ICLO vs. CLOO

Last updated Aug 4, 2026

ICLO (Invesco AAA CLO Floating Rate Note ETF) and CLOO (NYLI Investment Grade CLO ETF) are both CLO funds. Both are actively managed. Their -0.04 correlation means they have often moved in opposite directions in the past. ICLO charges 0.19%/yr vs 0.25%/yr for CLOO.

Performance

ICLO vs. CLOO - Performance Comparison

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

Returns By Period

ICLO

• 1D: 0.02%
• 1M: 0.27%
• 6M: 2.43%
• YTD: 2.89%
• 1Y: 5.36%
• 3Y*: 6.28%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.71%

CLOO

• 1D: -0.02%
• 1M: 0.38%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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)
CLOO NYLI Investment Grade CLO ETF	$1.27K	$245.87K	$339.87K
ICLO Invesco AAA CLO Floating Rate Note ETF	$3.82M	$3.03M	$3.02M

ICLO vs. CLOO - Yearly Performance Comparison

	2026 (YTD)
ICLO Invesco AAA CLO Floating Rate Note ETF	1.17%
CLOO NYLI Investment Grade CLO ETF	1.32%

Correlation

The correlation between ICLO and CLOO is -0.04, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 6, 2026	-0.04

Return for Risk

ICLO vs. CLOO — 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

CLOO

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. CLOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco AAA CLO Floating Rate Note ETF (ICLO) and NYLI Investment Grade CLO ETF (CLOO). 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	CLOO	Difference
Sharpe ratio: Return per unit of total volatility	4.29	—	—
Sortino ratio: Return per unit of downside risk	7.58	—	—
Omega ratio: Gain probability vs. loss probability	2.07	—	—
Calmar ratio: Return relative to maximum drawdown	17.20	—	—
Martin ratio: Return relative to average drawdown	73.40	—	—

Drawdowns

ICLO vs. CLOO - Drawdown Comparison

The maximum ICLO drawdown since its inception was -3.47%, which is greater than CLOO's maximum drawdown of -0.04%. Use the drawdown chart below to compare losses from any high point for ICLO and CLOO.

Drawdown Indicators

	ICLO	CLOO	Difference
Max Drawdown Largest peak-to-trough decline	-3.47%	-0.04%	-3.43%
Max Drawdown (1Y) Largest decline over 1 year	-0.31%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-3.47%	—	—
Current Drawdown Current decline from peak	0.00%	-0.02%	+0.02%
Average Drawdown Average peak-to-trough decline	-0.06%	0.00%	-0.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.07%	—	—

Volatility

Volatility by Period

	ICLO	CLOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.20%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.81%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	1.26%	0.47%	+0.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.38%	0.47%	+1.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.38%	0.47%	+1.91%

ICLO vs. CLOO - Expense Ratio Comparison

ICLO has a 0.19% expense ratio, which is lower than CLOO's 0.25% 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

ICLO vs. CLOO - Dividend Comparison

ICLO's dividend yield for the trailing twelve months is around 4.96%, more than CLOO's 0.99% yield.

Position	TTM	2025	2024	2023
CLOO NYLI Investment Grade CLO ETF	0.99%	0.00%	0.00%	0.00%
ICLO Invesco AAA CLO Floating Rate Note ETF	4.96%	5.49%	6.51%	7.01%

Frequently Asked Questions

Can I hold both ICLO and CLOO in my portfolio?

ICLO and CLOO have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ICLO or CLOO?

On fees, ICLO is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ICLO or CLOO?

ICLO is cheaper with a 0.19% expense ratio, compared with 0.25% for CLOO.

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

ICLO has the higher dividend yield at 4.96%, compared with 0.99% for CLOO.

What is the main difference between ICLO and CLOO?

They also come from different issuers: Invesco and New York Life. Their fees differ too: 0.19% for ICLO and 0.25% for CLOO.