AAA vs. AAAD

Last updated Aug 2, 2026

AAA (Alternative Access First Priority CLO Bond ETF) and AAAD (PGIM AAA CLO Aggregate Duration ETF) are both CLO funds. Both are actively managed. Their -0.10 correlation means they have often moved in opposite directions in the past. AAA charges 0.25%/yr vs 0.19%/yr for AAAD.

Performance

AAA vs. AAAD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alternative Access First Priority CLO Bond ETF (AAA) and PGIM AAA CLO Aggregate Duration ETF (AAAD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

AAA

• 1D: 0.04%
• 1M: 0.25%
• 6M: 2.05%
• YTD: 2.38%
• 1Y: 4.44%
• 3Y*: 6.08%
• 5Y*: 4.70%
• 10Y*: —
• ALL TIME*: 4.08%

AAAD

• 1D: -0.25%
• 1M: -0.95%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AAA Alternative Access First Priority CLO Bond ETF	$104.67K	$160.03K	$268.18K
AAAD PGIM AAA CLO Aggregate Duration ETF	$5.99K	$8.17K	$9.52K

AAA vs. AAAD - Yearly Performance Comparison

	2026 (YTD)
AAA Alternative Access First Priority CLO Bond ETF	0.29%
AAAD PGIM AAA CLO Aggregate Duration ETF	-0.41%

Correlation

The correlation between AAA and AAAD is -0.10, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 3, 2026	-0.10

Return for Risk

AAA vs. AAAD — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

AAA

AAA Risk / Return Rank: 91
AAA Sharpe Ratio Rank: 84
AAA Sortino Ratio Rank: 91
AAA Omega Ratio Rank: 87
AAA Calmar Ratio Rank: 97
AAA Martin Ratio Rank: 96

AAAD

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

AAA vs. AAAD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alternative Access First Priority CLO Bond ETF (AAA) and PGIM AAA CLO Aggregate Duration ETF (AAAD). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	AAA	AAAD	Difference
Sharpe ratio: Return per unit of total volatility	1.96	—	—
Sortino ratio: Return per unit of downside risk	3.32	—	—
Omega ratio: Gain probability vs. loss probability	1.38	—	—
Calmar ratio: Return relative to maximum drawdown	7.57	—	—
Martin ratio: Return relative to average drawdown	24.65	—	—

Drawdowns

AAA vs. AAAD - Drawdown Comparison

The maximum AAA drawdown since its inception was -2.63%, which is greater than AAAD's maximum drawdown of -1.37%. Use the drawdown chart below to compare losses from any high point for AAA and AAAD.

Drawdown Indicators

	AAA	AAAD	Difference
Max Drawdown Largest peak-to-trough decline	-2.63%	-1.37%	-1.26%
Max Drawdown (1Y) Largest decline over 1 year	-0.60%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-2.40%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-2.63%	—	—
Current Drawdown Current decline from peak	-0.12%	-1.37%	+1.25%
Average Drawdown Average peak-to-trough decline	-0.30%	-0.55%	+0.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.18%	—	—

Volatility

Volatility by Period

	AAA	AAAD	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.69%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.73%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.34%	3.49%	-1.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.31%	3.49%	-1.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.15%	3.49%	-1.34%

AAA vs. AAAD - Expense Ratio Comparison

AAA has a 0.25% expense ratio, which is higher than AAAD's 0.19% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

AAA vs. AAAD - Dividend Comparison

AAA's dividend yield for the trailing twelve months is around 4.82%, more than AAAD's 0.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
AAA Alternative Access First Priority CLO Bond ETF	4.82%	5.11%	6.17%	6.11%	2.78%	1.06%	0.32%
AAAD PGIM AAA CLO Aggregate Duration ETF	0.80%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AAA and AAAD in my portfolio?

AAA and AAAD have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, AAA or AAAD?

On fees, AAAD is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, AAA or AAAD?

AAAD is cheaper with a 0.19% expense ratio, compared with 0.25% for AAA.

Which ETF pays a higher dividend yield, AAA or AAAD?

AAA has the higher dividend yield at 4.82%, compared with 0.80% for AAAD.

What is the main difference between AAA and AAAD?

They also come from different issuers: Alternative Access and PGIM. Their fees differ too: 0.25% for AAA and 0.19% for AAAD.