ICLO vs VETZ
Invesco AAA CLO Floating Rate Note ETF vs Academy Veteran Bond ETF
Which is better, ICLO or VETZ?
Each has led over a different period.
ICLO has a lower expense ratio. ICLO led over 1Y and the full window, VETZ over 3Y.
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 | VETZ |
|---|---|---|
| Expense Ratio | 0.19%Best | 0.35% |
| AUM | $610M | $129M |
| Dividend Yield | 4.83% | 6.27% |
| Holdings | 346 | 155 |
| YTD Return | +0.27%Best | -2.05% |
| 1Y Return | +0.87%Best | -0.63% |
| 3Y Return (annualized) | +4.81% | +4.86%Best |
| Volatility (annualized) | 1.1%Best | 5.7% |
| Max Drawdown | -3.5%Best | -5.2% |
| $10,000 over 3.2 years | $11,661Best | $11,229 |
| Fund Family | Invesco (US) | Academy Asset Management |
| Category | Fixed Income | Fixed Income |
| Style | Bank Loan | Bank Loan |
| Inception | Dec 9, 2022 | Aug 1, 2023 |
Not shown on this pair: 5Y Return (annualized), Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 3.2 years row, are measured over the window both funds cover: Aug 2, 2023 to Oct 14, 2026 (3.2 years).
ICLO vs VETZ 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 3.2 years both funds cover.
ICLO vs VETZ Performance
Invesco AAA CLO Floating Rate Note ETF (ICLO) is an ETF from Invesco (US) and Academy Veteran Bond ETF (VETZ) is an ETF from Academy Asset Management. Over the past year ICLO returned +0.87% while VETZ returned -0.63%. Year to date, ICLO is up 0.27% versus a loss of 2.05% for VETZ.
Over three years, ICLO compounded at +4.81% per year against +4.86% for VETZ.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
VETZ has been the more volatile fund, with annualized monthly volatility of 5.7% compared with 1.1% 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 -5.2% for VETZ. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.35. They move together some of the time, and apart the rest.
Fees and Cost Over Time
ICLO charges 0.19% per year while VETZ charges 0.35%. On a $10,000 position that is $19 vs $35 annually, a gap of $16 per year that compounds over a long holding period. On income, ICLO currently yields 4.83% against 6.27% for VETZ.
Holdings Overlap
We hold position weights for 15 holdings in ICLO and 9 in VETZ, totalling 5.8% and 14.6% 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 9 in VETZ, against full books of 346 and 155.
You are not choosing between two funds in isolation.
Whichever of ICLO and VETZ 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 VETZ?
ICLO has an expense ratio of 0.19% while VETZ charges 0.35%. ICLO is the cheaper option, by $16 a year on a $10,000 investment.
Which performed better, ICLO or VETZ?
Over the past year ICLO returned +0.87% vs -0.63% for VETZ, so ICLO leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, ICLO or VETZ?
VETZ has been the more volatile fund at 5.7% annualized versus 1.1% for ICLO. Worst drawdown: ICLO -3.5% vs VETZ -5.2%.
Should I hold both ICLO and VETZ?
ICLO and VETZ have a monthly-return correlation of 0.35, 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 VETZ?
ICLO yields 4.83% while VETZ yields 6.27%, so VETZ currently pays the higher dividend yield.
Is VETZ better than ICLO?
ICLO has a lower expense ratio. ICLO led over 1Y and the full window, VETZ over 3Y. Which one suits a particular account depends on what it is for. This is information, not a recommendation.