FXB vs. BCLO
FXB (Invesco CurrencyShares® British Pound Sterling Trust) and BCLO (iShares BBB-B CLO Active ETF) are both exchange-traded funds - FXB is a Currency fund tracking the British Pound, while BCLO is a CLO fund tracking the JP Morgan CLOIE High Quality Mezzanine Index. Both are passively managed. Over the past year, FXB returned 3.76% vs 5.97% for BCLO. Their 0.00 correlation means their historical movements had little consistent relationship. FXB charges 0.40%/yr vs 0.45%/yr for BCLO.
Performance
FXB vs. BCLO - Performance Comparison
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Returns By Period
In the year-to-date period, FXB achieves a 1.15% return, which is significantly lower than BCLO's 3.10% return.
FXB
- 1D
- 0.07%
- 1M
- 1.16%
- 6M
- -0.48%
- YTD
- 1.15%
- 1Y
- 3.76%
- 3Y*
- 4.61%
- 5Y*
- 1.33%
- 10Y*
- 0.93%
- ALL TIME*
- -0.66%
BCLO
- 1D
- 0.09%
- 1M
- 0.06%
- 6M
- 2.26%
- YTD
- 3.10%
- 1Y
- 5.97%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 5.72%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $627.81K | $426.45K | $315.81K | |
| $3.77M | $5.68M | $4.47M |
FXB vs. BCLO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
FXB Invesco CurrencyShares® British Pound Sterling Trust | 1.15% | 10.82% |
BCLO iShares BBB-B CLO Active ETF | 3.10% | 5.41% |
Correlation
The correlation between FXB and BCLO is -0.01, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.01 |
Correlation (All Time) Calculated using the full available price history since Jan 30, 2025 | 0.00 |
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Return for Risk
FXB vs. BCLO — Risk / Return Rank
FXB
BCLO
FXB vs. BCLO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® British Pound Sterling Trust (FXB) and iShares BBB-B CLO Active ETF (BCLO). 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.
| FXB | BCLO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.23 | ||
| Sortino ratioReturn per unit of downside risk | -3.54 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.72 | -0.60 |
| Calmar ratioReturn relative to maximum drawdown | 0.98 | 3.06 | -2.08 |
| Martin ratioReturn relative to average drawdown | 1.94 | 11.27 | -9.33 |
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Drawdowns
FXB vs. BCLO - Drawdown Comparison
The maximum FXB drawdown since its inception was -48.99%, which is greater than BCLO's maximum drawdown of -4.45%. Use the drawdown chart below to compare losses from any high point for FXB and BCLO.
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Drawdown Indicators
| FXB | BCLO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.99% | -4.45% | -44.54% |
Max Drawdown (1Y)Largest decline over 1 year | -4.35% | -1.92% | -2.43% |
Max Drawdown (3Y)Largest decline over 3 years | -8.44% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -23.40% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -26.11% | — | — |
Current DrawdownCurrent decline from peak | -29.01% | -0.11% | -28.90% |
Average DrawdownAverage peak-to-trough decline | -27.55% | -0.37% | -27.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.20% | 0.52% | +1.68% |
Volatility
FXB vs. BCLO - Volatility Comparison
Invesco CurrencyShares® British Pound Sterling Trust (FXB) has a higher volatility of 1.88% compared to iShares BBB-B CLO Active ETF (BCLO) at 0.31%. This indicates that FXB's price experiences larger fluctuations and is considered to be riskier than BCLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXB | BCLO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.88% | 0.31% | +1.57% |
Volatility (6M)Calculated over the trailing 6-month period | 4.80% | 1.63% | +3.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.46% | 2.03% | +4.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.47% | 4.16% | +4.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.73% | 4.16% | +4.57% |
FXB vs. BCLO - Expense Ratio Comparison
FXB has a 0.40% expense ratio, which is lower than BCLO's 0.45% expense ratio.
Dividends
FXB vs. BCLO - Dividend Comparison
FXB's dividend yield for the trailing twelve months is around 2.15%, less than BCLO's 6.57% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
BCLO iShares BBB-B CLO Active ETF | 5.97% | 6.45% | 0.00% | 0.00% | 0.00% |
FXB Invesco CurrencyShares® British Pound Sterling Trust | 1.95% | 2.44% | 3.25% | 2.59% | 0.29% |
Frequently Asked Questions
FXB and BCLO have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXB has higher volatility (1.88%) compared to BCLO (0.31%). In terms of maximum drawdown, FXB dropped -48.99% vs BCLO's -4.45%.
On 1-year performance, BCLO leads with 5.97% vs 3.76% for FXB. On fees, FXB is cheaper at 0.40% per year. On volatility, BCLO has been the lower-risk option at 0.31%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, BCLO has performed better with a 5.97% return vs 3.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXB is cheaper with a 0.40% expense ratio, compared with 0.45% for BCLO.
BCLO has the higher dividend yield at 5.97%, compared with 1.95% for FXB.
FXB is categorized as Currency, while BCLO is CLO. FXB tracks British Pound, while BCLO tracks JP Morgan CLOIE High Quality Mezzanine Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.40% for FXB and 0.45% for BCLO.
BCLO currently has the higher Sharpe Ratio (2.89 vs 0.66), 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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