TENM vs. CLOA

Last updated Jun 4, 2026

TENM (iShares Large Cap 10% Target Buffer Mar ETF) and CLOA (BlackRock AAA CLO ETF) are both exchange-traded funds - TENM is a Defined Outcome fund actively managed by BlackRock, while CLOA is a CLO fund actively managed by BlackRock. Both are actively managed. At a 0.27 correlation, their price movements are largely independent. TENM charges 0.50%/yr vs 0.20%/yr for CLOA.

Performance

TENM vs. CLOA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Large Cap 10% Target Buffer Mar ETF (TENM) and BlackRock AAA CLO ETF (CLOA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TENM achieves a 6.19% return, which is significantly higher than CLOA's 2.06% return.

TENM

• 1D: -0.20%
• 1M: 2.22%
• YTD: 6.19%
• 6M: 6.58%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CLOA

• 1D: 0.02%
• 1M: 0.44%
• YTD: 2.06%
• 6M: 2.51%
• 1Y: 5.28%
• 3Y*: 6.74%
• 5Y*: —
• 10Y*: —

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

TENM vs. CLOA - Yearly Performance Comparison

	2026 (YTD)	2025
TENM iShares Large Cap 10% Target Buffer Mar ETF	6.19%	2.04%
CLOA BlackRock AAA CLO ETF	2.06%	1.14%

Correlation

The correlation between TENM and CLOA is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 23, 2025	0.27

Return for Risk

TENM vs. CLOA — Risk / Return Rank

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

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) 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.

TENM vs. CLOA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Large Cap 10% Target Buffer Mar ETF (TENM) and BlackRock AAA CLO 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.

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

Sharpe Ratios by Period

	TENM	CLOA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	7.45	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.17	5.22	-3.04

Drawdowns

TENM vs. CLOA - Drawdown Comparison

The maximum TENM drawdown since its inception was -3.61%, which is greater than CLOA's maximum drawdown of -1.34%. Use the drawdown chart below to compare losses from any high point for TENM and CLOA.

Drawdown Indicators

	TENM	CLOA	Difference
Max Drawdown Largest peak-to-trough decline	-3.61%	-1.34%	-2.27%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.18%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-1.13%	—
Current Drawdown Current decline from peak	-0.24%	0.00%	-0.24%
Average Drawdown Average peak-to-trough decline	-0.70%	-0.05%	-0.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.04%	—

Volatility

Volatility by Period

	TENM	CLOA	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.15%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.48%	—
Volatility (1Y) Calculated over the trailing 1-year period	6.52%	0.71%	+5.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.52%	1.32%	+5.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.52%	1.32%	+5.20%

TENM vs. CLOA - Expense Ratio Comparison

TENM has a 0.50% expense ratio, which is higher than CLOA's 0.20% expense ratio.

Dividends

TENM vs. CLOA - Dividend Comparison

TENM's dividend yield for the trailing twelve months is around 0.28%, less than CLOA's 4.96% yield.

Position	TTM	2025	2024	2023
CLOA BlackRock AAA CLO ETF	4.96%	5.35%	6.01%	5.88%
TENM iShares Large Cap 10% Target Buffer Mar ETF	0.28%	0.29%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TENM and CLOA in my portfolio?

TENM and CLOA have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TENM or CLOA?

On fees, CLOA is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TENM or CLOA?

CLOA is cheaper with a 0.20% expense ratio, compared with 0.50% for TENM.

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

CLOA has the higher dividend yield at 4.96%, compared with 0.28% for TENM.

What is the main difference between TENM and CLOA?

TENM is categorized as Defined Outcome, while CLOA is CLO. Their fees differ too: 0.50% for TENM and 0.20% for CLOA.