AAA vs. CLOA
AAA (AAF First Priority CLO Bond ETF) and CLOA (iShares AAA CLO Active ETF) are both CLO funds. Both are actively managed. Over the past 3 years, AAA returned 6.36%/yr vs 6.62%/yr for CLOA. At a 0.15 correlation, their price movements are largely independent. AAA charges 0.25%/yr vs 0.20%/yr for CLOA.
Performance
AAA vs. CLOA - Performance Comparison
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Returns By Period
In the year-to-date period, AAA achieves a 2.06% return, which is significantly lower than CLOA's 2.27% return.
AAA
- 1D
- 0.07%
- 1M
- 0.62%
- YTD
- 2.06%
- 6M
- 2.76%
- 1Y
- 5.10%
- 3Y*
- 6.36%
- 5Y*
- 4.67%
- 10Y*
- —
CLOA
- 1D
- 0.09%
- 1M
- 0.26%
- YTD
- 2.27%
- 6M
- 2.47%
- 1Y
- 5.23%
- 3Y*
- 6.62%
- 5Y*
- —
- 10Y*
- —
AAA vs. CLOA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
AAA AAF First Priority CLO Bond ETF | 2.06% | 4.92% | 6.85% | 8.83% |
CLOA iShares AAA CLO Active ETF | 2.27% | 5.44% | 7.25% | 8.38% |
Correlation
The correlation between AAA and CLOA 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 | 0.11 |
Correlation (All Time) Calculated using the full available price history since Jan 12, 2023 | 0.15 |
The correlation between AAA and CLOA shifts across timeframes, from 0.01 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
AAA vs. CLOA — Risk / Return Rank
AAA
CLOA
AAA vs. CLOA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AAF First Priority CLO Bond ETF (AAA) and iShares AAA CLO Active ETF (CLOA). 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 | CLOA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -5.37 | ||
| Sortino ratioReturn per unit of downside risk | -10.54 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 3.43 | -1.99 |
| Calmar ratioReturn relative to maximum drawdown | 8.50 | 29.72 | -21.22 |
| Martin ratioReturn relative to average drawdown | 25.11 | 151.56 | -126.45 |
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Drawdowns
AAA vs. CLOA - Drawdown Comparison
The maximum AAA drawdown since its inception was -2.63%, which is greater than CLOA's maximum drawdown of -1.34%. Use the drawdown chart below to compare losses from any high point for AAA and CLOA.
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Drawdown Indicators
| AAA | CLOA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.63% | -1.34% | -1.29% |
Max Drawdown (1Y)Largest decline over 1 year | -0.60% | -0.18% | -0.42% |
Max Drawdown (3Y)Largest decline over 3 years | -2.40% | -1.13% | -1.27% |
Max Drawdown (5Y)Largest decline over 5 years | -2.63% | — | — |
Current DrawdownCurrent decline from peak | -0.03% | 0.00% | -0.03% |
Average DrawdownAverage peak-to-trough decline | -0.31% | -0.05% | -0.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.20% | 0.03% | +0.17% |
Volatility
AAA vs. CLOA - Volatility Comparison
AAF First Priority CLO Bond ETF (AAA) has a higher volatility of 0.77% compared to iShares AAA CLO Active ETF (CLOA) at 0.15%. This indicates that AAA's price experiences larger fluctuations and is considered to be riskier than CLOA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AAA | CLOA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.77% | 0.15% | +0.62% |
Volatility (6M)Calculated over the trailing 6-month period | 1.79% | 0.49% | +1.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.32% | 0.69% | +1.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.29% | 1.31% | +0.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.15% | 1.31% | +0.84% |
AAA vs. CLOA - Expense Ratio Comparison
AAA has a 0.25% expense ratio, which is higher than CLOA'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. CLOA - Dividend Comparison
AAA's dividend yield for the trailing twelve months is around 4.89%, less than CLOA's 4.95% 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% |
CLOA iShares AAA CLO Active ETF | 4.95% | 5.35% | 6.01% | 5.88% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
AAA and CLOA 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.
AAA has higher volatility (0.77%) compared to CLOA (0.15%). In terms of maximum drawdown, AAA dropped -2.63% vs CLOA's -1.34%.
On 3-year performance, CLOA leads with 6.62% vs 6.36% for AAA. On fees, CLOA is cheaper at 0.20% per year. On volatility, CLOA has been the lower-risk option at 0.15%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, CLOA has performed better with a 6.62% return vs 6.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CLOA is cheaper with a 0.20% expense ratio, compared with 0.25% for AAA.
CLOA has the higher dividend yield at 4.95%, compared with 4.89% for AAA.
They also come from different issuers: Alternative Access Funds LLC and BlackRock. Their fees differ too: 0.25% for AAA and 0.20% for CLOA.
CLOA currently has the higher Sharpe Ratio (7.58 vs 2.21), 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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