ICLO vs TFLR
Invesco AAA CLO Floating Rate Note ETF vs T. Rowe Price Floating Rate ETF
Which is better, ICLO or TFLR?
TFLR has been ahead.
ICLO has a lower expense ratio. TFLR led over 1Y, 3Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | ICLO | TFLR |
|---|---|---|
| Expense Ratio | 0.19%Best | 0.61% |
| AUM | $610M | $861M |
| Dividend Yield | 4.83% | 6.55% |
| Holdings | 346 | 347 |
| YTD Return | +0.27% | +2.64%Best |
| 1Y Return | +0.87% | +4.60%Best |
| 3Y Return (annualized) | +4.81% | +7.21%Best |
| Volatility (annualized) | 1.3%Best | 2.5% |
| Max Drawdown | -3.5%Best | -4.0% |
| $10,000 over 3.8 years | $12,287 | $13,205Best |
| Fund Family | Invesco (US) | T.Rowe Price |
| Category | Fixed Income | Fixed Income |
| Style | Bank Loan | Bank Loan |
| Inception | Dec 9, 2022 | Nov 16, 2022 |
Not shown on this pair: 5Y Return (annualized), Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 3.8 years row, are measured over the window both funds cover: Dec 9, 2022 to Oct 14, 2026 (3.8 years).
ICLO vs TFLR growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 3.8 years both funds cover.
ICLO vs TFLR Performance
Invesco AAA CLO Floating Rate Note ETF (ICLO) is an ETF from Invesco (US) and T. Rowe Price Floating Rate ETF (TFLR) is an ETF from T.Rowe Price. Over the past year ICLO returned +0.87% while TFLR returned +4.60%. Year to date, ICLO is up 0.27% versus a gain of 2.64% for TFLR.
Over three years, ICLO compounded at +4.81% per year against +7.21% for TFLR. Across the full 4-year window we track, TFLR has the edge at +7.59% annualized vs +5.57%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
TFLR has been the more volatile fund, with annualized monthly volatility of 2.5% compared with 1.3% for ICLO. 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 -3.5% for ICLO and -4.0% for TFLR. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.58. They move together some of the time, and apart the rest.
Fees and Cost Over Time
ICLO charges 0.19% per year while TFLR charges 0.61%. On a $10,000 position that is $19 vs $61 annually, a gap of $42 per year that compounds over a long holding period. On income, ICLO currently yields 4.83% against 6.55% for TFLR.
Holdings Overlap
We hold position weights for 15 holdings in ICLO and 150 in TFLR, totalling 5.8% and 41.0% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 15 positions we hold weights for in ICLO and 150 in TFLR, against full books of 346 and 347.
You are not choosing between two funds in isolation.
Whichever of ICLO and TFLR you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, ICLO or TFLR?
ICLO has an expense ratio of 0.19% while TFLR charges 0.61%. ICLO is the cheaper option, by $42 a year on a $10,000 investment.
Which performed better, ICLO or TFLR?
Over the past year ICLO returned +0.87% vs +4.60% for TFLR, so TFLR leads on 1-year performance. Over the longest common window we track (4 years), ICLO annualized +5.57% vs +7.59% for TFLR. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, ICLO or TFLR?
TFLR has been the more volatile fund at 2.5% annualized versus 1.3% for ICLO. Worst drawdown: ICLO -3.5% vs TFLR -4.0%.
Should I hold both ICLO and TFLR?
ICLO and TFLR have a monthly-return correlation of 0.58, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, ICLO or TFLR?
ICLO yields 4.83% while TFLR yields 6.55%, so TFLR currently pays the higher dividend yield.
Is TFLR better than ICLO?
ICLO has a lower expense ratio. TFLR led over 1Y, 3Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.