KCSH vs. ACLO

Last updated Jun 4, 2026

KCSH (KraneShares Sustainable Ultra Short Duration Index ETF) and ACLO (TCW AAA CLO ETF) are both exchange-traded funds - KCSH is a Ultrashort Bond fund tracking the Solactive ISS Sustainable Select 0-1 Year USD Corporate IG Index, while ACLO is a CLO fund actively managed by TCW. KCSH is passively managed, while ACLO is actively managed. Over the past year, KCSH returned 4.06% vs 5.31% for ACLO. At a correlation of -0.03, they often move in opposite directions. Both charge a 0.20% expense ratio.

Performance

KCSH vs. ACLO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares Sustainable Ultra Short Duration Index ETF (KCSH) 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, KCSH achieves a 1.49% return, which is significantly lower than ACLO's 2.21% return.

KCSH

• 1D: 0.02%
• 1M: 0.32%
• YTD: 1.49%
• 6M: 1.83%
• 1Y: 4.06%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ACLO

• 1D: 0.02%
• 1M: 0.42%
• YTD: 2.21%
• 6M: 2.58%
• 1Y: 5.31%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KCSH vs. ACLO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KCSH KraneShares Sustainable Ultra Short Duration Index ETF	1.49%	4.49%	0.48%
ACLO TCW AAA CLO ETF	2.21%	5.32%	0.81%

Correlation

The correlation between KCSH and ACLO is -0.11, 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	-0.11
Correlation (All Time) Calculated using the full available price history since Nov 19, 2024	-0.03

Return for Risk

KCSH vs. ACLO — Risk / Return Rank

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

KCSH

KCSH Risk / Return Rank: 95
KCSH Sharpe Ratio Rank: 92
KCSH Sortino Ratio Rank: 93
KCSH Omega Ratio Rank: 98
KCSH Calmar Ratio Rank: 94
KCSH Martin Ratio Rank: 98

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.

KCSH vs. ACLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares Sustainable Ultra Short Duration Index ETF (KCSH) 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.

	KCSH	ACLO	Difference
Sharpe ratio: Return per unit of total volatility	3.30	7.29	-3.99
Sortino ratio: Return per unit of downside risk	4.65	14.85	-10.20
Omega ratio: Gain probability vs. loss probability	2.16	3.41	-1.25
Calmar ratio: Return relative to maximum drawdown	7.00	19.90	-12.90
Martin ratio: Return relative to average drawdown	59.08	164.37	-105.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KCSH vs. ACLO - Sharpe Ratio Comparison

The current KCSH Sharpe Ratio is 3.30, which is lower than the ACLO Sharpe Ratio of 7.29. The chart below compares the historical Sharpe Ratios of KCSH 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.

Sharpe Ratios by Period

	KCSH	ACLO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.30	7.29	-3.99
Sharpe Ratio (All Time) Calculated using the full available price history	3.26	5.10	-1.84

Drawdowns

KCSH vs. ACLO - Drawdown Comparison

The maximum KCSH drawdown since its inception was -0.58%, smaller than the maximum ACLO drawdown of -1.01%. Use the drawdown chart below to compare losses from any high point for KCSH and ACLO.

Drawdown Indicators

	KCSH	ACLO	Difference
Max Drawdown Largest peak-to-trough decline	-0.58%	-1.01%	+0.43%
Max Drawdown (1Y) Largest decline over 1 year	-0.58%	-0.27%	-0.31%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.03%	-0.05%	+0.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.07%	0.03%	+0.04%

Volatility

KCSH vs. ACLO - Volatility Comparison

The current volatility for KraneShares Sustainable Ultra Short Duration Index ETF (KCSH) is 0.06%, while TCW AAA CLO ETF (ACLO) has a volatility of 0.14%. This indicates that KCSH experiences smaller price fluctuations and is considered to be less risky than ACLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KCSH	ACLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.06%	0.14%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	0.83%	0.57%	+0.26%
Volatility (1Y) Calculated over the trailing 1-year period	1.24%	0.73%	+0.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.33%	1.08%	+0.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.33%	1.08%	+0.25%

KCSH vs. ACLO - Expense Ratio Comparison

Both KCSH and ACLO have an expense ratio of 0.20%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

KCSH vs. ACLO - Dividend Comparison

KCSH's dividend yield for the trailing twelve months is around 3.97%, less than ACLO's 4.91% yield.

Position	TTM	2025	2024
ACLO TCW AAA CLO ETF	4.91%	4.87%	0.59%
KCSH KraneShares Sustainable Ultra Short Duration Index ETF	3.97%	4.35%	2.08%

Frequently Asked Questions

Can I hold both KCSH and ACLO in my portfolio?

KCSH and ACLO have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KCSH or ACLO?

ACLO has higher volatility (0.14%) compared to KCSH (0.06%). In terms of maximum drawdown, KCSH dropped -0.58% vs ACLO's -1.01%.

Which ETF is better, KCSH or ACLO?

On 1-year performance, ACLO leads with 5.31% vs 4.06% for KCSH. Both ETFs have the same 0.20% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KCSH or ACLO?

Over the 1-year period, ACLO has performed better with a 5.31% return vs 4.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KCSH or ACLO?

KCSH and ACLO have the same expense ratio: 0.20% per year.

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

ACLO has the higher dividend yield at 4.91%, compared with 3.97% for KCSH.

What is the main difference between KCSH and ACLO?

KCSH is categorized as Ultrashort Bond, while ACLO is CLO. They also come from different issuers: KraneShares and TCW.

Which has better risk-adjusted returns?

ACLO currently has the higher Sharpe Ratio (7.29 vs 3.30), 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.