DEF vs. CLOX

Last updated Jun 25, 2026

DEF (Invesco Defensive Equity ETF) and CLOX (Panagram AAA CLO ETF) are both exchange-traded funds - DEF is a Large Cap Growth Equities fund tracking the Invesco Defensive Equity Index, while CLOX is a CLO fund actively managed by Panagram. DEF is passively managed, while CLOX is actively managed. At a correlation of -0.43, they often move in opposite directions. DEF charges 0.53%/yr vs 0.20%/yr for CLOX.

Performance

DEF vs. CLOX - Performance Comparison

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

Returns By Period

DEF

• 1D: -3.03%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CLOX

• 1D: 0.04%
• 1M: 0.38%
• YTD: 2.37%
• 6M: 2.48%
• 1Y: 5.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DEF vs. CLOX - Yearly Performance Comparison

	2026 (YTD)
DEF Invesco Defensive Equity ETF	-11.11%
CLOX Panagram AAA CLO ETF	0.37%

Correlation

The correlation between DEF and CLOX is -0.43, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 8, 2026	-0.43

Return for Risk

DEF vs. CLOX — Risk / Return Rank

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

DEF

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

CLOX

CLOX Risk / Return Rank: 97
CLOX Sharpe Ratio Rank: 97
CLOX Sortino Ratio Rank: 98
CLOX Omega Ratio Rank: 97
CLOX Calmar Ratio Rank: 96
CLOX Martin Ratio Rank: 97

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.

DEF vs. CLOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Defensive Equity ETF (DEF) and Panagram AAA CLO ETF (CLOX). 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.

	DEF	CLOX	Difference
Sharpe ratio: Return per unit of total volatility	—	3.97	—
Sortino ratio: Return per unit of downside risk	—	6.57	—
Omega ratio: Gain probability vs. loss probability	—	1.95	—
Calmar ratio: Return relative to maximum drawdown	—	7.64	—
Martin ratio: Return relative to average drawdown	—	40.84	—

Drawdowns

DEF vs. CLOX - Drawdown Comparison

The maximum DEF drawdown since its inception was -11.11%, which is greater than CLOX's maximum drawdown of -4.13%. Use the drawdown chart below to compare losses from any high point for DEF and CLOX.

Drawdown Indicators

	DEF	CLOX	Difference
Max Drawdown Largest peak-to-trough decline	-11.11%	-4.13%	-6.98%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.66%	—
Current Drawdown Current decline from peak	-11.11%	0.00%	-11.11%
Average Drawdown Average peak-to-trough decline	-9.26%	-0.08%	-9.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.13%	—

Volatility

Volatility by Period

	DEF	CLOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.38%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.94%	—
Volatility (1Y) Calculated over the trailing 1-year period	66.96%	1.29%	+65.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	66.96%	3.30%	+63.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.96%	3.30%	+63.66%

DEF vs. CLOX - Expense Ratio Comparison

DEF has a 0.53% expense ratio, which is higher than CLOX's 0.20% expense ratio.

Dividends

DEF vs. CLOX - Dividend Comparison

DEF has not paid dividends to shareholders, while CLOX's dividend yield for the trailing twelve months is around 4.96%.

Position	TTM	2025	2024	2023
CLOX Panagram AAA CLO ETF	4.96%	5.18%	6.25%	2.90%
DEF Invesco Defensive Equity ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DEF and CLOX in my portfolio?

DEF and CLOX have a correlation of -0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DEF or CLOX?

On fees, CLOX is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DEF or CLOX?

CLOX is cheaper with a 0.20% expense ratio, compared with 0.53% for DEF.

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

CLOX has the higher dividend yield at 4.96%, compared with 0.00% for DEF.

What is the main difference between DEF and CLOX?

DEF is categorized as Large Cap Growth Equities, while CLOX is CLO. They also come from different issuers: Invesco and Panagram. Their fees differ too: 0.53% for DEF and 0.20% for CLOX.