FCLO vs. ICLO

Last updated Jun 5, 2026

FCLO (Fidelity CLO ETF) and ICLO (Invesco Aaa CLO Floating Rate Note ETF) are both CLO funds. Both are actively managed. At a correlation of -0.03, they often move in opposite directions. FCLO charges 0.45%/yr vs 0.26%/yr for ICLO.

Performance

FCLO vs. ICLO - Performance Comparison

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

Returns By Period

FCLO

• 1D: 0.02%
• 1M: 0.49%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ICLO

• 1D: 0.06%
• 1M: 0.47%
• YTD: 2.17%
• 6M: 2.56%
• 1Y: 5.69%
• 3Y*: 6.74%
• 5Y*: —
• 10Y*: —

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

FCLO vs. ICLO - Yearly Performance Comparison

	2026 (YTD)
FCLO Fidelity CLO ETF	1.72%
ICLO Invesco Aaa CLO Floating Rate Note ETF	1.46%

Correlation

The correlation between FCLO and ICLO is -0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 13, 2026	-0.03

Return for Risk

FCLO vs. ICLO — Risk / Return Rank

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

ICLO

ICLO Risk / Return Rank: 98
ICLO Sharpe Ratio Rank: 96
ICLO Sortino Ratio Rank: 98
ICLO Omega Ratio Rank: 98
ICLO Calmar Ratio Rank: 98
ICLO Martin Ratio Rank: 98

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.

FCLO vs. ICLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity CLO ETF (FCLO) and Invesco Aaa CLO Floating Rate Note ETF (ICLO). 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	ICLO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	4.19	—
Sharpe Ratio (All Time) Calculated using the full available price history	3.98	2.84	+1.14

Drawdowns

FCLO vs. ICLO - Drawdown Comparison

The maximum FCLO drawdown since its inception was -0.58%, smaller than the maximum ICLO drawdown of -3.47%. Use the drawdown chart below to compare losses from any high point for FCLO and ICLO.

Drawdown Indicators

	FCLO	ICLO	Difference
Max Drawdown Largest peak-to-trough decline	-0.58%	-3.47%	+2.89%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.35%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-3.47%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.09%	-0.06%	-0.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.08%	—

Volatility

Volatility by Period

	FCLO	ICLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.31%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.78%	—
Volatility (1Y) Calculated over the trailing 1-year period	1.45%	1.36%	+0.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.45%	2.42%	-0.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.45%	2.42%	-0.97%

FCLO vs. ICLO - Expense Ratio Comparison

FCLO has a 0.45% expense ratio, which is higher than ICLO's 0.26% expense ratio.

Dividends

FCLO vs. ICLO - Dividend Comparison

FCLO's dividend yield for the trailing twelve months is around 1.56%, less than ICLO's 5.11% yield.

Position	TTM	2025	2024	2023
FCLO Fidelity CLO ETF	1.56%	0.00%	0.00%	0.00%
ICLO Invesco Aaa CLO Floating Rate Note ETF	5.11%	5.49%	6.51%	7.01%

Frequently Asked Questions

Can I hold both FCLO and ICLO in my portfolio?

FCLO and ICLO have a correlation of -0.03, 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 ICLO?

On fees, ICLO is cheaper at 0.26% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FCLO or ICLO?

ICLO is cheaper with a 0.26% expense ratio, compared with 0.45% for FCLO.

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

ICLO has the higher dividend yield at 5.11%, compared with 1.56% for FCLO.

What is the main difference between FCLO and ICLO?

They also come from different issuers: Fidelity and Invesco. Their fees differ too: 0.45% for FCLO and 0.26% for ICLO.