FFLC vs. CLOZ

Last updated Jun 9, 2026

FFLC (Fidelity Fundamental Large Cap Core ETF) and CLOZ (Panagram BBB-B CLO ETF) are both exchange-traded funds - FFLC is a Large Cap Blend Equities fund actively managed by Fidelity, while CLOZ is a CLO fund actively managed by Panagram. Both are actively managed. Over the past 3 years, FFLC returned 22.38%/yr vs 10.45%/yr for CLOZ. At a 0.19 correlation, their price movements are largely independent. FFLC charges 0.38%/yr vs 0.50%/yr for CLOZ.

Performance

FFLC vs. CLOZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Fundamental Large Cap Core ETF (FFLC) and Panagram BBB-B CLO ETF (CLOZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FFLC achieves a 8.51% return, which is significantly higher than CLOZ's 2.44% return.

FFLC

• 1D: 0.33%
• 1M: -0.24%
• YTD: 8.51%
• 6M: 9.11%
• 1Y: 23.62%
• 3Y*: 22.38%
• 5Y*: 15.52%
• 10Y*: —

CLOZ

• 1D: 0.04%
• 1M: 0.39%
• YTD: 2.44%
• 6M: 2.91%
• 1Y: 6.07%
• 3Y*: 10.45%
• 5Y*: —
• 10Y*: —

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

FFLC vs. CLOZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FFLC Fidelity Fundamental Large Cap Core ETF	8.51%	17.67%	27.89%	19.62%
CLOZ Panagram BBB-B CLO ETF	2.44%	5.99%	11.85%	14.92%

Correlation

The correlation between FFLC and CLOZ is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.20
Correlation (All Time) Calculated using the full available price history since Jan 25, 2023	0.19

The correlation between FFLC and CLOZ shifts across timeframes, from 0.19 (all time) to 0.33 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FFLC vs. CLOZ — Risk / Return Rank

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

FFLC

FFLC Risk / Return Rank: 59
FFLC Sharpe Ratio Rank: 60
FFLC Sortino Ratio Rank: 58
FFLC Omega Ratio Rank: 59
FFLC Calmar Ratio Rank: 53
FFLC Martin Ratio Rank: 64

CLOZ

CLOZ Risk / Return Rank: 53
CLOZ Sharpe Ratio Rank: 58
CLOZ Sortino Ratio Rank: 51
CLOZ Omega Ratio Rank: 83
CLOZ Calmar Ratio Rank: 35
CLOZ Martin Ratio Rank: 36

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.

FFLC vs. CLOZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Fundamental Large Cap Core ETF (FFLC) and Panagram BBB-B CLO ETF (CLOZ). 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.

	FFLC	CLOZ	Difference
Sharpe ratio: Return per unit of total volatility	1.81	1.77	+0.04
Sortino ratio: Return per unit of downside risk	2.47	2.26	+0.21
Omega ratio: Gain probability vs. loss probability	1.33	1.45	-0.12
Calmar ratio: Return relative to maximum drawdown	2.38	1.56	+0.82
Martin ratio: Return relative to average drawdown	10.72	5.19	+5.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FFLC vs. CLOZ - Sharpe Ratio Comparison

The current FFLC Sharpe Ratio is 1.81, which is comparable to the CLOZ Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of FFLC and CLOZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FFLC	CLOZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.81	1.77	+0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.92	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.15	2.75	-1.60

Drawdowns

FFLC vs. CLOZ - Drawdown Comparison

The maximum FFLC drawdown since its inception was -19.72%, which is greater than CLOZ's maximum drawdown of -5.32%. Use the drawdown chart below to compare losses from any high point for FFLC and CLOZ.

Drawdown Indicators

	FFLC	CLOZ	Difference
Max Drawdown Largest peak-to-trough decline	-19.72%	-5.32%	-14.40%
Max Drawdown (1Y) Largest decline over 1 year	-9.98%	-3.90%	-6.08%
Max Drawdown (3Y) Largest decline over 3 years	-19.72%	-5.32%	-14.40%
Max Drawdown (5Y) Largest decline over 5 years	-19.72%	—	—
Current Drawdown Current decline from peak	-2.38%	-0.21%	-2.17%
Average Drawdown Average peak-to-trough decline	-2.99%	-0.38%	-2.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.21%	1.17%	+1.04%

Volatility

FFLC vs. CLOZ - Volatility Comparison

Fidelity Fundamental Large Cap Core ETF (FFLC) has a higher volatility of 3.95% compared to Panagram BBB-B CLO ETF (CLOZ) at 0.47%. This indicates that FFLC's price experiences larger fluctuations and is considered to be riskier than CLOZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FFLC	CLOZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.95%	0.47%	+3.48%
Volatility (6M) Calculated over the trailing 6-month period	10.15%	3.13%	+7.02%
Volatility (1Y) Calculated over the trailing 1-year period	13.11%	3.44%	+9.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.97%	3.80%	+13.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.67%	3.80%	+13.87%

FFLC vs. CLOZ - Expense Ratio Comparison

FFLC has a 0.38% expense ratio, which is lower than CLOZ's 0.50% expense ratio.

Dividends

FFLC vs. CLOZ - Dividend Comparison

FFLC's dividend yield for the trailing twelve months is around 1.01%, less than CLOZ's 7.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
CLOZ Panagram BBB-B CLO ETF	7.40%	7.63%	9.09%	8.81%	0.00%	0.00%	0.00%
FFLC Fidelity Fundamental Large Cap Core ETF	1.01%	1.10%	0.82%	0.57%	1.67%	1.68%	0.89%

Frequently Asked Questions

Can I hold both FFLC and CLOZ in my portfolio?

FFLC and CLOZ have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FFLC or CLOZ?

FFLC has higher volatility (3.95%) compared to CLOZ (0.47%). In terms of maximum drawdown, FFLC dropped -19.72% vs CLOZ's -5.32%.

Which ETF is better, FFLC or CLOZ?

On 3-year performance, FFLC leads with 22.38% vs 10.45% for CLOZ. On fees, FFLC is cheaper at 0.38% per year. On volatility, CLOZ has been the lower-risk option at 0.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FFLC or CLOZ?

Over the 3-year period, FFLC has performed better with a 22.38% return vs 10.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FFLC or CLOZ?

FFLC is cheaper with a 0.38% expense ratio, compared with 0.50% for CLOZ.

Which ETF pays a higher dividend yield, FFLC or CLOZ?

CLOZ has the higher dividend yield at 7.40%, compared with 1.01% for FFLC.

What is the main difference between FFLC and CLOZ?

FFLC is categorized as Large Cap Blend Equities, while CLOZ is CLO. They also come from different issuers: Fidelity and Panagram. Their fees differ too: 0.38% for FFLC and 0.50% for CLOZ.

Which has better risk-adjusted returns?

FFLC currently has the higher Sharpe Ratio (1.81 vs 1.77), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.