IEV vs. ACLO
IEV (iShares Europe ETF) and ACLO (TCW AAA CLO ETF) are both exchange-traded funds - IEV is a Europe Equities fund tracking the S&P Europe 350 Index, while ACLO is a CLO fund actively managed by TCW. IEV is passively managed, while ACLO is actively managed. Over the past year, IEV returned 21.69% vs 5.31% for ACLO. At a correlation of -0.05, they often move in opposite directions. IEV charges 0.59%/yr vs 0.20%/yr for ACLO.
Performance
IEV vs. ACLO - Performance Comparison
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Returns By Period
In the year-to-date period, IEV achieves a 7.36% return, which is significantly higher than ACLO's 2.41% return.
IEV
- 1D
- -0.04%
- 1M
- 1.28%
- YTD
- 7.36%
- 6M
- 7.91%
- 1Y
- 21.69%
- 3Y*
- 16.78%
- 5Y*
- 9.34%
- 10Y*
- 10.28%
ACLO
- 1D
- 0.00%
- 1M
- 0.41%
- YTD
- 2.41%
- 6M
- 2.53%
- 1Y
- 5.31%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IEV vs. ACLO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
IEV iShares Europe ETF | 7.36% | 35.63% | -0.93% |
ACLO TCW AAA CLO ETF | 2.41% | 5.32% | 0.81% |
Correlation
The correlation between IEV and ACLO is -0.13, 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 | -0.13 |
Correlation (All Time) Calculated using the full available price history since Nov 18, 2024 | -0.05 |
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Return for Risk
IEV vs. ACLO — Risk / Return Rank
IEV
ACLO
IEV vs. ACLO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Europe ETF (IEV) 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.
| IEV | ACLO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -5.95 | ||
| Sortino ratioReturn per unit of downside risk | -13.17 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 3.44 | -2.20 |
| Calmar ratioReturn relative to maximum drawdown | 1.77 | 19.90 | -18.13 |
| Martin ratioReturn relative to average drawdown | 6.47 | 165.46 | -158.99 |
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Drawdowns
IEV vs. ACLO - Drawdown Comparison
The maximum IEV drawdown since its inception was -63.27%, which is greater than ACLO's maximum drawdown of -1.01%. Use the drawdown chart below to compare losses from any high point for IEV and ACLO.
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Drawdown Indicators
| IEV | ACLO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.27% | -1.01% | -62.26% |
Max Drawdown (1Y)Largest decline over 1 year | -12.31% | -0.27% | -12.04% |
Max Drawdown (3Y)Largest decline over 3 years | -14.63% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -30.60% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -36.62% | — | — |
Current DrawdownCurrent decline from peak | -0.95% | 0.00% | -0.95% |
Average DrawdownAverage peak-to-trough decline | -15.02% | -0.04% | -14.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.36% | 0.03% | +3.33% |
Volatility
IEV vs. ACLO - Volatility Comparison
iShares Europe ETF (IEV) has a higher volatility of 4.90% compared to TCW AAA CLO ETF (ACLO) at 0.19%. This indicates that IEV'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.
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Volatility by Period
| IEV | ACLO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.90% | 0.19% | +4.71% |
Volatility (6M)Calculated over the trailing 6-month period | 13.46% | 0.58% | +12.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.96% | 0.73% | +15.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.63% | 1.07% | +16.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.61% | 1.07% | +17.54% |
IEV vs. ACLO - Expense Ratio Comparison
IEV has a 0.59% expense ratio, which is higher than ACLO's 0.20% expense ratio.
Dividends
IEV vs. ACLO - Dividend Comparison
IEV's dividend yield for the trailing twelve months is around 2.81%, 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% |
IEV iShares Europe ETF | 2.81% | 2.73% | 3.10% | 2.77% | 3.06% | 2.81% | 1.76% | 3.06% | 3.43% | 2.39% | 3.08% | 2.81% |
Frequently Asked Questions
IEV and ACLO have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IEV has higher volatility (4.90%) compared to ACLO (0.19%). In terms of maximum drawdown, IEV dropped -63.27% vs ACLO's -1.01%.
On 1-year performance, IEV leads with 21.69% vs 5.31% 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.
Over the 1-year period, IEV has performed better with a 21.69% return vs 5.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ACLO is cheaper with a 0.20% expense ratio, compared with 0.59% for IEV.
ACLO has the higher dividend yield at 4.90%, compared with 2.81% for IEV.
IEV is categorized as Europe Equities, while ACLO is CLO. They also come from different issuers: iShares and TCW. Their fees differ too: 0.59% for IEV and 0.20% for ACLO.
ACLO currently has the higher Sharpe Ratio (7.32 vs 1.37), 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.
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