UCLA.DE vs. ICLO

Last updated Apr 2, 2026

Compare and contrast key facts about Invesco USD AAA CLO UCITS ETF Acc (UCLA.DE) and Invesco Aaa CLO Floating Rate Note ETF (ICLO).

UCLA.DE and ICLO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. UCLA.DE is an actively managed fund by Invesco. It was launched on Feb 10, 2025. ICLO is an actively managed fund by Invesco. It was launched on Dec 9, 2022.

Performance

UCLA.DE vs. ICLO - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Invesco USD AAA CLO UCITS ETF Acc (UCLA.DE) and Invesco Aaa CLO Floating Rate Note ETF (ICLO). The values are adjusted to include any dividend payments, if applicable.

UCLA.DE vs. ICLO - Yearly Performance Comparison

	2026 (YTD)	2025
UCLA.DE Invesco USD AAA CLO UCITS ETF Acc	2.36%	-7.62%
ICLO Invesco Aaa CLO Floating Rate Note ETF	2.63%	-6.86%

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 2.36% return, which is significantly lower than ICLO's 2.63% return.

UCLA.DE

• 1D: -0.69%
• 1M: 0.81%
• YTD: 2.36%
• 6M: 3.20%
• 1Y: -2.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ICLO

• 1D: -0.08%
• 1M: 1.31%
• YTD: 2.63%
• 6M: 3.72%
• 1Y: -1.48%
• 3Y*: 4.61%
• 5Y*: —
• 10Y*: —

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

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%.

ICLO

Invesco Aaa CLO Floating Rate Note ETF

UCLA.DE

Invesco USD AAA CLO UCITS ETF Acc

Return for Risk

UCLA.DE vs. ICLO — Risk / Return Rank

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

UCLA.DE

UCLA.DE Risk / Return Rank: 6
UCLA.DE Sharpe Ratio Rank: 6
UCLA.DE Sortino Ratio Rank: 5
UCLA.DE Omega Ratio Rank: 5
UCLA.DE Calmar Ratio Rank: 7
UCLA.DE Martin Ratio Rank: 7

ICLO

ICLO Risk / Return Rank: 80
ICLO Sharpe Ratio Rank: 74
ICLO Sortino Ratio Rank: 69
ICLO Omega Ratio Rank: 97
ICLO Calmar Ratio Rank: 63
ICLO Martin Ratio Rank: 97

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.

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 ratio Return per unit of total volatility	-0.32	-0.17	-0.16
Sortino ratio Return per unit of downside risk	-0.39	-0.16	-0.23
Omega ratio Gain probability vs. loss probability	0.95	0.98	-0.02
Calmar ratio Return relative to maximum drawdown	-0.31	-0.18	-0.13
Martin ratio Return relative to average drawdown	-0.52	-0.29	-0.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UCLA.DE vs. ICLO - Sharpe Ratio Comparison

The current UCLA.DE Sharpe Ratio is -0.32, which is lower than the ICLO Sharpe Ratio of -0.17. The chart below compares the historical Sharpe Ratios of UCLA.DE and ICLO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	UCLA.DE	ICLO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.32	-0.17	-0.16
Sharpe Ratio (All Time) Calculated using the full available price history	-0.65	0.51	-1.16

Correlation

The correlation between UCLA.DE and ICLO is 0.73, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

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 5.35%.

	TTM	2025	2024	2023
UCLA.DE Invesco USD AAA CLO UCITS ETF Acc	0.00%	0.00%	0.00%	0.00%
ICLO Invesco Aaa CLO Floating Rate Note ETF	5.35%	5.49%	6.51%	7.01%

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.

Drawdown Indicators

	UCLA.DE	ICLO	Difference
Max Drawdown Largest peak-to-trough decline	-10.36%	-3.47%	-6.89%
Max Drawdown (1Y) Largest decline over 1 year	-6.61%	-3.30%	-3.31%
Current Drawdown Current decline from peak	-5.80%	0.00%	-5.80%
Average Drawdown Average peak-to-trough decline	-7.24%	-0.06%	-7.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.57%	0.26%	+3.31%

Volatility

UCLA.DE vs. ICLO - Volatility Comparison

Invesco USD AAA CLO UCITS ETF Acc (UCLA.DE) has a higher volatility of 2.22% compared to Invesco Aaa CLO Floating Rate Note ETF (ICLO) at 1.94%. 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.

Volatility by Period

	UCLA.DE	ICLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.22%	1.94%	+0.28%
Volatility (6M) Calculated over the trailing 6-month period	4.16%	4.30%	-0.14%
Volatility (1Y) Calculated over the trailing 1-year period	7.15%	8.86%	-1.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.38%	7.71%	-0.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.38%	7.71%	-0.33%