RING vs. ACLO

Last updated Jun 24, 2026

RING (iShares MSCI Global Gold Miners ETF) and ACLO (TCW AAA CLO ETF) are both exchange-traded funds - RING is a Gold fund tracking the MSCI ACWI Select Gold Miners Investable Market Index, while ACLO is a CLO fund actively managed by TCW. RING is passively managed, while ACLO is actively managed. Over the past year, RING returned 52.30% vs 5.27% for ACLO. At a correlation of -0.11, they often move in opposite directions. RING charges 0.39%/yr vs 0.20%/yr for ACLO.

Performance

RING vs. ACLO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Global Gold Miners ETF (RING) and TCW AAA CLO ETF (ACLO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RING achieves a -8.53% return, which is significantly lower than ACLO's 2.44% return.

RING

• 1D: -4.54%
• 1M: -9.24%
• YTD: -8.53%
• 6M: -13.08%
• 1Y: 52.30%
• 3Y*: 44.79%
• 5Y*: 20.81%
• 10Y*: 12.92%

ACLO

• 1D: 0.03%
• 1M: 0.44%
• YTD: 2.44%
• 6M: 2.55%
• 1Y: 5.27%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

RING vs. ACLO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
RING iShares MSCI Global Gold Miners ETF	-8.53%	164.72%	-2.26%
ACLO TCW AAA CLO ETF	2.44%	5.32%	0.81%

Correlation

The correlation between RING and ACLO 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	-0.10
Correlation (All Time) Calculated using the full available price history since Nov 18, 2024	-0.11

Return for Risk

RING vs. ACLO — Risk / Return Rank

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

RING

RING Risk / Return Rank: 30
RING Sharpe Ratio Rank: 32
RING Sortino Ratio Rank: 29
RING Omega Ratio Rank: 32
RING Calmar Ratio Rank: 30
RING Martin Ratio Rank: 29

ACLO

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

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.

RING vs. ACLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Global Gold Miners ETF (RING) and TCW AAA CLO ETF (ACLO). 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.

	RING	ACLO	Difference
Sharpe ratio: Return per unit of total volatility	1.09	7.28	-6.19
Sortino ratio: Return per unit of downside risk	1.53	15.06	-13.53
Omega ratio: Gain probability vs. loss probability	1.21	3.42	-2.22
Calmar ratio: Return relative to maximum drawdown	1.47	19.77	-18.29
Martin ratio: Return relative to average drawdown	3.91	164.39	-160.48

RING vs. ACLO - Sharpe Ratio Comparison

The current RING Sharpe Ratio is 1.09, which is lower than the ACLO Sharpe Ratio of 7.28. The chart below compares the historical Sharpe Ratios of RING and ACLO, 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

RING vs. ACLO - Drawdown Comparison

The maximum RING drawdown since its inception was -79.47%, which is greater than ACLO's maximum drawdown of -1.01%. Use the drawdown chart below to compare losses from any high point for RING and ACLO.

Drawdown Indicators

	RING	ACLO	Difference
Max Drawdown Largest peak-to-trough decline	-79.47%	-1.01%	-78.46%
Max Drawdown (1Y) Largest decline over 1 year	-35.72%	-0.27%	-35.45%
Max Drawdown (3Y) Largest decline over 3 years	-35.72%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-47.94%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-52.04%	—	—
Current Drawdown Current decline from peak	-32.25%	0.00%	-32.25%
Average Drawdown Average peak-to-trough decline	-47.33%	-0.04%	-47.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.40%	0.03%	+13.37%

Volatility

RING vs. ACLO - Volatility Comparison

iShares MSCI Global Gold Miners ETF (RING) has a higher volatility of 17.22% compared to TCW AAA CLO ETF (ACLO) at 0.19%. This indicates that RING's price experiences larger fluctuations and is considered to be riskier than ACLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RING	ACLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.22%	0.19%	+17.03%
Volatility (6M) Calculated over the trailing 6-month period	39.95%	0.58%	+39.37%
Volatility (1Y) Calculated over the trailing 1-year period	48.04%	0.73%	+47.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.94%	1.07%	+35.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.73%	1.07%	+35.66%

RING vs. ACLO - Expense Ratio Comparison

RING has a 0.39% expense ratio, which is higher than ACLO's 0.20% expense ratio.

Dividends

RING vs. ACLO - Dividend Comparison

RING's dividend yield for the trailing twelve months is around 1.35%, less than ACLO's 4.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ACLO TCW AAA CLO ETF	4.90%	4.87%	0.59%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
RING iShares MSCI Global Gold Miners ETF	1.35%	0.84%	1.43%	2.01%	2.29%	2.38%	0.83%	0.83%	0.70%	0.42%	1.41%	0.96%

Frequently Asked Questions

Can I hold both RING and ACLO in my portfolio?

RING and ACLO 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.

Which is riskier, RING or ACLO?

RING has higher volatility (17.22%) compared to ACLO (0.19%). In terms of maximum drawdown, RING dropped -79.47% vs ACLO's -1.01%.

Which ETF is better, RING or ACLO?

On 1-year performance, RING leads with 52.30% vs 5.27% for ACLO. On fees, ACLO is cheaper at 0.20% per year. On volatility, ACLO has been the lower-risk option at 0.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RING or ACLO?

Over the 1-year period, RING has performed better with a 52.30% return vs 5.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RING or ACLO?

ACLO is cheaper with a 0.20% expense ratio, compared with 0.39% for RING.

Which ETF pays a higher dividend yield, RING or ACLO?

ACLO has the higher dividend yield at 4.90%, compared with 1.35% for RING.

What is the main difference between RING and ACLO?

RING is categorized as Gold, while ACLO is CLO. They also come from different issuers: iShares and TCW. Their fees differ too: 0.39% for RING and 0.20% for ACLO.

Which has better risk-adjusted returns?

ACLO currently has the higher Sharpe Ratio (7.28 vs 1.09), 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.