JPO vs. PCLO

Last updated Jun 23, 2026

JPO (YieldMax JPM Option Income Strategy ETF) and PCLO (Virtus SEIX AAA Private Credit CLO ETF) are both exchange-traded funds - JPO is a Options Trading fund actively managed by Tidal, while PCLO is a CLO fund actively managed by Virtus. Both are actively managed. Over the past year, JPO returned 17.30% vs 5.22% for PCLO. At a correlation of -0.03, they often move in opposite directions. JPO charges 1.19%/yr vs 0.29%/yr for PCLO.

Performance

JPO vs. PCLO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax JPM Option Income Strategy ETF (JPO) and Virtus SEIX AAA Private Credit CLO ETF (PCLO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JPO achieves a 2.68% return, which is significantly higher than PCLO's 2.15% return.

JPO

• 1D: 1.96%
• 1M: 6.38%
• YTD: 2.68%
• 6M: 2.70%
• 1Y: 17.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PCLO

• 1D: -0.02%
• 1M: 0.28%
• YTD: 2.15%
• 6M: 2.33%
• 1Y: 5.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JPO vs. PCLO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
JPO YieldMax JPM Option Income Strategy ETF	2.68%	22.26%	-2.42%
PCLO Virtus SEIX AAA Private Credit CLO ETF	2.15%	5.39%	0.46%

Correlation

The correlation between JPO and PCLO is -0.16, 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	-0.16
Correlation (All Time) Calculated using the full available price history since Dec 3, 2024	-0.03

The correlation between JPO and PCLO shifts across timeframes, from -0.16 (1 year) to -0.03 (all time), reflecting how their relationship changes across market environments.

Return for Risk

JPO vs. PCLO — Risk / Return Rank

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

JPO

JPO Risk / Return Rank: 25
JPO Sharpe Ratio Rank: 26
JPO Sortino Ratio Rank: 24
JPO Omega Ratio Rank: 25
JPO Calmar Ratio Rank: 26
JPO Martin Ratio Rank: 24

PCLO

PCLO Risk / Return Rank: 99
PCLO Sharpe Ratio Rank: 98
PCLO Sortino Ratio Rank: 99
PCLO Omega Ratio Rank: 99
PCLO Calmar Ratio Rank: 99
PCLO 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.

JPO vs. PCLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax JPM Option Income Strategy ETF (JPO) and Virtus SEIX AAA Private Credit CLO ETF (PCLO). 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.

	JPO	PCLO	Difference
Sharpe ratio: Return per unit of total volatility	0.91	5.81	-4.90
Sortino ratio: Return per unit of downside risk	1.28	10.10	-8.82
Omega ratio: Gain probability vs. loss probability	1.17	2.70	-1.53
Calmar ratio: Return relative to maximum drawdown	1.22	19.95	-18.73
Martin ratio: Return relative to average drawdown	3.01	117.16	-114.15

JPO vs. PCLO - Sharpe Ratio Comparison

The current JPO Sharpe Ratio is 0.91, which is lower than the PCLO Sharpe Ratio of 5.81. The chart below compares the historical Sharpe Ratios of JPO and PCLO, 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

JPO vs. PCLO - Drawdown Comparison

The maximum JPO drawdown since its inception was -24.80%, which is greater than PCLO's maximum drawdown of -0.76%. Use the drawdown chart below to compare losses from any high point for JPO and PCLO.

Drawdown Indicators

	JPO	PCLO	Difference
Max Drawdown Largest peak-to-trough decline	-24.80%	-0.76%	-24.04%
Max Drawdown (1Y) Largest decline over 1 year	-14.24%	-0.26%	-13.98%
Current Drawdown Current decline from peak	-0.35%	-0.02%	-0.33%
Average Drawdown Average peak-to-trough decline	-4.57%	-0.03%	-4.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.76%	0.04%	+5.72%

Volatility

JPO vs. PCLO - Volatility Comparison

YieldMax JPM Option Income Strategy ETF (JPO) has a higher volatility of 6.04% compared to Virtus SEIX AAA Private Credit CLO ETF (PCLO) at 0.26%. This indicates that JPO's price experiences larger fluctuations and is considered to be riskier than PCLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JPO	PCLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.04%	0.26%	+5.78%
Volatility (6M) Calculated over the trailing 6-month period	14.69%	0.70%	+13.99%
Volatility (1Y) Calculated over the trailing 1-year period	19.16%	0.90%	+18.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.11%	1.14%	+17.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.11%	1.14%	+17.97%

JPO vs. PCLO - Expense Ratio Comparison

JPO has a 1.19% expense ratio, which is higher than PCLO's 0.29% expense ratio.

Dividends

JPO vs. PCLO - Dividend Comparison

JPO's dividend yield for the trailing twelve months is around 32.05%, more than PCLO's 5.24% yield.

Position	TTM	2025	2024	2023
JPO YieldMax JPM Option Income Strategy ETF	32.05%	34.13%	25.15%	4.84%
PCLO Virtus SEIX AAA Private Credit CLO ETF	5.24%	5.53%	0.44%	0.00%

Frequently Asked Questions

Can I hold both JPO and PCLO in my portfolio?

JPO and PCLO have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JPO or PCLO?

JPO has higher volatility (6.04%) compared to PCLO (0.26%). In terms of maximum drawdown, JPO dropped -24.80% vs PCLO's -0.76%.

Which ETF is better, JPO or PCLO?

On 1-year performance, JPO leads with 17.30% vs 5.22% for PCLO. On fees, PCLO is cheaper at 0.29% per year. On volatility, PCLO has been the lower-risk option at 0.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JPO or PCLO?

Over the 1-year period, JPO has performed better with a 17.30% return vs 5.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JPO or PCLO?

PCLO is cheaper with a 0.29% expense ratio, compared with 1.19% for JPO.

Which ETF pays a higher dividend yield, JPO or PCLO?

JPO has the higher dividend yield at 32.05%, compared with 5.24% for PCLO.

What is the main difference between JPO and PCLO?

JPO is categorized as Options Trading, while PCLO is CLO. They also come from different issuers: Tidal and Virtus. Their fees differ too: 1.19% for JPO and 0.29% for PCLO.

Which has better risk-adjusted returns?

PCLO currently has the higher Sharpe Ratio (5.81 vs 0.91), 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.