CLOA vs SPY
CLOA vs SPY
iShares AAA CLO Active ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | CLOA | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.20% | 0.09% | |
| AUM | $2.2B | $789.1B | |
| Dividend Yield | 4.95% | 1.01% | |
| Holdings | 433 | 505 | |
| YTD Return | +2.75% | +9.93% | |
| 1Y Return | +5.19% | +19.50% | |
| 3Y Return (annualized) | +7.75% | +19.33% | |
| 5Y Return (annualized) | - | +12.82% | |
| Volatility (annualized) | 1.2% | 15.3% | |
| Max Drawdown | -1.3% | -56.5% | |
| Fund Family | BlackRock, Inc. (US) | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | Jan 10, 2023 | Jan 22, 1993 |
CLOA vs SPY Performance
iShares AAA CLO Active ETF (CLOA) is a ETF from BlackRock, Inc. (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year CLOA returned +5.19% while SPY returned +19.50%. Year to date, CLOA is up 2.75% versus a gain of 9.93% for SPY.
Over three years, CLOA compounded at +7.75% per year against +19.33% for SPY. Across the full 4-year window we track, SPY has the edge at +8.74% annualized vs +7.93%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 1.2% for CLOA. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -1.3% for CLOA and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.46. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
CLOA charges 0.20% per year while SPY charges 0.09%. On a $10,000 position that is $20 vs $9 annually, a gap of $11 per year that compounds over a long holding period. On income, CLOA currently yields 4.95% against 1.01% for SPY.
Holdings Overlap
CLOA and SPY share 0 holdings out of 543 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, CLOA or SPY?
CLOA has an expense ratio of 0.20% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $11 per year of difference.
Which performed better, CLOA or SPY?
Over the past year CLOA returned +5.19% vs +19.50% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (4 years), CLOA annualized +7.93% vs +8.74% for SPY. Past performance does not guarantee future results.
Which is riskier, CLOA or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 1.2% for CLOA. Worst drawdown: CLOA -1.3% vs SPY -56.5%.
Should I hold both CLOA and SPY?
CLOA and SPY have a monthly-return correlation of 0.46, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between CLOA and SPY?
CLOA and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 543 unique securities.
Which pays a higher dividend, CLOA or SPY?
CLOA yields 4.95% while SPY yields 1.01%, so CLOA currently pays the higher dividend yield.
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