ICLU.L vs. FAAA

Last updated Jun 4, 2026

ICLU.L (Invesco USD AAA CLO UCITS ETF Acc) and FAAA (Fidelity AAA CLO ETF) are both CLO funds. Both are actively managed. At a 0.16 correlation, their price movements are largely independent. ICLU.L charges 0.25%/yr vs 0.20%/yr for FAAA.

Performance

ICLU.L vs. FAAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco USD AAA CLO UCITS ETF Acc (ICLU.L) and Fidelity AAA CLO ETF (FAAA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

ICLU.L

• 1D: 0.00%
• 1M: 0.47%
• YTD: 2.17%
• 6M: 2.52%
• 1Y: 5.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FAAA

• 1D: 0.02%
• 1M: 0.49%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ICLU.L vs. FAAA - Yearly Performance Comparison

	2026 (YTD)
ICLU.L Invesco USD AAA CLO UCITS ETF Acc	1.33%
FAAA Fidelity AAA CLO ETF	1.50%

Correlation

The correlation between ICLU.L and FAAA is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 13, 2026	0.16

Return for Risk

ICLU.L vs. FAAA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ICLU.L

ICLU.L Risk / Return Rank: 97
ICLU.L Sharpe Ratio Rank: 96
ICLU.L Sortino Ratio Rank: 97
ICLU.L Omega Ratio Rank: 98
ICLU.L Calmar Ratio Rank: 95
ICLU.L Martin Ratio Rank: 96

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.

ICLU.L vs. FAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco USD AAA CLO UCITS ETF Acc (ICLU.L) and Fidelity AAA CLO ETF (FAAA). 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.

	ICLU.L	FAAA	Difference
Sharpe ratio: Return per unit of total volatility	4.22	—	—
Sortino ratio: Return per unit of downside risk	6.34	—	—
Omega ratio: Gain probability vs. loss probability	2.27	—	—
Calmar ratio: Return relative to maximum drawdown	8.47	—	—
Martin ratio: Return relative to average drawdown	39.67	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	ICLU.L	FAAA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.22	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	3.37	5.41	-2.05

Drawdowns

ICLU.L vs. FAAA - Drawdown Comparison

The maximum ICLU.L drawdown since its inception was -0.91%, which is greater than FAAA's maximum drawdown of -0.55%. Use the drawdown chart below to compare losses from any high point for ICLU.L and FAAA.

Drawdown Indicators

	ICLU.L	FAAA	Difference
Max Drawdown Largest peak-to-trough decline	-0.91%	-0.55%	-0.36%
Max Drawdown (1Y) Largest decline over 1 year	-0.63%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.08%	-0.07%	-0.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.13%	—	—

Volatility

Volatility by Period

	ICLU.L	FAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.19%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.82%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	1.26%	0.94%	+0.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.46%	0.94%	+0.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.46%	0.94%	+0.52%

ICLU.L vs. FAAA - Expense Ratio Comparison

ICLU.L has a 0.25% expense ratio, which is higher than FAAA's 0.20% 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

ICLU.L vs. FAAA - Dividend Comparison

ICLU.L has not paid dividends to shareholders, while FAAA's dividend yield for the trailing twelve months is around 1.32%.

Position	TTM
FAAA Fidelity AAA CLO ETF	1.32%
ICLU.L Invesco USD AAA CLO UCITS ETF Acc	0.00%

Frequently Asked Questions

Can I hold both ICLU.L and FAAA in my portfolio?

ICLU.L and FAAA have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ICLU.L or FAAA?

On fees, FAAA is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ICLU.L or FAAA?

FAAA is cheaper with a 0.20% expense ratio, compared with 0.25% for ICLU.L.

What is the main difference between ICLU.L and FAAA?

They also come from different issuers: Invesco and Fidelity. Their fees differ too: 0.25% for ICLU.L and 0.20% for FAAA.