AAA vs. BHYB

Last updated Jun 23, 2026

AAA (AAF First Priority CLO Bond ETF) and BHYB (Xtrackers USD High Yield BB-B ex Financials ETF) are both exchange-traded funds - AAA is a CLO fund actively managed by Alternative Access Funds LLC, while BHYB is a High Yield Bonds fund tracking the ICE BofA BB-B Non-FNCL Non-Distressed US HY Constrained Index - Benchmark TR Gross. AAA is actively managed, while BHYB is passively managed. Over the past year, AAA returned 5.10% vs 6.82% for BHYB. At a 0.07 correlation, their price movements are largely independent. AAA charges 0.25%/yr vs 0.20%/yr for BHYB.

Performance

AAA vs. BHYB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AAF First Priority CLO Bond ETF (AAA) and Xtrackers USD High Yield BB-B ex Financials ETF (BHYB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with AAA having a 2.06% return and BHYB slightly lower at 2.01%.

AAA

• 1D: 0.07%
• 1M: 0.62%
• YTD: 2.06%
• 6M: 2.76%
• 1Y: 5.10%
• 3Y*: 6.36%
• 5Y*: 4.67%
• 10Y*: —

BHYB

• 1D: -0.12%
• 1M: 0.63%
• YTD: 2.01%
• 6M: 2.25%
• 1Y: 6.82%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AAA vs. BHYB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
AAA AAF First Priority CLO Bond ETF	2.06%	4.92%	6.85%	1.94%
BHYB Xtrackers USD High Yield BB-B ex Financials ETF	2.01%	8.90%	6.44%	8.23%

Correlation

The correlation between AAA and BHYB is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (All Time) Calculated using the full available price history since Oct 27, 2023	0.07

Return for Risk

AAA vs. BHYB — Risk / Return Rank

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

AAA

AAA Risk / Return Rank: 85
AAA Sharpe Ratio Rank: 71
AAA Sortino Ratio Rank: 87
AAA Omega Ratio Rank: 77
AAA Calmar Ratio Rank: 96
AAA Martin Ratio Rank: 94

BHYB

BHYB Risk / Return Rank: 68
BHYB Sharpe Ratio Rank: 62
BHYB Sortino Ratio Rank: 73
BHYB Omega Ratio Rank: 70
BHYB Calmar Ratio Rank: 63
BHYB Martin Ratio Rank: 75

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. BHYB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AAF First Priority CLO Bond ETF (AAA) and Xtrackers USD High Yield BB-B ex Financials ETF (BHYB). 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	BHYB	Difference
Sharpe ratio: Return per unit of total volatility	2.21	1.99	+0.22
Sortino ratio: Return per unit of downside risk	3.73	3.13	+0.60
Omega ratio: Gain probability vs. loss probability	1.44	1.40	+0.03
Calmar ratio: Return relative to maximum drawdown	8.50	3.01	+5.49
Martin ratio: Return relative to average drawdown	25.11	13.77	+11.34

AAA vs. BHYB - Sharpe Ratio Comparison

The current AAA Sharpe Ratio is 2.21, which is comparable to the BHYB Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of AAA and BHYB, 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. BHYB - Drawdown Comparison

The maximum AAA drawdown since its inception was -2.63%, smaller than the maximum BHYB drawdown of -4.23%. Use the drawdown chart below to compare losses from any high point for AAA and BHYB.

Drawdown Indicators

	AAA	BHYB	Difference
Max Drawdown Largest peak-to-trough decline	-2.63%	-4.23%	+1.60%
Max Drawdown (1Y) Largest decline over 1 year	-0.60%	-2.27%	+1.67%
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	-0.03%	-0.16%	+0.13%
Average Drawdown Average peak-to-trough decline	-0.31%	-0.39%	+0.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.20%	0.50%	-0.30%

Volatility

AAA vs. BHYB - Volatility Comparison

The current volatility for AAF First Priority CLO Bond ETF (AAA) is 0.77%, while Xtrackers USD High Yield BB-B ex Financials ETF (BHYB) has a volatility of 0.89%. This indicates that AAA experiences smaller price fluctuations and is considered to be less risky than BHYB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAA	BHYB	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.77%	0.89%	-0.12%
Volatility (6M) Calculated over the trailing 6-month period	1.79%	2.59%	-0.80%
Volatility (1Y) Calculated over the trailing 1-year period	2.32%	3.45%	-1.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.29%	4.68%	-2.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.15%	4.68%	-2.53%

AAA vs. BHYB - Expense Ratio Comparison

AAA has a 0.25% expense ratio, which is higher than BHYB's 0.20% 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. BHYB - Dividend Comparison

AAA's dividend yield for the trailing twelve months is around 4.89%, less than BHYB's 6.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
AAA AAF First Priority CLO Bond ETF	4.89%	5.11%	6.17%	6.11%	2.78%	1.06%	0.32%
BHYB Xtrackers USD High Yield BB-B ex Financials ETF	6.31%	6.57%	7.04%	0.75%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AAA and BHYB in my portfolio?

AAA and BHYB have a correlation of 0.11, 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 BHYB?

BHYB has higher volatility (0.89%) compared to AAA (0.77%). In terms of maximum drawdown, AAA dropped -2.63% vs BHYB's -4.23%.

Which ETF is better, AAA or BHYB?

On 1-year performance, BHYB leads with 6.82% vs 5.10% for AAA. On fees, BHYB is cheaper at 0.20% per year. On volatility, AAA has been the lower-risk option at 0.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AAA or BHYB?

Over the 1-year period, BHYB has performed better with a 6.82% return vs 5.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AAA or BHYB?

BHYB is cheaper with a 0.20% expense ratio, compared with 0.25% for AAA.

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

BHYB has the higher dividend yield at 6.31%, compared with 4.89% for AAA.

What is the main difference between AAA and BHYB?

AAA is categorized as CLO, while BHYB is High Yield Bonds. They also come from different issuers: Alternative Access Funds LLC and Xtrackers. Their fees differ too: 0.25% for AAA and 0.20% for BHYB.

Which has better risk-adjusted returns?

AAA currently has the higher Sharpe Ratio (2.21 vs 1.99), 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.