CLOX vs. SVOL

Last updated Jun 23, 2026

CLOX (Panagram AAA CLO ETF) and SVOL (Simplify Volatility Premium ETF) are both exchange-traded funds - CLOX is a CLO fund actively managed by Panagram, while SVOL is a Volatility fund actively managed by Simplify. Both are actively managed. Over the past year, CLOX returned 5.34% vs 20.01% for SVOL. At a 0.05 correlation, their price movements are largely independent. CLOX charges 0.20%/yr vs 0.50%/yr for SVOL.

Performance

CLOX vs. SVOL - Performance Comparison

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

Returns By Period

In the year-to-date period, CLOX achieves a 2.31% return, which is significantly higher than SVOL's 0.96% return.

CLOX

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

SVOL

• 1D: 0.31%
• 1M: 2.14%
• YTD: 0.96%
• 6M: 0.62%
• 1Y: 20.01%
• 3Y*: 6.27%
• 5Y*: 6.65%
• 10Y*: —

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

CLOX vs. SVOL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CLOX Panagram AAA CLO ETF	2.31%	5.52%	7.16%	3.85%
SVOL Simplify Volatility Premium ETF	0.96%	2.41%	6.77%	6.73%

Correlation

The correlation between CLOX and SVOL is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (All Time) Calculated using the full available price history since Jul 19, 2023	0.05

Return for Risk

CLOX vs. SVOL — 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

SVOL

SVOL Risk / Return Rank: 29
SVOL Sharpe Ratio Rank: 28
SVOL Sortino Ratio Rank: 28
SVOL Omega Ratio Rank: 31
SVOL Calmar Ratio Rank: 32
SVOL Martin Ratio Rank: 28

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. SVOL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Panagram AAA CLO ETF (CLOX) and Simplify Volatility Premium ETF (SVOL). 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	SVOL	Difference
Sharpe ratio: Return per unit of total volatility	4.15	0.98	+3.17
Sortino ratio: Return per unit of downside risk	6.99	1.48	+5.52
Omega ratio: Gain probability vs. loss probability	2.02	1.21	+0.81
Calmar ratio: Return relative to maximum drawdown	8.15	1.55	+6.60
Martin ratio: Return relative to average drawdown	42.62	3.69	+38.93

CLOX vs. SVOL - Sharpe Ratio Comparison

The current CLOX Sharpe Ratio is 4.15, which is higher than the SVOL Sharpe Ratio of 0.98. The chart below compares the historical Sharpe Ratios of CLOX and SVOL, 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. SVOL - Drawdown Comparison

The maximum CLOX drawdown since its inception was -4.13%, smaller than the maximum SVOL drawdown of -33.50%. Use the drawdown chart below to compare losses from any high point for CLOX and SVOL.

Drawdown Indicators

	CLOX	SVOL	Difference
Max Drawdown Largest peak-to-trough decline	-4.13%	-33.50%	+29.37%
Max Drawdown (1Y) Largest decline over 1 year	-0.66%	-13.01%	+12.35%
Max Drawdown (3Y) Largest decline over 3 years	—	-33.50%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-33.50%	—
Current Drawdown Current decline from peak	0.00%	-1.65%	+1.65%
Average Drawdown Average peak-to-trough decline	-0.08%	-4.75%	+4.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.13%	5.44%	-5.31%

Volatility

CLOX vs. SVOL - Volatility Comparison

The current volatility for Panagram AAA CLO ETF (CLOX) is 0.39%, while Simplify Volatility Premium ETF (SVOL) has a volatility of 4.16%. This indicates that CLOX experiences smaller price fluctuations and is considered to be less risky than SVOL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CLOX	SVOL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.39%	4.16%	-3.77%
Volatility (6M) Calculated over the trailing 6-month period	0.94%	10.14%	-9.20%
Volatility (1Y) Calculated over the trailing 1-year period	1.30%	20.51%	-19.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.30%	22.01%	-18.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.30%	21.88%	-18.58%

CLOX vs. SVOL - Expense Ratio Comparison

CLOX has a 0.20% expense ratio, which is lower than SVOL's 0.50% expense ratio.

Dividends

CLOX vs. SVOL - Dividend Comparison

CLOX's dividend yield for the trailing twelve months is around 4.97%, less than SVOL's 21.80% yield.

Position	TTM	2025	2024	2023	2022	2021
CLOX Panagram AAA CLO ETF	4.97%	5.18%	6.25%	2.90%	0.00%	0.00%
SVOL Simplify Volatility Premium ETF	21.80%	19.82%	16.79%	16.36%	18.32%	4.65%

Frequently Asked Questions

Can I hold both CLOX and SVOL in my portfolio?

CLOX and SVOL have a correlation of 0.12, 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 SVOL?

SVOL has higher volatility (4.16%) compared to CLOX (0.39%). In terms of maximum drawdown, CLOX dropped -4.13% vs SVOL's -33.50%.

Which ETF is better, CLOX or SVOL?

On 1-year performance, SVOL leads with 20.01% vs 5.34% for CLOX. On fees, CLOX is cheaper at 0.20% per year. On volatility, CLOX has been the lower-risk option at 0.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CLOX or SVOL?

Over the 1-year period, SVOL has performed better with a 20.01% return vs 5.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CLOX or SVOL?

CLOX is cheaper with a 0.20% expense ratio, compared with 0.50% for SVOL.

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

SVOL has the higher dividend yield at 21.80%, compared with 4.97% for CLOX.

What is the main difference between CLOX and SVOL?

CLOX is categorized as CLO, while SVOL is Volatility. They also come from different issuers: Panagram and Simplify. Their fees differ too: 0.20% for CLOX and 0.50% for SVOL.

Which has better risk-adjusted returns?

CLOX currently has the higher Sharpe Ratio (4.15 vs 0.98), 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.