CLOX vs. FCLO

Last updated Jun 4, 2026

CLOX (Panagram AAA CLO ETF) and FCLO (Fidelity CLO ETF) are both CLO funds. Both are actively managed. At a correlation of -0.10, they often move in opposite directions. CLOX charges 0.20%/yr vs 0.45%/yr for FCLO.

Performance

CLOX vs. FCLO - Performance Comparison

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

Returns By Period

CLOX

• 1D: -0.02%
• 1M: 0.47%
• YTD: 1.97%
• 6M: 2.36%
• 1Y: 4.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FCLO

• 1D: 0.02%
• 1M: 0.50%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CLOX vs. FCLO - Yearly Performance Comparison

	2026 (YTD)
CLOX Panagram AAA CLO ETF	1.36%
FCLO Fidelity CLO ETF	1.70%

Correlation

The correlation between CLOX and FCLO is -0.10, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 13, 2026	-0.10

Return for Risk

CLOX vs. FCLO — Risk / Return Rank

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

CLOX

CLOX Risk / Return Rank: 96
CLOX Sharpe Ratio Rank: 95
CLOX Sortino Ratio Rank: 97
CLOX Omega Ratio Rank: 97
CLOX Calmar Ratio Rank: 94
CLOX Martin Ratio Rank: 96

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.

CLOX vs. FCLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Panagram AAA CLO ETF (CLOX) and Fidelity CLO ETF (FCLO). 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.

	CLOX	FCLO	Difference
Sharpe ratio Return per unit of total volatility	3.81	—	—
Sortino ratio Return per unit of downside risk	6.32	—	—
Omega ratio Gain probability vs. loss probability	1.90	—	—
Calmar ratio Return relative to maximum drawdown	7.56	—	—
Martin ratio Return relative to average drawdown	38.45	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	CLOX	FCLO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.81	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.96	3.96	-2.00

Drawdowns

CLOX vs. FCLO - Drawdown Comparison

The maximum CLOX drawdown since its inception was -4.13%, which is greater than FCLO's maximum drawdown of -0.58%. Use the drawdown chart below to compare losses from any high point for CLOX and FCLO.

Drawdown Indicators

	CLOX	FCLO	Difference
Max Drawdown Largest peak-to-trough decline	-4.13%	-0.58%	-3.55%
Max Drawdown (1Y) Largest decline over 1 year	-0.66%	—	—
Current Drawdown Current decline from peak	-0.02%	0.00%	-0.02%
Average Drawdown Average peak-to-trough decline	-0.08%	-0.09%	+0.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.13%	—	—

Volatility

Volatility by Period

	CLOX	FCLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.35%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.90%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	1.31%	1.46%	-0.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.33%	1.46%	+1.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.33%	1.46%	+1.87%

CLOX vs. FCLO - Expense Ratio Comparison

CLOX has a 0.20% expense ratio, which is lower than FCLO's 0.45% expense ratio.

Dividends

CLOX vs. FCLO - Dividend Comparison

CLOX's dividend yield for the trailing twelve months is around 4.98%, more than FCLO's 1.56% yield.

Position	TTM	2025	2024	2023
CLOX Panagram AAA CLO ETF	4.98%	5.18%	6.25%	2.90%
FCLO Fidelity CLO ETF	1.56%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CLOX and FCLO in my portfolio?

CLOX and FCLO 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 ETF is better, CLOX or FCLO?

On fees, CLOX 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, CLOX or FCLO?

CLOX is cheaper with a 0.20% expense ratio, compared with 0.45% for FCLO.

Which ETF pays a higher dividend yield, CLOX or FCLO?

CLOX has the higher dividend yield at 4.98%, compared with 1.56% for FCLO.

What is the main difference between CLOX and FCLO?

They also come from different issuers: Panagram and Fidelity. Their fees differ too: 0.20% for CLOX and 0.45% for FCLO.