SVOL vs. CLOX

Last updated Jun 4, 2026

SVOL (Simplify Volatility Premium ETF) and CLOX (Panagram AAA CLO ETF) are both exchange-traded funds - SVOL is a Volatility fund actively managed by Simplify, while CLOX is a CLO fund actively managed by Panagram. Both are actively managed. Over the past year, SVOL returned 10.62% vs 4.96% for CLOX. At a 0.04 correlation, their price movements are largely independent. SVOL charges 0.50%/yr vs 0.20%/yr for CLOX.

Performance

SVOL vs. CLOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Volatility Premium ETF (SVOL) 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, SVOL achieves a -0.40% return, which is significantly lower than CLOX's 1.97% return.

SVOL

• 1D: -0.12%
• 1M: 2.98%
• YTD: -0.40%
• 6M: 1.29%
• 1Y: 10.62%
• 3Y*: 6.58%
• 5Y*: 6.70%
• 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)

SVOL vs. CLOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SVOL Simplify Volatility Premium ETF	-0.40%	2.41%	6.77%	6.87%
CLOX Panagram AAA CLO ETF	1.97%	5.52%	7.16%	3.93%

Correlation

The correlation between SVOL and CLOX is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (All Time) Calculated using the full available price history since Jul 20, 2023	0.04

Return for Risk

SVOL vs. CLOX — Risk / Return Rank

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

SVOL

SVOL Risk / Return Rank: 18
SVOL Sharpe Ratio Rank: 16
SVOL Sortino Ratio Rank: 16
SVOL Omega Ratio Rank: 18
SVOL Calmar Ratio Rank: 19
SVOL Martin Ratio Rank: 18

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.

SVOL vs. CLOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Volatility Premium ETF (SVOL) 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.

	SVOL	CLOX	Difference
Sharpe ratio: Return per unit of total volatility	0.51	3.81	-3.30
Sortino ratio: Return per unit of downside risk	0.85	6.32	-5.47
Omega ratio: Gain probability vs. loss probability	1.12	1.90	-0.79
Calmar ratio: Return relative to maximum drawdown	0.82	7.56	-6.74
Martin ratio: Return relative to average drawdown	1.94	38.45	-36.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SVOL vs. CLOX - Sharpe Ratio Comparison

The current SVOL Sharpe Ratio is 0.51, which is lower than the CLOX Sharpe Ratio of 3.81. The chart below compares the historical Sharpe Ratios of SVOL and CLOX, 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

	SVOL	CLOX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.51	3.81	-3.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.31	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	1.96	-1.61

Drawdowns

SVOL vs. CLOX - Drawdown Comparison

The maximum SVOL drawdown since its inception was -33.50%, which is greater than CLOX's maximum drawdown of -4.13%. Use the drawdown chart below to compare losses from any high point for SVOL and CLOX.

Drawdown Indicators

	SVOL	CLOX	Difference
Max Drawdown Largest peak-to-trough decline	-33.50%	-4.13%	-29.37%
Max Drawdown (1Y) Largest decline over 1 year	-13.01%	-0.66%	-12.35%
Max Drawdown (3Y) Largest decline over 3 years	-33.50%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-33.50%	—	—
Current Drawdown Current decline from peak	-2.98%	-0.02%	-2.96%
Average Drawdown Average peak-to-trough decline	-4.77%	-0.08%	-4.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.49%	0.13%	+5.36%

Volatility

SVOL vs. CLOX - Volatility Comparison

Simplify Volatility Premium ETF (SVOL) has a higher volatility of 1.41% compared to Panagram AAA CLO ETF (CLOX) at 0.35%. This indicates that SVOL's price experiences larger fluctuations and is considered to be riskier than CLOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SVOL	CLOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.41%	0.35%	+1.06%
Volatility (6M) Calculated over the trailing 6-month period	9.57%	0.90%	+8.67%
Volatility (1Y) Calculated over the trailing 1-year period	20.90%	1.31%	+19.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.99%	3.33%	+18.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.92%	3.33%	+18.59%

SVOL vs. CLOX - Expense Ratio Comparison

SVOL has a 0.50% expense ratio, which is higher than CLOX's 0.20% expense ratio.

Dividends

SVOL vs. CLOX - Dividend Comparison

SVOL's dividend yield for the trailing twelve months is around 22.10%, more than CLOX's 4.98% yield.

Position	TTM	2025	2024	2023	2022	2021
CLOX Panagram AAA CLO ETF	4.98%	5.18%	6.25%	2.90%	0.00%	0.00%
SVOL Simplify Volatility Premium ETF	22.10%	19.82%	16.79%	16.36%	18.32%	4.65%

Frequently Asked Questions

Can I hold both SVOL and CLOX in my portfolio?

SVOL and CLOX have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SVOL or CLOX?

SVOL has higher volatility (1.41%) compared to CLOX (0.35%). In terms of maximum drawdown, SVOL dropped -33.50% vs CLOX's -4.13%.

Which ETF is better, SVOL or CLOX?

On 1-year performance, SVOL leads with 10.62% vs 4.96% for CLOX. On fees, CLOX is cheaper at 0.20% per year. On volatility, CLOX has been the lower-risk option at 0.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SVOL or CLOX?

Over the 1-year period, SVOL has performed better with a 10.62% return vs 4.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SVOL or CLOX?

CLOX is cheaper with a 0.20% expense ratio, compared with 0.50% for SVOL.

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

SVOL has the higher dividend yield at 22.10%, compared with 4.98% for CLOX.

What is the main difference between SVOL and CLOX?

SVOL is categorized as Volatility, while CLOX is CLO. They also come from different issuers: Simplify and Panagram. Their fees differ too: 0.50% for SVOL and 0.20% for CLOX.

Which has better risk-adjusted returns?

CLOX currently has the higher Sharpe Ratio (3.81 vs 0.51), 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.