HYGH vs. CLOA
HYGH (iShares Interest Rate Hedged High Yield Bond ETF) and CLOA (BlackRock AAA CLO ETF) are both exchange-traded funds - HYGH is a High Yield Bonds fund actively managed by iShares, while CLOA is a CLO fund actively managed by BlackRock. Both are actively managed. Over the past 3 years, HYGH returned 9.63%/yr vs 6.62%/yr for CLOA. At a 0.13 correlation, their price movements are largely independent. HYGH charges 0.53%/yr vs 0.20%/yr for CLOA.
Performance
HYGH vs. CLOA - Performance Comparison
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Returns By Period
In the year-to-date period, HYGH achieves a 3.24% return, which is significantly higher than CLOA's 2.15% return.
HYGH
- 1D
- 0.17%
- 1M
- 0.91%
- YTD
- 3.24%
- 6M
- 3.69%
- 1Y
- 8.03%
- 3Y*
- 9.63%
- 5Y*
- 7.00%
- 10Y*
- 6.50%
CLOA
- 1D
- 0.02%
- 1M
- 0.30%
- YTD
- 2.15%
- 6M
- 2.54%
- 1Y
- 5.12%
- 3Y*
- 6.62%
- 5Y*
- —
- 10Y*
- —
HYGH vs. CLOA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
HYGH iShares Interest Rate Hedged High Yield Bond ETF | 3.24% | 6.94% | 11.22% | 9.87% |
CLOA BlackRock AAA CLO ETF | 2.15% | 5.44% | 7.25% | 8.38% |
Correlation
The correlation between HYGH and CLOA is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since Jan 12, 2023 | 0.13 |
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Return for Risk
HYGH vs. CLOA — Risk / Return Rank
HYGH
CLOA
HYGH vs. CLOA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Interest Rate Hedged High Yield Bond ETF (HYGH) and BlackRock AAA CLO ETF (CLOA). 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.
| HYGH | CLOA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -5.23 | ||
| Sortino ratioReturn per unit of downside risk | -10.45 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 3.33 | -1.92 |
| Calmar ratioReturn relative to maximum drawdown | 4.88 | 29.15 | -24.27 |
| Martin ratioReturn relative to average drawdown | 19.08 | 145.81 | -126.73 |
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Drawdowns
HYGH vs. CLOA - Drawdown Comparison
The maximum HYGH drawdown since its inception was -23.88%, which is greater than CLOA's maximum drawdown of -1.34%. Use the drawdown chart below to compare losses from any high point for HYGH and CLOA.
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Drawdown Indicators
| HYGH | CLOA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.88% | -1.34% | -22.54% |
Max Drawdown (1Y)Largest decline over 1 year | -1.62% | -0.18% | -1.44% |
Max Drawdown (3Y)Largest decline over 3 years | -8.06% | -1.13% | -6.93% |
Max Drawdown (5Y)Largest decline over 5 years | -8.24% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -23.88% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -2.22% | -0.05% | -2.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.41% | 0.04% | +0.37% |
Volatility
HYGH vs. CLOA - Volatility Comparison
iShares Interest Rate Hedged High Yield Bond ETF (HYGH) has a higher volatility of 0.68% compared to BlackRock AAA CLO ETF (CLOA) at 0.13%. This indicates that HYGH's price experiences larger fluctuations and is considered to be riskier than CLOA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYGH | CLOA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.68% | 0.13% | +0.55% |
Volatility (6M)Calculated over the trailing 6-month period | 2.80% | 0.48% | +2.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.66% | 0.70% | +2.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.07% | 1.31% | +5.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.34% | 1.31% | +7.03% |
HYGH vs. CLOA - Expense Ratio Comparison
HYGH has a 0.53% expense ratio, which is higher than CLOA's 0.20% expense ratio.
Dividends
HYGH vs. CLOA - Dividend Comparison
HYGH's dividend yield for the trailing twelve months is around 6.60%, more than CLOA's 4.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CLOA BlackRock AAA CLO ETF | 4.95% | 5.35% | 6.01% | 5.88% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
HYGH iShares Interest Rate Hedged High Yield Bond ETF | 6.60% | 6.86% | 7.85% | 8.95% | 6.21% | 3.74% | 4.06% | 4.89% | 6.45% | 4.79% | 4.60% | 5.75% |
Frequently Asked Questions
HYGH and CLOA have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HYGH has higher volatility (0.68%) compared to CLOA (0.13%). In terms of maximum drawdown, HYGH dropped -23.88% vs CLOA's -1.34%.
On 3-year performance, HYGH leads with 9.63% vs 6.62% for CLOA. On fees, CLOA is cheaper at 0.20% per year. On volatility, CLOA has been the lower-risk option at 0.13%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, HYGH has performed better with a 9.63% return vs 6.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CLOA is cheaper with a 0.20% expense ratio, compared with 0.53% for HYGH.
HYGH has the higher dividend yield at 6.60%, compared with 4.95% for CLOA.
HYGH is categorized as High Yield Bonds, while CLOA is CLO. They also come from different issuers: iShares and BlackRock. Their fees differ too: 0.53% for HYGH and 0.20% for CLOA.
CLOA currently has the higher Sharpe Ratio (7.39 vs 2.16), 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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