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CLOZ vs. PRPFX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CLOZ vs. PRPFX

Last updated Jun 14, 2026

CLOZ (Panagram BBB-B CLO ETF) and PRPFX (Permanent Portfolio Class I) are both funds - CLOZ is a CLO fund actively managed by Panagram, while PRPFX is a Diversified Portfolio fund actively managed by Permanent Portfolio. Both are actively managed. Over the past 3 years, CLOZ returned 10.36%/yr vs 19.77%/yr for PRPFX. At a 0.12 correlation, their price movements are largely independent. CLOZ charges 0.50%/yr vs 0.81%/yr for PRPFX.

Performance

CLOZ vs. PRPFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Panagram BBB-B CLO ETF (CLOZ) and Permanent Portfolio Class I (PRPFX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, CLOZ achieves a 2.59% return, which is significantly lower than PRPFX's 3.05% return.

CLOZ

1D
0.04%
1M
0.41%
YTD
2.59%
6M
3.15%
1Y
6.35%
3Y*
10.36%
5Y*
—
10Y*
—

PRPFX

1D
0.64%
1M
-2.53%
YTD
3.05%
6M
4.38%
1Y
17.66%
3Y*
19.77%
5Y*
10.72%
10Y*
10.56%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CLOZ vs. PRPFX - Yearly Performance Comparison

2026 (YTD)202520242023
CLOZ
Panagram BBB-B CLO ETF		2.59%5.99%11.85%14.99%
PRPFX
Permanent Portfolio Class I		3.05%28.78%19.36%8.09%

Correlation

The correlation between CLOZ and PRPFX is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.13

Correlation (3Y)
Calculated over the trailing 3-year period

0.11

Correlation (All Time)
Calculated using the full available price history since Jan 24, 2023

0.12

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Panagram BBB-B CLO ETF

Permanent Portfolio Class I

Often compared with CLOZ:
CLOZ vs. JBBBCLOZ vs. JAAACLOZ vs. CLOXCLOZ vs. XCCCCLOZ vs. TFLRCLOZ vs. CLOBCLOZ vs. MINT
Often compared with PRPFX:
PRPFX vs. SPYPRPFX vs. ALLWPRPFX vs. ^GSPCPRPFX vs. VOOPRPFX vs. VFINXPRPFX vs. FPURXPRPFX vs. MOGAX

Return for Risk

CLOZ vs. PRPFX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CLOZ
CLOZ Risk / Return Rank: 5656
Overall Rank
CLOZ Sharpe Ratio Rank: 6464
Sharpe Ratio Rank
CLOZ Sortino Ratio Rank: 5656
Sortino Ratio Rank
CLOZ Omega Ratio Rank: 8787
Omega Ratio Rank
CLOZ Calmar Ratio Rank: 3737
Calmar Ratio Rank
CLOZ Martin Ratio Rank: 3838
Martin Ratio Rank
PRPFX
PRPFX Risk / Return Rank: 4040
Overall Rank
PRPFX Sharpe Ratio Rank: 4040
Sharpe Ratio Rank
PRPFX Sortino Ratio Rank: 3030
Sortino Ratio Rank
PRPFX Omega Ratio Rank: 4848
Omega Ratio Rank
PRPFX Calmar Ratio Rank: 4949
Calmar Ratio Rank
PRPFX Martin Ratio Rank: 3333
Martin Ratio Rank
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.

CLOZ vs. PRPFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Panagram BBB-B CLO ETF (CLOZ) and Permanent Portfolio Class I (PRPFX). 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.

CLOZPRPFXDifference
Sharpe ratioReturn per unit of total volatility
1.83
1.45

+0.39

Sortino ratioReturn per unit of downside risk
2.34
1.81

+0.53

Omega ratioGain probability vs. loss probability

1.46

1.29

+0.17

Calmar ratioReturn relative to maximum drawdown

1.61

2.20

-0.59

Martin ratioReturn relative to average drawdown

5.36

5.95

-0.60

CLOZ vs. PRPFX - Sharpe Ratio Comparison

The current CLOZ Sharpe Ratio is 1.83, which is comparable to the PRPFX Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of CLOZ and PRPFX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

CLOZ vs. PRPFX - Drawdown Comparison

The maximum CLOZ drawdown since its inception was -5.32%, smaller than the maximum PRPFX drawdown of -27.16%. Use the drawdown chart below to compare losses from any high point for CLOZ and PRPFX.

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Drawdown Indicators

CLOZPRPFXDifference

Max Drawdown

Largest peak-to-trough decline

-5.32%

-27.16%

+21.84%

Max Drawdown (1Y)

Largest decline over 1 year

-3.90%

-8.40%

+4.50%

Max Drawdown (3Y)

Largest decline over 3 years

-5.32%

-8.40%

+3.08%

Max Drawdown (5Y)

Largest decline over 5 years

—

-15.49%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-20.84%

—

Current Drawdown

Current decline from peak

-0.06%

-7.81%

+7.75%

Average Drawdown

Average peak-to-trough decline

-0.38%

-3.52%

+3.14%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.17%

3.10%

-1.93%

Volatility

CLOZ vs. PRPFX - Volatility Comparison

The current volatility for Panagram BBB-B CLO ETF (CLOZ) is 0.52%, while Permanent Portfolio Class I (PRPFX) has a volatility of 3.64%. This indicates that CLOZ experiences smaller price fluctuations and is considered to be less risky than PRPFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CLOZPRPFXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.52%

3.64%

-3.12%

Volatility (6M)

Calculated over the trailing 6-month period

3.14%

11.59%

-8.45%

Volatility (1Y)

Calculated over the trailing 1-year period

3.44%

12.79%

-9.35%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

3.79%

11.13%

-7.34%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

3.79%

10.65%

-6.86%

CLOZ vs. PRPFX - Expense Ratio Comparison

CLOZ has a 0.50% expense ratio, which is lower than PRPFX's 0.81% expense ratio.

Dividends

CLOZ vs. PRPFX - Dividend Comparison

CLOZ's dividend yield for the trailing twelve months is around 7.38%, more than PRPFX's 3.17% yield.

PositionTTM20252024202320222021202020192018201720162015
CLOZ
Panagram BBB-B CLO ETF		7.38%7.63%9.09%8.81%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
PRPFX
Permanent Portfolio Class I		3.17%3.27%1.86%1.39%1.58%2.05%5.38%4.69%6.90%2.14%0.95%7.06%

Frequently Asked Questions

CLOZ and PRPFX have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

PRPFX has higher volatility (3.64%) compared to CLOZ (0.52%). In terms of maximum drawdown, CLOZ dropped -5.32% vs PRPFX's -27.16%.

CLOZ currently has the higher Sharpe Ratio (1.83 vs 1.45), 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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