FCLO vs. AAAC

Last updated Jun 4, 2026

FCLO (Fidelity CLO ETF) and AAAC (Columbia AAA CLO ETF) are both CLO funds. Both are actively managed. At a 0.23 correlation, their price movements are largely independent. FCLO charges 0.45%/yr vs 0.20%/yr for AAAC.

Performance

FCLO vs. AAAC - Performance Comparison

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

Returns By Period

FCLO

• 1D: 0.02%
• 1M: 0.50%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

AAAC

• 1D: 0.00%
• 1M: 0.35%
• YTD: 2.06%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FCLO vs. AAAC - Yearly Performance Comparison

	2026 (YTD)
FCLO Fidelity CLO ETF	1.70%
AAAC Columbia AAA CLO ETF	1.26%

Correlation

The correlation between FCLO and AAAC is 0.23, 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	0.23

Return for Risk

FCLO vs. AAAC - Risk-Adjusted Trends Comparison

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

	FCLO	AAAC	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	3.96	5.56	-1.60

Drawdowns

FCLO vs. AAAC - Drawdown Comparison

The maximum FCLO drawdown since its inception was -0.58%, which is greater than AAAC's maximum drawdown of -0.55%. Use the drawdown chart below to compare losses from any high point for FCLO and AAAC.

Drawdown Indicators

	FCLO	AAAC	Difference
Max Drawdown Largest peak-to-trough decline	-0.58%	-0.55%	-0.03%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.09%	-0.04%	-0.05%

Volatility

Volatility by Period

	FCLO	AAAC	Difference
Volatility (1Y) Calculated over the trailing 1-year period	1.46%	0.89%	+0.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.46%	0.89%	+0.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.46%	0.89%	+0.57%

FCLO vs. AAAC - Expense Ratio Comparison

FCLO has a 0.45% expense ratio, which is higher than AAAC's 0.20% expense ratio.

Dividends

FCLO vs. AAAC - Dividend Comparison

FCLO's dividend yield for the trailing twelve months is around 1.56%, less than AAAC's 2.27% yield.

Position	TTM	2025
AAAC Columbia AAA CLO ETF	2.27%	0.03%
FCLO Fidelity CLO ETF	1.56%	0.00%

Frequently Asked Questions

Can I hold both FCLO and AAAC in my portfolio?

FCLO and AAAC have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FCLO or AAAC?

On fees, AAAC 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, FCLO or AAAC?

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

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

AAAC has the higher dividend yield at 2.27%, compared with 1.56% for FCLO.

What is the main difference between FCLO and AAAC?

They also come from different issuers: Fidelity and Columbia Threadneedle. Their fees differ too: 0.45% for FCLO and 0.20% for AAAC.