FCLO vs. FAAA

Last updated Apr 1, 2026

Compare and contrast key facts about Fidelity CLO ETF (FCLO) and Fidelity AAA CLO ETF (FAAA).

FCLO and FAAA are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FCLO is an actively managed fund by Fidelity. It was launched on Feb 10, 2026. FAAA is an actively managed fund by Fidelity. It was launched on Feb 10, 2026.

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.

FCLO vs. FAAA - Yearly Performance Comparison

	2026 (YTD)
FCLO Fidelity CLO ETF	0.06%
FAAA Fidelity AAA CLO ETF	0.31%

Returns By Period

FCLO

• 1D: -0.02%
• 1M: 0.21%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

FAAA

• 1D: 0.04%
• 1M: 0.06%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FCLO vs. FAAA - Expense Ratio Comparison

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

FCLO

Fidelity CLO ETF

FAAA

Fidelity AAA CLO ETF

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.

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

Sharpe Ratios by Period

	FCLO	FAAA	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	1.93	-1.62

Correlation

The correlation between FCLO and FAAA is 0.13, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

FCLO vs. FAAA - Dividend Comparison

FCLO's dividend yield for the trailing twelve months is around 0.54%, less than FAAA's 0.62% yield.

	TTM
FCLO Fidelity CLO ETF	0.54%
FAAA Fidelity AAA CLO ETF	0.62%

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	-0.09%	0.00%	-0.09%
Average Drawdown Average peak-to-trough decline	-0.20%	-0.17%	-0.03%

Volatility

Volatility by Period

	FCLO	FAAA	Difference
Volatility (1Y) Calculated over the trailing 1-year period	1.62%	1.29%	+0.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.62%	1.29%	+0.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.62%	1.29%	+0.33%