FAAA vs. BCLO

Last updated Apr 1, 2026

Compare and contrast key facts about Fidelity AAA CLO ETF (FAAA) and iShares BBB-B CLO Active ETF (BCLO).

FAAA and BCLO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FAAA is an actively managed fund by Fidelity. It was launched on Feb 10, 2026. BCLO is a passively managed fund by iShares that tracks the performance of the JP Morgan CLOIE High Quality Mezzanine Index. It was launched on Jan 29, 2025.

Performance

FAAA vs. BCLO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity AAA CLO ETF (FAAA) and iShares BBB-B CLO Active ETF (BCLO). The values are adjusted to include any dividend payments, if applicable.

FAAA vs. BCLO - Yearly Performance Comparison

	2026 (YTD)
FAAA Fidelity AAA CLO ETF	0.31%
BCLO iShares BBB-B CLO Active ETF	-0.92%

Returns By Period

FAAA

• 1D: 0.04%
• 1M: 0.06%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BCLO

• 1D: 0.00%
• 1M: 0.07%
• YTD: -0.18%
• 6M: 0.88%
• 1Y: 5.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FAAA vs. BCLO - Expense Ratio Comparison

FAAA has a 0.20% expense ratio, which is lower than BCLO's 0.45% expense ratio.

BCLO

iShares BBB-B CLO Active ETF

FAAA

Fidelity AAA CLO ETF

Return for Risk

FAAA vs. BCLO — Risk / Return Rank

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

BCLO

BCLO Risk / Return Rank: 66
BCLO Sharpe Ratio Rank: 65
BCLO Sortino Ratio Rank: 54
BCLO Omega Ratio Rank: 90
BCLO Calmar Ratio Rank: 51
BCLO Martin Ratio Rank: 67

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.

FAAA vs. BCLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity AAA CLO ETF (FAAA) and iShares BBB-B CLO Active ETF (BCLO). 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.

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

Sharpe Ratios by Period

	FAAA	BCLO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.15	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.93	0.98	+0.94

Correlation

The correlation between FAAA and BCLO is 0.25, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

FAAA vs. BCLO - Dividend Comparison

FAAA's dividend yield for the trailing twelve months is around 0.62%, less than BCLO's 6.92% yield.

	TTM	2025
FAAA Fidelity AAA CLO ETF	0.62%	0.00%
BCLO iShares BBB-B CLO Active ETF	6.92%	6.45%

Drawdowns

FAAA vs. BCLO - Drawdown Comparison

The maximum FAAA drawdown since its inception was -0.55%, smaller than the maximum BCLO drawdown of -4.45%. Use the drawdown chart below to compare losses from any high point for FAAA and BCLO.

Drawdown Indicators

	FAAA	BCLO	Difference
Max Drawdown Largest peak-to-trough decline	-0.55%	-4.45%	+3.90%
Max Drawdown (1Y) Largest decline over 1 year	—	-3.91%	—
Current Drawdown Current decline from peak	0.00%	-1.23%	+1.23%
Average Drawdown Average peak-to-trough decline	-0.17%	-0.43%	+0.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.76%	—

Volatility

Volatility by Period

	FAAA	BCLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.79%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.51%	—
Volatility (1Y) Calculated over the trailing 1-year period	1.29%	4.80%	-3.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.29%	4.58%	-3.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.29%	4.58%	-3.29%