SHYL vs. CLOZ

Last updated Jun 5, 2026

SHYL (Xtrackers Short Duration High Yield Bond ETF) and CLOZ (Panagram BBB-B CLO ETF) are both exchange-traded funds - SHYL is a High Yield Bonds fund tracking the Solactive USD High Yield Corporates Total Market 0-5 Year Index, while CLOZ is a CLO fund actively managed by Panagram. SHYL is passively managed, while CLOZ is actively managed. Over the past 3 years, SHYL returned 8.39%/yr vs 10.65%/yr for CLOZ. At a 0.13 correlation, their price movements are largely independent. SHYL charges 0.20%/yr vs 0.50%/yr for CLOZ.

Performance

SHYL vs. CLOZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers Short Duration High Yield Bond ETF (SHYL) and Panagram BBB-B CLO ETF (CLOZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SHYL achieves a 1.30% return, which is significantly lower than CLOZ's 2.62% return.

SHYL

• 1D: 0.15%
• 1M: 0.20%
• YTD: 1.30%
• 6M: 1.76%
• 1Y: 6.02%
• 3Y*: 8.39%
• 5Y*: 4.91%
• 10Y*: —

CLOZ

• 1D: 0.08%
• 1M: 0.67%
• YTD: 2.62%
• 6M: 3.25%
• 1Y: 6.62%
• 3Y*: 10.65%
• 5Y*: —
• 10Y*: —

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

SHYL vs. CLOZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SHYL Xtrackers Short Duration High Yield Bond ETF	1.30%	7.78%	8.52%	8.52%
CLOZ Panagram BBB-B CLO ETF	2.62%	5.99%	11.85%	14.92%

Correlation

The correlation between SHYL 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	0.16
Correlation (All Time) Calculated using the full available price history since Jan 25, 2023	0.13

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

Return for Risk

SHYL vs. CLOZ — Risk / Return Rank

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

SHYL

SHYL Risk / Return Rank: 68
SHYL Sharpe Ratio Rank: 56
SHYL Sortino Ratio Rank: 63
SHYL Omega Ratio Rank: 64
SHYL Calmar Ratio Rank: 76
SHYL Martin Ratio Rank: 78

CLOZ

CLOZ Risk / Return Rank: 53
CLOZ Sharpe Ratio Rank: 58
CLOZ Sortino Ratio Rank: 51
CLOZ Omega Ratio Rank: 83
CLOZ Calmar Ratio Rank: 35
CLOZ Martin Ratio Rank: 37

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.

SHYL vs. CLOZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers Short Duration High Yield Bond ETF (SHYL) 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.

	SHYL	CLOZ	Difference
Sharpe ratio: Return per unit of total volatility	1.89	1.93	-0.04
Sortino ratio: Return per unit of downside risk	2.88	2.47	+0.41
Omega ratio: Gain probability vs. loss probability	1.38	1.50	-0.11
Calmar ratio: Return relative to maximum drawdown	3.80	1.70	+2.10
Martin ratio: Return relative to average drawdown	14.98	5.66	+9.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SHYL vs. CLOZ - Sharpe Ratio Comparison

The current SHYL Sharpe Ratio is 1.89, which is comparable to the CLOZ Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of SHYL 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.

Sharpe Ratios by Period

	SHYL	CLOZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.89	1.93	-0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.84	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.72	2.77	-2.05

Drawdowns

SHYL vs. CLOZ - Drawdown Comparison

The maximum SHYL drawdown since its inception was -19.26%, which is greater than CLOZ's maximum drawdown of -5.32%. Use the drawdown chart below to compare losses from any high point for SHYL and CLOZ.

Drawdown Indicators

	SHYL	CLOZ	Difference
Max Drawdown Largest peak-to-trough decline	-19.26%	-5.32%	-13.94%
Max Drawdown (1Y) Largest decline over 1 year	-1.59%	-3.90%	+2.31%
Max Drawdown (3Y) Largest decline over 3 years	-4.73%	-5.32%	+0.59%
Max Drawdown (5Y) Largest decline over 5 years	-9.60%	—	—
Current Drawdown Current decline from peak	-0.08%	-0.03%	-0.05%
Average Drawdown Average peak-to-trough decline	-1.54%	-0.38%	-1.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.40%	1.17%	-0.77%

Volatility

SHYL vs. CLOZ - Volatility Comparison

Xtrackers Short Duration High Yield Bond ETF (SHYL) has a higher volatility of 0.86% compared to Panagram BBB-B CLO ETF (CLOZ) at 0.42%. This indicates that SHYL'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.

Volatility by Period

	SHYL	CLOZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.86%	0.42%	+0.44%
Volatility (6M) Calculated over the trailing 6-month period	2.45%	3.13%	-0.68%
Volatility (1Y) Calculated over the trailing 1-year period	3.20%	3.45%	-0.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.84%	3.80%	+2.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.69%	3.80%	+2.89%

SHYL vs. CLOZ - Expense Ratio Comparison

SHYL has a 0.20% expense ratio, which is lower than CLOZ's 0.50% expense ratio.

Dividends

SHYL vs. CLOZ - Dividend Comparison

SHYL's dividend yield for the trailing twelve months is around 6.93%, less than CLOZ's 7.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
CLOZ Panagram BBB-B CLO ETF	7.38%	7.63%	9.09%	8.81%	0.00%	0.00%	0.00%	0.00%	0.00%
SHYL Xtrackers Short Duration High Yield Bond ETF	6.93%	7.02%	7.26%	6.60%	5.52%	4.65%	6.16%	5.93%	5.54%

Frequently Asked Questions

Can I hold both SHYL and CLOZ in my portfolio?

SHYL 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.

Which is riskier, SHYL or CLOZ?

SHYL has higher volatility (0.86%) compared to CLOZ (0.42%). In terms of maximum drawdown, SHYL dropped -19.26% vs CLOZ's -5.32%.

Which ETF is better, SHYL or CLOZ?

On 3-year performance, CLOZ leads with 10.65% vs 8.39% for SHYL. On fees, SHYL is cheaper at 0.20% per year. On volatility, CLOZ has been the lower-risk option at 0.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SHYL or CLOZ?

Over the 3-year period, CLOZ has performed better with a 10.65% return vs 8.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SHYL or CLOZ?

SHYL is cheaper with a 0.20% expense ratio, compared with 0.50% for CLOZ.

Which ETF pays a higher dividend yield, SHYL or CLOZ?

CLOZ has the higher dividend yield at 7.38%, compared with 6.93% for SHYL.

What is the main difference between SHYL and CLOZ?

SHYL is categorized as High Yield Bonds, while CLOZ is CLO. They also come from different issuers: Deutsche Bank and Panagram. Their fees differ too: 0.20% for SHYL and 0.50% for CLOZ.

Which has better risk-adjusted returns?

CLOZ currently has the higher Sharpe Ratio (1.93 vs 1.89), 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.