ICLU.L vs. ICLO
ICLU.L (Invesco USD AAA CLO UCITS ETF Acc) and ICLO (Invesco Aaa CLO Floating Rate Note ETF) are both CLO funds from Invesco. Both are actively managed. Over the past year, ICLU.L returned 5.16% vs 5.17% for ICLO. At a correlation of -0.02, they often move in opposite directions. ICLU.L charges 0.25%/yr vs 0.26%/yr for ICLO.
Performance
ICLU.L vs. ICLO - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with ICLU.L having a 2.45% return and ICLO slightly lower at 2.44%.
ICLU.L
- 1D
- 0.06%
- 1M
- 0.44%
- YTD
- 2.45%
- 6M
- 2.52%
- 1Y
- 5.16%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ICLO
- 1D
- 0.00%
- 1M
- 0.43%
- YTD
- 2.44%
- 6M
- 2.56%
- 1Y
- 5.17%
- 3Y*
- 6.61%
- 5Y*
- —
- 10Y*
- —
ICLU.L vs. ICLO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ICLU.L Invesco USD AAA CLO UCITS ETF Acc | 2.45% | 4.22% |
ICLO Invesco Aaa CLO Floating Rate Note ETF | 2.44% | 4.59% |
Correlation
The correlation between ICLU.L and ICLO is 0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Feb 10, 2025 | -0.02 |
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Return for Risk
ICLU.L vs. ICLO — Risk / Return Rank
ICLU.L
ICLO
ICLU.L vs. ICLO - 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 Invesco Aaa CLO Floating Rate Note ETF (ICLO). 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.
| ICLU.L | ICLO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.43 | ||
| Sortino ratioReturn per unit of downside risk | -0.04 | ||
| Omega ratioGain probability vs. loss probability | 2.27 | 1.88 | +0.39 |
| Calmar ratioReturn relative to maximum drawdown | 8.17 | 14.77 | -6.59 |
| Martin ratioReturn relative to average drawdown | 38.34 | 64.22 | -25.88 |
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Drawdowns
ICLU.L vs. ICLO - Drawdown Comparison
The maximum ICLU.L drawdown since its inception was -0.91%, smaller than the maximum ICLO drawdown of -3.47%. Use the drawdown chart below to compare losses from any high point for ICLU.L and ICLO.
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Drawdown Indicators
| ICLU.L | ICLO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.91% | -3.47% | +2.56% |
Max Drawdown (1Y)Largest decline over 1 year | -0.63% | -0.35% | -0.28% |
Max Drawdown (3Y)Largest decline over 3 years | — | -3.47% | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.04% | +0.04% |
Average DrawdownAverage peak-to-trough decline | -0.08% | -0.06% | -0.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.13% | 0.08% | +0.05% |
Volatility
ICLU.L vs. ICLO - Volatility Comparison
The current volatility for Invesco USD AAA CLO UCITS ETF Acc (ICLU.L) is 0.19%, while Invesco Aaa CLO Floating Rate Note ETF (ICLO) has a volatility of 0.47%. This indicates that ICLU.L experiences smaller price fluctuations and is considered to be less risky than ICLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ICLU.L | ICLO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.19% | 0.47% | -0.28% |
Volatility (6M)Calculated over the trailing 6-month period | 0.83% | 0.88% | -0.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.22% | 1.38% | -0.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.44% | 2.41% | -0.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.44% | 2.41% | -0.97% |
ICLU.L vs. ICLO - Expense Ratio Comparison
ICLU.L has a 0.25% expense ratio, which is lower than ICLO's 0.26% 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
ICLU.L vs. ICLO - Dividend Comparison
ICLU.L has not paid dividends to shareholders, while ICLO's dividend yield for the trailing twelve months is around 5.02%.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
ICLO Invesco Aaa CLO Floating Rate Note ETF | 5.02% | 5.49% | 6.51% | 7.01% |
ICLU.L Invesco USD AAA CLO UCITS ETF Acc | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ICLU.L and ICLO have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ICLU.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ICLU.L is cheaper with a 0.25% expense ratio, compared with 0.26% for ICLO.
Their fees differ too: 0.25% for ICLU.L and 0.26% for ICLO.
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