PAAA vs. ICLO
Compare and contrast key facts about PGIM AAA CLO ETF (PAAA) and Invesco Aaa Clo Floating Rate Note ETF (ICLO).
PAAA and ICLO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PAAA is an actively managed fund by PGIM. It was launched on Jul 19, 2023. ICLO is an actively managed fund by Invesco. It was launched on Dec 9, 2022.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: PAAA or ICLO.
Correlation
The correlation between PAAA and ICLO is 0.10, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Performance
PAAA vs. ICLO - Performance Comparison
Key characteristics
PAAA:
10.49
ICLO:
5.76
PAAA:
20.55
ICLO:
8.82
PAAA:
6.37
ICLO:
3.25
PAAA:
28.15
ICLO:
11.19
PAAA:
196.12
ICLO:
90.26
PAAA:
0.04%
ICLO:
0.08%
PAAA:
0.71%
ICLO:
1.21%
PAAA:
-0.27%
ICLO:
-0.83%
PAAA:
0.00%
ICLO:
0.00%
Returns By Period
In the year-to-date period, PAAA achieves a 0.35% return, which is significantly higher than ICLO's 0.20% return.
PAAA
0.35%
0.57%
3.47%
7.39%
N/A
N/A
ICLO
0.20%
0.38%
3.17%
6.93%
N/A
N/A
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PAAA vs. ICLO - Expense Ratio Comparison
PAAA has a 0.19% expense ratio, which is lower than ICLO's 0.26% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Risk-Adjusted Performance
PAAA vs. ICLO — Risk-Adjusted Performance Rank
PAAA
ICLO
PAAA vs. ICLO - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for PGIM AAA CLO ETF (PAAA) and Invesco Aaa Clo Floating Rate Note ETF (ICLO). 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.
Dividends
PAAA vs. ICLO - Dividend Comparison
PAAA's dividend yield for the trailing twelve months is around 5.86%, less than ICLO's 6.49% yield.
| TTM | 2024 | 2023 | |
|---|---|---|---|
PAAA PGIM AAA CLO ETF | 5.86% | 5.88% | 2.76% |
ICLO Invesco Aaa Clo Floating Rate Note ETF | 6.49% | 6.51% | 7.09% |
Drawdowns
PAAA vs. ICLO - Drawdown Comparison
The maximum PAAA drawdown since its inception was -0.27%, smaller than the maximum ICLO drawdown of -0.83%. Use the drawdown chart below to compare losses from any high point for PAAA and ICLO. For additional features, visit the drawdowns tool.
Volatility
PAAA vs. ICLO - Volatility Comparison
PGIM AAA CLO ETF (PAAA) has a higher volatility of 0.24% compared to Invesco Aaa Clo Floating Rate Note ETF (ICLO) at 0.18%. This indicates that PAAA's price experiences larger fluctuations and is considered to be riskier than ICLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.