AAA vs. PAAA

Last updated Apr 1, 2026

Compare and contrast key facts about AAF First Priority CLO Bond ETF (AAA) and PGIM AAA CLO ETF (PAAA).

AAA and PAAA are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. AAA is an actively managed fund by Alternative Access Funds LLC. It was launched on Sep 9, 2020. PAAA is an actively managed fund by PGIM. It was launched on Jul 19, 2023.

Performance

AAA vs. PAAA - Performance Comparison

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

AAA vs. PAAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
AAA AAF First Priority CLO Bond ETF	0.88%	4.92%	6.85%	4.20%
PAAA PGIM AAA CLO ETF	0.99%	5.37%	7.47%	3.83%

Returns By Period

In the year-to-date period, AAA achieves a 0.88% return, which is significantly lower than PAAA's 0.99% return.

AAA

• 1D: 0.37%
• 1M: -0.03%
• YTD: 0.88%
• 6M: 2.11%
• 1Y: 5.36%
• 3Y*: 6.56%
• 5Y*: 4.44%
• 10Y*: —

PAAA

• 1D: 0.04%
• 1M: 0.20%
• YTD: 0.99%
• 6M: 2.21%
• 1Y: 5.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AAA vs. PAAA - Expense Ratio Comparison

AAA has a 0.25% expense ratio, which is higher than PAAA's 0.19% 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%.

AAA

AAF First Priority CLO Bond ETF

PAAA

PGIM AAA CLO ETF

Return for Risk

AAA vs. PAAA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AAA

AAA Risk / Return Rank: 88
AAA Sharpe Ratio Rank: 83
AAA Sortino Ratio Rank: 87
AAA Omega Ratio Rank: 92
AAA Calmar Ratio Rank: 84
AAA Martin Ratio Rank: 96

PAAA

PAAA Risk / Return Rank: 98
PAAA Sharpe Ratio Rank: 98
PAAA Sortino Ratio Rank: 98
PAAA Omega Ratio Rank: 99
PAAA Calmar Ratio Rank: 98
PAAA Martin Ratio Rank: 99

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. PAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AAF First Priority CLO Bond ETF (AAA) and PGIM AAA CLO ETF (PAAA). 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	PAAA	Difference
Sharpe ratio Return per unit of total volatility	1.59	4.03	-2.44
Sortino ratio Return per unit of downside risk	2.30	4.87	-2.57
Omega ratio Gain probability vs. loss probability	1.40	2.94	-1.54
Calmar ratio Return relative to maximum drawdown	2.36	5.26	-2.90
Martin ratio Return relative to average drawdown	17.19	43.72	-26.52
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. PAAA - Sharpe Ratio Comparison

The current AAA Sharpe Ratio is 1.59, which is lower than the PAAA Sharpe Ratio of 4.03. The chart below compares the historical Sharpe Ratios of AAA and PAAA, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	AAA	PAAA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.59	4.03	-2.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.01	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.92	6.64	-4.71

Correlation

The correlation between AAA and PAAA is 0.10, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

AAA vs. PAAA - Dividend Comparison

AAA's dividend yield for the trailing twelve months is around 5.00%, less than PAAA's 5.48% yield.

	TTM	2025	2024	2023	2022	2021	2020
AAA AAF First Priority CLO Bond ETF	5.00%	5.11%	6.17%	6.11%	2.78%	1.06%	0.32%
PAAA PGIM AAA CLO ETF	5.48%	5.12%	5.88%	2.76%	0.00%	0.00%	0.00%

Drawdowns

AAA vs. PAAA - Drawdown Comparison

The maximum AAA drawdown since its inception was -2.63%, which is greater than PAAA's maximum drawdown of -1.04%. Use the drawdown chart below to compare losses from any high point for AAA and PAAA.

Drawdown Indicators

	AAA	PAAA	Difference
Max Drawdown Largest peak-to-trough decline	-2.63%	-1.04%	-1.59%
Max Drawdown (1Y) Largest decline over 1 year	-2.25%	-1.04%	-1.21%
Max Drawdown (5Y) Largest decline over 5 years	-2.63%	—	—
Current Drawdown Current decline from peak	-0.07%	0.00%	-0.07%
Average Drawdown Average peak-to-trough decline	-0.31%	-0.02%	-0.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.31%	0.12%	+0.19%

Volatility

AAA vs. PAAA - Volatility Comparison

AAF First Priority CLO Bond ETF (AAA) has a higher volatility of 0.64% compared to PGIM AAA CLO ETF (PAAA) at 0.27%. This indicates that AAA's price experiences larger fluctuations and is considered to be riskier than PAAA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAA	PAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.64%	0.27%	+0.37%
Volatility (6M) Calculated over the trailing 6-month period	1.51%	0.39%	+1.12%
Volatility (1Y) Calculated over the trailing 1-year period	3.40%	1.34%	+2.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.22%	1.00%	+1.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.13%	1.00%	+1.13%