municipal Bonds. They also come from different issuers: VanEck and Macquarie. Their fees differ too: 0.40% for CLOI and 0.29% for STAX.

Which has better risk-adjusted returns?

CLOI currently has the higher Sharpe Ratio (4.72 vs 3.86), 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.