FCLO vs. IWML

Last updated Jul 17, 2026

FCLO (Fidelity CLO ETF) and IWML (ETRACS 2x Leveraged US Size Factor TR ETN) are both exchange-traded funds - FCLO is a CLO fund actively managed by Fidelity, while IWML is a Leveraged Equities fund tracking the Russell 2000 Index. FCLO is actively managed, while IWML is passively managed. At a correlation of -0.10, they often move in opposite directions. FCLO charges 0.45%/yr vs 0.95%/yr for IWML.

Performance

FCLO vs. IWML - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity CLO ETF (FCLO) and ETRACS 2x Leveraged US Size Factor TR ETN (IWML). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

FCLO

• 1D: -0.10%
• 1M: 0.38%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

IWML

• 1D: -0.56%
• 1M: 1.63%
• 6M: 19.40%
• YTD: 38.17%
• 1Y: 68.40%
• 3Y*: 21.70%
• 5Y*: 6.11%
• 10Y*: —

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

FCLO vs. IWML - Yearly Performance Comparison

	2026 (YTD)
FCLO Fidelity CLO ETF	2.24%
IWML ETRACS 2x Leveraged US Size Factor TR ETN	18.97%

Correlation

The correlation between FCLO and IWML is -0.10, 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 12, 2026	-0.10

Return for Risk

FCLO vs. IWML — Risk / Return Rank

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

FCLO

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

IWML

IWML Risk / Return Rank: 67
IWML Sharpe Ratio Rank: 66
IWML Sortino Ratio Rank: 65
IWML Omega Ratio Rank: 58
IWML Calmar Ratio Rank: 74
IWML Martin Ratio Rank: 73

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. IWML - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity CLO ETF (FCLO) and ETRACS 2x Leveraged US Size Factor TR ETN (IWML). 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.

	FCLO	IWML	Difference
Sharpe ratio: Return per unit of total volatility	—	1.72	—
Sortino ratio: Return per unit of downside risk	—	2.39	—
Omega ratio: Gain probability vs. loss probability	—	1.29	—
Calmar ratio: Return relative to maximum drawdown	—	3.02	—
Martin ratio: Return relative to average drawdown	—	10.53	—

Drawdowns

FCLO vs. IWML - Drawdown Comparison

The maximum FCLO drawdown since its inception was -0.58%, smaller than the maximum IWML drawdown of -60.06%. Use the drawdown chart below to compare losses from any high point for FCLO and IWML.

Drawdown Indicators

	FCLO	IWML	Difference
Max Drawdown Largest peak-to-trough decline	-0.58%	-60.06%	+59.48%
Max Drawdown (1Y) Largest decline over 1 year	—	-22.75%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-51.82%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-60.06%	—
Current Drawdown Current decline from peak	-0.11%	-2.90%	+2.79%
Average Drawdown Average peak-to-trough decline	-0.07%	-31.25%	+31.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	6.52%	—

Volatility

Volatility by Period

	FCLO	IWML	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	12.70%	—
Volatility (6M) Calculated over the trailing 6-month period	—	30.04%	—
Volatility (1Y) Calculated over the trailing 1-year period	1.29%	39.98%	-38.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.29%	46.31%	-45.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.29%	46.14%	-44.85%

FCLO vs. IWML - Expense Ratio Comparison

FCLO has a 0.45% expense ratio, which is lower than IWML's 0.95% expense ratio.

Dividends

FCLO vs. IWML - Dividend Comparison

FCLO's dividend yield for the trailing twelve months is around 2.04%, while IWML has not paid dividends to shareholders.

Position	TTM
FCLO Fidelity CLO ETF	2.04%
IWML ETRACS 2x Leveraged US Size Factor TR ETN	0.00%

Frequently Asked Questions

Can I hold both FCLO and IWML in my portfolio?

FCLO and IWML have a correlation of -0.10, 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 IWML?

On fees, FCLO is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FCLO or IWML?

FCLO is cheaper with a 0.45% expense ratio, compared with 0.95% for IWML.

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

FCLO has the higher dividend yield at 2.04%, compared with 0.00% for IWML.

What is the main difference between FCLO and IWML?

FCLO is categorized as CLO, while IWML is Leveraged Equities. They also come from different issuers: Fidelity and UBS. Their fees differ too: 0.45% for FCLO and 0.95% for IWML.