CLOX vs. SGOV

Last updated Jun 24, 2026

CLOX (Panagram AAA CLO ETF) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both exchange-traded funds - CLOX is a CLO fund actively managed by Panagram, while SGOV is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index. CLOX is actively managed, while SGOV is passively managed. Over the past year, CLOX returned 5.25% vs 3.92% for SGOV. At a 0.05 correlation, their price movements are largely independent. CLOX charges 0.20%/yr vs 0.09%/yr for SGOV.

Performance

CLOX vs. SGOV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Panagram AAA CLO ETF (CLOX) and iShares 0-3 Month Treasury Bond ETF (SGOV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CLOX achieves a 2.33% return, which is significantly higher than SGOV's 1.71% return.

CLOX

• 1D: 0.02%
• 1M: 0.34%
• YTD: 2.33%
• 6M: 2.50%
• 1Y: 5.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SGOV

• 1D: 0.01%
• 1M: 0.28%
• YTD: 1.71%
• 6M: 1.80%
• 1Y: 3.92%
• 3Y*: 4.68%
• 5Y*: 3.58%
• 10Y*: —

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

CLOX vs. SGOV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CLOX Panagram AAA CLO ETF	2.33%	5.52%	7.16%	3.85%
SGOV iShares 0-3 Month Treasury Bond ETF	1.71%	4.24%	5.27%	2.46%

Correlation

The correlation between CLOX and SGOV is 0.02, 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	0.02
Correlation (All Time) Calculated using the full available price history since Jul 19, 2023	0.05

Return for Risk

CLOX vs. SGOV — 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: 97
CLOX Sortino Ratio Rank: 98
CLOX Omega Ratio Rank: 98
CLOX Calmar Ratio Rank: 96
CLOX Martin Ratio Rank: 97

SGOV

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

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. SGOV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Panagram AAA CLO ETF (CLOX) and iShares 0-3 Month Treasury Bond ETF (SGOV). 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	SGOV	Difference
Sharpe ratio: Return per unit of total volatility	4.08	20.32	-16.24
Sortino ratio: Return per unit of downside risk	6.87	273.56	-266.69
Omega ratio: Gain probability vs. loss probability	2.00	194.05	-192.05
Calmar ratio: Return relative to maximum drawdown	8.00	395.07	-387.07
Martin ratio: Return relative to average drawdown	41.83	4,426.92	-4,385.09

CLOX vs. SGOV - Sharpe Ratio Comparison

The current CLOX Sharpe Ratio is 4.08, which is lower than the SGOV Sharpe Ratio of 20.32. The chart below compares the historical Sharpe Ratios of CLOX and SGOV, 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. SGOV - Drawdown Comparison

The maximum CLOX drawdown since its inception was -4.13%, which is greater than SGOV's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for CLOX and SGOV.

Drawdown Indicators

	CLOX	SGOV	Difference
Max Drawdown Largest peak-to-trough decline	-4.13%	-0.03%	-4.10%
Max Drawdown (1Y) Largest decline over 1 year	-0.66%	-0.01%	-0.65%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.01%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-0.03%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.08%	-0.00%	-0.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.13%	0.00%	+0.13%

Volatility

CLOX vs. SGOV - Volatility Comparison

Panagram AAA CLO ETF (CLOX) has a higher volatility of 0.39% compared to iShares 0-3 Month Treasury Bond ETF (SGOV) at 0.06%. This indicates that CLOX's price experiences larger fluctuations and is considered to be riskier than SGOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CLOX	SGOV	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.39%	0.06%	+0.33%
Volatility (6M) Calculated over the trailing 6-month period	0.94%	0.13%	+0.81%
Volatility (1Y) Calculated over the trailing 1-year period	1.29%	0.19%	+1.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.30%	0.24%	+3.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.30%	0.24%	+3.06%

CLOX vs. SGOV - Expense Ratio Comparison

CLOX has a 0.20% expense ratio, which is higher than SGOV's 0.09% 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. SGOV - Dividend Comparison

CLOX's dividend yield for the trailing twelve months is around 4.97%, more than SGOV's 3.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
CLOX Panagram AAA CLO ETF	4.97%	5.18%	6.25%	2.90%	0.00%	0.00%	0.00%
SGOV iShares 0-3 Month Treasury Bond ETF	3.85%	4.10%	5.10%	4.87%	1.45%	0.03%	0.05%

Frequently Asked Questions

Can I hold both CLOX and SGOV in my portfolio?

CLOX and SGOV have a correlation of 0.02, 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 SGOV?

CLOX has higher volatility (0.39%) compared to SGOV (0.06%). In terms of maximum drawdown, CLOX dropped -4.13% vs SGOV's -0.03%.

Which ETF is better, CLOX or SGOV?

On 1-year performance, CLOX leads with 5.25% vs 3.92% for SGOV. On fees, SGOV is cheaper at 0.09% per year. On volatility, SGOV has been the lower-risk option at 0.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CLOX or SGOV?

Over the 1-year period, CLOX has performed better with a 5.25% return vs 3.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CLOX or SGOV?

SGOV is cheaper with a 0.09% expense ratio, compared with 0.20% for CLOX.

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

CLOX has the higher dividend yield at 4.97%, compared with 3.85% for SGOV.

What is the main difference between CLOX and SGOV?

CLOX is categorized as CLO, while SGOV is Ultrashort Bond. They also come from different issuers: Panagram and iShares. Their fees differ too: 0.20% for CLOX and 0.09% for SGOV.

Which has better risk-adjusted returns?

SGOV currently has the higher Sharpe Ratio (20.32 vs 4.08), 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.