AAA vs. AOUIX

Last updated Jun 24, 2026

AAA (AAF First Priority CLO Bond ETF) and AOUIX (Angel Oak UltraShort Income Fund) are both funds - AAA is a CLO fund actively managed by Alternative Access Funds LLC, while AOUIX is a Ultrashort Bond fund managed by Angel Oak. Over the past 5 years, AAA returned 4.64%/yr vs 3.26%/yr for AOUIX. At a 0.01 correlation, their price movements are largely independent. AAA charges 0.25%/yr vs 0.53%/yr for AOUIX.

Performance

AAA vs. AOUIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AAF First Priority CLO Bond ETF (AAA) and Angel Oak UltraShort Income Fund (AOUIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AAA achieves a 1.98% return, which is significantly higher than AOUIX's 1.51% return.

AAA

• 1D: -0.07%
• 1M: 0.55%
• YTD: 1.98%
• 6M: 2.06%
• 1Y: 4.96%
• 3Y*: 6.34%
• 5Y*: 4.64%
• 10Y*: —

AOUIX

• 1D: 0.00%
• 1M: 0.38%
• YTD: 1.51%
• 6M: 2.05%
• 1Y: 4.81%
• 3Y*: 5.90%
• 5Y*: 3.26%
• 10Y*: —

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

AAA vs. AOUIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
AAA AAF First Priority CLO Bond ETF	1.98%	4.92%	6.85%	8.94%	0.15%	0.86%	0.20%
AOUIX Angel Oak UltraShort Income Fund	1.51%	5.63%	7.06%	6.21%	-4.11%	0.97%	0.96%

Correlation

The correlation between AAA and AOUIX is 0.02, 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	0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.02
Correlation (5Y) Calculated over the trailing 5-year period	0.02
Correlation (All Time) Calculated using the full available price history since Sep 9, 2020	0.01

Return for Risk

AAA vs. AOUIX — Risk / Return Rank

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

AAA

AAA Risk / Return Rank: 84
AAA Sharpe Ratio Rank: 70
AAA Sortino Ratio Rank: 86
AAA Omega Ratio Rank: 76
AAA Calmar Ratio Rank: 96
AAA Martin Ratio Rank: 93

AOUIX

AOUIX Risk / Return Rank: 98
AOUIX Sharpe Ratio Rank: 95
AOUIX Sortino Ratio Rank: 99
AOUIX Omega Ratio Rank: 99
AOUIX Calmar Ratio Rank: 99
AOUIX Martin Ratio Rank: 99

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. AOUIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AAF First Priority CLO Bond ETF (AAA) and Angel Oak UltraShort Income Fund (AOUIX). 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	AOUIX	Difference
Sharpe ratio: Return per unit of total volatility	2.15	3.10	-0.95
Sortino ratio: Return per unit of downside risk	3.63	9.52	-5.89
Omega ratio: Gain probability vs. loss probability	1.42	2.90	-1.48
Calmar ratio: Return relative to maximum drawdown	8.26	12.19	-3.93
Martin ratio: Return relative to average drawdown	24.40	53.81	-29.41

AAA vs. AOUIX - Sharpe Ratio Comparison

The current AAA Sharpe Ratio is 2.15, which is lower than the AOUIX Sharpe Ratio of 3.10. The chart below compares the historical Sharpe Ratios of AAA and AOUIX, 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. AOUIX - Drawdown Comparison

The maximum AAA drawdown since its inception was -2.63%, smaller than the maximum AOUIX drawdown of -7.38%. Use the drawdown chart below to compare losses from any high point for AAA and AOUIX.

Drawdown Indicators

	AAA	AOUIX	Difference
Max Drawdown Largest peak-to-trough decline	-2.63%	-7.38%	+4.75%
Max Drawdown (1Y) Largest decline over 1 year	-0.60%	-0.40%	-0.20%
Max Drawdown (3Y) Largest decline over 3 years	-2.40%	-0.51%	-1.89%
Max Drawdown (5Y) Largest decline over 5 years	-2.63%	-4.53%	+1.90%
Current Drawdown Current decline from peak	-0.10%	-0.10%	0.00%
Average Drawdown Average peak-to-trough decline	-0.31%	-0.60%	+0.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.20%	0.09%	+0.11%

Volatility

AAA vs. AOUIX - Volatility Comparison

AAF First Priority CLO Bond ETF (AAA) has a higher volatility of 0.77% compared to Angel Oak UltraShort Income Fund (AOUIX) at 0.47%. This indicates that AAA's price experiences larger fluctuations and is considered to be riskier than AOUIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAA	AOUIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.77%	0.47%	+0.30%
Volatility (6M) Calculated over the trailing 6-month period	1.78%	1.08%	+0.70%
Volatility (1Y) Calculated over the trailing 1-year period	2.32%	1.59%	+0.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.29%	1.53%	+0.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.15%	1.93%	+0.22%

AAA vs. AOUIX - Expense Ratio Comparison

AAA has a 0.25% expense ratio, which is lower than AOUIX's 0.53% expense ratio.

Dividends

AAA vs. AOUIX - Dividend Comparison

AAA's dividend yield for the trailing twelve months is around 4.90%, more than AOUIX's 4.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
AAA AAF First Priority CLO Bond ETF	4.90%	5.11%	6.17%	6.11%	2.78%	1.06%	0.32%	0.00%	0.00%
AOUIX Angel Oak UltraShort Income Fund	4.80%	5.05%	5.36%	3.69%	1.48%	1.37%	2.24%	3.08%	2.12%

Frequently Asked Questions

Can I hold both AAA and AOUIX in my portfolio?

AAA and AOUIX have a correlation of 0.02, 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 AOUIX?

AAA has higher volatility (0.77%) compared to AOUIX (0.47%). In terms of maximum drawdown, AAA dropped -2.63% vs AOUIX's -7.38%.

Which has better risk-adjusted returns?

AOUIX currently has the higher Sharpe Ratio (3.10 vs 2.15), 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.