PSQA vs. BCLO
PSQA (Palmer Square CLO Senior Debt ETF) and BCLO (iShares BBB-B CLO Active ETF) are both CLO funds - PSQA tracks the Palmer Square CLO Senior Debt Index while BCLO tracks the JP Morgan CLOIE High Quality Mezzanine Index. Both are passively managed. Over the past year, PSQA returned 5.69% vs 6.21% for BCLO. At a correlation of -0.05, they often move in opposite directions. PSQA charges 0.21%/yr vs 0.45%/yr for BCLO.
Performance
PSQA vs. BCLO - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with PSQA having a 2.89% return and BCLO slightly higher at 3.03%.
PSQA
- 1D
- 0.34%
- 1M
- 0.58%
- 6M
- 2.49%
- YTD
- 2.89%
- 1Y
- 5.69%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BCLO
- 1D
- -0.02%
- 1M
- 0.02%
- 6M
- 2.80%
- YTD
- 3.03%
- 1Y
- 6.21%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PSQA vs. BCLO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
PSQA Palmer Square CLO Senior Debt ETF | 2.89% | 5.33% |
BCLO iShares BBB-B CLO Active ETF | 3.03% | 5.41% |
Correlation
The correlation between PSQA and BCLO is -0.10, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.11 |
Correlation (All Time) Calculated using the full available price history since Jan 30, 2025 | -0.05 |
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Return for Risk
PSQA vs. BCLO — Risk / Return Rank
PSQA
BCLO
PSQA vs. BCLO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Palmer Square CLO Senior Debt ETF (PSQA) and iShares BBB-B CLO Active ETF (BCLO). 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.
| PSQA | BCLO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.74 | ||
| Sortino ratioReturn per unit of downside risk | -1.10 | ||
| Omega ratioGain probability vs. loss probability | 1.55 | 1.79 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | 7.32 | 3.25 | +4.06 |
| Martin ratioReturn relative to average drawdown | 23.92 | 12.00 | +11.92 |
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Drawdowns
PSQA vs. BCLO - Drawdown Comparison
The maximum PSQA drawdown since its inception was -1.25%, smaller than the maximum BCLO drawdown of -4.45%. Use the drawdown chart below to compare losses from any high point for PSQA and BCLO.
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Drawdown Indicators
| PSQA | BCLO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.25% | -4.45% | +3.20% |
Max Drawdown (1Y)Largest decline over 1 year | -0.78% | -1.92% | +1.14% |
Current DrawdownCurrent decline from peak | 0.00% | -0.11% | +0.11% |
Average DrawdownAverage peak-to-trough decline | -0.16% | -0.37% | +0.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.24% | 0.52% | -0.28% |
Volatility
PSQA vs. BCLO - Volatility Comparison
Palmer Square CLO Senior Debt ETF (PSQA) has a higher volatility of 1.21% compared to iShares BBB-B CLO Active ETF (BCLO) at 0.34%. This indicates that PSQA's price experiences larger fluctuations and is considered to be riskier than BCLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PSQA | BCLO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.21% | 0.34% | +0.87% |
Volatility (6M)Calculated over the trailing 6-month period | 2.07% | 1.65% | +0.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.44% | 2.02% | +0.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.35% | 4.22% | -1.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.35% | 4.22% | -1.87% |
PSQA vs. BCLO - Expense Ratio Comparison
PSQA has a 0.21% expense ratio, which is lower than BCLO's 0.45% expense ratio.
Dividends
PSQA vs. BCLO - Dividend Comparison
PSQA's dividend yield for the trailing twelve months is around 4.12%, less than BCLO's 6.57% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
BCLO iShares BBB-B CLO Active ETF | 6.57% | 6.45% | 0.00% |
PSQA Palmer Square CLO Senior Debt ETF | 4.12% | 4.48% | 1.45% |
Frequently Asked Questions
PSQA and BCLO have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PSQA has higher volatility (1.21%) compared to BCLO (0.34%). In terms of maximum drawdown, PSQA dropped -1.25% vs BCLO's -4.45%.
On 1-year performance, BCLO leads with 6.21% vs 5.69% for PSQA. On fees, PSQA is cheaper at 0.21% per year. On volatility, BCLO has been the lower-risk option at 0.34%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, BCLO has performed better with a 6.21% return vs 5.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PSQA is cheaper with a 0.21% expense ratio, compared with 0.45% for BCLO.
BCLO has the higher dividend yield at 6.57%, compared with 4.12% for PSQA.
PSQA tracks Palmer Square CLO Senior Debt Index, while BCLO tracks JP Morgan CLOIE High Quality Mezzanine Index. They also come from different issuers: Palmer Square and iShares. Their fees differ too: 0.21% for PSQA and 0.45% for BCLO.
BCLO currently has the higher Sharpe Ratio (3.08 vs 2.34), 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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