CLOZ vs. HYDB
CLOZ (Panagram BBB-B CLO ETF) and HYDB (iShares High Yield Bond Factor ETF) are both exchange-traded funds - CLOZ is a CLO fund actively managed by Panagram, while HYDB is a High Yield Bonds fund tracking the BlackRock High Yield Defensive Bond Index. CLOZ is actively managed, while HYDB is passively managed. Over the past 3 years, CLOZ returned 10.45%/yr vs 8.94%/yr for HYDB. At a 0.11 correlation, their price movements are largely independent. CLOZ charges 0.50%/yr vs 0.35%/yr for HYDB.
Performance
CLOZ vs. HYDB - Performance Comparison
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Returns By Period
In the year-to-date period, CLOZ achieves a 2.44% return, which is significantly higher than HYDB's 1.01% return.
CLOZ
- 1D
- 0.04%
- 1M
- 0.39%
- YTD
- 2.44%
- 6M
- 2.91%
- 1Y
- 6.07%
- 3Y*
- 10.45%
- 5Y*
- —
- 10Y*
- —
HYDB
- 1D
- 0.04%
- 1M
- -0.30%
- YTD
- 1.01%
- 6M
- 1.80%
- 1Y
- 6.90%
- 3Y*
- 8.94%
- 5Y*
- 4.57%
- 10Y*
- —
CLOZ vs. HYDB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CLOZ Panagram BBB-B CLO ETF | 2.44% | 5.99% | 11.85% | 14.92% |
HYDB iShares High Yield Bond Factor ETF | 1.01% | 8.10% | 9.11% | 10.21% |
Correlation
The correlation between CLOZ and HYDB is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Jan 25, 2023 | 0.11 |
The correlation between CLOZ and HYDB shifts across timeframes, from 0.11 (all time) to 0.26 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
CLOZ vs. HYDB — Risk / Return Rank
CLOZ
HYDB
CLOZ vs. HYDB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Panagram BBB-B CLO ETF (CLOZ) and iShares High Yield Bond Factor ETF (HYDB). 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.
| CLOZ | HYDB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.05 | ||
| Sortino ratioReturn per unit of downside risk | -0.47 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.35 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 1.56 | 2.45 | -0.89 |
| Martin ratioReturn relative to average drawdown | 5.19 | 10.80 | -5.62 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CLOZ | HYDB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.77 | 1.82 | -0.05 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.65 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.75 | 0.71 | +2.05 |
Drawdowns
CLOZ vs. HYDB - Drawdown Comparison
The maximum CLOZ drawdown since its inception was -5.32%, smaller than the maximum HYDB drawdown of -21.58%. Use the drawdown chart below to compare losses from any high point for CLOZ and HYDB.
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Drawdown Indicators
| CLOZ | HYDB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.32% | -21.58% | +16.26% |
Max Drawdown (1Y)Largest decline over 1 year | -3.90% | -2.83% | -1.07% |
Max Drawdown (3Y)Largest decline over 3 years | -5.32% | -5.58% | +0.26% |
Max Drawdown (5Y)Largest decline over 5 years | — | -14.28% | — |
Current DrawdownCurrent decline from peak | -0.21% | -0.51% | +0.30% |
Average DrawdownAverage peak-to-trough decline | -0.38% | -2.39% | +2.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.17% | 0.64% | +0.53% |
Volatility
CLOZ vs. HYDB - Volatility Comparison
The current volatility for Panagram BBB-B CLO ETF (CLOZ) is 0.47%, while iShares High Yield Bond Factor ETF (HYDB) has a volatility of 1.09%. This indicates that CLOZ experiences smaller price fluctuations and is considered to be less risky than HYDB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CLOZ | HYDB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.47% | 1.09% | -0.62% |
Volatility (6M)Calculated over the trailing 6-month period | 3.13% | 2.96% | +0.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.44% | 3.81% | -0.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.80% | 7.04% | -3.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.80% | 7.76% | -3.96% |
CLOZ vs. HYDB - Expense Ratio Comparison
CLOZ has a 0.50% expense ratio, which is higher than HYDB's 0.35% expense ratio.
Dividends
CLOZ vs. HYDB - Dividend Comparison
CLOZ's dividend yield for the trailing twelve months is around 7.40%, more than HYDB's 7.02% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CLOZ Panagram BBB-B CLO ETF | 7.40% | 7.63% | 9.09% | 8.81% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
HYDB iShares High Yield Bond Factor ETF | 7.02% | 7.04% | 6.95% | 7.00% | 6.30% | 4.70% | 5.81% | 5.68% | 6.16% | 2.70% |
Frequently Asked Questions
CLOZ and HYDB have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HYDB has higher volatility (1.09%) compared to CLOZ (0.47%). In terms of maximum drawdown, CLOZ dropped -5.32% vs HYDB's -21.58%.
On 3-year performance, CLOZ leads with 10.45% vs 8.94% for HYDB. On fees, HYDB is cheaper at 0.35% per year. On volatility, CLOZ has been the lower-risk option at 0.47%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, CLOZ has performed better with a 10.45% return vs 8.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYDB is cheaper with a 0.35% expense ratio, compared with 0.50% for CLOZ.
CLOZ has the higher dividend yield at 7.40%, compared with 7.02% for HYDB.
CLOZ is categorized as CLO, while HYDB is High Yield Bonds. They also come from different issuers: Panagram and iShares. Their fees differ too: 0.50% for CLOZ and 0.35% for HYDB.
HYDB currently has the higher Sharpe Ratio (1.82 vs 1.77), 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.
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