PCLO vs. BFRZ

Last updated Jul 14, 2026

PCLO (Virtus SEIX AAA Private Credit CLO ETF) and BFRZ (Innovator Equity Managed 100 Buffer ETF) are both exchange-traded funds - PCLO is a CLO fund actively managed by Virtus, while BFRZ is a Defined Outcome fund actively managed by Innovator. Both are actively managed. Over the past year, PCLO returned 5.18% vs 6.44% for BFRZ. At a correlation of -0.06, they often move in opposite directions. PCLO charges 0.29%/yr vs 0.89%/yr for BFRZ.

Performance

PCLO vs. BFRZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus SEIX AAA Private Credit CLO ETF (PCLO) and Innovator Equity Managed 100 Buffer ETF (BFRZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PCLO achieves a 2.44% return, which is significantly higher than BFRZ's 0.99% return.

PCLO

• 1D: 0.00%
• 1M: 0.44%
• 6M: 2.21%
• YTD: 2.44%
• 1Y: 5.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BFRZ

• 1D: -0.62%
• 1M: 0.68%
• 6M: 0.29%
• YTD: 0.99%
• 1Y: 6.44%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PCLO vs. BFRZ - Yearly Performance Comparison

	2026 (YTD)	2025
PCLO Virtus SEIX AAA Private Credit CLO ETF	2.44%	3.87%
BFRZ Innovator Equity Managed 100 Buffer ETF	0.99%	7.22%

Correlation

The correlation between PCLO and BFRZ is -0.05, 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	-0.05
Correlation (All Time) Calculated using the full available price history since May 13, 2025	-0.06

Return for Risk

PCLO vs. BFRZ — Risk / Return Rank

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

PCLO

PCLO Risk / Return Rank: 99
PCLO Sharpe Ratio Rank: 99
PCLO Sortino Ratio Rank: 99
PCLO Omega Ratio Rank: 99
PCLO Calmar Ratio Rank: 99
PCLO Martin Ratio Rank: 99

BFRZ

BFRZ Risk / Return Rank: 41
BFRZ Sharpe Ratio Rank: 39
BFRZ Sortino Ratio Rank: 35
BFRZ Omega Ratio Rank: 39
BFRZ Calmar Ratio Rank: 52
BFRZ Martin Ratio Rank: 42

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.

PCLO vs. BFRZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus SEIX AAA Private Credit CLO ETF (PCLO) and Innovator Equity Managed 100 Buffer ETF (BFRZ). 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.

	PCLO	BFRZ	Difference
Sharpe ratio: Return per unit of total volatility	6.27	1.13	+5.15
Sortino ratio: Return per unit of downside risk	11.56	1.53	+10.03
Omega ratio: Gain probability vs. loss probability	2.78	1.21	+1.57
Calmar ratio: Return relative to maximum drawdown	19.79	2.07	+17.72
Martin ratio: Return relative to average drawdown	123.58	5.37	+118.21

PCLO vs. BFRZ - Sharpe Ratio Comparison

The current PCLO Sharpe Ratio is 6.27, which is higher than the BFRZ Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of PCLO and BFRZ, 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

PCLO vs. BFRZ - Drawdown Comparison

The maximum PCLO drawdown since its inception was -0.76%, smaller than the maximum BFRZ drawdown of -3.12%. Use the drawdown chart below to compare losses from any high point for PCLO and BFRZ.

Drawdown Indicators

	PCLO	BFRZ	Difference
Max Drawdown Largest peak-to-trough decline	-0.76%	-3.12%	+2.36%
Max Drawdown (1Y) Largest decline over 1 year	-0.26%	-3.12%	+2.86%
Current Drawdown Current decline from peak	0.00%	-0.91%	+0.91%
Average Drawdown Average peak-to-trough decline	-0.03%	-0.72%	+0.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.04%	1.20%	-1.16%

Volatility

PCLO vs. BFRZ - Volatility Comparison

The current volatility for Virtus SEIX AAA Private Credit CLO ETF (PCLO) is 0.20%, while Innovator Equity Managed 100 Buffer ETF (BFRZ) has a volatility of 2.22%. This indicates that PCLO experiences smaller price fluctuations and is considered to be less risky than BFRZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PCLO	BFRZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.20%	2.22%	-2.02%
Volatility (6M) Calculated over the trailing 6-month period	0.68%	4.45%	-3.77%
Volatility (1Y) Calculated over the trailing 1-year period	0.83%	5.76%	-4.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.13%	5.38%	-4.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.13%	5.38%	-4.25%

PCLO vs. BFRZ - Expense Ratio Comparison

PCLO has a 0.29% expense ratio, which is lower than BFRZ's 0.89% expense ratio.

Dividends

PCLO vs. BFRZ - Dividend Comparison

PCLO's dividend yield for the trailing twelve months is around 5.23%, more than BFRZ's 0.27% yield.

Position	TTM	2025	2024
BFRZ Innovator Equity Managed 100 Buffer ETF	0.27%	0.20%	0.00%
PCLO Virtus SEIX AAA Private Credit CLO ETF	5.23%	5.53%	0.44%

Frequently Asked Questions

Can I hold both PCLO and BFRZ in my portfolio?

PCLO and BFRZ have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PCLO or BFRZ?

BFRZ has higher volatility (2.22%) compared to PCLO (0.20%). In terms of maximum drawdown, PCLO dropped -0.76% vs BFRZ's -3.12%.

Which ETF is better, PCLO or BFRZ?

On 1-year performance, BFRZ leads with 6.44% vs 5.18% for PCLO. On fees, PCLO is cheaper at 0.29% per year. On volatility, PCLO has been the lower-risk option at 0.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PCLO or BFRZ?

Over the 1-year period, BFRZ has performed better with a 6.44% return vs 5.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PCLO or BFRZ?

PCLO is cheaper with a 0.29% expense ratio, compared with 0.89% for BFRZ.

Which ETF pays a higher dividend yield, PCLO or BFRZ?

PCLO has the higher dividend yield at 5.23%, compared with 0.27% for BFRZ.

What is the main difference between PCLO and BFRZ?

PCLO is categorized as CLO, while BFRZ is Defined Outcome. They also come from different issuers: Virtus and Innovator. Their fees differ too: 0.29% for PCLO and 0.89% for BFRZ.

Which has better risk-adjusted returns?

PCLO currently has the higher Sharpe Ratio (6.27 vs 1.13), 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.