AAA vs. FAAA
AAA (Alternative Access First Priority CLO Bond ETF) and FAAA (Fidelity AAA CLO ETF) are both CLO funds. Both are actively managed. Their -0.03 correlation means they have often moved in opposite directions in the past. AAA charges 0.25%/yr vs 0.20%/yr for FAAA.
Performance
AAA vs. FAAA - Performance Comparison
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Returns By Period
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%
FAAA
- 1D
- 0.04%
- 1M
- 0.41%
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $104.67K | $160.03K | $268.18K | |
| $1.93M | $1.67M | $1.54M |
AAA vs. FAAA - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
AAA Alternative Access First Priority CLO Bond ETF | 2.11% |
FAAA Fidelity AAA CLO ETF | 2.33% |
Correlation
The correlation between AAA and FAAA 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 (All Time) Calculated using the full available price history since Feb 12, 2026 | -0.03 |
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Return for Risk
AAA vs. FAAA — Risk / Return Rank
AAA
FAAA
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
AAA vs. FAAA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Alternative Access First Priority CLO Bond ETF (AAA) and Fidelity AAA CLO ETF (FAAA). 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 | FAAA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.38 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 7.57 | — | — |
| Martin ratioReturn relative to average drawdown | 24.65 | — | — |
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Drawdowns
AAA vs. FAAA - Drawdown Comparison
The maximum AAA drawdown since its inception was -2.63%, which is greater than FAAA's maximum drawdown of -0.55%. Use the drawdown chart below to compare losses from any high point for AAA and FAAA.
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Drawdown Indicators
| AAA | FAAA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.63% | -0.55% | -2.08% |
Max Drawdown (1Y)Largest decline over 1 year | -0.60% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -2.40% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -2.63% | — | — |
Current DrawdownCurrent decline from peak | -0.12% | 0.00% | -0.12% |
Average DrawdownAverage peak-to-trough decline | -0.30% | -0.05% | -0.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.18% | — | — |
Volatility
AAA vs. FAAA - Volatility Comparison
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Volatility by Period
| AAA | FAAA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.69% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 1.73% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 2.34% | 0.80% | +1.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.31% | 0.80% | +1.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.15% | 0.80% | +1.35% |
AAA vs. FAAA - Expense Ratio Comparison
AAA has a 0.25% expense ratio, which is higher than FAAA'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. FAAA - Dividend Comparison
AAA's dividend yield for the trailing twelve months is around 4.82%, more than FAAA's 2.03% 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% |
FAAA Fidelity AAA CLO ETF | 2.03% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
AAA and FAAA 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.
On fees, FAAA is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FAAA is cheaper with a 0.20% expense ratio, compared with 0.25% for AAA.
AAA has the higher dividend yield at 4.82%, compared with 2.03% for FAAA.
They also come from different issuers: Alternative Access and Fidelity. Their fees differ too: 0.25% for AAA and 0.20% for FAAA.
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