FAAA vs. CLOC

Last updated Jun 4, 2026

FAAA (Fidelity AAA CLO ETF) and CLOC (AAM Crescent CLO ETF) are both CLO funds. Both are actively managed. At a 0.29 correlation, their price movements are largely independent. FAAA charges 0.20%/yr vs 0.49%/yr for CLOC.

Performance

FAAA vs. CLOC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity AAA CLO ETF (FAAA) and AAM Crescent CLO ETF (CLOC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

FAAA

• 1D: 0.02%
• 1M: 0.49%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CLOC

• 1D: 0.00%
• 1M: 0.62%
• YTD: 2.34%
• 6M: 2.78%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FAAA vs. CLOC - Yearly Performance Comparison

	2026 (YTD)
FAAA Fidelity AAA CLO ETF	1.50%
CLOC AAM Crescent CLO ETF	1.59%

Correlation

The correlation between FAAA and CLOC is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 13, 2026	0.29

Return for Risk

FAAA vs. CLOC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity AAA CLO ETF (FAAA) and AAM Crescent CLO ETF (CLOC). 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	CLOC	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	5.41	6.09	-0.68

Drawdowns

FAAA vs. CLOC - Drawdown Comparison

The maximum FAAA drawdown since its inception was -0.55%, roughly equal to the maximum CLOC drawdown of -0.54%. Use the drawdown chart below to compare losses from any high point for FAAA and CLOC.

Drawdown Indicators

	FAAA	CLOC	Difference
Max Drawdown Largest peak-to-trough decline	-0.55%	-0.54%	-0.01%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.07%	-0.07%	0.00%

Volatility

Volatility by Period

	FAAA	CLOC	Difference
Volatility (1Y) Calculated over the trailing 1-year period	0.94%	0.91%	+0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.94%	0.91%	+0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.94%	0.91%	+0.03%

FAAA vs. CLOC - Expense Ratio Comparison

FAAA has a 0.20% expense ratio, which is lower than CLOC's 0.49% expense ratio.

Dividends

FAAA vs. CLOC - Dividend Comparison

FAAA's dividend yield for the trailing twelve months is around 1.32%, less than CLOC's 3.67% yield.

Position	TTM	2025
CLOC AAM Crescent CLO ETF	3.67%	1.15%
FAAA Fidelity AAA CLO ETF	1.32%	0.00%

Frequently Asked Questions

Can I hold both FAAA and CLOC in my portfolio?

FAAA and CLOC have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FAAA or CLOC?

On fees, FAAA 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, FAAA or CLOC?

FAAA is cheaper with a 0.20% expense ratio, compared with 0.49% for CLOC.

Which ETF pays a higher dividend yield, FAAA or CLOC?

CLOC has the higher dividend yield at 3.67%, compared with 1.32% for FAAA.

What is the main difference between FAAA and CLOC?

They also come from different issuers: Fidelity and AAM. Their fees differ too: 0.20% for FAAA and 0.49% for CLOC.