MBSF vs. CLOX

Last updated Jul 12, 2026

MBSF (Regan Floating Rate MBS ETF) and CLOX (Panagram AAA CLO ETF) are both exchange-traded funds - MBSF is a Bank Loan fund actively managed by Regan, while CLOX is a CLO fund actively managed by Panagram. Both are actively managed. Over the past year, MBSF returned 5.79% vs 5.16% for CLOX. At a correlation of -0.03, they often move in opposite directions. MBSF charges 0.49%/yr vs 0.20%/yr for CLOX.

Performance

MBSF vs. CLOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Regan Floating Rate MBS ETF (MBSF) and Panagram AAA CLO ETF (CLOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MBSF achieves a 2.22% return, which is significantly lower than CLOX's 2.47% return.

MBSF

• 1D: 0.16%
• 1M: 0.34%
• 6M: 2.28%
• YTD: 2.22%
• 1Y: 5.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CLOX

• 1D: 0.02%
• 1M: 0.15%
• 6M: 2.37%
• YTD: 2.47%
• 1Y: 5.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MBSF vs. CLOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MBSF Regan Floating Rate MBS ETF	2.22%	5.85%	5.71%
CLOX Panagram AAA CLO ETF	2.47%	5.52%	5.68%

Correlation

The correlation between MBSF and CLOX is -0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.10
Correlation (All Time) Calculated using the full available price history since Feb 28, 2024	-0.03

Return for Risk

MBSF vs. CLOX — Risk / Return Rank

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

MBSF

MBSF Risk / Return Rank: 87
MBSF Sharpe Ratio Rank: 78
MBSF Sortino Ratio Rank: 86
MBSF Omega Ratio Rank: 81
MBSF Calmar Ratio Rank: 96
MBSF Martin Ratio Rank: 95

CLOX

CLOX Risk / Return Rank: 98
CLOX Sharpe Ratio Rank: 98
CLOX Sortino Ratio Rank: 98
CLOX Omega Ratio Rank: 98
CLOX Calmar Ratio Rank: 96
CLOX Martin Ratio Rank: 98

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.

MBSF vs. CLOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Regan Floating Rate MBS ETF (MBSF) and Panagram AAA CLO ETF (CLOX). 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.

	MBSF	CLOX	Difference
Sharpe ratio: Return per unit of total volatility	1.98	4.09	-2.11
Sortino ratio: Return per unit of downside risk	3.07	6.73	-3.66
Omega ratio: Gain probability vs. loss probability	1.38	1.99	-0.61
Calmar ratio: Return relative to maximum drawdown	7.28	7.96	-0.69
Martin ratio: Return relative to average drawdown	22.32	41.58	-19.26

MBSF vs. CLOX - Sharpe Ratio Comparison

The current MBSF Sharpe Ratio is 1.98, which is lower than the CLOX Sharpe Ratio of 4.09. The chart below compares the historical Sharpe Ratios of MBSF and CLOX, 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

MBSF vs. CLOX - Drawdown Comparison

The maximum MBSF drawdown since its inception was -0.97%, smaller than the maximum CLOX drawdown of -4.13%. Use the drawdown chart below to compare losses from any high point for MBSF and CLOX.

Drawdown Indicators

	MBSF	CLOX	Difference
Max Drawdown Largest peak-to-trough decline	-0.97%	-4.13%	+3.16%
Max Drawdown (1Y) Largest decline over 1 year	-0.79%	-0.66%	-0.13%
Current Drawdown Current decline from peak	-0.10%	-0.18%	+0.08%
Average Drawdown Average peak-to-trough decline	-0.22%	-0.08%	-0.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.26%	0.13%	+0.13%

Volatility

MBSF vs. CLOX - Volatility Comparison

Regan Floating Rate MBS ETF (MBSF) has a higher volatility of 0.58% compared to Panagram AAA CLO ETF (CLOX) at 0.42%. This indicates that MBSF's price experiences larger fluctuations and is considered to be riskier than CLOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MBSF	CLOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.58%	0.42%	+0.16%
Volatility (6M) Calculated over the trailing 6-month period	2.10%	0.92%	+1.18%
Volatility (1Y) Calculated over the trailing 1-year period	2.91%	1.28%	+1.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.29%	3.28%	+0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.29%	3.28%	+0.01%

MBSF vs. CLOX - Expense Ratio Comparison

MBSF has a 0.49% expense ratio, which is higher than CLOX's 0.20% expense ratio.

Dividends

MBSF vs. CLOX - Dividend Comparison

MBSF's dividend yield for the trailing twelve months is around 4.46%, less than CLOX's 4.96% yield.

Position	TTM	2025	2024	2023
CLOX Panagram AAA CLO ETF	4.96%	5.18%	6.25%	2.90%
MBSF Regan Floating Rate MBS ETF	4.46%	4.71%	4.14%	0.00%

Frequently Asked Questions

Can I hold both MBSF and CLOX in my portfolio?

MBSF and CLOX have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MBSF or CLOX?

MBSF has higher volatility (0.58%) compared to CLOX (0.42%). In terms of maximum drawdown, MBSF dropped -0.97% vs CLOX's -4.13%.

Which ETF is better, MBSF or CLOX?

On 1-year performance, MBSF leads with 5.79% vs 5.16% for CLOX. On fees, CLOX is cheaper at 0.20% per year. On volatility, CLOX has been the lower-risk option at 0.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MBSF or CLOX?

Over the 1-year period, MBSF has performed better with a 5.79% return vs 5.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MBSF or CLOX?

CLOX is cheaper with a 0.20% expense ratio, compared with 0.49% for MBSF.

Which ETF pays a higher dividend yield, MBSF or CLOX?

CLOX has the higher dividend yield at 4.96%, compared with 4.46% for MBSF.

What is the main difference between MBSF and CLOX?

MBSF is categorized as Bank Loan, while CLOX is CLO. They also come from different issuers: Regan and Panagram. Their fees differ too: 0.49% for MBSF and 0.20% for CLOX.

Which has better risk-adjusted returns?

CLOX currently has the higher Sharpe Ratio (4.09 vs 1.98), 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.