GTOQ vs. FCLO

Last updated Jun 23, 2026

GTOQ (Invesco High Yield Systematic Bond ETF) and FCLO (Fidelity CLO ETF) are both exchange-traded funds - GTOQ is a High Yield Bonds fund actively managed by Invesco, while FCLO is a CLO fund actively managed by Fidelity. Both are actively managed. At a correlation of -0.07, they often move in opposite directions. GTOQ charges 0.39%/yr vs 0.45%/yr for FCLO.

Performance

GTOQ vs. FCLO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco High Yield Systematic Bond ETF (GTOQ) and Fidelity CLO ETF (FCLO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

GTOQ

• 1D: -0.19%
• 1M: 0.51%
• YTD: 1.79%
• 6M: 2.02%
• 1Y: 6.53%
• 3Y*: 9.00%
• 5Y*: 3.89%
• 10Y*: —

FCLO

• 1D: -0.02%
• 1M: 0.40%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GTOQ vs. FCLO - Yearly Performance Comparison

	2026 (YTD)
GTOQ Invesco High Yield Systematic Bond ETF	0.83%
FCLO Fidelity CLO ETF	1.91%

Correlation

The correlation between GTOQ and FCLO is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 12, 2026	-0.07

Return for Risk

GTOQ vs. FCLO — Risk / Return Rank

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

GTOQ

GTOQ Risk / Return Rank: 54
GTOQ Sharpe Ratio Rank: 54
GTOQ Sortino Ratio Rank: 57
GTOQ Omega Ratio Rank: 55
GTOQ Calmar Ratio Rank: 46
GTOQ Martin Ratio Rank: 56

FCLO

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

GTOQ vs. FCLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco High Yield Systematic Bond ETF (GTOQ) and Fidelity CLO ETF (FCLO). 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.

	GTOQ	FCLO	Difference
Sharpe ratio: Return per unit of total volatility	1.79	—	—
Sortino ratio: Return per unit of downside risk	2.65	—	—
Omega ratio: Gain probability vs. loss probability	1.33	—	—
Calmar ratio: Return relative to maximum drawdown	2.22	—	—
Martin ratio: Return relative to average drawdown	9.50	—	—

Drawdowns

GTOQ vs. FCLO - Drawdown Comparison

The maximum GTOQ drawdown since its inception was -15.96%, which is greater than FCLO's maximum drawdown of -0.58%. Use the drawdown chart below to compare losses from any high point for GTOQ and FCLO.

Drawdown Indicators

	GTOQ	FCLO	Difference
Max Drawdown Largest peak-to-trough decline	-15.96%	-0.58%	-15.38%
Max Drawdown (1Y) Largest decline over 1 year	-2.95%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-5.25%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-15.96%	—	—
Current Drawdown Current decline from peak	-0.23%	-0.02%	-0.21%
Average Drawdown Average peak-to-trough decline	-3.28%	-0.08%	-3.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.69%	—	—

Volatility

Volatility by Period

	GTOQ	FCLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.95%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.77%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	3.67%	1.36%	+2.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.72%	1.36%	+4.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.51%	1.36%	+4.15%

GTOQ vs. FCLO - Expense Ratio Comparison

GTOQ has a 0.39% expense ratio, which is lower than FCLO's 0.45% expense ratio.

Dividends

GTOQ vs. FCLO - Dividend Comparison

GTOQ's dividend yield for the trailing twelve months is around 7.40%, more than FCLO's 1.55% yield.

Position	TTM	2025	2024	2023	2022	2021
FCLO Fidelity CLO ETF	1.55%	0.00%	0.00%	0.00%	0.00%	0.00%
GTOQ Invesco High Yield Systematic Bond ETF	7.40%	7.04%	7.20%	6.76%	6.17%	4.86%

Frequently Asked Questions

Can I hold both GTOQ and FCLO in my portfolio?

GTOQ and FCLO have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GTOQ or FCLO?

On fees, GTOQ is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GTOQ or FCLO?

GTOQ is cheaper with a 0.39% expense ratio, compared with 0.45% for FCLO.

Which ETF pays a higher dividend yield, GTOQ or FCLO?

GTOQ has the higher dividend yield at 7.40%, compared with 1.55% for FCLO.

What is the main difference between GTOQ and FCLO?

GTOQ is categorized as High Yield Bonds, while FCLO is CLO. They also come from different issuers: Invesco and Fidelity. Their fees differ too: 0.39% for GTOQ and 0.45% for FCLO.