FLDZ vs. CLOZ

Last updated Jun 20, 2026

FLDZ (RiverNorth Patriot ETF) and CLOZ (Panagram BBB-B CLO ETF) are both exchange-traded funds - FLDZ is a Mid Cap Blend Equities fund actively managed by RiverNorth, while CLOZ is a CLO fund actively managed by Panagram. Both are actively managed. Over the past 3 years, FLDZ returned 12.67%/yr vs 10.06%/yr for CLOZ. At a 0.21 correlation, their price movements are largely independent. FLDZ charges 0.77%/yr vs 0.50%/yr for CLOZ.

Performance

FLDZ vs. CLOZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in RiverNorth Patriot ETF (FLDZ) 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, FLDZ achieves a 5.58% return, which is significantly higher than CLOZ's 2.26% return.

FLDZ

• 1D: 0.67%
• 1M: 1.21%
• YTD: 5.58%
• 6M: 4.66%
• 1Y: 9.64%
• 3Y*: 12.67%
• 5Y*: —
• 10Y*: —

CLOZ

• 1D: 0.25%
• 1M: -0.12%
• YTD: 2.26%
• 6M: 2.58%
• 1Y: 5.69%
• 3Y*: 10.06%
• 5Y*: —
• 10Y*: —

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

FLDZ vs. CLOZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FLDZ RiverNorth Patriot ETF	5.58%	6.66%	15.99%	7.57%
CLOZ Panagram BBB-B CLO ETF	2.26%	5.99%	11.85%	14.99%

Correlation

The correlation between FLDZ 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	0.23
Correlation (All Time) Calculated using the full available price history since Jan 24, 2023	0.21

The correlation between FLDZ and CLOZ shifts across timeframes, from 0.21 (all time) to 0.33 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FLDZ vs. CLOZ — Risk / Return Rank

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

FLDZ

FLDZ Risk / Return Rank: 27
FLDZ Sharpe Ratio Rank: 25
FLDZ Sortino Ratio Rank: 24
FLDZ Omega Ratio Rank: 22
FLDZ Calmar Ratio Rank: 32
FLDZ Martin Ratio Rank: 32

CLOZ

CLOZ Risk / Return Rank: 46
CLOZ Sharpe Ratio Rank: 50
CLOZ Sortino Ratio Rank: 43
CLOZ Omega Ratio Rank: 74
CLOZ Calmar Ratio Rank: 30
CLOZ Martin Ratio Rank: 34

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.

FLDZ vs. CLOZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for RiverNorth Patriot ETF (FLDZ) 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.

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.

	FLDZ	CLOZ	Difference
Sharpe ratio: Return per unit of total volatility	0.85	1.65	-0.80
Sortino ratio: Return per unit of downside risk	1.28	2.11	-0.83
Omega ratio: Gain probability vs. loss probability	1.15	1.41	-0.26
Calmar ratio: Return relative to maximum drawdown	1.55	1.46	+0.09
Martin ratio: Return relative to average drawdown	4.69	4.85	-0.16

FLDZ vs. CLOZ - Sharpe Ratio Comparison

The current FLDZ Sharpe Ratio is 0.85, which is lower than the CLOZ Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of FLDZ 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.

Drawdowns

FLDZ vs. CLOZ - Drawdown Comparison

The maximum FLDZ drawdown since its inception was -19.54%, which is greater than CLOZ's maximum drawdown of -5.32%. Use the drawdown chart below to compare losses from any high point for FLDZ and CLOZ.

Drawdown Indicators

	FLDZ	CLOZ	Difference
Max Drawdown Largest peak-to-trough decline	-19.54%	-5.32%	-14.22%
Max Drawdown (1Y) Largest decline over 1 year	-6.25%	-3.90%	-2.35%
Max Drawdown (3Y) Largest decline over 3 years	-17.43%	-5.32%	-12.11%
Current Drawdown Current decline from peak	-1.34%	-0.38%	-0.96%
Average Drawdown Average peak-to-trough decline	-5.93%	-0.38%	-5.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.06%	1.17%	+0.89%

Volatility

FLDZ vs. CLOZ - Volatility Comparison

RiverNorth Patriot ETF (FLDZ) has a higher volatility of 2.95% compared to Panagram BBB-B CLO ETF (CLOZ) at 0.67%. This indicates that FLDZ'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

	FLDZ	CLOZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.95%	0.67%	+2.28%
Volatility (6M) Calculated over the trailing 6-month period	7.85%	3.17%	+4.68%
Volatility (1Y) Calculated over the trailing 1-year period	11.43%	3.47%	+7.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.87%	3.79%	+13.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.87%	3.79%	+13.08%

FLDZ vs. CLOZ - Expense Ratio Comparison

FLDZ has a 0.77% expense ratio, which is higher than CLOZ's 0.50% expense ratio.

Dividends

FLDZ vs. CLOZ - Dividend Comparison

FLDZ's dividend yield for the trailing twelve months is around 1.46%, less than CLOZ's 7.41% yield.

Position	TTM	2025	2024	2023	2022
CLOZ Panagram BBB-B CLO ETF	7.41%	7.63%	9.09%	8.81%	0.00%
FLDZ RiverNorth Patriot ETF	1.46%	1.54%	1.17%	1.39%	1.52%

Frequently Asked Questions

Can I hold both FLDZ and CLOZ in my portfolio?

FLDZ 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, FLDZ or CLOZ?

FLDZ has higher volatility (2.95%) compared to CLOZ (0.67%). In terms of maximum drawdown, FLDZ dropped -19.54% vs CLOZ's -5.32%.

Which ETF is better, FLDZ or CLOZ?

On 3-year performance, FLDZ leads with 12.67% vs 10.06% for CLOZ. On fees, CLOZ is cheaper at 0.50% per year. On volatility, CLOZ has been the lower-risk option at 0.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLDZ or CLOZ?

Over the 3-year period, FLDZ has performed better with a 12.67% return vs 10.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLDZ or CLOZ?

CLOZ is cheaper with a 0.50% expense ratio, compared with 0.77% for FLDZ.

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

CLOZ has the higher dividend yield at 7.41%, compared with 1.46% for FLDZ.

What is the main difference between FLDZ and CLOZ?

FLDZ is categorized as Mid Cap Blend Equities, while CLOZ is CLO. They also come from different issuers: RiverNorth and Panagram. Their fees differ too: 0.77% for FLDZ and 0.50% for CLOZ.

Which has better risk-adjusted returns?

CLOZ currently has the higher Sharpe Ratio (1.65 vs 0.85), 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.