CLOX vs. PAAA

Last updated Jun 23, 2026

CLOX (Panagram AAA CLO ETF) and PAAA (PGIM AAA CLO ETF) are both CLO funds. Both are actively managed. Over the past year, CLOX returned 5.34% vs 5.13% for PAAA. At a 0.14 correlation, their price movements are largely independent. CLOX charges 0.20%/yr vs 0.19%/yr for PAAA.

Performance

CLOX vs. PAAA - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with CLOX having a 2.31% return and PAAA slightly lower at 2.24%.

CLOX

• 1D: 0.02%
• 1M: 0.32%
• YTD: 2.31%
• 6M: 2.45%
• 1Y: 5.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PAAA

• 1D: 0.02%
• 1M: 0.26%
• YTD: 2.24%
• 6M: 2.39%
• 1Y: 5.13%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CLOX vs. PAAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CLOX Panagram AAA CLO ETF	2.31%	5.52%	7.16%	3.52%
PAAA PGIM AAA CLO ETF	2.24%	5.37%	7.47%	3.83%

Correlation

The correlation between CLOX and PAAA 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 Jul 26, 2023	0.14

Return for Risk

CLOX vs. PAAA — Risk / Return Rank

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

CLOX

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

PAAA

PAAA Risk / Return Rank: 99
PAAA Sharpe Ratio Rank: 100
PAAA Sortino Ratio Rank: 99
PAAA Omega Ratio Rank: 99
PAAA Calmar Ratio Rank: 99
PAAA Martin Ratio Rank: 99

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. PAAA - Risk-Adjusted Trends Comparison

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

	CLOX	PAAA	Difference
Sharpe ratio: Return per unit of total volatility	4.15	11.01	-6.86
Sortino ratio: Return per unit of downside risk	6.99	21.43	-14.44
Omega ratio: Gain probability vs. loss probability	2.02	6.78	-4.77
Calmar ratio: Return relative to maximum drawdown	8.15	29.61	-21.46
Martin ratio: Return relative to average drawdown	42.62	183.59	-140.97

CLOX vs. PAAA - Sharpe Ratio Comparison

The current CLOX Sharpe Ratio is 4.15, which is lower than the PAAA Sharpe Ratio of 11.01. The chart below compares the historical Sharpe Ratios of CLOX and PAAA, 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

CLOX vs. PAAA - Drawdown Comparison

The maximum CLOX drawdown since its inception was -4.13%, which is greater than PAAA's maximum drawdown of -1.04%. Use the drawdown chart below to compare losses from any high point for CLOX and PAAA.

Drawdown Indicators

	CLOX	PAAA	Difference
Max Drawdown Largest peak-to-trough decline	-4.13%	-1.04%	-3.09%
Max Drawdown (1Y) Largest decline over 1 year	-0.66%	-0.17%	-0.49%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.08%	-0.02%	-0.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.13%	0.03%	+0.10%

Volatility

CLOX vs. PAAA - Volatility Comparison

Panagram AAA CLO ETF (CLOX) has a higher volatility of 0.39% compared to PGIM AAA CLO ETF (PAAA) at 0.10%. This indicates that CLOX's price experiences larger fluctuations and is considered to be riskier than PAAA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CLOX	PAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.39%	0.10%	+0.29%
Volatility (6M) Calculated over the trailing 6-month period	0.94%	0.35%	+0.59%
Volatility (1Y) Calculated over the trailing 1-year period	1.30%	0.47%	+0.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.30%	0.97%	+2.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.30%	0.97%	+2.33%

CLOX vs. PAAA - Expense Ratio Comparison

CLOX has a 0.20% expense ratio, which is higher than PAAA's 0.19% 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

CLOX vs. PAAA - Dividend Comparison

CLOX's dividend yield for the trailing twelve months is around 4.97%, more than PAAA's 4.87% yield.

Position	TTM	2025	2024	2023
CLOX Panagram AAA CLO ETF	4.97%	5.18%	6.25%	2.90%
PAAA PGIM AAA CLO ETF	4.87%	5.12%	5.88%	2.76%

Frequently Asked Questions

Can I hold both CLOX and PAAA in my portfolio?

CLOX and PAAA 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, CLOX or PAAA?

CLOX has higher volatility (0.39%) compared to PAAA (0.10%). In terms of maximum drawdown, CLOX dropped -4.13% vs PAAA's -1.04%.

Which ETF is better, CLOX or PAAA?

On 1-year performance, CLOX leads with 5.34% vs 5.13% for PAAA. On fees, PAAA is cheaper at 0.19% per year. On volatility, PAAA has been the lower-risk option at 0.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CLOX or PAAA?

Over the 1-year period, CLOX has performed better with a 5.34% return vs 5.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CLOX or PAAA?

PAAA is cheaper with a 0.19% expense ratio, compared with 0.20% for CLOX.

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

CLOX has the higher dividend yield at 4.97%, compared with 4.87% for PAAA.

What is the main difference between CLOX and PAAA?

They also come from different issuers: Panagram and PGIM. Their fees differ too: 0.20% for CLOX and 0.19% for PAAA.

Which has better risk-adjusted returns?

PAAA currently has the higher Sharpe Ratio (11.01 vs 4.15), 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.