ICLO vs. TLT
ICLO (Invesco AAA CLO Floating Rate Note ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - ICLO is a CLO fund actively managed by Invesco, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. ICLO is actively managed, while TLT is passively managed. Over the past 3 years, ICLO returned 6.28%/yr vs -1.15%/yr for TLT. Their 0.07 correlation means their historical movements had little consistent relationship. ICLO charges 0.19%/yr vs 0.15%/yr for TLT.
Performance
ICLO vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, ICLO achieves a 2.89% return, which is significantly higher than TLT's -3.18% return.
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%
TLT
- 1D
- 0.33%
- 1M
- -3.49%
- 6M
- -2.86%
- YTD
- -3.18%
- 1Y
- -2.12%
- 3Y*
- -1.15%
- 5Y*
- -8.33%
- 10Y*
- -2.33%
- ALL TIME*
- 3.48%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $3.82M | $3.03M | $3.02M | |
| $2.39B | $2.06B | $2.20B |
ICLO vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
ICLO Invesco AAA CLO Floating Rate Note ETF | 2.89% | 5.27% | 7.05% | 8.90% | 0.38% |
TLT iShares 20+ Year Treasury Bond ETF | -3.18% | 4.25% | -8.05% | 2.77% | -8.58% |
Correlation
The correlation between ICLO and TLT is 0.08, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.08 |
Correlation (3Y) Balances recent behavior with more history. | 0.08 |
Correlation (All Time) Calculated using the full available price history since Dec 9, 2022 | 0.07 |
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Return for Risk
ICLO vs. TLT — Risk / Return Rank
ICLO
TLT
ICLO vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco AAA CLO Floating Rate Note ETF (ICLO) and iShares 20+ Year Treasury Bond ETF (TLT). 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 | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +4.52 | ||
| Sortino ratioReturn per unit of downside risk | +7.84 | ||
| Omega ratioGain probability vs. loss probability | 2.07 | 0.97 | +1.10 |
| Calmar ratioReturn relative to maximum drawdown | 17.20 | -0.28 | +17.47 |
| Martin ratioReturn relative to average drawdown | 73.40 | -0.59 | +73.99 |
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Drawdowns
ICLO vs. TLT - Drawdown Comparison
The maximum ICLO drawdown since its inception was -3.47%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for ICLO and TLT.
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Drawdown Indicators
| ICLO | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.47% | -48.35% | +44.88% |
Max Drawdown (1Y)Largest decline over 1 year | -0.31% | -7.74% | +7.43% |
Max Drawdown (3Y)Largest decline over 3 years | -3.47% | -14.79% | +11.32% |
Max Drawdown (5Y)Largest decline over 5 years | — | -43.70% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -48.35% | — |
Current DrawdownCurrent decline from peak | 0.00% | -42.17% | +42.17% |
Average DrawdownAverage peak-to-trough decline | -0.06% | -14.00% | +13.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.07% | 3.60% | -3.53% |
Volatility
ICLO vs. TLT - Volatility Comparison
The current volatility for Invesco AAA CLO Floating Rate Note ETF (ICLO) is 0.20%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.51%. This indicates that ICLO experiences smaller price fluctuations and is considered to be less risky than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ICLO | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.20% | 2.51% | -2.31% |
Volatility (6M)Calculated over the trailing 6-month period | 0.81% | 6.84% | -6.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.26% | 9.24% | -7.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.38% | 15.74% | -13.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.38% | 14.83% | -12.45% |
ICLO vs. TLT - Expense Ratio Comparison
ICLO has a 0.19% expense ratio, which is higher than TLT's 0.15% expense ratio. However, 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. TLT - Dividend Comparison
ICLO's dividend yield for the trailing twelve months is around 4.96%, more than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ICLO Invesco AAA CLO Floating Rate Note ETF | 4.96% | 5.49% | 6.51% | 7.01% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TLT iShares 20+ Year Treasury Bond ETF | 4.75% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Frequently Asked Questions
ICLO and TLT have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.51%) compared to ICLO (0.20%). In terms of maximum drawdown, ICLO dropped -3.47% vs TLT's -48.35%.
On 3-year performance, ICLO leads with 6.28% vs -1.15% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, ICLO has been the lower-risk option at 0.20%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, ICLO has performed better with a 6.28% return vs -1.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLT is cheaper with a 0.15% expense ratio, compared with 0.19% for ICLO.
ICLO has the higher dividend yield at 4.96%, compared with 4.75% for TLT.
ICLO is categorized as CLO, while TLT is Government Bonds. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.19% for ICLO and 0.15% for TLT.
ICLO currently has the higher Sharpe Ratio (4.29 vs -0.23), 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.
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