VOTE vs. ACLO

Last updated Aug 2, 2026

VOTE (TCW Transform 500 ETF) and ACLO (TCW AAA CLO ETF) are both exchange-traded funds - VOTE is a Large Cap Blend Equities fund tracking the Morningstar US Large Cap Index, while ACLO is a CLO fund actively managed by TCW. VOTE is passively managed, while ACLO is actively managed. Over the past year, VOTE returned 21.16% vs 5.22% for ACLO. Their 0.12 correlation means their historical movements had little consistent relationship. VOTE charges 0.05%/yr vs 0.20%/yr for ACLO.

Performance

VOTE vs. ACLO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TCW Transform 500 ETF (VOTE) and TCW AAA CLO ETF (ACLO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VOTE achieves a 10.03% return, which is significantly higher than ACLO's 3.02% return.

VOTE

• 1D: 0.53%
• 1M: -0.05%
• 6M: 8.71%
• YTD: 10.03%
• 1Y: 21.16%
• 3Y*: 19.65%
• 5Y*: 12.43%
• 10Y*: —
• ALL TIME*: 12.94%

ACLO

• 1D: 0.04%
• 1M: 0.47%
• 6M: 2.38%
• YTD: 3.02%
• 1Y: 5.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.42%

*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)
ACLO TCW AAA CLO ETF	$1.47M	$960.37K	$1.34M
VOTE TCW Transform 500 ETF	$1.77M	$1.64M	$2.40M

VOTE vs. ACLO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
VOTE TCW Transform 500 ETF	10.03%	17.95%	0.39%
ACLO TCW AAA CLO ETF	3.02%	5.32%	0.81%

Correlation

The correlation between VOTE and ACLO is 0.04, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.04
Correlation (All Time) Calculated using the full available price history since Nov 18, 2024	0.12

Return for Risk

VOTE vs. ACLO — Risk / Return Rank

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

VOTE

VOTE Risk / Return Rank: 64
VOTE Sharpe Ratio Rank: 63
VOTE Sortino Ratio Rank: 61
VOTE Omega Ratio Rank: 60
VOTE Calmar Ratio Rank: 60
VOTE Martin Ratio Rank: 73

ACLO

ACLO Risk / Return Rank: 99
ACLO Sharpe Ratio Rank: 99
ACLO Sortino Ratio Rank: 99
ACLO Omega Ratio Rank: 99
ACLO Calmar Ratio Rank: 99
ACLO Martin Ratio Rank: 99

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.

VOTE vs. ACLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TCW Transform 500 ETF (VOTE) and TCW AAA CLO ETF (ACLO). 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.

	VOTE	ACLO	Difference
Sharpe ratio: Return per unit of total volatility	1.47	7.18	-5.71
Sortino ratio: Return per unit of downside risk	2.05	14.73	-12.68
Omega ratio: Gain probability vs. loss probability	1.26	3.34	-2.08
Calmar ratio: Return relative to maximum drawdown	2.12	19.31	-17.19
Martin ratio: Return relative to average drawdown	8.96	163.02	-154.05

VOTE vs. ACLO - Sharpe Ratio Comparison

The current VOTE Sharpe Ratio is 1.47, which is lower than the ACLO Sharpe Ratio of 7.18. The chart below compares the historical Sharpe Ratios of VOTE and ACLO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VOTE vs. ACLO - Drawdown Comparison

The maximum VOTE drawdown since its inception was -25.71%, which is greater than ACLO's maximum drawdown of -1.01%. Use the drawdown chart below to compare losses from any high point for VOTE and ACLO.

Drawdown Indicators

	VOTE	ACLO	Difference
Max Drawdown Largest peak-to-trough decline	-25.71%	-1.01%	-24.70%
Max Drawdown (1Y) Largest decline over 1 year	-9.10%	-0.27%	-8.83%
Max Drawdown (3Y) Largest decline over 3 years	-19.08%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-25.71%	—	—
Current Drawdown Current decline from peak	-1.59%	0.00%	-1.59%
Average Drawdown Average peak-to-trough decline	-6.01%	-0.04%	-5.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.15%	0.03%	+2.12%

Volatility

VOTE vs. ACLO - Volatility Comparison

TCW Transform 500 ETF (VOTE) has a higher volatility of 3.59% compared to TCW AAA CLO ETF (ACLO) at 0.19%. This indicates that VOTE's price experiences larger fluctuations and is considered to be riskier than ACLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VOTE	ACLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.59%	0.19%	+3.40%
Volatility (6M) Calculated over the trailing 6-month period	10.29%	0.57%	+9.72%
Volatility (1Y) Calculated over the trailing 1-year period	13.11%	0.72%	+12.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.20%	1.05%	+16.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.08%	1.05%	+16.03%

VOTE vs. ACLO - Expense Ratio Comparison

VOTE has a 0.05% expense ratio, which is lower than ACLO's 0.20% 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

VOTE vs. ACLO - Dividend Comparison

VOTE's dividend yield for the trailing twelve months is around 0.94%, less than ACLO's 4.89% yield.

Position	TTM	2025	2024	2023	2022	2021
ACLO TCW AAA CLO ETF	4.49%	4.87%	0.59%	0.00%	0.00%	0.00%
VOTE TCW Transform 500 ETF	0.94%	1.03%	1.18%	1.33%	1.54%	0.54%

Frequently Asked Questions

Can I hold both VOTE and ACLO in my portfolio?

VOTE and ACLO have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VOTE or ACLO?

VOTE has higher volatility (3.59%) compared to ACLO (0.19%). In terms of maximum drawdown, VOTE dropped -25.71% vs ACLO's -1.01%.

Which ETF is better, VOTE or ACLO?

On 1-year performance, VOTE leads with 21.16% vs 5.22% for ACLO. On fees, VOTE is cheaper at 0.05% per year. On volatility, ACLO has been the lower-risk option at 0.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VOTE or ACLO?

Over the 1-year period, VOTE has performed better with a 21.16% return vs 5.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VOTE or ACLO?

VOTE is cheaper with a 0.05% expense ratio, compared with 0.20% for ACLO.

Which ETF pays a higher dividend yield, VOTE or ACLO?

ACLO has the higher dividend yield at 4.49%, compared with 0.94% for VOTE.

What is the main difference between VOTE and ACLO?

VOTE is categorized as Large Cap Blend Equities, while ACLO is CLO. Their fees differ too: 0.05% for VOTE and 0.20% for ACLO.

Which has better risk-adjusted returns?

ACLO currently has the higher Sharpe Ratio (7.18 vs 1.47), 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.