FAAA vs. CLOO

Last updated Jul 17, 2026

FAAA (Fidelity AAA CLO ETF) and CLOO (NYLI Investment Grade CLO ETF) are both CLO funds. Both are actively managed. At a 0.47 correlation, their price movements are largely independent. FAAA charges 0.20%/yr vs 0.25%/yr for CLOO.

Performance

FAAA vs. CLOO - Performance Comparison

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

Returns By Period

FAAA

• 1D: 0.10%
• 1M: 0.54%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CLOO

• 1D: 0.00%
• 1M: 0.44%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FAAA vs. CLOO - Yearly Performance Comparison

	2026 (YTD)
FAAA Fidelity AAA CLO ETF	1.09%
CLOO NYLI Investment Grade CLO ETF	1.10%

Correlation

The correlation between FAAA and CLOO is 0.47, 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 May 6, 2026	0.47

Return for Risk

FAAA vs. CLOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity AAA CLO ETF (FAAA) and NYLI Investment Grade CLO ETF (CLOO). 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.

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

Drawdowns

FAAA vs. CLOO - Drawdown Comparison

The maximum FAAA drawdown since its inception was -0.55%, which is greater than CLOO's maximum drawdown of -0.04%. Use the drawdown chart below to compare losses from any high point for FAAA and CLOO.

Drawdown Indicators

	FAAA	CLOO	Difference
Max Drawdown Largest peak-to-trough decline	-0.55%	-0.04%	-0.51%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.06%	-0.00%	-0.06%

Volatility

Volatility by Period

	FAAA	CLOO	Difference
Volatility (1Y) Calculated over the trailing 1-year period	0.84%	0.48%	+0.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.84%	0.48%	+0.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.84%	0.48%	+0.36%

FAAA vs. CLOO - Expense Ratio Comparison

FAAA has a 0.20% expense ratio, which is lower than CLOO's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FAAA vs. CLOO - Dividend Comparison

FAAA's dividend yield for the trailing twelve months is around 1.67%, more than CLOO's 0.59% yield.

Position	TTM
CLOO NYLI Investment Grade CLO ETF	0.59%
FAAA Fidelity AAA CLO ETF	1.67%

Frequently Asked Questions

Can I hold both FAAA and CLOO in my portfolio?

FAAA and CLOO have a correlation of 0.47, 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 CLOO?

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 CLOO?

FAAA is cheaper with a 0.20% expense ratio, compared with 0.25% for CLOO.

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

FAAA has the higher dividend yield at 1.67%, compared with 0.59% for CLOO.

What is the main difference between FAAA and CLOO?

They also come from different issuers: Fidelity and New York Life Investment Management. Their fees differ too: 0.20% for FAAA and 0.25% for CLOO.