JPAN vs. ACLO

Last updated Jun 24, 2026

JPAN (Matthews Japan Active ETF) and ACLO (TCW AAA CLO ETF) are both exchange-traded funds - JPAN is a Japan Equities fund actively managed by Matthews, while ACLO is a CLO fund actively managed by TCW. Both are actively managed. Over the past year, JPAN returned 32.46% vs 5.27% for ACLO. At a correlation of -0.07, they often move in opposite directions. JPAN charges 0.79%/yr vs 0.20%/yr for ACLO.

Performance

JPAN vs. ACLO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Matthews Japan Active ETF (JPAN) 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, JPAN achieves a 17.24% return, which is significantly higher than ACLO's 2.44% return.

JPAN

• 1D: -3.95%
• 1M: 1.40%
• YTD: 17.24%
• 6M: 16.10%
• 1Y: 32.46%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

JPAN vs. ACLO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
JPAN Matthews Japan Active ETF	17.24%	22.96%	1.80%
ACLO TCW AAA CLO ETF	2.44%	5.32%	0.81%

Correlation

The correlation between JPAN and ACLO is -0.17, 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	-0.17
Correlation (All Time) Calculated using the full available price history since Nov 18, 2024	-0.07

The correlation between JPAN and ACLO shifts across timeframes, from -0.17 (1 year) to -0.07 (all time), reflecting how their relationship changes across market environments.

Return for Risk

JPAN vs. ACLO — Risk / Return Rank

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

JPAN

JPAN Risk / Return Rank: 49
JPAN Sharpe Ratio Rank: 50
JPAN Sortino Ratio Rank: 49
JPAN Omega Ratio Rank: 50
JPAN Calmar Ratio Rank: 49
JPAN Martin Ratio Rank: 50

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.

JPAN vs. ACLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews Japan Active ETF (JPAN) 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.

	JPAN	ACLO	Difference
Sharpe ratio: Return per unit of total volatility	1.58	7.28	-5.70
Sortino ratio: Return per unit of downside risk	2.26	15.06	-12.80
Omega ratio: Gain probability vs. loss probability	1.29	3.42	-2.13
Calmar ratio: Return relative to maximum drawdown	2.23	19.77	-17.53
Martin ratio: Return relative to average drawdown	7.90	164.39	-156.49

JPAN vs. ACLO - Sharpe Ratio Comparison

The current JPAN Sharpe Ratio is 1.58, which is lower than the ACLO Sharpe Ratio of 7.28. The chart below compares the historical Sharpe Ratios of JPAN 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

JPAN vs. ACLO - Drawdown Comparison

The maximum JPAN drawdown since its inception was -15.24%, which is greater than ACLO's maximum drawdown of -1.01%. Use the drawdown chart below to compare losses from any high point for JPAN and ACLO.

Drawdown Indicators

	JPAN	ACLO	Difference
Max Drawdown Largest peak-to-trough decline	-15.24%	-1.01%	-14.23%
Max Drawdown (1Y) Largest decline over 1 year	-14.59%	-0.27%	-14.32%
Current Drawdown Current decline from peak	-3.95%	0.00%	-3.95%
Average Drawdown Average peak-to-trough decline	-3.09%	-0.04%	-3.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.12%	0.03%	+4.09%

Volatility

JPAN vs. ACLO - Volatility Comparison

Matthews Japan Active ETF (JPAN) has a higher volatility of 7.60% compared to TCW AAA CLO ETF (ACLO) at 0.19%. This indicates that JPAN'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

	JPAN	ACLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.60%	0.19%	+7.41%
Volatility (6M) Calculated over the trailing 6-month period	17.06%	0.58%	+16.48%
Volatility (1Y) Calculated over the trailing 1-year period	20.60%	0.73%	+19.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.53%	1.07%	+18.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.53%	1.07%	+18.46%

JPAN vs. ACLO - Expense Ratio Comparison

JPAN has a 0.79% expense ratio, which is higher than ACLO's 0.20% expense ratio.

Dividends

JPAN vs. ACLO - Dividend Comparison

JPAN's dividend yield for the trailing twelve months is around 4.35%, less than ACLO's 4.90% yield.

Position	TTM	2025	2024	2023
ACLO TCW AAA CLO ETF	4.90%	4.87%	0.59%	0.00%
JPAN Matthews Japan Active ETF	4.35%	5.10%	1.53%	0.51%

Frequently Asked Questions

Can I hold both JPAN and ACLO in my portfolio?

JPAN and ACLO have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JPAN or ACLO?

JPAN has higher volatility (7.60%) compared to ACLO (0.19%). In terms of maximum drawdown, JPAN dropped -15.24% vs ACLO's -1.01%.

Which ETF is better, JPAN or ACLO?

On 1-year performance, JPAN leads with 32.46% 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, JPAN or ACLO?

Over the 1-year period, JPAN has performed better with a 32.46% return vs 5.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JPAN or ACLO?

ACLO is cheaper with a 0.20% expense ratio, compared with 0.79% for JPAN.

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

ACLO has the higher dividend yield at 4.90%, compared with 4.35% for JPAN.

What is the main difference between JPAN and ACLO?

JPAN is categorized as Japan Equities, while ACLO is CLO. They also come from different issuers: Matthews and TCW. Their fees differ too: 0.79% for JPAN and 0.20% for ACLO.

Which has better risk-adjusted returns?

ACLO currently has the higher Sharpe Ratio (7.28 vs 1.58), 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.