PCLO vs. FAAA

Last updated Jun 23, 2026

PCLO (Virtus SEIX AAA Private Credit CLO ETF) and FAAA (Fidelity AAA CLO ETF) are both CLO funds. Both are actively managed. At a 0.14 correlation, their price movements are largely independent. PCLO charges 0.29%/yr vs 0.20%/yr for FAAA.

Performance

PCLO vs. FAAA - Performance Comparison

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

Returns By Period

PCLO

• 1D: -0.02%
• 1M: 0.28%
• YTD: 2.15%
• 6M: 2.33%
• 1Y: 5.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FAAA

• 1D: -0.01%
• 1M: 0.35%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PCLO vs. FAAA - Yearly Performance Comparison

	2026 (YTD)
PCLO Virtus SEIX AAA Private Credit CLO ETF	1.58%
FAAA Fidelity AAA CLO ETF	1.73%

Correlation

The correlation between PCLO and FAAA is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 12, 2026	0.14

Return for Risk

PCLO vs. FAAA — 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: 98
PCLO Sortino Ratio Rank: 99
PCLO Omega Ratio Rank: 99
PCLO Calmar Ratio Rank: 99
PCLO Martin Ratio Rank: 99

FAAA

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. FAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus SEIX AAA Private Credit CLO ETF (PCLO) and Fidelity AAA CLO ETF (FAAA). 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	FAAA	Difference
Sharpe ratio: Return per unit of total volatility	5.81	—	—
Sortino ratio: Return per unit of downside risk	10.10	—	—
Omega ratio: Gain probability vs. loss probability	2.70	—	—
Calmar ratio: Return relative to maximum drawdown	19.95	—	—
Martin ratio: Return relative to average drawdown	117.16	—	—

Drawdowns

PCLO vs. FAAA - Drawdown Comparison

The maximum PCLO drawdown since its inception was -0.76%, which is greater than FAAA's maximum drawdown of -0.55%. Use the drawdown chart below to compare losses from any high point for PCLO and FAAA.

Drawdown Indicators

	PCLO	FAAA	Difference
Max Drawdown Largest peak-to-trough decline	-0.76%	-0.55%	-0.21%
Max Drawdown (1Y) Largest decline over 1 year	-0.26%	—	—
Current Drawdown Current decline from peak	-0.02%	-0.01%	-0.01%
Average Drawdown Average peak-to-trough decline	-0.03%	-0.07%	+0.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.04%	—	—

Volatility

Volatility by Period

	PCLO	FAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.26%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.70%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	0.90%	0.89%	+0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.14%	0.89%	+0.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.14%	0.89%	+0.25%

PCLO vs. FAAA - Expense Ratio Comparison

PCLO has a 0.29% expense ratio, which is higher than FAAA's 0.20% expense ratio.

Dividends

PCLO vs. FAAA - Dividend Comparison

PCLO's dividend yield for the trailing twelve months is around 5.24%, more than FAAA's 1.31% yield.

Position	TTM	2025	2024
FAAA Fidelity AAA CLO ETF	1.31%	0.00%	0.00%
PCLO Virtus SEIX AAA Private Credit CLO ETF	5.24%	5.53%	0.44%

Frequently Asked Questions

Can I hold both PCLO and FAAA in my portfolio?

PCLO and FAAA have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PCLO or FAAA?

On fees, FAAA is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PCLO or FAAA?

FAAA is cheaper with a 0.20% expense ratio, compared with 0.29% for PCLO.

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

PCLO has the higher dividend yield at 5.24%, compared with 1.31% for FAAA.

What is the main difference between PCLO and FAAA?

They also come from different issuers: Virtus and Fidelity. Their fees differ too: 0.29% for PCLO and 0.20% for FAAA.