ICLO vs. CLOI

Last updated Jun 23, 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 6.60%/yr vs 7.00%/yr for CLOI. At a 0.26 correlation, their price movements are largely independent. ICLO charges 0.26%/yr vs 0.40%/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 2.38% return and CLOI slightly lower at 2.35%.

ICLO

• 1D: 0.00%
• 1M: 0.61%
• YTD: 2.38%
• 6M: 2.48%
• 1Y: 5.52%
• 3Y*: 6.60%
• 5Y*: —
• 10Y*: —

CLOI

• 1D: 0.04%
• 1M: 0.46%
• YTD: 2.35%
• 6M: 2.58%
• 1Y: 5.48%
• 3Y*: 7.00%
• 5Y*: —
• 10Y*: —

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

ICLO vs. CLOI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
ICLO Invesco Aaa CLO Floating Rate Note ETF	2.38%	5.27%	7.05%	8.90%	0.38%
CLOI VanEck CLO ETF	2.35%	5.84%	8.26%	8.95%	0.74%

Correlation

The correlation between ICLO and CLOI is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	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 risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ICLO

ICLO Risk / Return Rank: 97
ICLO Sharpe Ratio Rank: 96
ICLO Sortino Ratio Rank: 98
ICLO Omega Ratio Rank: 97
ICLO Calmar Ratio Rank: 98
ICLO Martin Ratio Rank: 98

CLOI

CLOI Risk / Return Rank: 97
CLOI Sharpe Ratio Rank: 98
CLOI Sortino Ratio Rank: 98
CLOI Omega Ratio Rank: 98
CLOI Calmar Ratio Rank: 96
CLOI Martin Ratio Rank: 97

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. 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	4.01	4.82	-0.81
Sortino ratio: Return per unit of downside risk	6.72	7.61	-0.89
Omega ratio: Gain probability vs. loss probability	1.94	2.21	-0.27
Calmar ratio: Return relative to maximum drawdown	15.78	8.82	+6.96
Martin ratio: Return relative to average drawdown	65.95	41.79	+24.16

ICLO vs. CLOI - Sharpe Ratio Comparison

The current ICLO Sharpe Ratio is 4.01, which is comparable to the CLOI Sharpe Ratio of 4.82. 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	-0.35%	-0.62%	+0.27%
Max Drawdown (3Y) Largest decline over 3 years	-3.47%	-3.25%	-0.22%
Current Drawdown Current decline from peak	-0.09%	0.00%	-0.09%
Average Drawdown Average peak-to-trough decline	-0.06%	-0.19%	+0.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.08%	0.13%	-0.05%

Volatility

ICLO vs. CLOI - Volatility Comparison

Invesco Aaa CLO Floating Rate Note ETF (ICLO) has a higher volatility of 0.53% compared to VanEck CLO ETF (CLOI) at 0.22%. This indicates that ICLO's price experiences larger fluctuations and is considered to be riskier 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	0.53%	0.22%	+0.31%
Volatility (6M) Calculated over the trailing 6-month period	0.88%	0.67%	+0.21%
Volatility (1Y) Calculated over the trailing 1-year period	1.39%	1.15%	+0.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.42%	2.54%	-0.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.42%	2.54%	-0.12%

ICLO vs. CLOI - Expense Ratio Comparison

ICLO has a 0.26% expense ratio, which is lower than CLOI's 0.40% expense ratio.

Dividends

ICLO vs. CLOI - Dividend Comparison

ICLO's dividend yield for the trailing twelve months is around 5.50%, more than CLOI's 5.33% yield.

Position	TTM	2025	2024	2023	2022
CLOI VanEck CLO ETF	5.33%	5.61%	6.71%	5.61%	2.23%
ICLO Invesco Aaa CLO Floating Rate Note ETF	5.02%	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 0.17, 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?

ICLO has higher volatility (0.53%) compared to CLOI (0.22%). 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 7.00% vs 6.60% for ICLO. On fees, ICLO is cheaper at 0.26% per year. On volatility, CLOI has been the lower-risk option at 0.22%. 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 7.00% return vs 6.60%. 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 0.26% expense ratio, compared with 0.40% for CLOI.

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

ICLO has the higher dividend yield at 5.50%, compared with 5.33% for CLOI.

What is the main difference between ICLO and CLOI?

They also come from different issuers: Invesco and VanEck. Their fees differ too: 0.26% for ICLO and 0.40% for CLOI.

Which has better risk-adjusted returns?

CLOI currently has the higher Sharpe Ratio (4.82 vs 4.01), 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.