CLOX vs SPY
CLOX vs SPY
Eldridge AAA CLO 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 | CLOX | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.20% | 0.09% | |
| AUM | $323M | $789.1B | |
| Dividend Yield | 4.58% | 1.01% | |
| Holdings | 93 | 505 | |
| YTD Return | +2.36% | +13.50% | |
| 1Y Return | +4.59% | +23.56% | |
| 3Y Return (annualized) | +5.90% | +21.17% | |
| 5Y Return (annualized) | - | +13.46% | |
| Volatility (annualized) | 1.0% | 15.3% | |
| Max Drawdown | -4.1% | -56.5% | |
| Fund Family | Panagram Structured Asset Management | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | Jul 18, 2023 | Jan 22, 1993 |
CLOX vs SPY Performance
Eldridge AAA CLO ETF (CLOX) is a ETF from Panagram Structured Asset Management and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year CLOX returned +4.59% while SPY returned +23.56%. Year to date, CLOX is up 2.36% versus a gain of 13.50% for SPY.
Over three years, CLOX compounded at +5.90% per year against +21.17% for SPY. Across the full 3-year window we track, SPY has the edge at +8.85% annualized vs +6.12%. 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 1.0% for CLOX. 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 -4.1% for CLOX 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 0.28. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
CLOX 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, CLOX currently yields 4.58% against 1.01% for SPY.
Holdings Overlap
CLOX and SPY share 0 holdings out of 511 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, CLOX or SPY?
CLOX 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, CLOX or SPY?
Over the past year CLOX returned +4.59% vs +23.56% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (3 years), CLOX annualized +6.12% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, CLOX or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 1.0% for CLOX. Worst drawdown: CLOX -4.1% vs SPY -56.5%.
Should I hold both CLOX and SPY?
CLOX and SPY have a monthly-return correlation of 0.28, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between CLOX and SPY?
CLOX and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 511 unique securities.
Which pays a higher dividend, CLOX or SPY?
CLOX yields 4.58% while SPY yields 1.01%, so CLOX currently pays the higher dividend yield.
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