FCLO vs. PSCE

Last updated Jun 4, 2026

FCLO (Fidelity CLO ETF) and PSCE (Invesco S&P SmallCap Energy ETF) are both exchange-traded funds - FCLO is a CLO fund actively managed by Fidelity, while PSCE is a Energy Equities fund tracking the S&P SmallCap 600 Energy Index. FCLO is actively managed, while PSCE is passively managed. At a correlation of -0.16, they often move in opposite directions. FCLO charges 0.45%/yr vs 0.29%/yr for PSCE.

Performance

FCLO vs. PSCE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity CLO ETF (FCLO) and Invesco S&P SmallCap Energy ETF (PSCE). 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*: —

PSCE

• 1D: 0.29%
• 1M: -4.35%
• YTD: 42.33%
• 6M: 34.80%
• 1Y: 61.94%
• 3Y*: 12.72%
• 5Y*: 10.77%
• 10Y*: -1.45%

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

FCLO vs. PSCE - Yearly Performance Comparison

	2026 (YTD)
FCLO Fidelity CLO ETF	1.70%
PSCE Invesco S&P SmallCap Energy ETF	17.06%

Correlation

The correlation between FCLO and PSCE is -0.16, 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	-0.16

Return for Risk

FCLO vs. PSCE — Risk / Return Rank

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

PSCE

PSCE Risk / Return Rank: 73
PSCE Sharpe Ratio Rank: 70
PSCE Sortino Ratio Rank: 62
PSCE Omega Ratio Rank: 58
PSCE Calmar Ratio Rank: 93
PSCE Martin Ratio Rank: 82

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. PSCE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity CLO ETF (FCLO) and Invesco S&P SmallCap Energy ETF (PSCE). 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	PSCE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.32	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.29	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.03	—
Sharpe Ratio (All Time) Calculated using the full available price history	3.96	-0.09	+4.05

Drawdowns

FCLO vs. PSCE - Drawdown Comparison

The maximum FCLO drawdown since its inception was -0.58%, smaller than the maximum PSCE drawdown of -96.21%. Use the drawdown chart below to compare losses from any high point for FCLO and PSCE.

Drawdown Indicators

	FCLO	PSCE	Difference
Max Drawdown Largest peak-to-trough decline	-0.58%	-96.21%	+95.63%
Max Drawdown (1Y) Largest decline over 1 year	—	-9.41%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-44.57%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-45.42%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-90.70%	—
Current Drawdown Current decline from peak	0.00%	-74.71%	+74.71%
Average Drawdown Average peak-to-trough decline	-0.09%	-58.83%	+58.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.74%	—

Volatility

Volatility by Period

	FCLO	PSCE	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	7.96%	—
Volatility (6M) Calculated over the trailing 6-month period	—	18.54%	—
Volatility (1Y) Calculated over the trailing 1-year period	1.46%	27.01%	-25.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.46%	37.44%	-35.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.46%	43.26%	-41.80%

FCLO vs. PSCE - Expense Ratio Comparison

FCLO has a 0.45% expense ratio, which is higher than PSCE's 0.29% expense ratio.

Dividends

FCLO vs. PSCE - Dividend Comparison

FCLO's dividend yield for the trailing twelve months is around 1.56%, less than PSCE's 1.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCLO Fidelity CLO ETF	1.56%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PSCE Invesco S&P SmallCap Energy ETF	1.84%	2.39%	1.70%	2.57%	1.70%	0.46%	0.87%	0.14%	0.22%	0.04%	0.22%	0.82%

Frequently Asked Questions

Can I hold both FCLO and PSCE in my portfolio?

FCLO and PSCE have a correlation of -0.16, 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 PSCE?

On fees, PSCE is cheaper at 0.29% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FCLO or PSCE?

PSCE is cheaper with a 0.29% expense ratio, compared with 0.45% for FCLO.

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

PSCE has the higher dividend yield at 1.84%, compared with 1.56% for FCLO.

What is the main difference between FCLO and PSCE?

FCLO is categorized as CLO, while PSCE is Energy Equities. They also come from different issuers: Fidelity and Invesco. Their fees differ too: 0.45% for FCLO and 0.29% for PSCE.