IOYY vs. TRPA

Last updated Aug 2, 2026

IOYY (GraniteShares YieldBOOST IONQ ETF) and TRPA (Hartford AAA CLO ETF) are both exchange-traded funds - IOYY is a Derivative Income fund actively managed by GraniteShares, while TRPA is a CLO fund actively managed by Hartford. Both are actively managed. Their 0.08 correlation means their historical movements had little consistent relationship. IOYY charges 1.07%/yr vs 0.24%/yr for TRPA.

Performance

IOYY vs. TRPA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares YieldBOOST IONQ ETF (IOYY) and Hartford AAA CLO ETF (TRPA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IOYY achieves a -23.21% return, which is significantly lower than TRPA's 2.73% return.

IOYY

• 1D: 0.47%
• 1M: -9.48%
• 6M: -22.19%
• YTD: -23.21%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

TRPA

• 1D: 0.00%
• 1M: 0.41%
• 6M: 2.45%
• YTD: 2.73%
• 1Y: 5.00%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.89%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
IOYY GraniteShares YieldBOOST IONQ ETF	$209.08K	$276.26K	$323.34K
TRPA Hartford AAA CLO ETF	$1.14M	$859.18K	$565.69K

IOYY vs. TRPA - Yearly Performance Comparison

	2026 (YTD)	2025
IOYY GraniteShares YieldBOOST IONQ ETF	-23.21%	-13.50%
TRPA Hartford AAA CLO ETF	2.73%	0.97%

Correlation

The correlation between IOYY and TRPA is 0.08, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 4, 2025	0.08

Return for Risk

IOYY vs. TRPA — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

IOYY

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

TRPA

TRPA Risk / Return Rank: 96
TRPA Sharpe Ratio Rank: 94
TRPA Sortino Ratio Rank: 96
TRPA Omega Ratio Rank: 95
TRPA Calmar Ratio Rank: 97
TRPA Martin Ratio Rank: 98

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

IOYY vs. TRPA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares YieldBOOST IONQ ETF (IOYY) and Hartford AAA CLO ETF (TRPA). 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.

	IOYY	TRPA	Difference
Sharpe ratio: Return per unit of total volatility	—	2.62	—
Sortino ratio: Return per unit of downside risk	—	4.24	—
Omega ratio: Gain probability vs. loss probability	—	1.56	—
Calmar ratio: Return relative to maximum drawdown	—	8.55	—
Martin ratio: Return relative to average drawdown	—	38.93	—

Drawdowns

IOYY vs. TRPA - Drawdown Comparison

The maximum IOYY drawdown since its inception was -38.97%, which is greater than TRPA's maximum drawdown of -0.61%. Use the drawdown chart below to compare losses from any high point for IOYY and TRPA.

Drawdown Indicators

	IOYY	TRPA	Difference
Max Drawdown Largest peak-to-trough decline	-38.97%	-0.61%	-38.36%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.61%	—
Current Drawdown Current decline from peak	-37.72%	0.00%	-37.72%
Average Drawdown Average peak-to-trough decline	-25.04%	-0.09%	-24.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.13%	—

Volatility

Volatility by Period

	IOYY	TRPA	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.22%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.38%	—
Volatility (1Y) Calculated over the trailing 1-year period	31.30%	2.01%	+29.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.30%	2.24%	+29.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.30%	2.24%	+29.06%

IOYY vs. TRPA - Expense Ratio Comparison

IOYY has a 1.07% expense ratio, which is higher than TRPA's 0.24% expense ratio.

Dividends

IOYY vs. TRPA - Dividend Comparison

IOYY's dividend yield for the trailing twelve months is around 184.92%, more than TRPA's 5.05% yield.

Position	TTM	2025
IOYY GraniteShares YieldBOOST IONQ ETF	184.92%	28.55%
TRPA Hartford AAA CLO ETF	5.05%	4.14%

Frequently Asked Questions

Can I hold both IOYY and TRPA in my portfolio?

IOYY and TRPA have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IOYY or TRPA?

On fees, TRPA 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, IOYY or TRPA?

TRPA is cheaper with a 0.24% expense ratio, compared with 1.07% for IOYY.

Which ETF pays a higher dividend yield, IOYY or TRPA?

IOYY has the higher dividend yield at 184.92%, compared with 5.05% for TRPA.

What is the main difference between IOYY and TRPA?

IOYY is categorized as Derivative Income, while TRPA is CLO. They also come from different issuers: GraniteShares and Hartford. Their fees differ too: 1.07% for IOYY and 0.24% for TRPA.