CLOZ vs. TRSY

Last updated Jun 25, 2026

CLOZ (Panagram BBB-B CLO ETF) and TRSY (Xtrackers US 0-1 Year Treasury ETF) are both exchange-traded funds - CLOZ is a CLO fund actively managed by Panagram, while TRSY is a Government Bonds fund tracking the ICE U.S. Treasury Short Bond Index. CLOZ is actively managed, while TRSY is passively managed. Over the past year, CLOZ returned 5.67% vs 3.90% for TRSY. At a correlation of -0.08, they often move in opposite directions. CLOZ charges 0.50%/yr vs 0.06%/yr for TRSY.

Performance

CLOZ vs. TRSY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Panagram BBB-B CLO ETF (CLOZ) and Xtrackers US 0-1 Year Treasury ETF (TRSY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CLOZ achieves a 2.32% return, which is significantly higher than TRSY's 1.65% return.

CLOZ

• 1D: 0.23%
• 1M: -0.12%
• YTD: 2.32%
• 6M: 2.56%
• 1Y: 5.67%
• 3Y*: 10.02%
• 5Y*: —
• 10Y*: —

TRSY

• 1D: 0.02%
• 1M: 0.29%
• YTD: 1.65%
• 6M: 1.72%
• 1Y: 3.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CLOZ vs. TRSY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CLOZ Panagram BBB-B CLO ETF	2.32%	5.99%	3.48%
TRSY Xtrackers US 0-1 Year Treasury ETF	1.65%	4.22%	1.49%

Correlation

The correlation between CLOZ and TRSY is -0.10, 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	-0.10
Correlation (All Time) Calculated using the full available price history since Oct 9, 2024	-0.08

Return for Risk

CLOZ vs. TRSY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CLOZ

CLOZ Risk / Return Rank: 49
CLOZ Sharpe Ratio Rank: 53
CLOZ Sortino Ratio Rank: 46
CLOZ Omega Ratio Rank: 78
CLOZ Calmar Ratio Rank: 31
CLOZ Martin Ratio Rank: 34

TRSY

TRSY Risk / Return Rank: 99
TRSY Sharpe Ratio Rank: 99
TRSY Sortino Ratio Rank: 99
TRSY Omega Ratio Rank: 99
TRSY Calmar Ratio Rank: 100
TRSY 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.

CLOZ vs. TRSY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Panagram BBB-B CLO ETF (CLOZ) and Xtrackers US 0-1 Year Treasury ETF (TRSY). 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	TRSY	Difference
Sharpe ratio: Return per unit of total volatility	1.64	10.13	-8.48
Sortino ratio: Return per unit of downside risk	2.10	26.09	-23.98
Omega ratio: Gain probability vs. loss probability	1.41	6.18	-4.77
Calmar ratio: Return relative to maximum drawdown	1.46	59.08	-57.62
Martin ratio: Return relative to average drawdown	4.84	355.05	-350.21

CLOZ vs. TRSY - Sharpe Ratio Comparison

The current CLOZ Sharpe Ratio is 1.64, which is lower than the TRSY Sharpe Ratio of 10.13. The chart below compares the historical Sharpe Ratios of CLOZ and TRSY, 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. TRSY - Drawdown Comparison

The maximum CLOZ drawdown since its inception was -5.32%, which is greater than TRSY's maximum drawdown of -0.82%. Use the drawdown chart below to compare losses from any high point for CLOZ and TRSY.

Drawdown Indicators

	CLOZ	TRSY	Difference
Max Drawdown Largest peak-to-trough decline	-5.32%	-0.82%	-4.50%
Max Drawdown (1Y) Largest decline over 1 year	-3.90%	-0.07%	-3.83%
Max Drawdown (3Y) Largest decline over 3 years	-5.32%	—	—
Current Drawdown Current decline from peak	-0.32%	-0.00%	-0.32%
Average Drawdown Average peak-to-trough decline	-0.38%	-0.06%	-0.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.17%	0.01%	+1.16%

Volatility

CLOZ vs. TRSY - Volatility Comparison

Panagram BBB-B CLO ETF (CLOZ) has a higher volatility of 0.68% compared to Xtrackers US 0-1 Year Treasury ETF (TRSY) at 0.12%. This indicates that CLOZ's price experiences larger fluctuations and is considered to be riskier than TRSY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CLOZ	TRSY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.68%	0.12%	+0.56%
Volatility (6M) Calculated over the trailing 6-month period	3.18%	0.24%	+2.94%
Volatility (1Y) Calculated over the trailing 1-year period	3.47%	0.39%	+3.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.79%	1.10%	+2.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.79%	1.10%	+2.69%

CLOZ vs. TRSY - Expense Ratio Comparison

CLOZ has a 0.50% expense ratio, which is higher than TRSY's 0.06% expense ratio.

Dividends

CLOZ vs. TRSY - Dividend Comparison

CLOZ's dividend yield for the trailing twelve months is around 7.40%, more than TRSY's 3.72% yield.

Position	TTM	2025	2024	2023
CLOZ Panagram BBB-B CLO ETF	7.40%	7.63%	9.09%	8.81%
TRSY Xtrackers US 0-1 Year Treasury ETF	3.72%	4.00%	0.96%	0.00%

Frequently Asked Questions

Can I hold both CLOZ and TRSY in my portfolio?

CLOZ and TRSY have a correlation of -0.10, 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 TRSY?

CLOZ has higher volatility (0.68%) compared to TRSY (0.12%). In terms of maximum drawdown, CLOZ dropped -5.32% vs TRSY's -0.82%.

Which ETF is better, CLOZ or TRSY?

On 1-year performance, CLOZ leads with 5.67% vs 3.90% for TRSY. On fees, TRSY is cheaper at 0.06% per year. On volatility, TRSY has been the lower-risk option at 0.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CLOZ or TRSY?

Over the 1-year period, CLOZ has performed better with a 5.67% return vs 3.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CLOZ or TRSY?

TRSY is cheaper with a 0.06% expense ratio, compared with 0.50% for CLOZ.

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

CLOZ has the higher dividend yield at 7.40%, compared with 3.72% for TRSY.

What is the main difference between CLOZ and TRSY?

CLOZ is categorized as CLO, while TRSY is Government Bonds. They also come from different issuers: Panagram and Xtrackers. Their fees differ too: 0.50% for CLOZ and 0.06% for TRSY.

Which has better risk-adjusted returns?

TRSY currently has the higher Sharpe Ratio (10.13 vs 1.64), 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.