EMIF vs. ACLO

Last updated Jun 23, 2026

EMIF (iShares Emerging Markets Infrastructure ETF) and ACLO (TCW AAA CLO ETF) are both exchange-traded funds - EMIF is a Emerging Markets Equities fund tracking the S&P Emerging Markets Infrastructure Index, while ACLO is a CLO fund actively managed by TCW. EMIF is passively managed, while ACLO is actively managed. Over the past year, EMIF returned 22.10% vs 5.31% for ACLO. At a correlation of -0.07, they often move in opposite directions. EMIF charges 0.75%/yr vs 0.20%/yr for ACLO.

Performance

EMIF vs. ACLO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Emerging Markets Infrastructure ETF (EMIF) and TCW AAA CLO ETF (ACLO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EMIF achieves a 1.64% return, which is significantly lower than ACLO's 2.41% return.

EMIF

• 1D: -0.02%
• 1M: -1.61%
• YTD: 1.64%
• 6M: 1.44%
• 1Y: 22.10%
• 3Y*: 11.82%
• 5Y*: 5.01%
• 10Y*: 2.46%

ACLO

• 1D: 0.00%
• 1M: 0.41%
• YTD: 2.41%
• 6M: 2.53%
• 1Y: 5.31%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EMIF vs. ACLO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EMIF iShares Emerging Markets Infrastructure ETF	1.64%	33.90%	-1.38%
ACLO TCW AAA CLO ETF	2.41%	5.32%	0.81%

Correlation

The correlation between EMIF and ACLO is -0.15, 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 (1Y) Calculated over the trailing 1-year period	-0.15
Correlation (All Time) Calculated using the full available price history since Nov 18, 2024	-0.07

Return for Risk

EMIF vs. ACLO — Risk / Return Rank

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

EMIF

EMIF Risk / Return Rank: 36
EMIF Sharpe Ratio Rank: 40
EMIF Sortino Ratio Rank: 40
EMIF Omega Ratio Rank: 40
EMIF Calmar Ratio Rank: 30
EMIF Martin Ratio Rank: 31

ACLO

ACLO Risk / Return Rank: 99
ACLO Sharpe Ratio Rank: 99
ACLO Sortino Ratio Rank: 99
ACLO Omega Ratio Rank: 99
ACLO Calmar Ratio Rank: 99
ACLO Martin Ratio Rank: 99

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.

EMIF vs. ACLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Emerging Markets Infrastructure ETF (EMIF) and TCW AAA CLO ETF (ACLO). 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.

	EMIF	ACLO	Difference
Sharpe ratio: Return per unit of total volatility	1.39	7.32	-5.93
Sortino ratio: Return per unit of downside risk	2.01	15.16	-13.14
Omega ratio: Gain probability vs. loss probability	1.26	3.44	-2.18
Calmar ratio: Return relative to maximum drawdown	1.43	19.90	-18.47
Martin ratio: Return relative to average drawdown	4.28	165.46	-161.18

EMIF vs. ACLO - Sharpe Ratio Comparison

The current EMIF Sharpe Ratio is 1.39, which is lower than the ACLO Sharpe Ratio of 7.32. The chart below compares the historical Sharpe Ratios of EMIF and ACLO, 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

EMIF vs. ACLO - Drawdown Comparison

The maximum EMIF drawdown since its inception was -48.02%, which is greater than ACLO's maximum drawdown of -1.01%. Use the drawdown chart below to compare losses from any high point for EMIF and ACLO.

Drawdown Indicators

	EMIF	ACLO	Difference
Max Drawdown Largest peak-to-trough decline	-48.02%	-1.01%	-47.01%
Max Drawdown (1Y) Largest decline over 1 year	-15.57%	-0.27%	-15.30%
Max Drawdown (3Y) Largest decline over 3 years	-16.70%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-23.29%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-48.02%	—	—
Current Drawdown Current decline from peak	-12.54%	0.00%	-12.54%
Average Drawdown Average peak-to-trough decline	-15.90%	-0.04%	-15.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.18%	0.03%	+5.15%

Volatility

EMIF vs. ACLO - Volatility Comparison

iShares Emerging Markets Infrastructure ETF (EMIF) has a higher volatility of 5.64% compared to TCW AAA CLO ETF (ACLO) at 0.19%. This indicates that EMIF's price experiences larger fluctuations and is considered to be riskier than ACLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMIF	ACLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.64%	0.19%	+5.45%
Volatility (6M) Calculated over the trailing 6-month period	13.47%	0.58%	+12.89%
Volatility (1Y) Calculated over the trailing 1-year period	16.03%	0.73%	+15.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.73%	1.07%	+18.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.62%	1.07%	+19.55%

EMIF vs. ACLO - Expense Ratio Comparison

EMIF has a 0.75% expense ratio, which is higher than ACLO's 0.20% expense ratio.

Dividends

EMIF vs. ACLO - Dividend Comparison

EMIF's dividend yield for the trailing twelve months is around 4.16%, less than ACLO's 4.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ACLO TCW AAA CLO ETF	4.90%	4.87%	0.59%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EMIF iShares Emerging Markets Infrastructure ETF	4.16%	4.96%	4.12%	2.64%	3.08%	3.94%	2.54%	2.07%	2.64%	2.58%	3.16%	2.07%

Frequently Asked Questions

Can I hold both EMIF and ACLO in my portfolio?

EMIF and ACLO have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EMIF or ACLO?

EMIF has higher volatility (5.64%) compared to ACLO (0.19%). In terms of maximum drawdown, EMIF dropped -48.02% vs ACLO's -1.01%.

Which ETF is better, EMIF or ACLO?

On 1-year performance, EMIF leads with 22.10% vs 5.31% for ACLO. On fees, ACLO is cheaper at 0.20% per year. On volatility, ACLO has been the lower-risk option at 0.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMIF or ACLO?

Over the 1-year period, EMIF has performed better with a 22.10% return vs 5.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMIF or ACLO?

ACLO is cheaper with a 0.20% expense ratio, compared with 0.75% for EMIF.

Which ETF pays a higher dividend yield, EMIF or ACLO?

ACLO has the higher dividend yield at 4.90%, compared with 4.16% for EMIF.

What is the main difference between EMIF and ACLO?

EMIF is categorized as Emerging Markets Equities, while ACLO is CLO. They also come from different issuers: iShares and TCW. Their fees differ too: 0.75% for EMIF and 0.20% for ACLO.

Which has better risk-adjusted returns?

ACLO currently has the higher Sharpe Ratio (7.32 vs 1.39), 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.