SPTU vs. CLOX

Last updated Jun 4, 2026

SPTU (State Street SPDR Portfolio Ultra Short T-Bill ETF) and CLOX (Panagram AAA CLO ETF) are both exchange-traded funds - SPTU is a Ultrashort Bond fund tracking the ICE BofA US Treasury Bill Index, while CLOX is a CLO fund actively managed by Panagram. SPTU is passively managed, while CLOX is actively managed. At a correlation of -0.07, they often move in opposite directions. SPTU charges 0.05%/yr vs 0.20%/yr for CLOX.

Performance

SPTU vs. CLOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR Portfolio Ultra Short T-Bill ETF (SPTU) and Panagram AAA CLO ETF (CLOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPTU achieves a 1.48% return, which is significantly lower than CLOX's 1.97% return.

SPTU

• 1D: 0.00%
• 1M: 0.31%
• YTD: 1.48%
• 6M: 1.81%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CLOX

• 1D: -0.02%
• 1M: 0.47%
• YTD: 1.97%
• 6M: 2.36%
• 1Y: 4.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPTU vs. CLOX - Yearly Performance Comparison

	2026 (YTD)	2025
SPTU State Street SPDR Portfolio Ultra Short T-Bill ETF	1.48%	0.92%
CLOX Panagram AAA CLO ETF	1.97%	1.23%

Correlation

The correlation between SPTU and CLOX is -0.07, 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 Oct 9, 2025	-0.07

Return for Risk

SPTU vs. CLOX — Risk / Return Rank

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

CLOX

CLOX Risk / Return Rank: 96
CLOX Sharpe Ratio Rank: 95
CLOX Sortino Ratio Rank: 97
CLOX Omega Ratio Rank: 97
CLOX Calmar Ratio Rank: 94
CLOX Martin Ratio Rank: 96

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.

SPTU vs. CLOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Portfolio Ultra Short T-Bill ETF (SPTU) and Panagram AAA CLO ETF (CLOX). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	SPTU	CLOX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.81	—
Sharpe Ratio (All Time) Calculated using the full available price history	11.82	1.96	+9.86

Drawdowns

SPTU vs. CLOX - Drawdown Comparison

The maximum SPTU drawdown since its inception was -0.04%, smaller than the maximum CLOX drawdown of -4.13%. Use the drawdown chart below to compare losses from any high point for SPTU and CLOX.

Drawdown Indicators

	SPTU	CLOX	Difference
Max Drawdown Largest peak-to-trough decline	-0.04%	-4.13%	+4.09%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.66%	—
Current Drawdown Current decline from peak	0.00%	-0.02%	+0.02%
Average Drawdown Average peak-to-trough decline	-0.00%	-0.08%	+0.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.13%	—

Volatility

Volatility by Period

	SPTU	CLOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.35%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.90%	—
Volatility (1Y) Calculated over the trailing 1-year period	0.32%	1.31%	-0.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.32%	3.33%	-3.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.32%	3.33%	-3.01%

SPTU vs. CLOX - Expense Ratio Comparison

SPTU has a 0.05% expense ratio, which is lower than CLOX's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SPTU vs. CLOX - Dividend Comparison

SPTU's dividend yield for the trailing twelve months is around 2.36%, less than CLOX's 4.98% yield.

Position	TTM	2025	2024	2023
CLOX Panagram AAA CLO ETF	4.98%	5.18%	6.25%	2.90%
SPTU State Street SPDR Portfolio Ultra Short T-Bill ETF	2.36%	0.89%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPTU and CLOX in my portfolio?

SPTU and CLOX have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPTU or CLOX?

On fees, SPTU is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPTU or CLOX?

SPTU is cheaper with a 0.05% expense ratio, compared with 0.20% for CLOX.

Which ETF pays a higher dividend yield, SPTU or CLOX?

CLOX has the higher dividend yield at 4.98%, compared with 2.36% for SPTU.

What is the main difference between SPTU and CLOX?

SPTU is categorized as Ultrashort Bond, while CLOX is CLO. They also come from different issuers: State Street and Panagram. Their fees differ too: 0.05% for SPTU and 0.20% for CLOX.