SIO vs. CLOA
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 7.31%/yr vs 6.62%/yr for CLOA. At a 0.04 correlation, their price movements are largely independent. SIO charges 0.65%/yr vs 0.20%/yr for CLOA.
Performance
SIO vs. CLOA - Performance Comparison
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Returns By Period
In the year-to-date period, SIO achieves a 0.99% return, which is significantly lower than CLOA's 2.27% return.
SIO
- 1D
- -0.21%
- 1M
- 0.58%
- YTD
- 0.99%
- 6M
- 1.26%
- 1Y
- 6.00%
- 3Y*
- 7.31%
- 5Y*
- —
- 10Y*
- —
CLOA
- 1D
- 0.09%
- 1M
- 0.26%
- YTD
- 2.27%
- 6M
- 2.47%
- 1Y
- 5.23%
- 3Y*
- 6.62%
- 5Y*
- —
- 10Y*
- —
SIO vs. CLOA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
SIO Touchstone Strategic Income Opportunities ETF | 0.99% | 9.29% | 6.15% | 6.00% |
CLOA iShares AAA CLO Active ETF | 2.27% | 5.44% | 7.25% | 8.38% |
Correlation
The correlation between SIO and CLOA is 0.09, 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 (1Y) Calculated over the trailing 1-year period | 0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Jan 12, 2023 | 0.04 |
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Return for Risk
SIO vs. CLOA — Risk / Return Rank
SIO
CLOA
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 ratioReturn per unit of total volatility | -6.21 | ||
| Sortino ratioReturn per unit of downside risk | -12.24 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 3.43 | -2.17 |
| Calmar ratioReturn relative to maximum drawdown | 2.29 | 29.72 | -27.43 |
| Martin ratioReturn relative to average drawdown | 6.82 | 151.56 | -144.74 |
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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.
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Drawdown Indicators
| SIO | CLOA | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -0.94% | 0.00% | -0.94% |
Average DrawdownAverage peak-to-trough decline | -1.24% | -0.05% | -1.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 0.03% | +0.85% |
Volatility
SIO vs. CLOA - Volatility Comparison
Touchstone Strategic Income Opportunities ETF (SIO) has a higher volatility of 1.00% compared to iShares AAA CLO Active ETF (CLOA) at 0.15%. 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.
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Volatility by Period
| SIO | CLOA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.00% | 0.15% | +0.85% |
Volatility (6M)Calculated over the trailing 6-month period | 2.99% | 0.49% | +2.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.39% | 0.69% | +3.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.98% | 1.31% | +3.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.98% | 1.31% | +3.67% |
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 6.92%, more than CLOA's 4.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
CLOA iShares AAA CLO Active ETF | 4.95% | 5.35% | 6.01% | 5.88% | 0.00% |
SIO Touchstone Strategic Income Opportunities ETF | 6.92% | 6.80% | 5.30% | 5.37% | 3.12% |
Frequently Asked Questions
SIO and CLOA have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SIO has higher volatility (1.00%) compared to CLOA (0.15%). In terms of maximum drawdown, SIO dropped -6.94% vs CLOA's -1.34%.
On 3-year performance, SIO leads with 7.31% vs 6.62% for CLOA. On fees, CLOA is cheaper at 0.20% per year. On volatility, CLOA has been the lower-risk option at 0.15%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SIO has performed better with a 7.31% return vs 6.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CLOA is cheaper with a 0.20% expense ratio, compared with 0.65% for SIO.
SIO has the higher dividend yield at 6.92%, compared with 4.95% for 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.
CLOA currently has the higher Sharpe Ratio (7.58 vs 1.37), 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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