GNR vs. ACLO

Last updated Jun 24, 2026

GNR (SPDR S&P Global Natural Resources ETF) and ACLO (TCW AAA CLO ETF) are both exchange-traded funds - GNR is a Natural Resources fund tracking the S&P Global Natural Resources Index, while ACLO is a CLO fund actively managed by TCW. GNR is passively managed, while ACLO is actively managed. Over the past year, GNR returned 29.22% vs 5.27% for ACLO. At a correlation of -0.05, they often move in opposite directions. GNR charges 0.40%/yr vs 0.20%/yr for ACLO.

Performance

GNR vs. ACLO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Global Natural Resources ETF (GNR) and TCW AAA CLO ETF (ACLO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GNR achieves a 10.87% return, which is significantly higher than ACLO's 2.44% return.

GNR

• 1D: -1.89%
• 1M: -6.62%
• YTD: 10.87%
• 6M: 10.38%
• 1Y: 29.22%
• 3Y*: 12.75%
• 5Y*: 8.78%
• 10Y*: 10.31%

ACLO

• 1D: 0.03%
• 1M: 0.44%
• YTD: 2.44%
• 6M: 2.55%
• 1Y: 5.27%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GNR vs. ACLO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GNR SPDR S&P Global Natural Resources ETF	10.87%	28.68%	-5.10%
ACLO TCW AAA CLO ETF	2.44%	5.32%	0.81%

Correlation

The correlation between GNR and ACLO 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 (All Time) Calculated using the full available price history since Nov 18, 2024	-0.05

Return for Risk

GNR vs. ACLO — Risk / Return Rank

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

GNR

GNR Risk / Return Rank: 57
GNR Sharpe Ratio Rank: 51
GNR Sortino Ratio Rank: 47
GNR Omega Ratio Rank: 50
GNR Calmar Ratio Rank: 67
GNR Martin Ratio Rank: 69

ACLO

ACLO Risk / Return Rank: 99
ACLO Sharpe Ratio Rank: 99
ACLO Sortino Ratio Rank: 99
ACLO Omega Ratio Rank: 99
ACLO Calmar Ratio Rank: 99
ACLO Martin Ratio Rank: 99

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.

GNR vs. ACLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Global Natural Resources ETF (GNR) and TCW AAA CLO ETF (ACLO). 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.

	GNR	ACLO	Difference
Sharpe ratio: Return per unit of total volatility	1.70	7.28	-5.59
Sortino ratio: Return per unit of downside risk	2.24	15.06	-12.81
Omega ratio: Gain probability vs. loss probability	1.30	3.42	-2.12
Calmar ratio: Return relative to maximum drawdown	3.19	19.77	-16.58
Martin ratio: Return relative to average drawdown	12.20	164.39	-152.19

GNR vs. ACLO - Sharpe Ratio Comparison

The current GNR Sharpe Ratio is 1.70, which is lower than the ACLO Sharpe Ratio of 7.28. The chart below compares the historical Sharpe Ratios of GNR and ACLO, 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

GNR vs. ACLO - Drawdown Comparison

The maximum GNR drawdown since its inception was -51.37%, which is greater than ACLO's maximum drawdown of -1.01%. Use the drawdown chart below to compare losses from any high point for GNR and ACLO.

Drawdown Indicators

	GNR	ACLO	Difference
Max Drawdown Largest peak-to-trough decline	-51.37%	-1.01%	-50.36%
Max Drawdown (1Y) Largest decline over 1 year	-9.20%	-0.27%	-8.93%
Max Drawdown (3Y) Largest decline over 3 years	-21.15%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-25.66%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-48.59%	—	—
Current Drawdown Current decline from peak	-9.20%	0.00%	-9.20%
Average Drawdown Average peak-to-trough decline	-14.92%	-0.04%	-14.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.40%	0.03%	+2.37%

Volatility

GNR vs. ACLO - Volatility Comparison

SPDR S&P Global Natural Resources ETF (GNR) has a higher volatility of 5.94% compared to TCW AAA CLO ETF (ACLO) at 0.19%. This indicates that GNR's price experiences larger fluctuations and is considered to be riskier than ACLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GNR	ACLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.94%	0.19%	+5.75%
Volatility (6M) Calculated over the trailing 6-month period	14.11%	0.58%	+13.53%
Volatility (1Y) Calculated over the trailing 1-year period	17.32%	0.73%	+16.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.28%	1.07%	+19.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.82%	1.07%	+20.75%

GNR vs. ACLO - Expense Ratio Comparison

GNR has a 0.40% expense ratio, which is higher than ACLO's 0.20% expense ratio.

Dividends

GNR vs. ACLO - Dividend Comparison

GNR's dividend yield for the trailing twelve months is around 2.68%, less than ACLO's 4.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ACLO TCW AAA CLO ETF	4.90%	4.87%	0.59%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GNR SPDR S&P Global Natural Resources ETF	2.68%	2.76%	4.73%	3.37%	4.37%	3.44%	2.78%	3.84%	3.51%	2.40%	2.06%	4.59%

Frequently Asked Questions

Can I hold both GNR and ACLO in my portfolio?

GNR and ACLO 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.

Which is riskier, GNR or ACLO?

GNR has higher volatility (5.94%) compared to ACLO (0.19%). In terms of maximum drawdown, GNR dropped -51.37% vs ACLO's -1.01%.

Which ETF is better, GNR or ACLO?

On 1-year performance, GNR leads with 29.22% vs 5.27% for ACLO. On fees, ACLO is cheaper at 0.20% per year. On volatility, ACLO has been the lower-risk option at 0.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GNR or ACLO?

Over the 1-year period, GNR has performed better with a 29.22% return vs 5.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GNR or ACLO?

ACLO is cheaper with a 0.20% expense ratio, compared with 0.40% for GNR.

Which ETF pays a higher dividend yield, GNR or ACLO?

ACLO has the higher dividend yield at 4.90%, compared with 2.68% for GNR.

What is the main difference between GNR and ACLO?

GNR is categorized as Natural Resources, while ACLO is CLO. They also come from different issuers: State Street and TCW. Their fees differ too: 0.40% for GNR and 0.20% for ACLO.

Which has better risk-adjusted returns?

ACLO currently has the higher Sharpe Ratio (7.28 vs 1.70), 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.