HYBX vs. ACLO

Last updated Jun 6, 2026

HYBX (TCW High Yield Bond ETF) and ACLO (TCW AAA CLO ETF) are both exchange-traded funds - HYBX is a High Yield Bonds fund actively managed by TCW, while ACLO is a CLO fund actively managed by TCW. Both are actively managed. Over the past year, HYBX returned 5.34% vs 5.42% for ACLO. At a 0.05 correlation, their price movements are largely independent. HYBX charges 0.50%/yr vs 0.20%/yr for ACLO.

Performance

HYBX vs. ACLO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TCW High Yield Bond ETF (HYBX) 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, HYBX achieves a 2.01% return, which is significantly lower than ACLO's 2.26% return.

HYBX

• 1D: -0.40%
• 1M: -0.59%
• YTD: 2.01%
• 6M: 1.87%
• 1Y: 5.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ACLO

• 1D: 0.06%
• 1M: 0.48%
• YTD: 2.26%
• 6M: 2.65%
• 1Y: 5.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HYBX vs. ACLO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HYBX TCW High Yield Bond ETF	2.01%	6.26%	-0.26%
ACLO TCW AAA CLO ETF	2.26%	5.32%	0.81%

Correlation

The correlation between HYBX and ACLO is -0.05, 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 (1Y) Calculated over the trailing 1-year period	-0.05
Correlation (All Time) Calculated using the full available price history since Nov 19, 2024	0.05

Return for Risk

HYBX vs. ACLO — Risk / Return Rank

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

HYBX

HYBX Risk / Return Rank: 37
HYBX Sharpe Ratio Rank: 25
HYBX Sortino Ratio Rank: 26
HYBX Omega Ratio Rank: 25
HYBX Calmar Ratio Rank: 56
HYBX Martin Ratio Rank: 52

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.

HYBX vs. ACLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TCW High Yield Bond ETF (HYBX) 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.

	HYBX	ACLO	Difference
Sharpe ratio: Return per unit of total volatility	0.81	7.49	-6.69
Sortino ratio: Return per unit of downside risk	1.28	15.47	-14.18
Omega ratio: Gain probability vs. loss probability	1.16	3.53	-2.37
Calmar ratio: Return relative to maximum drawdown	2.49	20.33	-17.85
Martin ratio: Return relative to average drawdown	8.05	169.47	-161.42
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HYBX vs. ACLO - Sharpe Ratio Comparison

The current HYBX Sharpe Ratio is 0.81, which is lower than the ACLO Sharpe Ratio of 7.49. The chart below compares the historical Sharpe Ratios of HYBX 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

	HYBX	ACLO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.81	7.49	-6.69
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	5.11	-4.43

Drawdowns

HYBX vs. ACLO - Drawdown Comparison

The maximum HYBX drawdown since its inception was -3.93%, which is greater than ACLO's maximum drawdown of -1.01%. Use the drawdown chart below to compare losses from any high point for HYBX and ACLO.

Drawdown Indicators

	HYBX	ACLO	Difference
Max Drawdown Largest peak-to-trough decline	-3.93%	-1.01%	-2.92%
Max Drawdown (1Y) Largest decline over 1 year	-2.15%	-0.27%	-1.88%
Current Drawdown Current decline from peak	-0.93%	0.00%	-0.93%
Average Drawdown Average peak-to-trough decline	-0.57%	-0.05%	-0.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.66%	0.03%	+0.63%

Volatility

HYBX vs. ACLO - Volatility Comparison

TCW High Yield Bond ETF (HYBX) has a higher volatility of 1.41% compared to TCW AAA CLO ETF (ACLO) at 0.14%. This indicates that HYBX'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

	HYBX	ACLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.41%	0.14%	+1.27%
Volatility (6M) Calculated over the trailing 6-month period	5.11%	0.57%	+4.54%
Volatility (1Y) Calculated over the trailing 1-year period	6.64%	0.73%	+5.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.66%	1.08%	+6.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.66%	1.08%	+6.58%

HYBX vs. ACLO - Expense Ratio Comparison

HYBX has a 0.50% expense ratio, which is higher than ACLO's 0.20% expense ratio.

Dividends

HYBX vs. ACLO - Dividend Comparison

HYBX's dividend yield for the trailing twelve months is around 7.75%, more than ACLO's 4.91% yield.

Position	TTM	2025	2024
ACLO TCW AAA CLO ETF	4.91%	4.87%	0.59%
HYBX TCW High Yield Bond ETF	7.75%	7.82%	1.08%

Frequently Asked Questions

Can I hold both HYBX and ACLO in my portfolio?

HYBX and ACLO have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HYBX or ACLO?

HYBX has higher volatility (1.41%) compared to ACLO (0.14%). In terms of maximum drawdown, HYBX dropped -3.93% vs ACLO's -1.01%.

Which ETF is better, HYBX or ACLO?

On 1-year performance, ACLO leads with 5.42% vs 5.34% for HYBX. 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, HYBX or ACLO?

Over the 1-year period, ACLO has performed better with a 5.42% return vs 5.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HYBX or ACLO?

ACLO is cheaper with a 0.20% expense ratio, compared with 0.50% for HYBX.

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

HYBX has the higher dividend yield at 7.75%, compared with 4.91% for ACLO.

What is the main difference between HYBX and ACLO?

HYBX is categorized as High Yield Bonds, while ACLO is CLO. Their fees differ too: 0.50% for HYBX and 0.20% for ACLO.

Which has better risk-adjusted returns?

ACLO currently has the higher Sharpe Ratio (7.49 vs 0.81), 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.