AAA vs. BRLN

Last updated Jun 4, 2026

AAA (AAF First Priority CLO Bond ETF) and BRLN (BlackRock Floating Rate Loan ETF) are both exchange-traded funds - AAA is a CLO fund actively managed by Alternative Access Funds LLC, while BRLN is a Bank Loan fund actively managed by BlackRock. Both are actively managed. Over the past 3 years, AAA returned 6.50%/yr vs 7.36%/yr for BRLN. At a 0.02 correlation, their price movements are largely independent. AAA charges 0.25%/yr vs 0.55%/yr for BRLN.

Performance

AAA vs. BRLN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AAF First Priority CLO Bond ETF (AAA) and BlackRock Floating Rate Loan ETF (BRLN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AAA achieves a 1.86% return, which is significantly higher than BRLN's 1.35% return.

AAA

• 1D: -0.22%
• 1M: 0.67%
• YTD: 1.86%
• 6M: 2.19%
• 1Y: 5.39%
• 3Y*: 6.50%
• 5Y*: 4.64%
• 10Y*: —

BRLN

• 1D: -0.21%
• 1M: 0.94%
• YTD: 1.35%
• 6M: 2.23%
• 1Y: 5.10%
• 3Y*: 7.36%
• 5Y*: —
• 10Y*: —

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

AAA vs. BRLN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
AAA AAF First Priority CLO Bond ETF	1.86%	4.92%	6.85%	8.94%	2.33%
BRLN BlackRock Floating Rate Loan ETF	1.35%	5.38%	7.49%	13.42%	2.13%

Correlation

The correlation between AAA and BRLN is -0.01, 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	-0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.01
Correlation (All Time) Calculated using the full available price history since Oct 7, 2022	0.02

Return for Risk

AAA vs. BRLN — 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

BRLN

BRLN Risk / Return Rank: 52
BRLN Sharpe Ratio Rank: 48
BRLN Sortino Ratio Rank: 53
BRLN Omega Ratio Rank: 51
BRLN Calmar Ratio Rank: 51
BRLN Martin Ratio Rank: 57

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. BRLN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AAF First Priority CLO Bond ETF (AAA) and BlackRock Floating Rate Loan ETF (BRLN). 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	BRLN	Difference
Sharpe ratio: Return per unit of total volatility	2.36	1.68	+0.68
Sortino ratio: Return per unit of downside risk	4.06	2.60	+1.46
Omega ratio: Gain probability vs. loss probability	1.47	1.32	+0.15
Calmar ratio: Return relative to maximum drawdown	8.98	2.56	+6.42
Martin ratio: Return relative to average drawdown	27.78	9.95	+17.82
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AAA vs. BRLN - Sharpe Ratio Comparison

The current AAA Sharpe Ratio is 2.36, which is higher than the BRLN Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of AAA and BRLN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AAA	BRLN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.36	1.68	+0.68
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	2.19	-0.26

Drawdowns

AAA vs. BRLN - Drawdown Comparison

The maximum AAA drawdown since its inception was -2.63%, smaller than the maximum BRLN drawdown of -3.85%. Use the drawdown chart below to compare losses from any high point for AAA and BRLN.

Drawdown Indicators

	AAA	BRLN	Difference
Max Drawdown Largest peak-to-trough decline	-2.63%	-3.85%	+1.22%
Max Drawdown (1Y) Largest decline over 1 year	-0.60%	-2.00%	+1.40%
Max Drawdown (3Y) Largest decline over 3 years	-2.40%	-3.85%	+1.45%
Max Drawdown (5Y) Largest decline over 5 years	-2.63%	—	—
Current Drawdown Current decline from peak	-0.22%	-0.21%	-0.01%
Average Drawdown Average peak-to-trough decline	-0.30%	-0.31%	+0.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.19%	0.51%	-0.32%

Volatility

AAA vs. BRLN - Volatility Comparison

The current volatility for AAF First Priority CLO Bond ETF (AAA) is 0.74%, while BlackRock Floating Rate Loan ETF (BRLN) has a volatility of 0.81%. This indicates that AAA experiences smaller price fluctuations and is considered to be less risky than BRLN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAA	BRLN	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.74%	0.81%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	1.76%	2.24%	-0.48%
Volatility (1Y) Calculated over the trailing 1-year period	2.30%	3.06%	-0.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.28%	3.73%	-1.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.15%	3.73%	-1.58%

AAA vs. BRLN - Expense Ratio Comparison

AAA has a 0.25% expense ratio, which is lower than BRLN's 0.55% expense ratio.

Dividends

AAA vs. BRLN - Dividend Comparison

AAA's dividend yield for the trailing twelve months is around 4.90%, less than BRLN's 6.35% 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%
BRLN BlackRock Floating Rate Loan ETF	6.35%	6.50%	7.87%	9.06%	1.48%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AAA and BRLN in my portfolio?

AAA and BRLN have a correlation of -0.01, 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 BRLN?

BRLN has higher volatility (0.81%) compared to AAA (0.74%). In terms of maximum drawdown, AAA dropped -2.63% vs BRLN's -3.85%.

Which ETF is better, AAA or BRLN?

On 3-year performance, BRLN leads with 7.36% vs 6.50% for AAA. On fees, AAA is cheaper at 0.25% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AAA or BRLN?

Over the 3-year period, BRLN has performed better with a 7.36% return vs 6.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AAA or BRLN?

AAA is cheaper with a 0.25% expense ratio, compared with 0.55% for BRLN.

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

BRLN has the higher dividend yield at 6.35%, compared with 4.90% for AAA.

What is the main difference between AAA and BRLN?

AAA is categorized as CLO, while BRLN is Bank Loan. They also come from different issuers: Alternative Access Funds LLC and BlackRock. Their fees differ too: 0.25% for AAA and 0.55% for BRLN.

Which has better risk-adjusted returns?

AAA currently has the higher Sharpe Ratio (2.36 vs 1.68), 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.