ICLO vs. BDRY

Last updated Jun 5, 2026

ICLO (Invesco Aaa CLO Floating Rate Note ETF) and BDRY (Breakwave Dry Bulk Shipping ETF) are both exchange-traded funds - ICLO is a CLO fund actively managed by Invesco, while BDRY is a Commodities fund tracking the Breakwave Dry Freight Futures Index. ICLO is actively managed, while BDRY is passively managed. Over the past 3 years, ICLO returned 6.74%/yr vs 24.57%/yr for BDRY. At a correlation of -0.03, they often move in opposite directions. ICLO charges 0.26%/yr vs 3.76%/yr for BDRY.

Performance

ICLO vs. BDRY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Aaa CLO Floating Rate Note ETF (ICLO) and Breakwave Dry Bulk Shipping ETF (BDRY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ICLO achieves a 2.17% return, which is significantly lower than BDRY's 44.36% return.

ICLO

• 1D: 0.06%
• 1M: 0.47%
• YTD: 2.17%
• 6M: 2.56%
• 1Y: 5.69%
• 3Y*: 6.74%
• 5Y*: —
• 10Y*: —

BDRY

• 1D: 0.32%
• 1M: 3.94%
• YTD: 44.36%
• 6M: 36.57%
• 1Y: 133.58%
• 3Y*: 24.57%
• 5Y*: -11.64%
• 10Y*: —

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

ICLO vs. BDRY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
ICLO Invesco Aaa CLO Floating Rate Note ETF	2.17%	5.27%	7.05%	8.90%	0.38%
BDRY Breakwave Dry Bulk Shipping ETF	44.36%	44.24%	-47.40%	25.79%	-0.00%

Correlation

The correlation between ICLO and BDRY 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 (3Y) Calculated over the trailing 3-year period	-0.04
Correlation (All Time) Calculated using the full available price history since Dec 12, 2022	-0.03

ICLO vs. BDRY - Sectors Allocation Comparison

Sectors	ICLO	BDRY
Financial Services	6.6%	3.1%
Consumer Cyclical	3.3%	-
Basic Materials	2.2%	-
Communication Services	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

ICLO vs. BDRY — Risk / Return Rank

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

ICLO

ICLO Risk / Return Rank: 98
ICLO Sharpe Ratio Rank: 96
ICLO Sortino Ratio Rank: 98
ICLO Omega Ratio Rank: 98
ICLO Calmar Ratio Rank: 98
ICLO Martin Ratio Rank: 98

BDRY

BDRY Risk / Return Rank: 84
BDRY Sharpe Ratio Rank: 91
BDRY Sortino Ratio Rank: 78
BDRY Omega Ratio Rank: 74
BDRY Calmar Ratio Rank: 92
BDRY Martin Ratio Rank: 86

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.

ICLO vs. BDRY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Aaa CLO Floating Rate Note ETF (ICLO) and Breakwave Dry Bulk Shipping ETF (BDRY). 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.

	ICLO	BDRY	Difference
Sharpe ratio: Return per unit of total volatility	4.19	3.19	+0.99
Sortino ratio: Return per unit of downside risk	7.11	3.43	+3.68
Omega ratio: Gain probability vs. loss probability	2.01	1.43	+0.58
Calmar ratio: Return relative to maximum drawdown	16.25	6.22	+10.03
Martin ratio: Return relative to average drawdown	70.21	18.11	+52.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ICLO vs. BDRY - Sharpe Ratio Comparison

The current ICLO Sharpe Ratio is 4.19, which is higher than the BDRY Sharpe Ratio of 3.19. The chart below compares the historical Sharpe Ratios of ICLO and BDRY, 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

	ICLO	BDRY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.19	3.19	+0.99
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.19	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.84	-0.13	+2.97

Drawdowns

ICLO vs. BDRY - Drawdown Comparison

The maximum ICLO drawdown since its inception was -3.47%, smaller than the maximum BDRY drawdown of -89.16%. Use the drawdown chart below to compare losses from any high point for ICLO and BDRY.

Drawdown Indicators

	ICLO	BDRY	Difference
Max Drawdown Largest peak-to-trough decline	-3.47%	-89.16%	+85.69%
Max Drawdown (1Y) Largest decline over 1 year	-0.35%	-21.60%	+21.25%
Max Drawdown (3Y) Largest decline over 3 years	-3.47%	-69.71%	+66.24%
Max Drawdown (5Y) Largest decline over 5 years	—	-89.16%	—
Current Drawdown Current decline from peak	0.00%	-69.50%	+69.50%
Average Drawdown Average peak-to-trough decline	-0.06%	-58.39%	+58.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.08%	7.41%	-7.33%

Volatility

ICLO vs. BDRY - Volatility Comparison

The current volatility for Invesco Aaa CLO Floating Rate Note ETF (ICLO) is 0.31%, while Breakwave Dry Bulk Shipping ETF (BDRY) has a volatility of 10.84%. This indicates that ICLO experiences smaller price fluctuations and is considered to be less risky than BDRY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ICLO	BDRY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.31%	10.84%	-10.53%
Volatility (6M) Calculated over the trailing 6-month period	0.78%	29.99%	-29.21%
Volatility (1Y) Calculated over the trailing 1-year period	1.36%	42.26%	-40.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.42%	60.69%	-58.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.42%	62.56%	-60.14%

ICLO vs. BDRY - Expense Ratio Comparison

ICLO has a 0.26% expense ratio, which is lower than BDRY's 3.76% expense ratio.

Dividends

ICLO vs. BDRY - Dividend Comparison

ICLO's dividend yield for the trailing twelve months is around 5.11%, while BDRY has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
BDRY Breakwave Dry Bulk Shipping ETF	0.00%	0.00%	0.00%	0.00%
ICLO Invesco Aaa CLO Floating Rate Note ETF	5.11%	5.49%	6.51%	7.01%

Frequently Asked Questions

Can I hold both ICLO and BDRY in my portfolio?

ICLO and BDRY 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, ICLO or BDRY?

BDRY has higher volatility (10.84%) compared to ICLO (0.31%). In terms of maximum drawdown, ICLO dropped -3.47% vs BDRY's -89.16%.

Which ETF is better, ICLO or BDRY?

On 3-year performance, BDRY leads with 24.57% vs 6.74% for ICLO. On fees, ICLO is cheaper at 0.26% per year. On volatility, ICLO has been the lower-risk option at 0.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ICLO or BDRY?

Over the 3-year period, BDRY has performed better with a 24.57% return vs 6.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ICLO or BDRY?

ICLO is cheaper with a 0.26% expense ratio, compared with 3.76% for BDRY.

Which ETF pays a higher dividend yield, ICLO or BDRY?

ICLO has the higher dividend yield at 5.11%, compared with 0.00% for BDRY.

What is the main difference between ICLO and BDRY?

ICLO is categorized as CLO, while BDRY is Commodities. They also come from different issuers: Invesco and ETFMG. Their fees differ too: 0.26% for ICLO and 3.76% for BDRY.

Which has better risk-adjusted returns?

ICLO currently has the higher Sharpe Ratio (4.19 vs 3.19), 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.