STAX vs. FCLO

Last updated Jun 23, 2026

STAX (Macquarie Tax-Free USA Short Term ETF) and FCLO (Fidelity CLO ETF) are both exchange-traded funds - STAX is a Municipal Bonds fund actively managed by Macquarie, while FCLO is a CLO fund actively managed by Fidelity. Both are actively managed. At a correlation of -0.09, they often move in opposite directions. STAX charges 0.29%/yr vs 0.45%/yr for FCLO.

Performance

STAX vs. FCLO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Macquarie Tax-Free USA Short Term ETF (STAX) and Fidelity CLO ETF (FCLO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

STAX

• 1D: -0.04%
• 1M: 0.68%
• YTD: 1.35%
• 6M: 1.47%
• 1Y: 3.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FCLO

• 1D: -0.02%
• 1M: 0.40%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

STAX vs. FCLO - Yearly Performance Comparison

	2026 (YTD)
STAX Macquarie Tax-Free USA Short Term ETF	0.26%
FCLO Fidelity CLO ETF	1.91%

Correlation

The correlation between STAX and FCLO 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 (All Time) Calculated using the full available price history since Feb 12, 2026	-0.09

Return for Risk

STAX vs. FCLO — Risk / Return Rank

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

STAX

STAX Risk / Return Rank: 86
STAX Sharpe Ratio Rank: 95
STAX Sortino Ratio Rank: 97
STAX Omega Ratio Rank: 97
STAX Calmar Ratio Rank: 74
STAX Martin Ratio Rank: 65

FCLO

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

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.

STAX vs. FCLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Macquarie Tax-Free USA Short Term ETF (STAX) and Fidelity CLO ETF (FCLO). 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.

	STAX	FCLO	Difference
Sharpe ratio: Return per unit of total volatility	3.62	—	—
Sortino ratio: Return per unit of downside risk	5.91	—	—
Omega ratio: Gain probability vs. loss probability	1.92	—	—
Calmar ratio: Return relative to maximum drawdown	3.66	—	—
Martin ratio: Return relative to average drawdown	11.59	—	—

Drawdowns

STAX vs. FCLO - Drawdown Comparison

The maximum STAX drawdown since its inception was -1.42%, which is greater than FCLO's maximum drawdown of -0.58%. Use the drawdown chart below to compare losses from any high point for STAX and FCLO.

Drawdown Indicators

	STAX	FCLO	Difference
Max Drawdown Largest peak-to-trough decline	-1.42%	-0.58%	-0.84%
Max Drawdown (1Y) Largest decline over 1 year	-1.05%	—	—
Current Drawdown Current decline from peak	-0.06%	-0.02%	-0.04%
Average Drawdown Average peak-to-trough decline	-0.23%	-0.08%	-0.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.33%	—	—

Volatility

Volatility by Period

	STAX	FCLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.46%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.88%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	1.06%	1.36%	-0.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.39%	1.36%	+0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.39%	1.36%	+0.03%

STAX vs. FCLO - Expense Ratio Comparison

STAX has a 0.29% expense ratio, which is lower than FCLO's 0.45% expense ratio.

Dividends

STAX vs. FCLO - Dividend Comparison

STAX's dividend yield for the trailing twelve months is around 3.21%, more than FCLO's 1.55% yield.

Position	TTM	2025	2024
FCLO Fidelity CLO ETF	1.55%	0.00%	0.00%
STAX Macquarie Tax-Free USA Short Term ETF	3.21%	3.16%	3.43%

Frequently Asked Questions

Can I hold both STAX and FCLO in my portfolio?

STAX and FCLO 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.

Which ETF is better, STAX or FCLO?

On fees, STAX is cheaper at 0.29% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, STAX or FCLO?

STAX is cheaper with a 0.29% expense ratio, compared with 0.45% for FCLO.

Which ETF pays a higher dividend yield, STAX or FCLO?

STAX has the higher dividend yield at 3.21%, compared with 1.55% for FCLO.

What is the main difference between STAX and FCLO?

STAX is categorized as Municipal Bonds, while FCLO is CLO. They also come from different issuers: Macquarie and Fidelity. Their fees differ too: 0.29% for STAX and 0.45% for FCLO.