AAA vs. BEMB
AAA (AAF First Priority CLO Bond ETF) and BEMB (Ishares J.P. Morgan Broad USD Emerging Markets Bond ETF) are both exchange-traded funds - AAA is a CLO fund actively managed by Alternative Access Funds LLC, while BEMB is a Emerging Markets Bonds fund actively managed by iShares. Both are actively managed. Over the past 3 years, AAA returned 6.50%/yr vs 8.80%/yr for BEMB. At a 0.05 correlation, their price movements are largely independent. AAA charges 0.25%/yr vs 0.18%/yr for BEMB.
Performance
AAA vs. BEMB - Performance Comparison
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Returns By Period
In the year-to-date period, AAA achieves a 1.86% return, which is significantly higher than BEMB's 1.27% return.
AAA
- 1D
- -0.22%
- 1M
- 0.67%
- YTD
- 1.86%
- 6M
- 2.19%
- 1Y
- 5.39%
- 3Y*
- 6.50%
- 5Y*
- 4.64%
- 10Y*
- —
BEMB
- 1D
- -0.34%
- 1M
- 0.94%
- YTD
- 1.27%
- 6M
- 1.64%
- 1Y
- 9.77%
- 3Y*
- 8.80%
- 5Y*
- —
- 10Y*
- —
AAA vs. BEMB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
AAA AAF First Priority CLO Bond ETF | 1.86% | 4.92% | 6.85% | 7.04% |
BEMB Ishares J.P. Morgan Broad USD Emerging Markets Bond ETF | 1.27% | 12.27% | 5.51% | 8.88% |
Correlation
The correlation between AAA and BEMB is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Feb 27, 2023 | 0.05 |
The correlation between AAA and BEMB shifts across timeframes, from 0.05 (all time) to 0.16 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
AAA vs. BEMB — Risk / Return Rank
AAA
BEMB
AAA vs. BEMB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AAF First Priority CLO Bond ETF (AAA) and Ishares J.P. Morgan Broad USD Emerging Markets Bond ETF (BEMB). 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 | BEMB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.05 | ||
| Sortino ratioReturn per unit of downside risk | +0.69 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.45 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 8.98 | 2.68 | +6.31 |
| Martin ratioReturn relative to average drawdown | 27.78 | 11.53 | +16.24 |
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 | BEMB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.36 | 2.30 | +0.05 |
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 | 1.45 | +0.48 |
Drawdowns
AAA vs. BEMB - Drawdown Comparison
The maximum AAA drawdown since its inception was -2.63%, smaller than the maximum BEMB drawdown of -6.17%. Use the drawdown chart below to compare losses from any high point for AAA and BEMB.
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Drawdown Indicators
| AAA | BEMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.63% | -6.17% | +3.54% |
Max Drawdown (1Y)Largest decline over 1 year | -0.60% | -3.67% | +3.07% |
Max Drawdown (3Y)Largest decline over 3 years | -2.40% | -6.17% | +3.77% |
Max Drawdown (5Y)Largest decline over 5 years | -2.63% | — | — |
Current DrawdownCurrent decline from peak | -0.22% | -0.34% | +0.12% |
Average DrawdownAverage peak-to-trough decline | -0.30% | -0.94% | +0.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.19% | 0.85% | -0.66% |
Volatility
AAA vs. BEMB - Volatility Comparison
The current volatility for AAF First Priority CLO Bond ETF (AAA) is 0.74%, while Ishares J.P. Morgan Broad USD Emerging Markets Bond ETF (BEMB) has a volatility of 1.49%. This indicates that AAA experiences smaller price fluctuations and is considered to be less risky than BEMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AAA | BEMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.74% | 1.49% | -0.75% |
Volatility (6M)Calculated over the trailing 6-month period | 1.76% | 3.46% | -1.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.30% | 4.26% | -1.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.28% | 5.88% | -3.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.15% | 5.88% | -3.73% |
AAA vs. BEMB - Expense Ratio Comparison
AAA has a 0.25% expense ratio, which is higher than BEMB's 0.18% 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. BEMB - Dividend Comparison
AAA's dividend yield for the trailing twelve months is around 4.90%, less than BEMB's 6.88% 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% |
BEMB Ishares J.P. Morgan Broad USD Emerging Markets Bond ETF | 6.88% | 6.88% | 6.31% | 5.46% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
AAA and BEMB have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BEMB has higher volatility (1.49%) compared to AAA (0.74%). In terms of maximum drawdown, AAA dropped -2.63% vs BEMB's -6.17%.
On 3-year performance, BEMB leads with 8.80% vs 6.50% for AAA. On fees, BEMB is cheaper at 0.18% per year. On volatility, AAA has been the lower-risk option at 0.74%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BEMB has performed better with a 8.80% return vs 6.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BEMB is cheaper with a 0.18% expense ratio, compared with 0.25% for AAA.
BEMB has the higher dividend yield at 6.88%, compared with 4.90% for AAA.
AAA is categorized as CLO, while BEMB is Emerging Markets Bonds. They also come from different issuers: Alternative Access Funds LLC and iShares. Their fees differ too: 0.25% for AAA and 0.18% for BEMB.
AAA currently has the higher Sharpe Ratio (2.36 vs 2.30), 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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