MSB vs. CLOZ
MSB (Mesabi Trust) is a stock, while CLOZ (Panagram BBB-B CLO ETF) is CLO fund actively managed by Panagram. Over the past 3 years, MSB returned 18.19%/yr vs 9.99%/yr for CLOZ. At a 0.14 correlation, their price movements are largely independent.
Performance
MSB vs. CLOZ - Performance Comparison
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Returns By Period
In the year-to-date period, MSB achieves a -35.21% return, which is significantly lower than CLOZ's 2.26% return.
MSB
- 1D
- -0.97%
- 1M
- -3.61%
- YTD
- -35.21%
- 6M
- -30.37%
- 1Y
- 8.53%
- 3Y*
- 18.19%
- 5Y*
- 2.57%
- 10Y*
- 20.23%
CLOZ
- 1D
- 0.00%
- 1M
- -0.17%
- YTD
- 2.26%
- 6M
- 2.50%
- 1Y
- 5.55%
- 3Y*
- 9.99%
- 5Y*
- —
- 10Y*
- —
MSB vs. CLOZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
MSB Mesabi Trust | -35.21% | 71.88% | 47.05% | 3.34% |
CLOZ Panagram BBB-B CLO ETF | 2.26% | 5.99% | 11.85% | 14.99% |
Correlation
The correlation between MSB and CLOZ is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Jan 24, 2023 | 0.14 |
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Return for Risk
MSB vs. CLOZ — Risk / Return Rank
MSB
CLOZ
MSB vs. CLOZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Mesabi Trust (MSB) 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.
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.
| MSB | CLOZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.43 | ||
| Sortino ratioReturn per unit of downside risk | -1.45 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.40 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | 0.21 | 1.43 | -1.22 |
| Martin ratioReturn relative to average drawdown | 0.47 | 4.74 | -4.26 |
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Drawdowns
MSB vs. CLOZ - Drawdown Comparison
The maximum MSB drawdown since its inception was -92.01%, which is greater than CLOZ's maximum drawdown of -5.32%. Use the drawdown chart below to compare losses from any high point for MSB and CLOZ.
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Drawdown Indicators
| MSB | CLOZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.01% | -5.32% | -86.69% |
Max Drawdown (1Y)Largest decline over 1 year | -40.96% | -3.90% | -37.06% |
Max Drawdown (3Y)Largest decline over 3 years | -40.96% | -5.32% | -35.64% |
Max Drawdown (5Y)Largest decline over 5 years | -45.89% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -66.48% | — | — |
Current DrawdownCurrent decline from peak | -39.35% | -0.38% | -38.97% |
Average DrawdownAverage peak-to-trough decline | -26.74% | -0.38% | -26.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.02% | 1.17% | +16.85% |
Volatility
MSB vs. CLOZ - Volatility Comparison
Mesabi Trust (MSB) has a higher volatility of 12.99% compared to Panagram BBB-B CLO ETF (CLOZ) at 0.66%. This indicates that MSB's price experiences larger fluctuations and is considered to be riskier 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
| MSB | CLOZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.99% | 0.66% | +12.33% |
Volatility (6M)Calculated over the trailing 6-month period | 34.38% | 3.17% | +31.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.50% | 3.47% | +44.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 49.16% | 3.79% | +45.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 48.56% | 3.79% | +44.77% |
Dividends
MSB vs. CLOZ - Dividend Comparison
MSB's dividend yield for the trailing twelve months is around 3.91%, less than CLOZ's 7.41% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CLOZ Panagram BBB-B CLO ETF | 7.41% | 7.63% | 9.09% | 8.81% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
MSB Mesabi Trust | 3.91% | 18.09% | 4.80% | 1.71% | 20.14% | 10.83% | 5.95% | 14.27% | 11.78% | 5.92% | 5.14% | 15.04% |
Frequently Asked Questions
MSB and CLOZ have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MSB has higher volatility (12.99%) compared to CLOZ (0.66%). In terms of maximum drawdown, MSB dropped -92.01% vs CLOZ's -5.32%.
CLOZ currently has the higher Sharpe Ratio (1.61 vs 0.18), 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.
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