ICLU.L vs. JPHY

Last updated Jun 4, 2026

ICLU.L (Invesco USD AAA CLO UCITS ETF Acc) and JPHY (JPMorgan High Yield Research Enhanced ETF) are both exchange-traded funds - ICLU.L is a CLO fund actively managed by Invesco, while JPHY is a High Yield Bonds fund actively managed by JPMorgan. Both are actively managed. At a 0.03 correlation, their price movements are largely independent. ICLU.L charges 0.25%/yr vs 0.24%/yr for JPHY.

Performance

ICLU.L vs. JPHY - 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 JPMorgan High Yield Research Enhanced ETF (JPHY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with ICLU.L having a 2.17% return and JPHY slightly lower at 2.07%.

ICLU.L

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

JPHY

• 1D: -0.09%
• 1M: 0.44%
• YTD: 2.07%
• 6M: 2.33%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ICLU.L vs. JPHY - Yearly Performance Comparison

	2026 (YTD)	2025
ICLU.L Invesco USD AAA CLO UCITS ETF Acc	2.17%	2.65%
JPHY JPMorgan High Yield Research Enhanced ETF	2.07%	4.00%

Correlation

The correlation between ICLU.L and JPHY is 0.03, 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 (All Time) Calculated using the full available price history since Jun 26, 2025	0.03

Return for Risk

ICLU.L vs. JPHY — 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. JPHY - 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 JPMorgan High Yield Research Enhanced ETF (JPHY). 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	JPHY	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	JPHY	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	2.17	+1.20

Drawdowns

ICLU.L vs. JPHY - Drawdown Comparison

The maximum ICLU.L drawdown since its inception was -0.91%, smaller than the maximum JPHY drawdown of -1.65%. Use the drawdown chart below to compare losses from any high point for ICLU.L and JPHY.

Drawdown Indicators

	ICLU.L	JPHY	Difference
Max Drawdown Largest peak-to-trough decline	-0.91%	-1.65%	+0.74%
Max Drawdown (1Y) Largest decline over 1 year	-0.63%	—	—
Current Drawdown Current decline from peak	0.00%	-0.09%	+0.09%
Average Drawdown Average peak-to-trough decline	-0.08%	-0.21%	+0.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.13%	—	—

Volatility

Volatility by Period

	ICLU.L	JPHY	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%	3.04%	-1.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.46%	3.04%	-1.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.46%	3.04%	-1.58%

ICLU.L vs. JPHY - Expense Ratio Comparison

ICLU.L has a 0.25% expense ratio, which is higher than JPHY's 0.24% 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. JPHY - Dividend Comparison

ICLU.L has not paid dividends to shareholders, while JPHY's dividend yield for the trailing twelve months is around 5.92%.

Position	TTM	2025
ICLU.L Invesco USD AAA CLO UCITS ETF Acc	0.00%	0.00%
JPHY JPMorgan High Yield Research Enhanced ETF	5.92%	3.32%

Frequently Asked Questions

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

ICLU.L and JPHY have a correlation of 0.03, 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 JPHY?

On fees, JPHY is cheaper at 0.24% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ICLU.L or JPHY?

JPHY is cheaper with a 0.24% expense ratio, compared with 0.25% for ICLU.L.

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

ICLU.L is categorized as CLO, while JPHY is High Yield Bonds. They also come from different issuers: Invesco and JPMorgan. Their fees differ too: 0.25% for ICLU.L and 0.24% for JPHY.