MAAA.TO vs. CLOZ
MAAA.TO (Mackenzie AAA CLO ETF) and CLOZ (Panagram BBB-B CLO ETF) are both CLO funds. MAAA.TO is passively managed, while CLOZ is actively managed. Over the past year, MAAA.TO returned 3.16% vs 8.43% for CLOZ. At a 0.11 correlation, their price movements are largely independent. MAAA.TO charges 0.18%/yr vs 0.50%/yr for CLOZ.
Performance
MAAA.TO vs. CLOZ - Performance Comparison
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Different Trading Currencies
MAAA.TO is traded in CAD, while CLOZ is traded in USD. To make them comparable, the CLOZ values have been converted to CAD using the latest available exchange rates.
Returns By Period
In the year-to-date period, MAAA.TO achieves a 1.25% return, which is significantly lower than CLOZ's 4.03% return.
MAAA.TO
- 1D
- 0.04%
- 1M
- 0.34%
- YTD
- 1.25%
- 6M
- 1.66%
- 1Y
- 3.16%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CLOZ
- 1D
- 0.18%
- 1M
- 2.82%
- YTD
- 4.03%
- 6M
- 2.90%
- 1Y
- 8.43%
- 3Y*
- 11.91%
- 5Y*
- —
- 10Y*
- —
MAAA.TO vs. CLOZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
MAAA.TO Mackenzie AAA CLO ETF | 1.25% | 2.83% |
CLOZ Panagram BBB-B CLO ETF | 4.03% | 4.77% |
Correlation
The correlation between MAAA.TO and CLOZ is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since May 2, 2025 | 0.11 |
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Return for Risk
MAAA.TO vs. CLOZ — Risk / Return Rank
MAAA.TO
CLOZ
MAAA.TO vs. CLOZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Mackenzie AAA CLO ETF (MAAA.TO) and Panagram BBB-B CLO ETF (CLOZ). 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.
| MAAA.TO | CLOZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.62 | ||
| Sortino ratioReturn per unit of downside risk | +1.23 | ||
| Omega ratioGain probability vs. loss probability | 1.59 | 1.29 | +0.30 |
| Calmar ratioReturn relative to maximum drawdown | 6.22 | 1.53 | +4.69 |
| Martin ratioReturn relative to average drawdown | 22.97 | 4.89 | +18.08 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MAAA.TO | CLOZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.11 | 1.49 | +0.62 |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.56 | 1.84 | +0.72 |
Drawdowns
MAAA.TO vs. CLOZ - Drawdown Comparison
The maximum MAAA.TO drawdown since its inception was -0.51%, smaller than the maximum CLOZ drawdown of -8.19%. Use the drawdown chart below to compare losses from any high point for MAAA.TO and CLOZ.
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Drawdown Indicators
| MAAA.TO | CLOZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.51% | -8.19% | +7.68% |
Max Drawdown (1Y)Largest decline over 1 year | -0.51% | -5.54% | +5.03% |
Max Drawdown (3Y)Largest decline over 3 years | — | -8.19% | — |
Current DrawdownCurrent decline from peak | -0.32% | 0.00% | -0.32% |
Average DrawdownAverage peak-to-trough decline | -0.07% | -1.33% | +1.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.14% | 1.73% | -1.59% |
Volatility
MAAA.TO vs. CLOZ - Volatility Comparison
The current volatility for Mackenzie AAA CLO ETF (MAAA.TO) is 0.65%, while Panagram BBB-B CLO ETF (CLOZ) has a volatility of 0.87%. This indicates that MAAA.TO experiences smaller price fluctuations and is considered to be less risky than CLOZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MAAA.TO | CLOZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.65% | 0.87% | -0.22% |
Volatility (6M)Calculated over the trailing 6-month period | 1.08% | 4.72% | -3.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.50% | 5.70% | -4.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.48% | 6.44% | -4.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.48% | 6.44% | -4.96% |
MAAA.TO vs. CLOZ - Expense Ratio Comparison
MAAA.TO has a 0.18% expense ratio, which is lower than CLOZ's 0.50% expense ratio.
Dividends
MAAA.TO vs. CLOZ - Dividend Comparison
MAAA.TO's dividend yield for the trailing twelve months is around 5.08%, less than CLOZ's 7.38% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
CLOZ Panagram BBB-B CLO ETF | 7.38% | 7.63% | 9.09% | 8.81% |
MAAA.TO Mackenzie AAA CLO ETF | 5.08% | 3.01% | 0.00% | 0.00% |
Frequently Asked Questions
MAAA.TO and CLOZ have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, MAAA.TO is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.
MAAA.TO is cheaper with a 0.18% expense ratio, compared with 0.50% for CLOZ.
They also come from different issuers: Mackenzie and Panagram. Their fees differ too: 0.18% for MAAA.TO and 0.50% for CLOZ.
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