PCLO vs. CLOA
PCLO (Virtus SEIX AAA Private Credit CLO ETF) and CLOA (iShares AAA CLO Active ETF) are both CLO funds. Both are actively managed. Over the past year, PCLO returned 5.22% vs 5.23% for CLOA. At a 0.11 correlation, their price movements are largely independent. PCLO charges 0.29%/yr vs 0.20%/yr for CLOA.
Performance
PCLO vs. CLOA - Performance Comparison
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Returns By Period
In the year-to-date period, PCLO achieves a 2.15% return, which is significantly lower than CLOA's 2.27% return.
PCLO
- 1D
- -0.02%
- 1M
- 0.28%
- YTD
- 2.15%
- 6M
- 2.33%
- 1Y
- 5.22%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CLOA
- 1D
- 0.09%
- 1M
- 0.26%
- YTD
- 2.27%
- 6M
- 2.47%
- 1Y
- 5.23%
- 3Y*
- 6.62%
- 5Y*
- —
- 10Y*
- —
PCLO vs. CLOA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
PCLO Virtus SEIX AAA Private Credit CLO ETF | 2.15% | 5.39% | 0.46% |
CLOA iShares AAA CLO Active ETF | 2.27% | 5.44% | 0.49% |
Correlation
The correlation between PCLO and CLOA is 0.07, 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 | 0.07 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2024 | 0.11 |
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Return for Risk
PCLO vs. CLOA — Risk / Return Rank
PCLO
CLOA
PCLO vs. CLOA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Virtus SEIX AAA Private Credit CLO ETF (PCLO) and iShares AAA CLO Active ETF (CLOA). 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 | CLOA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.78 | ||
| Sortino ratioReturn per unit of downside risk | -4.17 | ||
| Omega ratioGain probability vs. loss probability | 2.70 | 3.43 | -0.73 |
| Calmar ratioReturn relative to maximum drawdown | 19.95 | 29.72 | -9.77 |
| Martin ratioReturn relative to average drawdown | 117.16 | 151.56 | -34.40 |
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Drawdowns
PCLO vs. CLOA - Drawdown Comparison
The maximum PCLO drawdown since its inception was -0.76%, smaller than the maximum CLOA drawdown of -1.34%. Use the drawdown chart below to compare losses from any high point for PCLO and CLOA.
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Drawdown Indicators
| PCLO | CLOA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.76% | -1.34% | +0.58% |
Max Drawdown (1Y)Largest decline over 1 year | -0.26% | -0.18% | -0.08% |
Max Drawdown (3Y)Largest decline over 3 years | — | -1.13% | — |
Current DrawdownCurrent decline from peak | -0.02% | 0.00% | -0.02% |
Average DrawdownAverage peak-to-trough decline | -0.03% | -0.05% | +0.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.04% | 0.03% | +0.01% |
Volatility
PCLO vs. CLOA - Volatility Comparison
Virtus SEIX AAA Private Credit CLO ETF (PCLO) has a higher volatility of 0.26% compared to iShares AAA CLO Active ETF (CLOA) at 0.15%. This indicates that PCLO's price experiences larger fluctuations and is considered to be riskier than CLOA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PCLO | CLOA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.26% | 0.15% | +0.11% |
Volatility (6M)Calculated over the trailing 6-month period | 0.70% | 0.49% | +0.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.90% | 0.69% | +0.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.14% | 1.31% | -0.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.14% | 1.31% | -0.17% |
PCLO vs. CLOA - Expense Ratio Comparison
PCLO has a 0.29% expense ratio, which is higher than CLOA's 0.20% expense ratio.
Dividends
PCLO vs. CLOA - Dividend Comparison
PCLO's dividend yield for the trailing twelve months is around 5.24%, more than CLOA's 4.95% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
CLOA iShares AAA CLO Active ETF | 4.95% | 5.35% | 6.01% | 5.88% |
PCLO Virtus SEIX AAA Private Credit CLO ETF | 5.24% | 5.53% | 0.44% | 0.00% |
Frequently Asked Questions
PCLO and CLOA have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PCLO has higher volatility (0.26%) compared to CLOA (0.15%). In terms of maximum drawdown, PCLO dropped -0.76% vs CLOA's -1.34%.
On 1-year performance, CLOA leads with 5.23% vs 5.22% for PCLO. On fees, CLOA is cheaper at 0.20% per year. On volatility, CLOA has been the lower-risk option at 0.15%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, CLOA has performed better with a 5.23% return vs 5.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CLOA is cheaper with a 0.20% expense ratio, compared with 0.29% for PCLO.
PCLO has the higher dividend yield at 5.24%, compared with 4.95% for CLOA.
They also come from different issuers: Virtus and BlackRock. Their fees differ too: 0.29% for PCLO and 0.20% for CLOA.
CLOA currently has the higher Sharpe Ratio (7.58 vs 5.81), 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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