TRPA vs. IOYY

Last updated Aug 2, 2026

TRPA (Hartford AAA CLO ETF) and IOYY (GraniteShares YieldBOOST IONQ ETF) are both exchange-traded funds - TRPA is a CLO fund actively managed by Hartford, while IOYY is a Derivative Income fund actively managed by GraniteShares. Both are actively managed. Their 0.08 correlation means their historical movements had little consistent relationship. TRPA charges 0.24%/yr vs 1.07%/yr for IOYY.

Performance

TRPA vs. IOYY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hartford AAA CLO ETF (TRPA) and GraniteShares YieldBOOST IONQ ETF (IOYY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TRPA achieves a 2.73% return, which is significantly higher than IOYY's -23.21% return.

TRPA

• 1D: 0.00%
• 1M: 0.41%
• 6M: 2.45%
• YTD: 2.73%
• 1Y: 5.00%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.89%

IOYY

• 1D: 0.47%
• 1M: -9.48%
• 6M: -22.19%
• YTD: -23.21%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
IOYY GraniteShares YieldBOOST IONQ ETF	$209.08K	$276.26K	$323.34K
TRPA Hartford AAA CLO ETF	$1.14M	$859.18K	$565.69K

TRPA vs. IOYY - Yearly Performance Comparison

	2026 (YTD)	2025
TRPA Hartford AAA CLO ETF	2.73%	0.97%
IOYY GraniteShares YieldBOOST IONQ ETF	-23.21%	-13.50%

Correlation

The correlation between TRPA and IOYY is 0.08, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 4, 2025	0.08

Return for Risk

TRPA vs. IOYY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TRPA

TRPA Risk / Return Rank: 96
TRPA Sharpe Ratio Rank: 94
TRPA Sortino Ratio Rank: 96
TRPA Omega Ratio Rank: 95
TRPA Calmar Ratio Rank: 97
TRPA Martin Ratio Rank: 98

IOYY

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TRPA vs. IOYY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hartford AAA CLO ETF (TRPA) and GraniteShares YieldBOOST IONQ ETF (IOYY). 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.

	TRPA	IOYY	Difference
Sharpe ratio: Return per unit of total volatility	2.62	—	—
Sortino ratio: Return per unit of downside risk	4.24	—	—
Omega ratio: Gain probability vs. loss probability	1.56	—	—
Calmar ratio: Return relative to maximum drawdown	8.55	—	—
Martin ratio: Return relative to average drawdown	38.93	—	—

Drawdowns

TRPA vs. IOYY - Drawdown Comparison

The maximum TRPA drawdown since its inception was -0.61%, smaller than the maximum IOYY drawdown of -38.97%. Use the drawdown chart below to compare losses from any high point for TRPA and IOYY.

Drawdown Indicators

	TRPA	IOYY	Difference
Max Drawdown Largest peak-to-trough decline	-0.61%	-38.97%	+38.36%
Max Drawdown (1Y) Largest decline over 1 year	-0.61%	—	—
Current Drawdown Current decline from peak	0.00%	-37.72%	+37.72%
Average Drawdown Average peak-to-trough decline	-0.09%	-25.04%	+24.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.13%	—	—

Volatility

Volatility by Period

	TRPA	IOYY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.22%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.38%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.01%	31.30%	-29.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.24%	31.30%	-29.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.24%	31.30%	-29.06%

TRPA vs. IOYY - Expense Ratio Comparison

TRPA has a 0.24% expense ratio, which is lower than IOYY's 1.07% expense ratio.

Dividends

TRPA vs. IOYY - Dividend Comparison

TRPA's dividend yield for the trailing twelve months is around 5.05%, less than IOYY's 184.92% yield.

Position	TTM	2025
IOYY GraniteShares YieldBOOST IONQ ETF	184.92%	28.55%
TRPA Hartford AAA CLO ETF	5.05%	4.14%

Frequently Asked Questions

Can I hold both TRPA and IOYY in my portfolio?

TRPA and IOYY have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TRPA or IOYY?

On fees, TRPA is cheaper at 0.24% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TRPA or IOYY?

TRPA is cheaper with a 0.24% expense ratio, compared with 1.07% for IOYY.

Which ETF pays a higher dividend yield, TRPA or IOYY?

IOYY has the higher dividend yield at 184.92%, compared with 5.05% for TRPA.

What is the main difference between TRPA and IOYY?

TRPA is categorized as CLO, while IOYY is Derivative Income. They also come from different issuers: Hartford and GraniteShares. Their fees differ too: 0.24% for TRPA and 1.07% for IOYY.