ICLO vs. CLOI

Last updated Aug 2, 2026

ICLO (Invesco AAA CLO Floating Rate Note ETF) and CLOI (VanEck CLO ETF) are both CLO funds. Both are actively managed. Over the past 3 years, ICLO returned 6.30%/yr vs 6.71%/yr for CLOI. Their 0.26 correlation means their historical movements had little consistent relationship. ICLO charges 0.19%/yr vs 0.36%/yr for CLOI.

Performance

ICLO vs. CLOI - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with ICLO having a 2.87% return and CLOI slightly lower at 2.85%.

ICLO

• 1D: 0.00%
• 1M: 0.25%
• 6M: 2.37%
• YTD: 2.87%
• 1Y: 5.34%
• 3Y*: 6.30%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.72%

CLOI

• 1D: -0.06%
• 1M: 0.40%
• 6M: 2.39%
• YTD: 2.85%
• 1Y: 5.25%
• 3Y*: 6.71%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.93%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CLOI VanEck CLO ETF	$10.51M	$10.54M	$9.95M
ICLO Invesco AAA CLO Floating Rate Note ETF	$3.66M	$2.96M	$3.08M

ICLO vs. CLOI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
ICLO Invesco AAA CLO Floating Rate Note ETF	2.87%	5.27%	7.05%	8.90%	0.38%
CLOI VanEck CLO ETF	2.85%	5.84%	8.26%	8.95%	0.74%

Correlation

The correlation between ICLO and CLOI is 0.18, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.18
Correlation (3Y) Balances recent behavior with more history.	0.22
Correlation (All Time) Calculated using the full available price history since Dec 9, 2022	0.26

Return for Risk

ICLO vs. CLOI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ICLO

ICLO Risk / Return Rank: 98
ICLO Sharpe Ratio Rank: 98
ICLO Sortino Ratio Rank: 98
ICLO Omega Ratio Rank: 98
ICLO Calmar Ratio Rank: 99
ICLO Martin Ratio Rank: 99

CLOI

CLOI Risk / Return Rank: 98
CLOI Sharpe Ratio Rank: 99
CLOI Sortino Ratio Rank: 99
CLOI Omega Ratio Rank: 98
CLOI Calmar Ratio Rank: 98
CLOI Martin Ratio Rank: 98

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ICLO vs. CLOI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco AAA CLO Floating Rate Note ETF (ICLO) and VanEck CLO ETF (CLOI). 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.

	ICLO	CLOI	Difference
Sharpe ratio: Return per unit of total volatility	4.05	5.39	-1.35
Sortino ratio: Return per unit of downside risk	6.99	8.69	-1.70
Omega ratio: Gain probability vs. loss probability	1.99	2.37	-0.38
Calmar ratio: Return relative to maximum drawdown	16.47	8.60	+7.87
Martin ratio: Return relative to average drawdown	70.29	42.14	+28.15

ICLO vs. CLOI - Sharpe Ratio Comparison

The current ICLO Sharpe Ratio is 4.05, which is comparable to the CLOI Sharpe Ratio of 5.39. The chart below compares the historical Sharpe Ratios of ICLO and CLOI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ICLO vs. CLOI - Drawdown Comparison

The maximum ICLO drawdown since its inception was -3.47%, which is greater than CLOI's maximum drawdown of -3.25%. Use the drawdown chart below to compare losses from any high point for ICLO and CLOI.

Drawdown Indicators

	ICLO	CLOI	Difference
Max Drawdown Largest peak-to-trough decline	-3.47%	-3.25%	-0.22%
Max Drawdown (1Y) Largest decline over 1 year	-0.31%	-0.62%	+0.31%
Max Drawdown (3Y) Largest decline over 3 years	-3.47%	-3.25%	-0.22%
Current Drawdown Current decline from peak	0.00%	-0.06%	+0.06%
Average Drawdown Average peak-to-trough decline	-0.06%	-0.18%	+0.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.07%	0.13%	-0.06%

Volatility

ICLO vs. CLOI - Volatility Comparison

The current volatility for Invesco AAA CLO Floating Rate Note ETF (ICLO) is 0.25%, while VanEck CLO ETF (CLOI) has a volatility of 0.30%. This indicates that ICLO experiences smaller price fluctuations and is considered to be less risky than CLOI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ICLO	CLOI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.25%	0.30%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	0.81%	0.69%	+0.12%
Volatility (1Y) Calculated over the trailing 1-year period	1.28%	1.00%	+0.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.38%	2.51%	-0.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.38%	2.51%	-0.13%

ICLO vs. CLOI - Expense Ratio Comparison

ICLO has a 0.19% expense ratio, which is lower than CLOI's 0.36% expense ratio.

Dividends

ICLO vs. CLOI - Dividend Comparison

ICLO's dividend yield for the trailing twelve months is around 4.96%, less than CLOI's 5.25% yield.

Position	TTM	2025	2024	2023	2022
CLOI VanEck CLO ETF	4.78%	5.61%	6.71%	5.61%	2.23%
ICLO Invesco AAA CLO Floating Rate Note ETF	4.96%	5.49%	6.51%	7.01%	0.00%

Frequently Asked Questions

Can I hold both ICLO and CLOI in my portfolio?

ICLO and CLOI have a correlation of 0.18, 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 CLOI?

CLOI has higher volatility (0.30%) compared to ICLO (0.25%). In terms of maximum drawdown, ICLO dropped -3.47% vs CLOI's -3.25%.

Which ETF is better, ICLO or CLOI?

On 3-year performance, CLOI leads with 6.71% vs 6.30% for ICLO. On fees, ICLO is cheaper at 0.19% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ICLO or CLOI?

Over the 3-year period, CLOI has performed better with a 6.71% return vs 6.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ICLO or CLOI?

ICLO is cheaper with a 0.19% expense ratio, compared with 0.36% for CLOI.

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

ICLO has the higher dividend yield at 4.96%, compared with 4.78% for CLOI.

What is the main difference between ICLO and CLOI?

They also come from different issuers: Invesco and VanEck. Their fees differ too: 0.19% for ICLO and 0.36% for CLOI.

Which has better risk-adjusted returns?

CLOI currently has the higher Sharpe Ratio (5.39 vs 4.05), 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.