UCLA.DE vs. ICLO
UCLA.DE (Invesco USD AAA CLO UCITS ETF Acc) and ICLO (Invesco Aaa CLO Floating Rate Note ETF) are both CLO funds from Invesco. Both are actively managed. Over the past year, UCLA.DE returned 3.59% vs 5.01% for ICLO. A 0.72 correlation means they provide meaningful diversification when combined. UCLA.DE charges 0.25%/yr vs 0.26%/yr for ICLO.
Performance
UCLA.DE vs. ICLO - Performance Comparison
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Different Trading Currencies
UCLA.DE is traded in EUR, while ICLO is traded in USD. To make them comparable, the ICLO values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, UCLA.DE achieves a 3.34% return, which is significantly lower than ICLO's 4.12% return.
UCLA.DE
- 1D
- -0.13%
- 1M
- 1.53%
- YTD
- 3.34%
- 6M
- 2.57%
- 1Y
- 3.59%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ICLO
- 1D
- 0.74%
- 1M
- 2.39%
- YTD
- 4.12%
- 6M
- 3.48%
- 1Y
- 5.01%
- 3Y*
- 4.07%
- 5Y*
- —
- 10Y*
- —
UCLA.DE vs. ICLO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
UCLA.DE Invesco USD AAA CLO UCITS ETF Acc | 3.34% | -7.62% |
ICLO Invesco Aaa CLO Floating Rate Note ETF | 4.12% | -6.86% |
Correlation
The correlation between UCLA.DE and ICLO is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.76 |
Correlation (All Time) Calculated using the full available price history since Feb 14, 2025 | 0.72 |
The correlation between UCLA.DE and ICLO has been stable across timeframes, ranging from 0.72 to 0.76 - a consistent structural relationship.
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Return for Risk
UCLA.DE vs. ICLO — Risk / Return Rank
UCLA.DE
ICLO
UCLA.DE vs. ICLO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco USD AAA CLO UCITS ETF Acc (UCLA.DE) and Invesco Aaa CLO Floating Rate Note ETF (ICLO). 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.
| UCLA.DE | ICLO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.24 | ||
| Sortino ratioReturn per unit of downside risk | -0.33 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.14 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.13 | 1.36 | -0.24 |
| Martin ratioReturn relative to average drawdown | 2.34 | 3.29 | -0.96 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| UCLA.DE | ICLO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.55 | 0.79 | -0.24 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.49 | 0.54 | -1.03 |
Drawdowns
UCLA.DE vs. ICLO - Drawdown Comparison
The maximum UCLA.DE drawdown since its inception was -10.36%, smaller than the maximum ICLO drawdown of -11.01%. Use the drawdown chart below to compare losses from any high point for UCLA.DE and ICLO.
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Drawdown Indicators
| UCLA.DE | ICLO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -10.36% | -11.01% | +0.65% |
Max Drawdown (1Y)Largest decline over 1 year | -2.99% | -3.69% | +0.70% |
Max Drawdown (3Y)Largest decline over 3 years | — | -11.01% | — |
Current DrawdownCurrent decline from peak | -4.89% | -4.54% | -0.35% |
Average DrawdownAverage peak-to-trough decline | -7.06% | -3.69% | -3.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.44% | 1.52% | -0.08% |
Volatility
UCLA.DE vs. ICLO - Volatility Comparison
Invesco USD AAA CLO UCITS ETF Acc (UCLA.DE) has a higher volatility of 1.32% compared to Invesco Aaa CLO Floating Rate Note ETF (ICLO) at 1.25%. This indicates that UCLA.DE's price experiences larger fluctuations and is considered to be riskier than ICLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UCLA.DE | ICLO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.32% | 1.25% | +0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 4.27% | 4.30% | -0.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.08% | 6.36% | -0.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.15% | 7.59% | -0.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.15% | 7.59% | -0.44% |
UCLA.DE vs. ICLO - Expense Ratio Comparison
UCLA.DE has a 0.25% expense ratio, which is lower than ICLO's 0.26% 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
UCLA.DE vs. ICLO - Dividend Comparison
UCLA.DE has not paid dividends to shareholders, while ICLO's dividend yield for the trailing twelve months is around 5.12%.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
ICLO Invesco Aaa CLO Floating Rate Note ETF | 5.12% | 5.49% | 6.51% | 7.01% |
UCLA.DE Invesco USD AAA CLO UCITS ETF Acc | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
UCLA.DE and ICLO have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, UCLA.DE is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
UCLA.DE is cheaper with a 0.25% expense ratio, compared with 0.26% for ICLO.
Their fees differ too: 0.25% for UCLA.DE and 0.26% for ICLO.
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