IAUM vs. ACLO

Last updated Jun 4, 2026

IAUM (iShares Gold Trust Micro) and ACLO (TCW AAA CLO ETF) are both exchange-traded funds - IAUM is a Gold fund tracking the LBMA Gold Price PM, while ACLO is a CLO fund actively managed by TCW. IAUM is passively managed, while ACLO is actively managed. Over the past year, IAUM returned 32.42% vs 5.31% for ACLO. At a correlation of -0.14, they often move in opposite directions. IAUM charges 0.09%/yr vs 0.20%/yr for ACLO.

Performance

IAUM vs. ACLO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Gold Trust Micro (IAUM) 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, IAUM achieves a 3.00% return, which is significantly higher than ACLO's 2.21% return.

IAUM

• 1D: -0.96%
• 1M: -1.62%
• YTD: 3.00%
• 6M: 5.58%
• 1Y: 32.42%
• 3Y*: 31.53%
• 5Y*: —
• 10Y*: —

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)

IAUM vs. ACLO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IAUM iShares Gold Trust Micro	3.00%	64.27%	0.46%
ACLO TCW AAA CLO ETF	2.21%	5.32%	0.81%

Correlation

The correlation between IAUM and ACLO is -0.11, 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	-0.11
Correlation (All Time) Calculated using the full available price history since Nov 19, 2024	-0.14

Return for Risk

IAUM vs. ACLO — Risk / Return Rank

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

IAUM

IAUM Risk / Return Rank: 32
IAUM Sharpe Ratio Rank: 33
IAUM Sortino Ratio Rank: 29
IAUM Omega Ratio Rank: 36
IAUM Calmar Ratio Rank: 34
IAUM Martin Ratio Rank: 29

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.

IAUM vs. ACLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Gold Trust Micro (IAUM) 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.

	IAUM	ACLO	Difference
Sharpe ratio: Return per unit of total volatility	1.24	7.29	-6.05
Sortino ratio: Return per unit of downside risk	1.63	14.85	-13.21
Omega ratio: Gain probability vs. loss probability	1.25	3.41	-2.16
Calmar ratio: Return relative to maximum drawdown	1.70	19.90	-18.20
Martin ratio: Return relative to average drawdown	4.22	164.37	-160.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IAUM vs. ACLO - Sharpe Ratio Comparison

The current IAUM Sharpe Ratio is 1.24, which is lower than the ACLO Sharpe Ratio of 7.29. The chart below compares the historical Sharpe Ratios of IAUM 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

	IAUM	ACLO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.24	7.29	-6.05
Sharpe Ratio (All Time) Calculated using the full available price history	1.16	5.10	-3.94

Drawdowns

IAUM vs. ACLO - Drawdown Comparison

The maximum IAUM drawdown since its inception was -20.87%, which is greater than ACLO's maximum drawdown of -1.01%. Use the drawdown chart below to compare losses from any high point for IAUM and ACLO.

Drawdown Indicators

	IAUM	ACLO	Difference
Max Drawdown Largest peak-to-trough decline	-20.87%	-1.01%	-19.86%
Max Drawdown (1Y) Largest decline over 1 year	-19.15%	-0.27%	-18.88%
Max Drawdown (3Y) Largest decline over 3 years	-19.15%	—	—
Current Drawdown Current decline from peak	-17.68%	0.00%	-17.68%
Average Drawdown Average peak-to-trough decline	-5.30%	-0.05%	-5.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.70%	0.03%	+7.67%

Volatility

IAUM vs. ACLO - Volatility Comparison

iShares Gold Trust Micro (IAUM) has a higher volatility of 5.50% compared to TCW AAA CLO ETF (ACLO) at 0.14%. This indicates that IAUM'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

	IAUM	ACLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.50%	0.14%	+5.36%
Volatility (6M) Calculated over the trailing 6-month period	22.89%	0.57%	+22.32%
Volatility (1Y) Calculated over the trailing 1-year period	26.31%	0.73%	+25.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.86%	1.08%	+16.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.86%	1.08%	+16.78%

IAUM vs. ACLO - Expense Ratio Comparison

IAUM has a 0.09% expense ratio, which is lower than ACLO's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

IAUM vs. ACLO - Dividend Comparison

IAUM has not paid dividends to shareholders, while ACLO's dividend yield for the trailing twelve months is around 4.91%.

Position	TTM	2025	2024
ACLO TCW AAA CLO ETF	4.91%	4.87%	0.59%
IAUM iShares Gold Trust Micro	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IAUM and ACLO in my portfolio?

IAUM and ACLO have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IAUM or ACLO?

IAUM has higher volatility (5.50%) compared to ACLO (0.14%). In terms of maximum drawdown, IAUM dropped -20.87% vs ACLO's -1.01%.

Which ETF is better, IAUM or ACLO?

On 1-year performance, IAUM leads with 32.42% vs 5.31% for ACLO. On fees, IAUM is cheaper at 0.09% 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, IAUM or ACLO?

Over the 1-year period, IAUM has performed better with a 32.42% return vs 5.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IAUM or ACLO?

IAUM is cheaper with a 0.09% expense ratio, compared with 0.20% for ACLO.

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

ACLO has the higher dividend yield at 4.91%, compared with 0.00% for IAUM.

What is the main difference between IAUM and ACLO?

IAUM is categorized as Gold, while ACLO is CLO. They also come from different issuers: iShares and TCW. Their fees differ too: 0.09% for IAUM and 0.20% for ACLO.

Which has better risk-adjusted returns?

ACLO currently has the higher Sharpe Ratio (7.29 vs 1.24), 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.