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RNHIX vs. CLOZ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

RNHIX vs. CLOZ

Last updated Jun 23, 2026

RNHIX (RiverNorth/Oaktree High Income Fund) and CLOZ (Panagram BBB-B CLO ETF) are both funds - RNHIX is a High Yield Bonds fund managed by RiverNorth Funds, while CLOZ is a CLO fund actively managed by Panagram. Over the past 3 years, RNHIX returned 7.59%/yr vs 9.99%/yr for CLOZ. At a 0.13 correlation, their price movements are largely independent. RNHIX charges 1.81%/yr vs 0.50%/yr for CLOZ.

Performance

RNHIX vs. CLOZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in RiverNorth/Oaktree High Income Fund (RNHIX) and Panagram BBB-B CLO ETF (CLOZ). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, RNHIX achieves a 1.19% return, which is significantly lower than CLOZ's 2.26% return.

RNHIX

1D
0.00%
1M
0.61%
YTD
1.19%
6M
1.57%
1Y
5.46%
3Y*
7.59%
5Y*
4.38%
10Y*
4.75%

CLOZ

1D
0.00%
1M
-0.17%
YTD
2.26%
6M
2.50%
1Y
5.55%
3Y*
9.99%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

RNHIX vs. CLOZ - Yearly Performance Comparison

2026 (YTD)202520242023
RNHIX
RiverNorth/Oaktree High Income Fund		1.19%6.93%7.40%8.40%
CLOZ
Panagram BBB-B CLO ETF		2.26%5.99%11.85%14.99%

Correlation

The correlation between RNHIX and CLOZ is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.28

Correlation (3Y)
Calculated over the trailing 3-year period

0.15

Correlation (All Time)
Calculated using the full available price history since Jan 24, 2023

0.13

The correlation between RNHIX and CLOZ shifts across timeframes, from 0.13 (all time) to 0.28 (1 year), reflecting how their relationship changes across market environments.

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RiverNorth/Oaktree High Income Fund

Panagram BBB-B CLO ETF

Often compared with RNHIX:
RNHIX vs. RNSIXRNHIX vs. VWEHXRNHIX vs. RPHIXRNHIX vs. XILSXRNHIX vs. PIAMXRNHIX vs. CPMPXRNHIX vs. VWEAX
Often compared with CLOZ:
CLOZ vs. JBBBCLOZ vs. JAAACLOZ vs. CLOXCLOZ vs. XCCCCLOZ vs. TFLRCLOZ vs. CLOBCLOZ vs. MINT

Return for Risk

RNHIX vs. CLOZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
RNHIX
RNHIX Risk / Return Rank: 5555
Overall Rank
RNHIX Sharpe Ratio Rank: 5353
Sharpe Ratio Rank
RNHIX Sortino Ratio Rank: 6666
Sortino Ratio Rank
RNHIX Omega Ratio Rank: 6666
Omega Ratio Rank
RNHIX Calmar Ratio Rank: 3737
Calmar Ratio Rank
RNHIX Martin Ratio Rank: 5151
Martin Ratio Rank
CLOZ
CLOZ Risk / Return Rank: 4444
Overall Rank
CLOZ Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
CLOZ Sortino Ratio Rank: 4141
Sortino Ratio Rank
CLOZ Omega Ratio Rank: 7070
Omega Ratio Rank
CLOZ Calmar Ratio Rank: 3030
Calmar Ratio Rank
CLOZ Martin Ratio Rank: 3333
Martin Ratio Rank
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.

RNHIX vs. CLOZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for RiverNorth/Oaktree High Income Fund (RNHIX) and Panagram BBB-B CLO ETF (CLOZ). 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.

RNHIXCLOZDifference
Sharpe ratioReturn per unit of total volatility
1.99
1.61

+0.38

Sortino ratioReturn per unit of downside risk
3.09
2.06

+1.04

Omega ratioGain probability vs. loss probability

1.41

1.40

+0.01

Calmar ratioReturn relative to maximum drawdown

2.20

1.43

+0.77

Martin ratioReturn relative to average drawdown

9.90

4.74

+5.17

RNHIX vs. CLOZ - Sharpe Ratio Comparison

The current RNHIX Sharpe Ratio is 1.99, which is comparable to the CLOZ Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of RNHIX and CLOZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

RNHIX vs. CLOZ - Drawdown Comparison

The maximum RNHIX drawdown since its inception was -22.43%, which is greater than CLOZ's maximum drawdown of -5.32%. Use the drawdown chart below to compare losses from any high point for RNHIX and CLOZ.

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Drawdown Indicators

RNHIXCLOZDifference

Max Drawdown

Largest peak-to-trough decline

-22.43%

-5.32%

-17.11%

Max Drawdown (1Y)

Largest decline over 1 year

-2.49%

-3.90%

+1.41%

Max Drawdown (3Y)

Largest decline over 3 years

-3.61%

-5.32%

+1.71%

Max Drawdown (5Y)

Largest decline over 5 years

-10.62%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-22.43%

—

—

Current Drawdown

Current decline from peak

-0.23%

-0.38%

+0.15%

Average Drawdown

Average peak-to-trough decline

-1.55%

-0.38%

-1.17%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.55%

1.17%

-0.62%

Volatility

RNHIX vs. CLOZ - Volatility Comparison

RiverNorth/Oaktree High Income Fund (RNHIX) has a higher volatility of 0.85% compared to Panagram BBB-B CLO ETF (CLOZ) at 0.66%. This indicates that RNHIX's price experiences larger fluctuations and is considered to be riskier than CLOZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

RNHIXCLOZDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.85%

0.66%

+0.19%

Volatility (6M)

Calculated over the trailing 6-month period

2.30%

3.17%

-0.87%

Volatility (1Y)

Calculated over the trailing 1-year period

2.75%

3.47%

-0.72%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

3.70%

3.79%

-0.09%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

4.83%

3.79%

+1.04%

RNHIX vs. CLOZ - Expense Ratio Comparison

RNHIX has a 1.81% expense ratio, which is higher than CLOZ's 0.50% expense ratio.

Dividends

RNHIX vs. CLOZ - Dividend Comparison

RNHIX's dividend yield for the trailing twelve months is around 7.39%, which matches CLOZ's 7.41% yield.

PositionTTM20252024202320222021202020192018201720162015
CLOZ
Panagram BBB-B CLO ETF		7.41%7.63%9.09%8.81%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
RNHIX
RiverNorth/Oaktree High Income Fund		7.39%7.30%6.92%6.04%6.49%3.58%3.81%5.08%4.79%3.79%4.93%5.92%

Frequently Asked Questions

RNHIX and CLOZ have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

RNHIX has higher volatility (0.85%) compared to CLOZ (0.66%). In terms of maximum drawdown, RNHIX dropped -22.43% vs CLOZ's -5.32%.

RNHIX currently has the higher Sharpe Ratio (1.99 vs 1.61), 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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