INMU vs. CLOA

Last updated Jun 4, 2026

INMU (BlackRock Intermediate Muni Income Bond ETF) and CLOA (BlackRock AAA CLO ETF) are both exchange-traded funds - INMU is a Municipal Bonds fund actively managed by BlackRock, while CLOA is a CLO fund actively managed by BlackRock. Both are actively managed. Over the past 3 years, INMU returned 4.89%/yr vs 6.74%/yr for CLOA. At a 0.00 correlation, their price movements are largely independent. INMU charges 0.30%/yr vs 0.20%/yr for CLOA.

Performance

INMU vs. CLOA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Intermediate Muni Income Bond ETF (INMU) and BlackRock AAA CLO ETF (CLOA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, INMU achieves a 1.73% return, which is significantly lower than CLOA's 2.06% return.

INMU

• 1D: 0.00%
• 1M: 0.57%
• YTD: 1.73%
• 6M: 1.98%
• 1Y: 7.17%
• 3Y*: 4.89%
• 5Y*: 1.78%
• 10Y*: —

CLOA

• 1D: 0.02%
• 1M: 0.44%
• YTD: 2.06%
• 6M: 2.51%
• 1Y: 5.28%
• 3Y*: 6.74%
• 5Y*: —
• 10Y*: —

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

INMU vs. CLOA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
INMU BlackRock Intermediate Muni Income Bond ETF	1.73%	5.52%	2.77%	4.13%
CLOA BlackRock AAA CLO ETF	2.06%	5.44%	7.25%	8.38%

Correlation

The correlation between INMU and CLOA is 0.00, 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	0.00
Correlation (3Y) Calculated over the trailing 3-year period	-0.00
Correlation (All Time) Calculated using the full available price history since Jan 13, 2023	0.00

Return for Risk

INMU vs. CLOA — Risk / Return Rank

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

INMU

INMU Risk / Return Rank: 76
INMU Sharpe Ratio Rank: 86
INMU Sortino Ratio Rank: 90
INMU Omega Ratio Rank: 93
INMU Calmar Ratio Rank: 57
INMU Martin Ratio Rank: 55

CLOA

CLOA Risk / Return Rank: 99
CLOA Sharpe Ratio Rank: 99
CLOA Sortino Ratio Rank: 99
CLOA Omega Ratio Rank: 99
CLOA Calmar Ratio Rank: 99
CLOA 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.

INMU vs. CLOA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Intermediate Muni Income Bond ETF (INMU) and BlackRock AAA CLO ETF (CLOA). 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.

	INMU	CLOA	Difference
Sharpe ratio: Return per unit of total volatility	2.87	7.45	-4.58
Sortino ratio: Return per unit of downside risk	4.22	13.98	-9.76
Omega ratio: Gain probability vs. loss probability	1.65	3.34	-1.69
Calmar ratio: Return relative to maximum drawdown	2.79	30.02	-27.23
Martin ratio: Return relative to average drawdown	9.53	150.47	-140.93
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

INMU vs. CLOA - Sharpe Ratio Comparison

The current INMU Sharpe Ratio is 2.87, which is lower than the CLOA Sharpe Ratio of 7.45. The chart below compares the historical Sharpe Ratios of INMU and CLOA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	INMU	CLOA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.87	7.45	-4.58
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	5.22	-4.62

Drawdowns

INMU vs. CLOA - Drawdown Comparison

The maximum INMU drawdown since its inception was -10.67%, which is greater than CLOA's maximum drawdown of -1.34%. Use the drawdown chart below to compare losses from any high point for INMU and CLOA.

Drawdown Indicators

	INMU	CLOA	Difference
Max Drawdown Largest peak-to-trough decline	-10.67%	-1.34%	-9.33%
Max Drawdown (1Y) Largest decline over 1 year	-2.58%	-0.18%	-2.40%
Max Drawdown (3Y) Largest decline over 3 years	-4.88%	-1.13%	-3.75%
Max Drawdown (5Y) Largest decline over 5 years	-10.67%	—	—
Current Drawdown Current decline from peak	-0.66%	0.00%	-0.66%
Average Drawdown Average peak-to-trough decline	-2.81%	-0.05%	-2.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.75%	0.04%	+0.71%

Volatility

INMU vs. CLOA - Volatility Comparison

BlackRock Intermediate Muni Income Bond ETF (INMU) has a higher volatility of 0.81% compared to BlackRock AAA CLO ETF (CLOA) at 0.15%. This indicates that INMU's price experiences larger fluctuations and is considered to be riskier than CLOA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INMU	CLOA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.81%	0.15%	+0.66%
Volatility (6M) Calculated over the trailing 6-month period	1.88%	0.48%	+1.40%
Volatility (1Y) Calculated over the trailing 1-year period	2.51%	0.71%	+1.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.60%	1.32%	+2.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.54%	1.32%	+2.22%

INMU vs. CLOA - Expense Ratio Comparison

INMU has a 0.30% expense ratio, which is higher than CLOA's 0.20% expense ratio.

Dividends

INMU vs. CLOA - Dividend Comparison

INMU's dividend yield for the trailing twelve months is around 3.36%, less than CLOA's 4.96% yield.

Position	TTM	2025	2024	2023	2022	2021
CLOA BlackRock AAA CLO ETF	4.96%	5.35%	6.01%	5.88%	0.00%	0.00%
INMU BlackRock Intermediate Muni Income Bond ETF	3.36%	3.48%	3.47%	3.44%	1.92%	1.14%

Frequently Asked Questions

Can I hold both INMU and CLOA in my portfolio?

INMU and CLOA have a correlation of 0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, INMU or CLOA?

INMU has higher volatility (0.81%) compared to CLOA (0.15%). In terms of maximum drawdown, INMU dropped -10.67% vs CLOA's -1.34%.

Which ETF is better, INMU or CLOA?

On 3-year performance, CLOA leads with 6.74% vs 4.89% for INMU. On fees, CLOA is cheaper at 0.20% per year. On volatility, CLOA has been the lower-risk option at 0.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, INMU or CLOA?

Over the 3-year period, CLOA has performed better with a 6.74% return vs 4.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, INMU or CLOA?

CLOA is cheaper with a 0.20% expense ratio, compared with 0.30% for INMU.

Which ETF pays a higher dividend yield, INMU or CLOA?

CLOA has the higher dividend yield at 4.96%, compared with 3.36% for INMU.

What is the main difference between INMU and CLOA?

INMU is categorized as Municipal Bonds, while CLOA is CLO. Their fees differ too: 0.30% for INMU and 0.20% for CLOA.

Which has better risk-adjusted returns?

CLOA currently has the higher Sharpe Ratio (7.45 vs 2.87), 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.