IEUS vs. ACLO

Last updated Jun 24, 2026

IEUS (iShares MSCI Europe Small-Cap ETF) and ACLO (TCW AAA CLO ETF) are both exchange-traded funds - IEUS is a Europe Equities fund tracking the MSCI Europe Small Cap Index, while ACLO is a CLO fund actively managed by TCW. IEUS is passively managed, while ACLO is actively managed. Over the past year, IEUS returned 10.51% vs 5.27% for ACLO. At a correlation of -0.09, they often move in opposite directions. IEUS charges 0.40%/yr vs 0.20%/yr for ACLO.

Performance

IEUS vs. ACLO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Europe Small-Cap ETF (IEUS) and TCW AAA CLO ETF (ACLO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IEUS achieves a 2.96% return, which is significantly higher than ACLO's 2.44% return.

IEUS

• 1D: -1.36%
• 1M: -3.42%
• YTD: 2.96%
• 6M: 3.35%
• 1Y: 10.51%
• 3Y*: 13.92%
• 5Y*: 2.93%
• 10Y*: 8.42%

ACLO

• 1D: 0.03%
• 1M: 0.44%
• YTD: 2.44%
• 6M: 2.55%
• 1Y: 5.27%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IEUS vs. ACLO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IEUS iShares MSCI Europe Small-Cap ETF	2.96%	32.06%	-1.14%
ACLO TCW AAA CLO ETF	2.44%	5.32%	0.81%

Correlation

The correlation between IEUS and ACLO is -0.18, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.18
Correlation (All Time) Calculated using the full available price history since Nov 18, 2024	-0.09

Return for Risk

IEUS vs. ACLO — Risk / Return Rank

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

IEUS

IEUS Risk / Return Rank: 20
IEUS Sharpe Ratio Rank: 20
IEUS Sortino Ratio Rank: 19
IEUS Omega Ratio Rank: 19
IEUS Calmar Ratio Rank: 19
IEUS Martin Ratio Rank: 23

ACLO

ACLO Risk / Return Rank: 99
ACLO Sharpe Ratio Rank: 99
ACLO Sortino Ratio Rank: 99
ACLO Omega Ratio Rank: 99
ACLO Calmar Ratio Rank: 99
ACLO Martin Ratio Rank: 99

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.

IEUS vs. ACLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Europe Small-Cap ETF (IEUS) and TCW AAA CLO ETF (ACLO). 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.

	IEUS	ACLO	Difference
Sharpe ratio: Return per unit of total volatility	0.65	7.28	-6.63
Sortino ratio: Return per unit of downside risk	1.03	15.06	-14.03
Omega ratio: Gain probability vs. loss probability	1.12	3.42	-2.30
Calmar ratio: Return relative to maximum drawdown	0.82	19.77	-18.94
Martin ratio: Return relative to average drawdown	2.79	164.39	-161.60

IEUS vs. ACLO - Sharpe Ratio Comparison

The current IEUS Sharpe Ratio is 0.65, which is lower than the ACLO Sharpe Ratio of 7.28. The chart below compares the historical Sharpe Ratios of IEUS and ACLO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

IEUS vs. ACLO - Drawdown Comparison

The maximum IEUS drawdown since its inception was -63.09%, which is greater than ACLO's maximum drawdown of -1.01%. Use the drawdown chart below to compare losses from any high point for IEUS and ACLO.

Drawdown Indicators

	IEUS	ACLO	Difference
Max Drawdown Largest peak-to-trough decline	-63.09%	-1.01%	-62.08%
Max Drawdown (1Y) Largest decline over 1 year	-12.81%	-0.27%	-12.54%
Max Drawdown (3Y) Largest decline over 3 years	-18.05%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-44.86%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-44.86%	—	—
Current Drawdown Current decline from peak	-4.49%	0.00%	-4.49%
Average Drawdown Average peak-to-trough decline	-15.50%	-0.04%	-15.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.78%	0.03%	+3.75%

Volatility

IEUS vs. ACLO - Volatility Comparison

iShares MSCI Europe Small-Cap ETF (IEUS) has a higher volatility of 4.97% compared to TCW AAA CLO ETF (ACLO) at 0.19%. This indicates that IEUS's price experiences larger fluctuations and is considered to be riskier than ACLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IEUS	ACLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.97%	0.19%	+4.78%
Volatility (6M) Calculated over the trailing 6-month period	13.68%	0.58%	+13.10%
Volatility (1Y) Calculated over the trailing 1-year period	16.26%	0.73%	+15.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.84%	1.07%	+19.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.10%	1.07%	+19.03%

IEUS vs. ACLO - Expense Ratio Comparison

IEUS has a 0.40% expense ratio, which is higher than ACLO's 0.20% expense ratio.

Dividends

IEUS vs. ACLO - Dividend Comparison

IEUS's dividend yield for the trailing twelve months is around 3.26%, less than ACLO's 4.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ACLO TCW AAA CLO ETF	4.90%	4.87%	0.59%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
IEUS iShares MSCI Europe Small-Cap ETF	3.26%	3.19%	3.25%	2.97%	3.00%	2.63%	1.21%	4.03%	3.21%	2.13%	2.48%	2.06%

Frequently Asked Questions

Can I hold both IEUS and ACLO in my portfolio?

IEUS and ACLO have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IEUS or ACLO?

IEUS has higher volatility (4.97%) compared to ACLO (0.19%). In terms of maximum drawdown, IEUS dropped -63.09% vs ACLO's -1.01%.

Which ETF is better, IEUS or ACLO?

On 1-year performance, IEUS leads with 10.51% vs 5.27% for ACLO. On fees, ACLO is cheaper at 0.20% per year. On volatility, ACLO has been the lower-risk option at 0.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IEUS or ACLO?

Over the 1-year period, IEUS has performed better with a 10.51% return vs 5.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IEUS or ACLO?

ACLO is cheaper with a 0.20% expense ratio, compared with 0.40% for IEUS.

Which ETF pays a higher dividend yield, IEUS or ACLO?

ACLO has the higher dividend yield at 4.90%, compared with 3.26% for IEUS.

What is the main difference between IEUS and ACLO?

IEUS is categorized as Europe Equities, while ACLO is CLO. They also come from different issuers: iShares and TCW. Their fees differ too: 0.40% for IEUS and 0.20% for ACLO.

Which has better risk-adjusted returns?

ACLO currently has the higher Sharpe Ratio (7.28 vs 0.65), 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.