FAAA vs. ICLU.L

Last updated Jun 4, 2026

FAAA (Fidelity AAA CLO ETF) and ICLU.L (Invesco USD AAA CLO UCITS ETF Acc) are both CLO funds. Both are actively managed. At a 0.16 correlation, their price movements are largely independent. FAAA charges 0.20%/yr vs 0.25%/yr for ICLU.L.

Performance

FAAA vs. ICLU.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity AAA CLO ETF (FAAA) and Invesco USD AAA CLO UCITS ETF Acc (ICLU.L). 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*: —

ICLU.L

• 1D: 0.00%
• 1M: 0.47%
• YTD: 2.17%
• 6M: 2.52%
• 1Y: 5.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FAAA vs. ICLU.L - Yearly Performance Comparison

	2026 (YTD)
FAAA Fidelity AAA CLO ETF	1.50%
ICLU.L Invesco USD AAA CLO UCITS ETF Acc	1.33%

Correlation

The correlation between FAAA and ICLU.L is 0.16, 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	0.16

Return for Risk

FAAA vs. ICLU.L — Risk / Return Rank

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

ICLU.L

ICLU.L Risk / Return Rank: 97
ICLU.L Sharpe Ratio Rank: 96
ICLU.L Sortino Ratio Rank: 97
ICLU.L Omega Ratio Rank: 98
ICLU.L Calmar Ratio Rank: 95
ICLU.L Martin Ratio Rank: 96

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. ICLU.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity AAA CLO ETF (FAAA) and Invesco USD AAA CLO UCITS ETF Acc (ICLU.L). 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	ICLU.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	4.22	—
Sharpe Ratio (All Time) Calculated using the full available price history	5.41	3.37	+2.05

Drawdowns

FAAA vs. ICLU.L - Drawdown Comparison

The maximum FAAA drawdown since its inception was -0.55%, smaller than the maximum ICLU.L drawdown of -0.91%. Use the drawdown chart below to compare losses from any high point for FAAA and ICLU.L.

Drawdown Indicators

	FAAA	ICLU.L	Difference
Max Drawdown Largest peak-to-trough decline	-0.55%	-0.91%	+0.36%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.63%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.07%	-0.08%	+0.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.13%	—

Volatility

Volatility by Period

	FAAA	ICLU.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.19%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.82%	—
Volatility (1Y) Calculated over the trailing 1-year period	0.94%	1.26%	-0.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.94%	1.46%	-0.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.94%	1.46%	-0.52%

FAAA vs. ICLU.L - Expense Ratio Comparison

FAAA has a 0.20% expense ratio, which is lower than ICLU.L'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. ICLU.L - Dividend Comparison

FAAA's dividend yield for the trailing twelve months is around 1.32%, while ICLU.L has not paid dividends to shareholders.

Position	TTM
FAAA Fidelity AAA CLO ETF	1.32%
ICLU.L Invesco USD AAA CLO UCITS ETF Acc	0.00%

Frequently Asked Questions

Can I hold both FAAA and ICLU.L in my portfolio?

FAAA and ICLU.L have a correlation of 0.16, 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 ICLU.L?

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 ICLU.L?

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

What is the main difference between FAAA and ICLU.L?

They also come from different issuers: Fidelity and Invesco. Their fees differ too: 0.20% for FAAA and 0.25% for ICLU.L.