ICLO vs. YCLO

Last updated Aug 4, 2026

ICLO (Invesco AAA CLO Floating Rate Note ETF) and YCLO (Franklin BSP CLO ETF) are both CLO funds. Both are actively managed. Their -0.07 correlation means they have often moved in opposite directions in the past. ICLO charges 0.19%/yr vs 0.35%/yr for YCLO.

Performance

ICLO vs. YCLO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco AAA CLO Floating Rate Note ETF (ICLO) and Franklin BSP CLO ETF (YCLO). 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%

YCLO

• 1D: 0.02%
• 1M: 0.50%
• 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)
ICLO Invesco AAA CLO Floating Rate Note ETF	$3.82M	$3.03M	$3.02M
YCLO Franklin BSP CLO ETF	$3.40K	$4.47K	$2.77K

ICLO vs. YCLO - Yearly Performance Comparison

	2026 (YTD)
ICLO Invesco AAA CLO Floating Rate Note ETF	0.76%
YCLO Franklin BSP CLO ETF	1.09%

Correlation

The correlation between ICLO and YCLO is -0.07, 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 Jun 4, 2026	-0.07

Return for Risk

ICLO vs. YCLO — 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

YCLO

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. YCLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco AAA CLO Floating Rate Note ETF (ICLO) and Franklin BSP CLO ETF (YCLO). 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	YCLO	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. YCLO - Drawdown Comparison

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

Drawdown Indicators

	ICLO	YCLO	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%	0.00%	0.00%
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	YCLO	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%	0.42%	+0.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.38%	0.42%	+1.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.38%	0.42%	+1.96%

ICLO vs. YCLO - Expense Ratio Comparison

ICLO has a 0.19% expense ratio, which is lower than YCLO's 0.35% expense ratio.

Dividends

ICLO vs. YCLO - Dividend Comparison

ICLO's dividend yield for the trailing twelve months is around 4.96%, more than YCLO's 0.69% yield.

Position	TTM	2025	2024	2023
ICLO Invesco AAA CLO Floating Rate Note ETF	4.96%	5.49%	6.51%	7.01%
YCLO Franklin BSP CLO ETF	0.69%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ICLO and YCLO in my portfolio?

ICLO and YCLO have a correlation of -0.07, 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 YCLO?

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 YCLO?

ICLO is cheaper with a 0.19% expense ratio, compared with 0.35% for YCLO.

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

ICLO has the higher dividend yield at 4.96%, compared with 0.69% for YCLO.

What is the main difference between ICLO and YCLO?

They also come from different issuers: Invesco and Franklin Templeton. Their fees differ too: 0.19% for ICLO and 0.35% for YCLO.