AAA vs. FAAA

Last updated Jun 4, 2026

AAA (AAF First Priority CLO Bond ETF) and FAAA (Fidelity AAA CLO ETF) are both CLO funds. Both are actively managed. At a 0.09 correlation, their price movements are largely independent. AAA charges 0.25%/yr vs 0.20%/yr for FAAA.

Performance

AAA vs. FAAA - Performance Comparison

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

Returns By Period

AAA

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

FAAA

• 1D: 0.02%
• 1M: 0.49%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AAA vs. FAAA - Yearly Performance Comparison

	2026 (YTD)
AAA AAF First Priority CLO Bond ETF	1.57%
FAAA Fidelity AAA CLO ETF	1.50%

Correlation

The correlation between AAA and FAAA is 0.09, 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 (All Time) Calculated using the full available price history since Feb 13, 2026	0.09

Return for Risk

AAA vs. FAAA — 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

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. FAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AAF 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.

	AAA	FAAA	Difference
Sharpe ratio: Return per unit of total volatility	2.36	—	—
Sortino ratio: Return per unit of downside risk	4.06	—	—
Omega ratio: Gain probability vs. loss probability	1.47	—	—
Calmar ratio: Return relative to maximum drawdown	8.98	—	—
Martin ratio: Return relative to average drawdown	27.78	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	AAA	FAAA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.36	—	—
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	5.41	-3.48

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.

Drawdown Indicators

	AAA	FAAA	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	-0.22%	0.00%	-0.22%
Average Drawdown Average peak-to-trough decline	-0.30%	-0.07%	-0.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.19%	—	—

Volatility

Volatility by Period

	AAA	FAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.74%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.76%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.30%	0.94%	+1.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.28%	0.94%	+1.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.15%	0.94%	+1.21%

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 4.90%, more than FAAA's 1.32% 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%
FAAA Fidelity AAA CLO ETF	1.32%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AAA and FAAA in my portfolio?

AAA and FAAA have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, AAA or FAAA?

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.

Which ETF is cheaper, AAA or FAAA?

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

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

AAA has the higher dividend yield at 4.90%, compared with 1.32% for FAAA.

What is the main difference between AAA and FAAA?

They also come from different issuers: Alternative Access Funds LLC and Fidelity. Their fees differ too: 0.25% for AAA and 0.20% for FAAA.