PSTP vs. FCLO

Last updated Jul 12, 2026

PSTP (Innovator Power Buffer Step-Up Strategy ETF) and FCLO (Fidelity CLO ETF) are both exchange-traded funds - PSTP is a Defined Outcome fund actively managed by Innovator, while FCLO is a CLO fund actively managed by Fidelity. Both are actively managed. At a correlation of -0.05, they often move in opposite directions. PSTP charges 0.89%/yr vs 0.45%/yr for FCLO.

Performance

PSTP vs. FCLO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Power Buffer Step-Up Strategy ETF (PSTP) and Fidelity CLO ETF (FCLO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

PSTP

• 1D: 0.20%
• 1M: 1.09%
• 6M: 3.57%
• YTD: 4.54%
• 1Y: 10.13%
• 3Y*: 10.67%
• 5Y*: —
• 10Y*: —

FCLO

• 1D: 0.02%
• 1M: 0.49%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PSTP vs. FCLO - Yearly Performance Comparison

	2026 (YTD)
PSTP Innovator Power Buffer Step-Up Strategy ETF	3.63%
FCLO Fidelity CLO ETF	2.31%

Correlation

The correlation between PSTP and FCLO 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 (All Time) Calculated using the full available price history since Feb 12, 2026	-0.05

Return for Risk

PSTP vs. FCLO — Risk / Return Rank

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

PSTP

PSTP Risk / Return Rank: 57
PSTP Sharpe Ratio Rank: 56
PSTP Sortino Ratio Rank: 57
PSTP Omega Ratio Rank: 58
PSTP Calmar Ratio Rank: 49
PSTP Martin Ratio Rank: 65

FCLO

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.

PSTP vs. FCLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Power Buffer Step-Up Strategy ETF (PSTP) and Fidelity CLO ETF (FCLO). 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.

	PSTP	FCLO	Difference
Sharpe ratio: Return per unit of total volatility	1.52	—	—
Sortino ratio: Return per unit of downside risk	2.19	—	—
Omega ratio: Gain probability vs. loss probability	1.29	—	—
Calmar ratio: Return relative to maximum drawdown	1.95	—	—
Martin ratio: Return relative to average drawdown	9.24	—	—

Drawdowns

PSTP vs. FCLO - Drawdown Comparison

The maximum PSTP drawdown since its inception was -12.46%, which is greater than FCLO's maximum drawdown of -0.58%. Use the drawdown chart below to compare losses from any high point for PSTP and FCLO.

Drawdown Indicators

	PSTP	FCLO	Difference
Max Drawdown Largest peak-to-trough decline	-12.46%	-0.58%	-11.88%
Max Drawdown (1Y) Largest decline over 1 year	-5.11%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-10.38%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-2.38%	-0.07%	-2.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.08%	—	—

Volatility

Volatility by Period

	PSTP	FCLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.90%	—	—
Volatility (6M) Calculated over the trailing 6-month period	5.37%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	6.54%	1.30%	+5.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.20%	1.30%	+7.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.20%	1.30%	+7.90%

PSTP vs. FCLO - Expense Ratio Comparison

PSTP has a 0.89% expense ratio, which is higher than FCLO's 0.45% expense ratio.

Dividends

PSTP vs. FCLO - Dividend Comparison

PSTP has not paid dividends to shareholders, while FCLO's dividend yield for the trailing twelve months is around 2.04%.

Position	TTM
FCLO Fidelity CLO ETF	2.04%
PSTP Innovator Power Buffer Step-Up Strategy ETF	0.00%

Frequently Asked Questions

Can I hold both PSTP and FCLO in my portfolio?

PSTP and FCLO 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 ETF is better, PSTP or FCLO?

On fees, FCLO is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PSTP or FCLO?

FCLO is cheaper with a 0.45% expense ratio, compared with 0.89% for PSTP.

Which ETF pays a higher dividend yield, PSTP or FCLO?

FCLO has the higher dividend yield at 2.04%, compared with 0.00% for PSTP.

What is the main difference between PSTP and FCLO?

PSTP is categorized as Defined Outcome, while FCLO is CLO. They also come from different issuers: Innovator and Fidelity. Their fees differ too: 0.89% for PSTP and 0.45% for FCLO.