SIO vs. CLOA

Last updated Aug 2, 2026

SIO (Touchstone Strategic Income Opportunities ETF) and CLOA (iShares AAA CLO Active ETF) are both exchange-traded funds - SIO is a Multisector Bonds fund actively managed by Touchstone, while CLOA is a CLO fund actively managed by BlackRock. Both are actively managed. Over the past 3 years, SIO returned 6.82%/yr vs 6.33%/yr for CLOA. Their 0.04 correlation means their historical movements had little consistent relationship. SIO charges 0.65%/yr vs 0.20%/yr for CLOA.

Performance

SIO vs. CLOA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Touchstone Strategic Income Opportunities ETF (SIO) and iShares AAA CLO Active ETF (CLOA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SIO achieves a 0.30% return, which is significantly lower than CLOA's 2.80% return.

SIO

• 1D: -0.16%
• 1M: -1.05%
• 6M: -0.38%
• YTD: 0.30%
• 1Y: 3.59%
• 3Y*: 6.82%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.16%

CLOA

• 1D: 0.02%
• 1M: 0.44%
• 6M: 2.21%
• YTD: 2.80%
• 1Y: 5.11%
• 3Y*: 6.33%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.73%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CLOA iShares AAA CLO Active ETF	$22.46M	$20.73M	$21.32M
SIO Touchstone Strategic Income Opportunities ETF	$335.23K	$1.26M	$854.33K

SIO vs. CLOA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SIO Touchstone Strategic Income Opportunities ETF	0.30%	9.29%	6.15%	6.00%
CLOA iShares AAA CLO Active ETF	2.80%	5.44%	7.25%	8.38%

Correlation

The correlation between SIO and CLOA is 0.10, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.10
Correlation (3Y) Balances recent behavior with more history.	0.04
Correlation (All Time) Calculated using the full available price history since Jan 12, 2023	0.04

Return for Risk

SIO vs. CLOA — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SIO

SIO Risk / Return Rank: 40
SIO Sharpe Ratio Rank: 39
SIO Sortino Ratio Rank: 39
SIO Omega Ratio Rank: 37
SIO Calmar Ratio Rank: 44
SIO Martin Ratio Rank: 40

CLOA

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SIO vs. CLOA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Touchstone Strategic Income Opportunities ETF (SIO) and iShares AAA CLO Active ETF (CLOA). 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.

	SIO	CLOA	Difference
Sharpe ratio: Return per unit of total volatility	0.98	7.65	-6.67
Sortino ratio: Return per unit of downside risk	1.45	14.46	-13.01
Omega ratio: Gain probability vs. loss probability	1.18	3.44	-2.26
Calmar ratio: Return relative to maximum drawdown	1.56	29.50	-27.94
Martin ratio: Return relative to average drawdown	4.28	154.32	-150.04

SIO vs. CLOA - Sharpe Ratio Comparison

The current SIO Sharpe Ratio is 0.98, which is lower than the CLOA Sharpe Ratio of 7.65. The chart below compares the historical Sharpe Ratios of SIO and CLOA, 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

SIO vs. CLOA - Drawdown Comparison

The maximum SIO drawdown since its inception was -6.94%, which is greater than CLOA's maximum drawdown of -1.34%. Use the drawdown chart below to compare losses from any high point for SIO and CLOA.

Drawdown Indicators

	SIO	CLOA	Difference
Max Drawdown Largest peak-to-trough decline	-6.94%	-1.34%	-5.60%
Max Drawdown (1Y) Largest decline over 1 year	-2.62%	-0.18%	-2.44%
Max Drawdown (3Y) Largest decline over 3 years	-4.34%	-1.13%	-3.21%
Current Drawdown Current decline from peak	-1.62%	0.00%	-1.62%
Average Drawdown Average peak-to-trough decline	-1.24%	-0.05%	-1.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.95%	0.03%	+0.92%

Volatility

SIO vs. CLOA - Volatility Comparison

Touchstone Strategic Income Opportunities ETF (SIO) has a higher volatility of 1.01% compared to iShares AAA CLO Active ETF (CLOA) at 0.16%. This indicates that SIO's price experiences larger fluctuations and is considered to be riskier than CLOA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SIO	CLOA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.01%	0.16%	+0.85%
Volatility (6M) Calculated over the trailing 6-month period	2.72%	0.47%	+2.25%
Volatility (1Y) Calculated over the trailing 1-year period	4.15%	0.68%	+3.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.95%	1.29%	+3.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.95%	1.29%	+3.66%

SIO vs. CLOA - Expense Ratio Comparison

SIO has a 0.65% expense ratio, which is higher than CLOA's 0.20% expense ratio.

Dividends

SIO vs. CLOA - Dividend Comparison

SIO's dividend yield for the trailing twelve months is around 7.06%, more than CLOA's 4.89% yield.

Position	TTM	2025	2024	2023	2022
CLOA iShares AAA CLO Active ETF	4.44%	5.35%	6.01%	5.88%	0.00%
SIO Touchstone Strategic Income Opportunities ETF	7.06%	6.80%	5.30%	5.37%	3.12%

Frequently Asked Questions

Can I hold both SIO and CLOA in my portfolio?

SIO and CLOA 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, SIO or CLOA?

SIO has higher volatility (1.01%) compared to CLOA (0.16%). In terms of maximum drawdown, SIO dropped -6.94% vs CLOA's -1.34%.

Which ETF is better, SIO or CLOA?

On 3-year performance, SIO leads with 6.82% vs 6.33% for CLOA. On fees, CLOA is cheaper at 0.20% per year. On volatility, CLOA has been the lower-risk option at 0.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SIO or CLOA?

Over the 3-year period, SIO has performed better with a 6.82% return vs 6.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SIO or CLOA?

CLOA is cheaper with a 0.20% expense ratio, compared with 0.65% for SIO.

Which ETF pays a higher dividend yield, SIO or CLOA?

SIO has the higher dividend yield at 7.06%, compared with 4.44% for CLOA.

What is the main difference between SIO and CLOA?

SIO is categorized as Multisector Bonds, while CLOA is CLO. They also come from different issuers: Touchstone and BlackRock. Their fees differ too: 0.65% for SIO and 0.20% for CLOA.

Which has better risk-adjusted returns?

CLOA currently has the higher Sharpe Ratio (7.65 vs 0.98), 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.