CLOO vs. FAAA

Last updated Jul 8, 2026

CLOO (NYLI Investment Grade CLO ETF) and FAAA (Fidelity AAA CLO ETF) are both CLO funds. Both are actively managed. A 0.50 correlation means they provide meaningful diversification when combined. CLOO charges 0.25%/yr vs 0.20%/yr for FAAA.

Performance

CLOO vs. FAAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NYLI Investment Grade CLO ETF (CLOO) and Fidelity AAA CLO ETF (FAAA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

CLOO

• 1D: 0.00%
• 1M: 0.44%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

FAAA

• 1D: -0.01%
• 1M: 0.33%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CLOO vs. FAAA - Yearly Performance Comparison

	2026 (YTD)
CLOO NYLI Investment Grade CLO ETF	0.98%
FAAA Fidelity AAA CLO ETF	0.82%

Correlation

The correlation between CLOO and FAAA is 0.50, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 6, 2026	0.50

Return for Risk

CLOO vs. FAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NYLI Investment Grade CLO ETF (CLOO) and Fidelity AAA CLO ETF (FAAA). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Drawdowns

CLOO vs. FAAA - Drawdown Comparison

The maximum CLOO drawdown since its inception was -0.04%, smaller than the maximum FAAA drawdown of -0.55%. Use the drawdown chart below to compare losses from any high point for CLOO and FAAA.

Drawdown Indicators

	CLOO	FAAA	Difference
Max Drawdown Largest peak-to-trough decline	-0.04%	-0.55%	+0.51%
Current Drawdown Current decline from peak	0.00%	-0.01%	+0.01%
Average Drawdown Average peak-to-trough decline	-0.00%	-0.06%	+0.06%

Volatility

Volatility by Period

	CLOO	FAAA	Difference
Volatility (1Y) Calculated over the trailing 1-year period	0.50%	0.86%	-0.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.50%	0.86%	-0.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.50%	0.86%	-0.36%

CLOO vs. FAAA - Expense Ratio Comparison

CLOO has a 0.25% expense ratio, which is higher than FAAA's 0.20% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

CLOO vs. FAAA - Dividend Comparison

CLOO's dividend yield for the trailing twelve months is around 0.59%, less than FAAA's 1.68% yield.

Position	TTM
CLOO NYLI Investment Grade CLO ETF	0.59%
FAAA Fidelity AAA CLO ETF	1.68%

Frequently Asked Questions

Can I hold both CLOO and FAAA in my portfolio?

CLOO and FAAA have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CLOO or FAAA?

On fees, FAAA is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CLOO or FAAA?

FAAA is cheaper with a 0.20% expense ratio, compared with 0.25% for CLOO.

Which ETF pays a higher dividend yield, CLOO or FAAA?

FAAA has the higher dividend yield at 1.68%, compared with 0.59% for CLOO.

What is the main difference between CLOO and FAAA?

They also come from different issuers: New York Life Investment Management and Fidelity. Their fees differ too: 0.25% for CLOO and 0.20% for FAAA.