SHNY vs. ACLO

Last updated Jun 4, 2026

SHNY (MicroSectors Gold 3X Leveraged ETN) and ACLO (TCW AAA CLO ETF) are both exchange-traded funds - SHNY is a Leveraged Commodities fund managed by BMO, while ACLO is a CLO fund actively managed by TCW. Over the past year, SHNY returned 49.39% vs 5.31% for ACLO. At a correlation of -0.14, they often move in opposite directions. SHNY charges 0.95%/yr vs 0.20%/yr for ACLO.

Performance

SHNY vs. ACLO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Gold 3X Leveraged ETN (SHNY) 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, SHNY achieves a -14.45% return, which is significantly lower than ACLO's 2.21% return.

SHNY

• 1D: -3.20%
• 1M: -7.37%
• YTD: -14.45%
• 6M: -10.44%
• 1Y: 49.39%
• 3Y*: 59.66%
• 5Y*: —
• 10Y*: —

ACLO

• 1D: 0.02%
• 1M: 0.42%
• YTD: 2.21%
• 6M: 2.58%
• 1Y: 5.31%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SHNY vs. ACLO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SHNY MicroSectors Gold 3X Leveraged ETN	-14.45%	214.54%	-2.10%
ACLO TCW AAA CLO ETF	2.21%	5.32%	0.81%

Correlation

The correlation between SHNY and ACLO is -0.11, 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 Nov 19, 2024	-0.14

Return for Risk

SHNY vs. ACLO — Risk / Return Rank

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

SHNY

SHNY Risk / Return Rank: 21
SHNY Sharpe Ratio Rank: 19
SHNY Sortino Ratio Rank: 23
SHNY Omega Ratio Rank: 27
SHNY Calmar Ratio Rank: 20
SHNY Martin Ratio Rank: 18

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.

SHNY vs. ACLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Gold 3X Leveraged ETN (SHNY) 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.

	SHNY	ACLO	Difference
Sharpe ratio: Return per unit of total volatility	0.63	7.29	-6.66
Sortino ratio: Return per unit of downside risk	1.24	14.85	-13.61
Omega ratio: Gain probability vs. loss probability	1.19	3.41	-2.22
Calmar ratio: Return relative to maximum drawdown	0.90	19.90	-19.00
Martin ratio: Return relative to average drawdown	1.93	164.37	-162.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SHNY vs. ACLO - Sharpe Ratio Comparison

The current SHNY Sharpe Ratio is 0.63, which is lower than the ACLO Sharpe Ratio of 7.29. The chart below compares the historical Sharpe Ratios of SHNY 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.

Sharpe Ratios by Period

	SHNY	ACLO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.63	7.29	-6.66
Sharpe Ratio (All Time) Calculated using the full available price history	1.01	5.10	-4.09

Drawdowns

SHNY vs. ACLO - Drawdown Comparison

The maximum SHNY drawdown since its inception was -54.99%, which is greater than ACLO's maximum drawdown of -1.01%. Use the drawdown chart below to compare losses from any high point for SHNY and ACLO.

Drawdown Indicators

	SHNY	ACLO	Difference
Max Drawdown Largest peak-to-trough decline	-54.99%	-1.01%	-53.98%
Max Drawdown (1Y) Largest decline over 1 year	-54.99%	-0.27%	-54.72%
Max Drawdown (3Y) Largest decline over 3 years	-54.99%	—	—
Current Drawdown Current decline from peak	-54.99%	0.00%	-54.99%
Average Drawdown Average peak-to-trough decline	-14.94%	-0.05%	-14.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.66%	0.03%	+25.63%

Volatility

SHNY vs. ACLO - Volatility Comparison

MicroSectors Gold 3X Leveraged ETN (SHNY) has a higher volatility of 16.40% compared to TCW AAA CLO ETF (ACLO) at 0.14%. This indicates that SHNY'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

	SHNY	ACLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.40%	0.14%	+16.26%
Volatility (6M) Calculated over the trailing 6-month period	70.87%	0.57%	+70.30%
Volatility (1Y) Calculated over the trailing 1-year period	78.80%	0.73%	+78.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.36%	1.08%	+57.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	58.36%	1.08%	+57.28%

SHNY vs. ACLO - Expense Ratio Comparison

SHNY has a 0.95% expense ratio, which is higher than ACLO's 0.20% expense ratio.

Dividends

SHNY vs. ACLO - Dividend Comparison

SHNY has not paid dividends to shareholders, while ACLO's dividend yield for the trailing twelve months is around 4.91%.

Position	TTM	2025	2024
ACLO TCW AAA CLO ETF	4.91%	4.87%	0.59%
SHNY MicroSectors Gold 3X Leveraged ETN	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SHNY and ACLO in my portfolio?

SHNY and ACLO have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SHNY or ACLO?

SHNY has higher volatility (16.40%) compared to ACLO (0.14%). In terms of maximum drawdown, SHNY dropped -54.99% vs ACLO's -1.01%.

Which ETF is better, SHNY or ACLO?

On 1-year performance, SHNY leads with 49.39% vs 5.31% for ACLO. On fees, ACLO is cheaper at 0.20% per year. On volatility, ACLO has been the lower-risk option at 0.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SHNY or ACLO?

Over the 1-year period, SHNY has performed better with a 49.39% return vs 5.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SHNY or ACLO?

ACLO is cheaper with a 0.20% expense ratio, compared with 0.95% for SHNY.

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

ACLO has the higher dividend yield at 4.91%, compared with 0.00% for SHNY.

What is the main difference between SHNY and ACLO?

SHNY is categorized as Leveraged Commodities, while ACLO is CLO. They also come from different issuers: BMO and TCW. Their fees differ too: 0.95% for SHNY and 0.20% for ACLO.

Which has better risk-adjusted returns?

ACLO currently has the higher Sharpe Ratio (7.29 vs 0.63), 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.