CLOZ vs. FLDZ

Last updated Aug 2, 2026

CLOZ (Eldridge BBB-B CLO ETF) and FLDZ (RiverNorth Patriot ETF) are both exchange-traded funds - CLOZ is a CLO fund actively managed by Eldridge, while FLDZ is a Mid Cap Blend Equities fund actively managed by RiverNorth. Both are actively managed. Over the past 3 years, CLOZ returned 9.07%/yr vs 9.54%/yr for FLDZ. Their 0.23 correlation means their historical movements had little consistent relationship. CLOZ charges 0.50%/yr vs 0.77%/yr for FLDZ.

Performance

CLOZ vs. FLDZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eldridge BBB-B CLO ETF (CLOZ) and RiverNorth Patriot ETF (FLDZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with CLOZ having a 3.25% return and FLDZ slightly higher at 3.40%.

CLOZ

• 1D: -0.02%
• 1M: 0.23%
• 6M: 2.09%
• YTD: 3.25%
• 1Y: 6.00%
• 3Y*: 9.07%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.21%

FLDZ

• 1D: 0.83%
• 1M: -4.86%
• 6M: 1.59%
• YTD: 3.40%
• 1Y: 6.02%
• 3Y*: 9.54%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.21%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CLOZ Eldridge BBB-B CLO ETF	$8.19M	$11.37M	$8.55M
FLDZ RiverNorth Patriot ETF	$3.19K	$2.29K	$1.72K

CLOZ vs. FLDZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CLOZ Eldridge BBB-B CLO ETF	3.25%	5.99%	11.85%	14.99%
FLDZ RiverNorth Patriot ETF	3.40%	6.66%	15.99%	7.57%

Correlation

The correlation between CLOZ and FLDZ is 0.37, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.37
Correlation (3Y) Balances recent behavior with more history.	0.26
Correlation (All Time) Calculated using the full available price history since Jan 24, 2023	0.23

The correlation between CLOZ and FLDZ shifts across timeframes, from 0.23 (all time) to 0.37 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

CLOZ vs. FLDZ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CLOZ

CLOZ Risk / Return Rank: 63
CLOZ Sharpe Ratio Rank: 74
CLOZ Sortino Ratio Rank: 65
CLOZ Omega Ratio Rank: 90
CLOZ Calmar Ratio Rank: 43
CLOZ Martin Ratio Rank: 44

FLDZ

FLDZ Risk / Return Rank: 21
FLDZ Sharpe Ratio Rank: 20
FLDZ Sortino Ratio Rank: 18
FLDZ Omega Ratio Rank: 19
FLDZ Calmar Ratio Rank: 23
FLDZ Martin Ratio Rank: 26

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CLOZ vs. FLDZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eldridge BBB-B CLO ETF (CLOZ) and RiverNorth Patriot ETF (FLDZ). 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.

	CLOZ	FLDZ	Difference
Sharpe ratio: Return per unit of total volatility	1.68	0.38	+1.29
Sortino ratio: Return per unit of downside risk	2.15	0.61	+1.54
Omega ratio: Gain probability vs. loss probability	1.41	1.08	+0.33
Calmar ratio: Return relative to maximum drawdown	1.50	0.66	+0.85
Martin ratio: Return relative to average drawdown	4.99	2.09	+2.90

CLOZ vs. FLDZ - Sharpe Ratio Comparison

The current CLOZ Sharpe Ratio is 1.68, which is higher than the FLDZ Sharpe Ratio of 0.38. The chart below compares the historical Sharpe Ratios of CLOZ and FLDZ, 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

CLOZ vs. FLDZ - Drawdown Comparison

The maximum CLOZ drawdown since its inception was -5.32%, smaller than the maximum FLDZ drawdown of -19.54%. Use the drawdown chart below to compare losses from any high point for CLOZ and FLDZ.

Drawdown Indicators

	CLOZ	FLDZ	Difference
Max Drawdown Largest peak-to-trough decline	-5.32%	-19.54%	+14.22%
Max Drawdown (1Y) Largest decline over 1 year	-3.90%	-7.78%	+3.88%
Max Drawdown (3Y) Largest decline over 3 years	-5.32%	-17.43%	+12.11%
Current Drawdown Current decline from peak	-0.02%	-4.86%	+4.84%
Average Drawdown Average peak-to-trough decline	-0.37%	-5.85%	+5.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.17%	2.45%	-1.28%

Volatility

CLOZ vs. FLDZ - Volatility Comparison

The current volatility for Eldridge BBB-B CLO ETF (CLOZ) is 0.69%, while RiverNorth Patriot ETF (FLDZ) has a volatility of 7.82%. This indicates that CLOZ experiences smaller price fluctuations and is considered to be less risky than FLDZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CLOZ	FLDZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.69%	7.82%	-7.13%
Volatility (6M) Calculated over the trailing 6-month period	3.20%	10.62%	-7.42%
Volatility (1Y) Calculated over the trailing 1-year period	3.50%	13.39%	-9.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.75%	17.04%	-13.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.75%	17.04%	-13.29%

CLOZ vs. FLDZ - Expense Ratio Comparison

CLOZ has a 0.50% expense ratio, which is lower than FLDZ's 0.77% expense ratio.

Dividends

CLOZ vs. FLDZ - Dividend Comparison

CLOZ's dividend yield for the trailing twelve months is around 7.30%, more than FLDZ's 1.49% yield.

Position	TTM	2025	2024	2023	2022
CLOZ Eldridge BBB-B CLO ETF	7.30%	7.63%	9.09%	8.81%	0.00%
FLDZ RiverNorth Patriot ETF	1.49%	1.54%	1.17%	1.39%	1.52%

Frequently Asked Questions

Can I hold both CLOZ and FLDZ in my portfolio?

CLOZ and FLDZ have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CLOZ or FLDZ?

FLDZ has higher volatility (7.82%) compared to CLOZ (0.69%). In terms of maximum drawdown, CLOZ dropped -5.32% vs FLDZ's -19.54%.

Which ETF is better, CLOZ or FLDZ?

On 3-year performance, FLDZ leads with 9.54% vs 9.07% for CLOZ. On fees, CLOZ is cheaper at 0.50% per year. On volatility, CLOZ has been the lower-risk option at 0.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CLOZ or FLDZ?

Over the 3-year period, FLDZ has performed better with a 9.54% return vs 9.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CLOZ or FLDZ?

CLOZ is cheaper with a 0.50% expense ratio, compared with 0.77% for FLDZ.

Which ETF pays a higher dividend yield, CLOZ or FLDZ?

CLOZ has the higher dividend yield at 7.30%, compared with 1.49% for FLDZ.

What is the main difference between CLOZ and FLDZ?

CLOZ is categorized as CLO, while FLDZ is Mid Cap Blend Equities. They also come from different issuers: Eldridge and RiverNorth. Their fees differ too: 0.50% for CLOZ and 0.77% for FLDZ.

Which has better risk-adjusted returns?

CLOZ currently has the higher Sharpe Ratio (1.68 vs 0.38), 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.