ICLO vs IVV
Invesco AAA CLO Floating Rate Note ETF vs iShares Core S&P 500 ETF
Quick Verdict
IVV has a lower expense ratio. IVV delivered stronger 1-year returns. IVV offers more diversification with 508 holdings.
Side-by-Side Comparison
| Metric | ICLO | IVV | Winner |
|---|---|---|---|
| Expense Ratio | 0.19% | 0.03% | |
| AUM | $525M | $865.2B | |
| Dividend Yield | 5.02% | 1.09% | |
| Holdings | 343 | 508 | |
| YTD Return | +0.27% | +14.50% | |
| 1Y Return | +1.81% | +22.02% | |
| 3Y Return (annualized) | +5.20% | +21.80% | |
| 5Y Return (annualized) | - | +13.37% | |
| Volatility (annualized) | 1.3% | 15.1% | |
| Max Drawdown | -3.5% | -56.5% | |
| Fund Family | Invesco (US) | iShares by BlackRock (US) | |
| Category | Fixed Income | Equity | |
| Inception | Dec 9, 2022 | May 15, 2000 |
ICLO vs IVV Performance
Invesco AAA CLO Floating Rate Note ETF (ICLO) is a ETF from Invesco (US) and iShares Core S&P 500 ETF (IVV) is a ETF from iShares by BlackRock (US). Over the past year ICLO returned +1.81% while IVV returned +22.02%. Year to date, ICLO is up 0.27% versus a gain of 14.50% for IVV.
Over three years, ICLO compounded at +5.20% per year against +21.80% for IVV. Across the full 4-year window we track, IVV has the edge at +7.07% annualized vs +5.84%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
IVV has been the more volatile fund, with annualized monthly volatility of 15.1% 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 -56.5% for IVV. 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 0.36. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
ICLO charges 0.19% per year while IVV charges 0.03%. On a $10,000 position that is $19 vs $3 annually, a gap of $16 per year that compounds over a long holding period. On income, ICLO currently yields 5.02% against 1.09% for IVV.
Holdings Overlap
ICLO and IVV share 0 holdings out of 525 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, ICLO or IVV?
ICLO has an expense ratio of 0.19% while IVV charges 0.03%. IVV is the cheaper option. On a $10,000 investment, that is $16 per year of difference.
Which performed better, ICLO or IVV?
Over the past year ICLO returned +1.81% vs +22.02% for IVV, so IVV leads on 1-year performance. Over the longest common window we track (4 years), ICLO annualized +5.84% vs +7.07% for IVV. Past performance does not guarantee future results.
Which is riskier, ICLO or IVV?
IVV has been the more volatile fund at 15.1% annualized versus 1.3% for ICLO. Worst drawdown: ICLO -3.5% vs IVV -56.5%.
Should I hold both ICLO and IVV?
ICLO and IVV have a monthly-return correlation of 0.36, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between ICLO and IVV?
ICLO and IVV share 0 common holdings with a 0.0% weight overlap. Combined, they hold 525 unique securities.
Which pays a higher dividend, ICLO or IVV?
ICLO yields 5.02% while IVV yields 1.09%, so ICLO currently pays the higher dividend yield.
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