RPHS vs. FCLO

Last updated Jul 17, 2026

RPHS (Regents Park Hedged Market Strategy ETF) and FCLO (Fidelity CLO ETF) are both exchange-traded funds - RPHS is a Diversified Portfolio fund actively managed by Regents Park, while FCLO is a CLO fund actively managed by Fidelity. Both are actively managed. At a correlation of -0.03, they often move in opposite directions. RPHS charges 0.75%/yr vs 0.45%/yr for FCLO.

Performance

RPHS vs. FCLO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Regents Park Hedged Market Strategy ETF (RPHS) and Fidelity CLO ETF (FCLO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

RPHS

• 1D: 0.00%
• 1M: -0.63%
• 6M: 4.43%
• YTD: 5.19%
• 1Y: 13.51%
• 3Y*: 13.17%
• 5Y*: —
• 10Y*: —

FCLO

• 1D: -0.10%
• 1M: 0.38%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

RPHS vs. FCLO - Yearly Performance Comparison

	2026 (YTD)
RPHS Regents Park Hedged Market Strategy ETF	4.99%
FCLO Fidelity CLO ETF	2.24%

Correlation

The correlation between RPHS and FCLO is -0.03, 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	-0.03

Return for Risk

RPHS vs. FCLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Regents Park Hedged Market Strategy ETF (RPHS) 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.

	RPHS	FCLO	Difference
Sharpe ratio: Return per unit of total volatility	1.25	—	—
Sortino ratio: Return per unit of downside risk	1.78	—	—
Omega ratio: Gain probability vs. loss probability	1.23	—	—
Calmar ratio: Return relative to maximum drawdown	1.68	—	—
Martin ratio: Return relative to average drawdown	6.35	—	—

Drawdowns

RPHS vs. FCLO - Drawdown Comparison

The maximum RPHS drawdown since its inception was -16.51%, which is greater than FCLO's maximum drawdown of -0.58%. Use the drawdown chart below to compare losses from any high point for RPHS and FCLO.

Drawdown Indicators

	RPHS	FCLO	Difference
Max Drawdown Largest peak-to-trough decline	-16.51%	-0.58%	-15.93%
Max Drawdown (1Y) Largest decline over 1 year	-7.81%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-10.84%	—	—
Current Drawdown Current decline from peak	-1.94%	-0.11%	-1.83%
Average Drawdown Average peak-to-trough decline	-6.21%	-0.07%	-6.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.07%	—	—

Volatility

Volatility by Period

	RPHS	FCLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.90%	—	—
Volatility (6M) Calculated over the trailing 6-month period	7.69%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	10.57%	1.29%	+9.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.39%	1.29%	+10.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.39%	1.29%	+10.10%

RPHS vs. FCLO - Expense Ratio Comparison

RPHS has a 0.75% expense ratio, which is higher than FCLO's 0.45% expense ratio.

Dividends

RPHS vs. FCLO - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022
FCLO Fidelity CLO ETF	2.04%	0.00%	0.00%	0.00%	0.00%
RPHS Regents Park Hedged Market Strategy ETF	34.69%	11.13%	3.68%	5.23%	1.29%

Frequently Asked Questions

Can I hold both RPHS and FCLO in my portfolio?

RPHS and FCLO have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, RPHS 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, RPHS or FCLO?

FCLO is cheaper with a 0.45% expense ratio, compared with 0.75% for RPHS.

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

RPHS has the higher dividend yield at 34.69%, compared with 2.04% for FCLO.

What is the main difference between RPHS and FCLO?

RPHS is categorized as Diversified Portfolio, while FCLO is CLO. They also come from different issuers: Regents Park and Fidelity. Their fees differ too: 0.75% for RPHS and 0.45% for FCLO.