AAA vs. ADFI

Last updated Jul 14, 2026

AAA (Alternative Access First Priority CLO Bond ETF) and ADFI (Anfield Dynamic Fixed Income ETF) are both exchange-traded funds - AAA is a CLO fund actively managed by Alternative Access Funds LLC, while ADFI is a Intermediate Core-Plus Bond fund actively managed by Anfield. Both are actively managed. Over the past 5 years, AAA returned 4.66%/yr vs -0.37%/yr for ADFI. At a 0.01 correlation, their price movements are largely independent. AAA charges 0.25%/yr vs 1.75%/yr for ADFI.

Performance

AAA vs. ADFI - Performance Comparison

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

Returns By Period

In the year-to-date period, AAA achieves a 2.11% return, which is significantly higher than ADFI's -0.41% return.

AAA

• 1D: -0.02%
• 1M: 0.41%
• 6M: 2.09%
• YTD: 2.11%
• 1Y: 4.72%
• 3Y*: 6.22%
• 5Y*: 4.66%
• 10Y*: —

ADFI

• 1D: -0.18%
• 1M: -0.63%
• 6M: -0.53%
• YTD: -0.41%
• 1Y: 2.70%
• 3Y*: 2.99%
• 5Y*: -0.37%
• 10Y*: —

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

AAA vs. ADFI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
AAA Alternative Access First Priority CLO Bond ETF	2.11%	4.92%	6.85%	8.94%	0.15%	0.86%	0.20%
ADFI Anfield Dynamic Fixed Income ETF	-0.41%	5.61%	0.51%	6.70%	-11.66%	-3.38%	0.21%

Correlation

The correlation between AAA and ADFI is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.09
Correlation (3Y) Calculated over the trailing 3-year period	0.03
Correlation (5Y) Calculated over the trailing 5-year period	0.01
Correlation (All Time) Calculated using the full available price history since Sep 9, 2020	0.01

Return for Risk

AAA vs. ADFI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AAA

AAA Risk / Return Rank: 90
AAA Sharpe Ratio Rank: 81
AAA Sortino Ratio Rank: 91
AAA Omega Ratio Rank: 84
AAA Calmar Ratio Rank: 97
AAA Martin Ratio Rank: 96

ADFI

ADFI Risk / Return Rank: 23
ADFI Sharpe Ratio Rank: 21
ADFI Sortino Ratio Rank: 19
ADFI Omega Ratio Rank: 18
ADFI Calmar Ratio Rank: 28
ADFI Martin Ratio Rank: 27

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AAA vs. ADFI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alternative Access First Priority CLO Bond ETF (AAA) and Anfield Dynamic Fixed Income ETF (ADFI). 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	ADFI	Difference
Sharpe ratio: Return per unit of total volatility	2.04	0.60	+1.44
Sortino ratio: Return per unit of downside risk	3.48	0.89	+2.59
Omega ratio: Gain probability vs. loss probability	1.40	1.10	+0.30
Calmar ratio: Return relative to maximum drawdown	7.87	1.10	+6.78
Martin ratio: Return relative to average drawdown	26.77	3.02	+23.75

AAA vs. ADFI - Sharpe Ratio Comparison

The current AAA Sharpe Ratio is 2.04, which is higher than the ADFI Sharpe Ratio of 0.60. The chart below compares the historical Sharpe Ratios of AAA and ADFI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AAA vs. ADFI - Drawdown Comparison

The maximum AAA drawdown since its inception was -2.63%, smaller than the maximum ADFI drawdown of -17.62%. Use the drawdown chart below to compare losses from any high point for AAA and ADFI.

Drawdown Indicators

	AAA	ADFI	Difference
Max Drawdown Largest peak-to-trough decline	-2.63%	-17.62%	+14.99%
Max Drawdown (1Y) Largest decline over 1 year	-0.60%	-2.48%	+1.88%
Max Drawdown (3Y) Largest decline over 3 years	-2.40%	-5.60%	+3.20%
Max Drawdown (5Y) Largest decline over 5 years	-2.63%	-16.11%	+13.48%
Current Drawdown Current decline from peak	-0.37%	-4.02%	+3.65%
Average Drawdown Average peak-to-trough decline	-0.31%	-7.53%	+7.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.18%	0.90%	-0.72%

Volatility

AAA vs. ADFI - Volatility Comparison

The current volatility for Alternative Access First Priority CLO Bond ETF (AAA) is 0.79%, while Anfield Dynamic Fixed Income ETF (ADFI) has a volatility of 1.45%. This indicates that AAA experiences smaller price fluctuations and is considered to be less risky than ADFI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAA	ADFI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.79%	1.45%	-0.66%
Volatility (6M) Calculated over the trailing 6-month period	1.74%	3.02%	-1.28%
Volatility (1Y) Calculated over the trailing 1-year period	2.32%	4.52%	-2.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.31%	6.22%	-3.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.15%	5.86%	-3.71%

AAA vs. ADFI - Expense Ratio Comparison

AAA has a 0.25% expense ratio, which is lower than ADFI's 1.75% expense ratio.

Dividends

AAA vs. ADFI - Dividend Comparison

AAA's dividend yield for the trailing twelve months is around 4.82%, more than ADFI's 3.47% 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%
ADFI Anfield Dynamic Fixed Income ETF	3.47%	3.30%	3.17%	2.90%	1.60%	0.80%	0.50%

Frequently Asked Questions

Can I hold both AAA and ADFI in my portfolio?

AAA and ADFI have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AAA or ADFI?

ADFI has higher volatility (1.45%) compared to AAA (0.79%). In terms of maximum drawdown, AAA dropped -2.63% vs ADFI's -17.62%.

Which ETF is better, AAA or ADFI?

On 5-year performance, AAA leads with 4.66% vs -0.37% for ADFI. On fees, AAA is cheaper at 0.25% per year. On volatility, AAA has been the lower-risk option at 0.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AAA or ADFI?

Over the 5-year period, AAA has performed better with a 4.66% return vs -0.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AAA or ADFI?

AAA is cheaper with a 0.25% expense ratio, compared with 1.75% for ADFI.

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

AAA has the higher dividend yield at 4.82%, compared with 3.47% for ADFI.

What is the main difference between AAA and ADFI?

AAA is categorized as CLO, while ADFI is Intermediate Core-Plus Bond. They also come from different issuers: Alternative Access Funds LLC and Anfield. Their fees differ too: 0.25% for AAA and 1.75% for ADFI.

Which has better risk-adjusted returns?

AAA currently has the higher Sharpe Ratio (2.04 vs 0.60), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.