FCLO vs. FAAA

Last updated Aug 2, 2026

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

Performance

FCLO vs. FAAA - Performance Comparison

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

Returns By Period

FCLO

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

FAAA

• 1D: 0.04%
• 1M: 0.41%
• 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

FCLO vs. FAAA - Yearly Performance Comparison

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

Correlation

The correlation between FCLO and FAAA 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

FCLO vs. FAAA - Risk-Adjusted Trends Comparison

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

FCLO vs. FAAA - Drawdown Comparison

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

Drawdown Indicators

	FCLO	FAAA	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	-0.06%	-0.05%	-0.01%

Volatility

Volatility by Period

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

FCLO vs. FAAA - Expense Ratio Comparison

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

Dividends

FCLO vs. FAAA - Dividend Comparison

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

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

Frequently Asked Questions

Can I hold both FCLO and FAAA in my portfolio?

FCLO and FAAA 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, FCLO or FAAA?

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, FCLO or FAAA?

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

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

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

What is the main difference between FCLO and FAAA?

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