AAA vs. CLOZ

Last updated Aug 2, 2026

AAA (Alternative Access First Priority CLO Bond ETF) and CLOZ (Eldridge BBB-B CLO ETF) are both CLO funds. Both are actively managed. Over the past 3 years, AAA returned 6.08%/yr vs 9.07%/yr for CLOZ. Their 0.12 correlation means their historical movements had little consistent relationship. AAA charges 0.25%/yr vs 0.50%/yr for CLOZ.

Performance

AAA vs. CLOZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alternative Access First Priority CLO Bond ETF (AAA) and Eldridge BBB-B CLO ETF (CLOZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AAA achieves a 2.38% return, which is significantly lower than CLOZ's 3.25% return.

AAA

• 1D: 0.04%
• 1M: 0.25%
• 6M: 2.05%
• YTD: 2.38%
• 1Y: 4.44%
• 3Y*: 6.08%
• 5Y*: 4.70%
• 10Y*: —
• ALL TIME*: 4.08%

CLOZ

• 1D: -0.02%
• 1M: 0.23%
• 6M: 2.09%
• YTD: 3.25%
• 1Y: 6.00%
• 3Y*: 9.07%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.21%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AAA Alternative Access First Priority CLO Bond ETF	$104.67K	$160.03K	$268.18K
CLOZ Eldridge BBB-B CLO ETF	$8.19M	$11.37M	$8.55M

AAA vs. CLOZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
AAA Alternative Access First Priority CLO Bond ETF	2.38%	4.92%	6.85%	8.30%
CLOZ Eldridge BBB-B CLO ETF	3.25%	5.99%	11.85%	14.99%

Correlation

The correlation between AAA and CLOZ is 0.03, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.03
Correlation (3Y) Balances recent behavior with more history.	0.11
Correlation (All Time) Calculated using the full available price history since Jan 24, 2023	0.12

Return for Risk

AAA vs. CLOZ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

AAA

AAA Risk / Return Rank: 91
AAA Sharpe Ratio Rank: 84
AAA Sortino Ratio Rank: 91
AAA Omega Ratio Rank: 87
AAA Calmar Ratio Rank: 97
AAA Martin Ratio Rank: 96

CLOZ

CLOZ Risk / Return Rank: 63
CLOZ Sharpe Ratio Rank: 74
CLOZ Sortino Ratio Rank: 65
CLOZ Omega Ratio Rank: 90
CLOZ Calmar Ratio Rank: 43
CLOZ Martin Ratio Rank: 44

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

AAA vs. CLOZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alternative Access First Priority CLO Bond ETF (AAA) and Eldridge BBB-B CLO ETF (CLOZ). 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	CLOZ	Difference
Sharpe ratio: Return per unit of total volatility	1.96	1.68	+0.29
Sortino ratio: Return per unit of downside risk	3.32	2.15	+1.17
Omega ratio: Gain probability vs. loss probability	1.38	1.41	-0.03
Calmar ratio: Return relative to maximum drawdown	7.57	1.50	+6.07
Martin ratio: Return relative to average drawdown	24.65	4.99	+19.66

AAA vs. CLOZ - Sharpe Ratio Comparison

The current AAA Sharpe Ratio is 1.96, which is comparable to the CLOZ Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of AAA and CLOZ, 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. CLOZ - Drawdown Comparison

The maximum AAA drawdown since its inception was -2.63%, smaller than the maximum CLOZ drawdown of -5.32%. Use the drawdown chart below to compare losses from any high point for AAA and CLOZ.

Drawdown Indicators

	AAA	CLOZ	Difference
Max Drawdown Largest peak-to-trough decline	-2.63%	-5.32%	+2.69%
Max Drawdown (1Y) Largest decline over 1 year	-0.60%	-3.90%	+3.30%
Max Drawdown (3Y) Largest decline over 3 years	-2.40%	-5.32%	+2.92%
Max Drawdown (5Y) Largest decline over 5 years	-2.63%	—	—
Current Drawdown Current decline from peak	-0.12%	-0.02%	-0.10%
Average Drawdown Average peak-to-trough decline	-0.30%	-0.37%	+0.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.18%	1.17%	-0.99%

Volatility

AAA vs. CLOZ - Volatility Comparison

Alternative Access First Priority CLO Bond ETF (AAA) and Eldridge BBB-B CLO ETF (CLOZ) have volatilities of 0.69% and 0.69%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAA	CLOZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.69%	0.69%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	1.73%	3.20%	-1.47%
Volatility (1Y) Calculated over the trailing 1-year period	2.34%	3.50%	-1.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.31%	3.75%	-1.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.15%	3.75%	-1.60%

AAA vs. CLOZ - Expense Ratio Comparison

AAA has a 0.25% expense ratio, which is lower than CLOZ's 0.50% expense ratio.

Dividends

AAA vs. CLOZ - Dividend Comparison

AAA's dividend yield for the trailing twelve months is around 4.82%, less than CLOZ's 7.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
AAA Alternative Access First Priority CLO Bond ETF	4.82%	5.11%	6.17%	6.11%	2.78%	1.06%	0.32%
CLOZ Eldridge BBB-B CLO ETF	7.30%	7.63%	9.09%	8.81%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AAA and CLOZ in my portfolio?

AAA and CLOZ have a correlation of 0.03, 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 CLOZ?

CLOZ has higher volatility (0.69%) compared to AAA (0.69%). In terms of maximum drawdown, AAA dropped -2.63% vs CLOZ's -5.32%.

Which ETF is better, AAA or CLOZ?

On 3-year performance, CLOZ leads with 9.07% vs 6.08% 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 CLOZ?

Over the 3-year period, CLOZ has performed better with a 9.07% return vs 6.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AAA or CLOZ?

AAA is cheaper with a 0.25% expense ratio, compared with 0.50% for CLOZ.

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

CLOZ has the higher dividend yield at 7.30%, compared with 4.82% for AAA.

What is the main difference between AAA and CLOZ?

They also come from different issuers: Alternative Access and Eldridge. Their fees differ too: 0.25% for AAA and 0.50% for CLOZ.

Which has better risk-adjusted returns?

AAA currently has the higher Sharpe Ratio (1.96 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.