AAA vs. AGRH
AAA (AAF First Priority CLO Bond ETF) and AGRH (iShares Interest Rate Hedged U.S. Aggregate Bond ETF) are both exchange-traded funds - AAA is a CLO fund actively managed by Alternative Access Funds LLC, while AGRH is a Ultrashort Bond fund tracking the BlackRock Interest Rate Hedged U.S. Aggregate Bond Index - Benchmark TR Gross. AAA is actively managed, while AGRH is passively managed. Over the past 3 years, AAA returned 6.50%/yr vs 5.97%/yr for AGRH. At a 0.08 correlation, their price movements are largely independent. AAA charges 0.25%/yr vs 0.13%/yr for AGRH.
Performance
AAA vs. AGRH - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with AAA having a 1.86% return and AGRH slightly lower at 1.78%.
AAA
- 1D
- -0.22%
- 1M
- 0.67%
- YTD
- 1.86%
- 6M
- 2.19%
- 1Y
- 5.39%
- 3Y*
- 6.50%
- 5Y*
- 4.64%
- 10Y*
- —
AGRH
- 1D
- -0.04%
- 1M
- 0.73%
- YTD
- 1.78%
- 6M
- 2.44%
- 1Y
- 6.30%
- 3Y*
- 5.97%
- 5Y*
- —
- 10Y*
- —
AAA vs. AGRH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
AAA AAF First Priority CLO Bond ETF | 1.86% | 4.92% | 6.85% | 8.94% | 2.29% |
AGRH iShares Interest Rate Hedged U.S. Aggregate Bond ETF | 1.78% | 6.00% | 5.93% | 6.40% | 1.76% |
Correlation
The correlation between AAA and AGRH is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Jun 27, 2022 | 0.08 |
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Return for Risk
AAA vs. AGRH — Risk / Return Rank
AAA
AGRH
AAA vs. AGRH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AAF First Priority CLO Bond ETF (AAA) and iShares Interest Rate Hedged U.S. Aggregate Bond ETF (AGRH). 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.
| AAA | AGRH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.05 | ||
| Sortino ratioReturn per unit of downside risk | -3.61 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 2.12 | -0.65 |
| Calmar ratioReturn relative to maximum drawdown | 8.98 | 9.44 | -0.46 |
| Martin ratioReturn relative to average drawdown | 27.78 | 44.94 | -17.16 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| AAA | AGRH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.36 | 4.41 | -2.05 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 2.05 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.93 | 3.13 | -1.20 |
Drawdowns
AAA vs. AGRH - Drawdown Comparison
The maximum AAA drawdown since its inception was -2.63%, which is greater than AGRH's maximum drawdown of -1.73%. Use the drawdown chart below to compare losses from any high point for AAA and AGRH.
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Drawdown Indicators
| AAA | AGRH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.63% | -1.73% | -0.90% |
Max Drawdown (1Y)Largest decline over 1 year | -0.60% | -0.67% | +0.07% |
Max Drawdown (3Y)Largest decline over 3 years | -2.40% | -1.73% | -0.67% |
Max Drawdown (5Y)Largest decline over 5 years | -2.63% | — | — |
Current DrawdownCurrent decline from peak | -0.22% | -0.07% | -0.15% |
Average DrawdownAverage peak-to-trough decline | -0.30% | -0.16% | -0.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.19% | 0.14% | +0.05% |
Volatility
AAA vs. AGRH - Volatility Comparison
AAF First Priority CLO Bond ETF (AAA) has a higher volatility of 0.74% compared to iShares Interest Rate Hedged U.S. Aggregate Bond ETF (AGRH) at 0.43%. This indicates that AAA's price experiences larger fluctuations and is considered to be riskier than AGRH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AAA | AGRH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.74% | 0.43% | +0.31% |
Volatility (6M)Calculated over the trailing 6-month period | 1.76% | 1.00% | +0.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.30% | 1.44% | +0.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.28% | 1.78% | +0.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.15% | 1.78% | +0.37% |
AAA vs. AGRH - Expense Ratio Comparison
AAA has a 0.25% expense ratio, which is higher than AGRH's 0.13% 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. AGRH - Dividend Comparison
AAA's dividend yield for the trailing twelve months is around 4.90%, more than AGRH's 4.18% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
AAA AAF First Priority CLO Bond ETF | 4.90% | 5.11% | 6.17% | 6.11% | 2.78% | 1.06% | 0.32% |
AGRH iShares Interest Rate Hedged U.S. Aggregate Bond ETF | 4.18% | 4.63% | 5.17% | 4.69% | 1.24% | 0.00% | 0.00% |
Frequently Asked Questions
AAA and AGRH have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AAA has higher volatility (0.74%) compared to AGRH (0.43%). In terms of maximum drawdown, AAA dropped -2.63% vs AGRH's -1.73%.
On 3-year performance, AAA leads with 6.50% vs 5.97% for AGRH. On fees, AGRH is cheaper at 0.13% per year. On volatility, AGRH has been the lower-risk option at 0.43%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, AAA has performed better with a 6.50% return vs 5.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AGRH is cheaper with a 0.13% expense ratio, compared with 0.25% for AAA.
AAA has the higher dividend yield at 4.90%, compared with 4.18% for AGRH.
AAA is categorized as CLO, while AGRH is Ultrashort Bond. They also come from different issuers: Alternative Access Funds LLC and iShares. Their fees differ too: 0.25% for AAA and 0.13% for AGRH.
AGRH currently has the higher Sharpe Ratio (4.41 vs 2.36), 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.
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