FAAA vs. FCLO

Last updated Aug 2, 2026

FAAA (Fidelity AAA CLO ETF) and FCLO (Fidelity CLO ETF) are both CLO funds from Fidelity. Both are actively managed. Their 0.18 correlation means their historical movements had little consistent relationship. FAAA charges 0.20%/yr vs 0.45%/yr for FCLO.

Performance

FAAA vs. FCLO - Performance Comparison

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

Returns By Period

FAAA

• 1D: 0.04%
• 1M: 0.41%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

FCLO

• 1D: 0.02%
• 1M: 0.48%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FAAA Fidelity AAA CLO ETF	$1.93M	$1.67M	$1.54M
FCLO Fidelity CLO ETF	$159.75K	$288.69K	$247.14K

FAAA vs. FCLO - Yearly Performance Comparison

	2026 (YTD)
FAAA Fidelity AAA CLO ETF	2.33%
FCLO Fidelity CLO ETF	2.69%

Correlation

The correlation between FAAA and FCLO is 0.18, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 12, 2026	0.18

Return for Risk

FAAA vs. FCLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity AAA CLO ETF (FAAA) and Fidelity CLO ETF (FCLO). 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. FCLO - Drawdown Comparison

The maximum FAAA drawdown since its inception was -0.55%, smaller than the maximum FCLO drawdown of -0.58%. Use the drawdown chart below to compare losses from any high point for FAAA and FCLO.

Drawdown Indicators

	FAAA	FCLO	Difference
Max Drawdown Largest peak-to-trough decline	-0.55%	-0.58%	+0.03%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.05%	-0.06%	+0.01%

Volatility

Volatility by Period

	FAAA	FCLO	Difference
Volatility (1Y) Calculated over the trailing 1-year period	0.80%	1.25%	-0.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.80%	1.25%	-0.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.80%	1.25%	-0.45%

FAAA vs. FCLO - Expense Ratio Comparison

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

Dividends

FAAA vs. FCLO - Dividend Comparison

FAAA's dividend yield for the trailing twelve months is around 2.03%, less than FCLO's 2.57% yield.

Position	TTM
FAAA Fidelity AAA CLO ETF	2.03%
FCLO Fidelity CLO ETF	2.57%

Frequently Asked Questions

Can I hold both FAAA and FCLO in my portfolio?

FAAA and FCLO have a correlation of 0.18, 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 FCLO?

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 FCLO?

FAAA is cheaper with a 0.20% expense ratio, compared with 0.45% for FCLO.

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

FCLO has the higher dividend yield at 2.57%, compared with 2.03% for FAAA.

What is the main difference between FAAA and FCLO?

Their fees differ too: 0.20% for FAAA and 0.45% for FCLO.