FMNY vs. CLOA
FMNY (First Trust New York High Income Municipal ETF) and CLOA (BlackRock AAA CLO ETF) are both exchange-traded funds - FMNY is a Municipal Bonds fund actively managed by First Trust, while CLOA is a CLO fund actively managed by BlackRock. Both are actively managed. Over the past 3 years, FMNY returned 4.02%/yr vs 6.81%/yr for CLOA. At a 0.02 correlation, their price movements are largely independent. FMNY charges 0.65%/yr vs 0.20%/yr for CLOA.
Performance
FMNY vs. CLOA - Performance Comparison
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Returns By Period
In the year-to-date period, FMNY achieves a 1.81% return, which is significantly lower than CLOA's 2.07% return.
FMNY
- 1D
- -0.12%
- 1M
- 0.52%
- YTD
- 1.81%
- 6M
- 2.18%
- 1Y
- 7.40%
- 3Y*
- 4.02%
- 5Y*
- 0.58%
- 10Y*
- —
CLOA
- 1D
- 0.01%
- 1M
- 0.39%
- YTD
- 2.07%
- 6M
- 2.50%
- 1Y
- 5.35%
- 3Y*
- 6.81%
- 5Y*
- —
- 10Y*
- —
FMNY vs. CLOA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
FMNY First Trust New York High Income Municipal ETF | 1.81% | 3.94% | 1.74% | 4.42% |
CLOA BlackRock AAA CLO ETF | 2.07% | 5.44% | 7.25% | 8.38% |
Correlation
The correlation between FMNY and CLOA is -0.10, 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 (1Y) Calculated over the trailing 1-year period | -0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.00 |
Correlation (All Time) Calculated using the full available price history since Jan 13, 2023 | 0.02 |
The correlation between FMNY and CLOA shifts across timeframes, from -0.10 (1 year) to 0.02 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FMNY vs. CLOA — Risk / Return Rank
FMNY
CLOA
FMNY vs. CLOA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust New York High Income Municipal ETF (FMNY) and BlackRock AAA CLO ETF (CLOA). 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.
| FMNY | CLOA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -5.34 | ||
| Sortino ratioReturn per unit of downside risk | -11.06 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 3.44 | -1.97 |
| Calmar ratioReturn relative to maximum drawdown | 2.63 | 30.42 | -27.79 |
| Martin ratioReturn relative to average drawdown | 8.50 | 152.59 | -144.09 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FMNY | CLOA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.26 | 7.60 | -5.34 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.14 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.18 | 5.22 | -5.04 |
Drawdowns
FMNY vs. CLOA - Drawdown Comparison
The maximum FMNY drawdown since its inception was -15.90%, which is greater than CLOA's maximum drawdown of -1.34%. Use the drawdown chart below to compare losses from any high point for FMNY and CLOA.
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Drawdown Indicators
| FMNY | CLOA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.90% | -1.34% | -14.56% |
Max Drawdown (1Y)Largest decline over 1 year | -2.83% | -0.18% | -2.65% |
Max Drawdown (3Y)Largest decline over 3 years | -5.88% | -1.13% | -4.75% |
Max Drawdown (5Y)Largest decline over 5 years | -15.90% | — | — |
Current DrawdownCurrent decline from peak | -0.77% | 0.00% | -0.77% |
Average DrawdownAverage peak-to-trough decline | -5.68% | -0.05% | -5.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.87% | 0.04% | +0.83% |
Volatility
FMNY vs. CLOA - Volatility Comparison
First Trust New York High Income Municipal ETF (FMNY) has a higher volatility of 0.84% compared to BlackRock AAA CLO ETF (CLOA) at 0.14%. This indicates that FMNY's price experiences larger fluctuations and is considered to be riskier than CLOA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FMNY | CLOA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.84% | 0.14% | +0.70% |
Volatility (6M)Calculated over the trailing 6-month period | 2.37% | 0.48% | +1.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.29% | 0.71% | +2.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.00% | 1.32% | +2.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.99% | 1.32% | +2.67% |
FMNY vs. CLOA - Expense Ratio Comparison
FMNY has a 0.65% expense ratio, which is higher than CLOA's 0.20% expense ratio.
Dividends
FMNY vs. CLOA - Dividend Comparison
FMNY's dividend yield for the trailing twelve months is around 3.69%, less than CLOA's 4.96% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
CLOA BlackRock AAA CLO ETF | 4.96% | 5.35% | 6.01% | 5.88% | 0.00% | 0.00% |
FMNY First Trust New York High Income Municipal ETF | 3.69% | 3.64% | 3.56% | 3.25% | 2.34% | 0.72% |
Frequently Asked Questions
FMNY and CLOA 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.
FMNY has higher volatility (0.84%) compared to CLOA (0.14%). In terms of maximum drawdown, FMNY dropped -15.90% vs CLOA's -1.34%.
On 3-year performance, CLOA leads with 6.81% vs 4.02% for FMNY. On fees, CLOA is cheaper at 0.20% per year. On volatility, CLOA has been the lower-risk option at 0.14%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, CLOA has performed better with a 6.81% return vs 4.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CLOA is cheaper with a 0.20% expense ratio, compared with 0.65% for FMNY.
CLOA has the higher dividend yield at 4.96%, compared with 3.69% for FMNY.
FMNY is categorized as Municipal Bonds, while CLOA is CLO. They also come from different issuers: First Trust and BlackRock. Their fees differ too: 0.65% for FMNY and 0.20% for CLOA.
CLOA currently has the higher Sharpe Ratio (7.60 vs 2.26), 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.
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