HAP vs. ACLO

Last updated Jun 4, 2026

HAP (VanEck Natural Resources ETF) and ACLO (TCW AAA CLO ETF) are both exchange-traded funds - HAP is a Energy Equities fund tracking the MarketVector Global Natural Resources Index, while ACLO is a CLO fund actively managed by TCW. HAP is passively managed, while ACLO is actively managed. Over the past year, HAP returned 46.66% vs 5.31% for ACLO. At a correlation of -0.05, they often move in opposite directions. HAP charges 0.42%/yr vs 0.20%/yr for ACLO.

Performance

HAP vs. ACLO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Natural Resources ETF (HAP) 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, HAP achieves a 21.49% return, which is significantly higher than ACLO's 2.21% return.

HAP

• 1D: -0.36%
• 1M: 0.64%
• YTD: 21.49%
• 6M: 23.70%
• 1Y: 46.66%
• 3Y*: 18.93%
• 5Y*: 11.51%
• 10Y*: 11.99%

ACLO

• 1D: 0.02%
• 1M: 0.42%
• YTD: 2.21%
• 6M: 2.58%
• 1Y: 5.31%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HAP vs. ACLO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HAP VanEck Natural Resources ETF	21.49%	34.91%	-6.41%
ACLO TCW AAA CLO ETF	2.21%	5.32%	0.81%

Correlation

The correlation between HAP 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 19, 2024	-0.05

Return for Risk

HAP vs. ACLO — Risk / Return Rank

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

HAP

HAP Risk / Return Rank: 89
HAP Sharpe Ratio Rank: 90
HAP Sortino Ratio Rank: 87
HAP Omega Ratio Rank: 88
HAP Calmar Ratio Rank: 90
HAP Martin Ratio Rank: 92

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.

HAP vs. ACLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Natural Resources ETF (HAP) 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.

	HAP	ACLO	Difference
Sharpe ratio: Return per unit of total volatility	3.14	7.29	-4.15
Sortino ratio: Return per unit of downside risk	4.01	14.85	-10.84
Omega ratio: Gain probability vs. loss probability	1.56	3.41	-1.84
Calmar ratio: Return relative to maximum drawdown	5.65	19.90	-14.26
Martin ratio: Return relative to average drawdown	23.05	164.37	-141.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HAP vs. ACLO - Sharpe Ratio Comparison

The current HAP Sharpe Ratio is 3.14, which is lower than the ACLO Sharpe Ratio of 7.29. The chart below compares the historical Sharpe Ratios of HAP 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.

Sharpe Ratios by Period

	HAP	ACLO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.14	7.29	-4.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	5.10	-4.84

Drawdowns

HAP vs. ACLO - Drawdown Comparison

The maximum HAP drawdown since its inception was -50.73%, which is greater than ACLO's maximum drawdown of -1.01%. Use the drawdown chart below to compare losses from any high point for HAP and ACLO.

Drawdown Indicators

	HAP	ACLO	Difference
Max Drawdown Largest peak-to-trough decline	-50.73%	-1.01%	-49.72%
Max Drawdown (1Y) Largest decline over 1 year	-8.31%	-0.27%	-8.04%
Max Drawdown (3Y) Largest decline over 3 years	-16.92%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-25.66%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-44.07%	—	—
Current Drawdown Current decline from peak	-1.95%	0.00%	-1.95%
Average Drawdown Average peak-to-trough decline	-12.03%	-0.05%	-11.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.03%	0.03%	+2.00%

Volatility

HAP vs. ACLO - Volatility Comparison

VanEck Natural Resources ETF (HAP) has a higher volatility of 4.37% compared to TCW AAA CLO ETF (ACLO) at 0.14%. This indicates that HAP'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

	HAP	ACLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.37%	0.14%	+4.23%
Volatility (6M) Calculated over the trailing 6-month period	12.24%	0.57%	+11.67%
Volatility (1Y) Calculated over the trailing 1-year period	14.91%	0.73%	+14.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.24%	1.08%	+17.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.74%	1.08%	+18.66%

HAP vs. ACLO - Expense Ratio Comparison

HAP has a 0.42% expense ratio, which is higher than ACLO's 0.20% expense ratio.

Dividends

HAP vs. ACLO - Dividend Comparison

HAP's dividend yield for the trailing twelve months is around 1.87%, less than ACLO's 4.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ACLO TCW AAA CLO ETF	4.91%	4.87%	0.59%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
HAP VanEck Natural Resources ETF	1.87%	2.27%	2.65%	3.27%	3.28%	2.16%	2.45%	2.80%	2.85%	2.02%	1.99%	3.00%

Frequently Asked Questions

Can I hold both HAP and ACLO in my portfolio?

HAP 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, HAP or ACLO?

HAP has higher volatility (4.37%) compared to ACLO (0.14%). In terms of maximum drawdown, HAP dropped -50.73% vs ACLO's -1.01%.

Which ETF is better, HAP or ACLO?

On 1-year performance, HAP leads with 46.66% vs 5.31% for ACLO. On fees, ACLO is cheaper at 0.20% per year. On volatility, ACLO has been the lower-risk option at 0.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HAP or ACLO?

Over the 1-year period, HAP has performed better with a 46.66% return vs 5.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HAP or ACLO?

ACLO is cheaper with a 0.20% expense ratio, compared with 0.42% for HAP.

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

ACLO has the higher dividend yield at 4.91%, compared with 1.87% for HAP.

What is the main difference between HAP and ACLO?

HAP is categorized as Energy Equities, while ACLO is CLO. They also come from different issuers: VanEck and TCW. Their fees differ too: 0.42% for HAP and 0.20% for ACLO.

Which has better risk-adjusted returns?

ACLO currently has the higher Sharpe Ratio (7.29 vs 3.14), 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.