FCLO vs. KEAT

Last updated Jun 4, 2026

FCLO (Fidelity CLO ETF) and KEAT (Keating Active ETF) are both exchange-traded funds - FCLO is a CLO fund actively managed by Fidelity, while KEAT is a Global Allocation fund actively managed by Keating. Both are actively managed. At a correlation of -0.14, they often move in opposite directions. FCLO charges 0.45%/yr vs 0.85%/yr for KEAT.

Performance

FCLO vs. KEAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity CLO ETF (FCLO) and Keating Active ETF (KEAT). 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*: —

KEAT

• 1D: -0.72%
• 1M: -1.47%
• YTD: 9.05%
• 6M: 9.91%
• 1Y: 24.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FCLO vs. KEAT - Yearly Performance Comparison

	2026 (YTD)
FCLO Fidelity CLO ETF	1.70%
KEAT Keating Active ETF	-1.38%

Correlation

The correlation between FCLO and KEAT is -0.14, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 13, 2026	-0.14

Return for Risk

FCLO vs. KEAT — Risk / Return Rank

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

KEAT

KEAT Risk / Return Rank: 73
KEAT Sharpe Ratio Rank: 75
KEAT Sortino Ratio Rank: 73
KEAT Omega Ratio Rank: 73
KEAT Calmar Ratio Rank: 80
KEAT Martin Ratio Rank: 63

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. KEAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity CLO ETF (FCLO) and Keating Active ETF (KEAT). 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	KEAT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.44	—
Sharpe Ratio (All Time) Calculated using the full available price history	3.96	1.52	+2.44

Drawdowns

FCLO vs. KEAT - Drawdown Comparison

The maximum FCLO drawdown since its inception was -0.58%, smaller than the maximum KEAT drawdown of -7.45%. Use the drawdown chart below to compare losses from any high point for FCLO and KEAT.

Drawdown Indicators

	FCLO	KEAT	Difference
Max Drawdown Largest peak-to-trough decline	-0.58%	-7.45%	+6.87%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.04%	—
Current Drawdown Current decline from peak	0.00%	-5.92%	+5.92%
Average Drawdown Average peak-to-trough decline	-0.09%	-1.57%	+1.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.20%	—

Volatility

Volatility by Period

	FCLO	KEAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.55%	—
Volatility (6M) Calculated over the trailing 6-month period	—	8.32%	—
Volatility (1Y) Calculated over the trailing 1-year period	1.46%	10.25%	-8.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.46%	10.27%	-8.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.46%	10.27%	-8.81%

FCLO vs. KEAT - Expense Ratio Comparison

FCLO has a 0.45% expense ratio, which is lower than KEAT's 0.85% expense ratio.

Dividends

FCLO vs. KEAT - Dividend Comparison

FCLO's dividend yield for the trailing twelve months is around 1.56%, less than KEAT's 2.25% yield.

Position	TTM	2025	2024
FCLO Fidelity CLO ETF	1.56%	0.00%	0.00%
KEAT Keating Active ETF	2.25%	2.48%	1.72%

Frequently Asked Questions

Can I hold both FCLO and KEAT in my portfolio?

FCLO and KEAT have a correlation of -0.14, 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 KEAT?

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 KEAT?

FCLO is cheaper with a 0.45% expense ratio, compared with 0.85% for KEAT.

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

KEAT has the higher dividend yield at 2.25%, compared with 1.56% for FCLO.

What is the main difference between FCLO and KEAT?

FCLO is categorized as CLO, while KEAT is Global Allocation. They also come from different issuers: Fidelity and Keating. Their fees differ too: 0.45% for FCLO and 0.85% for KEAT.