AAA vs. VGSH
AAA (Alternative Access First Priority CLO Bond ETF) and VGSH (Vanguard Short-Term Treasury ETF) are both exchange-traded funds - AAA is a CLO fund actively managed by Alternative Access, while VGSH is a Government Bonds fund tracking the Bloomberg U.S. Treasury 1-3 Year Index. AAA is actively managed, while VGSH is passively managed. Over the past 5 years, AAA returned 4.70%/yr vs 1.87%/yr for VGSH. Their 0.01 correlation means their historical movements had little consistent relationship. AAA charges 0.25%/yr vs 0.03%/yr for VGSH.
Performance
AAA vs. VGSH - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, AAA achieves a 2.38% return, which is significantly higher than VGSH's 0.77% return.
AAA
- 1D
- 0.04%
- 1M
- 0.02%
- 6M
- 2.05%
- YTD
- 2.38%
- 1Y
- 4.54%
- 3Y*
- 6.08%
- 5Y*
- 4.70%
- 10Y*
- —
- ALL TIME*
- 4.08%
VGSH
- 1D
- -0.05%
- 1M
- 0.14%
- 6M
- 0.55%
- YTD
- 0.77%
- 1Y
- 3.09%
- 3Y*
- 4.29%
- 5Y*
- 1.87%
- 10Y*
- 1.73%
- ALL TIME*
- 1.41%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $104.67K | $160.03K | $268.18K | |
| $133.56M | $160.92M | $191.51M |
AAA vs. VGSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
AAA Alternative Access First Priority CLO Bond ETF | 2.38% | 4.92% | 6.85% | 8.94% | 0.15% | 0.86% | 0.20% |
VGSH Vanguard Short-Term Treasury ETF | 0.77% | 5.07% | 4.00% | 4.31% | -3.86% | -0.60% | 0.05% |
Correlation
The correlation between AAA and VGSH is 0.10, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.10 |
Correlation (3Y) Balances recent behavior with more history. | 0.01 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.01 |
Correlation (All Time) Calculated using the full available price history since Sep 9, 2020 | 0.01 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
AAA vs. VGSH — Risk / Return Rank
AAA
VGSH
AAA vs. VGSH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Alternative Access First Priority CLO Bond ETF (AAA) and Vanguard Short-Term Treasury ETF (VGSH). 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 | VGSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.39 | ||
| Sortino ratioReturn per unit of downside risk | -0.42 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.49 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 7.57 | 3.51 | +4.07 |
| Martin ratioReturn relative to average drawdown | 24.65 | 13.46 | +11.18 |
Loading charts...
Drawdowns
AAA vs. VGSH - Drawdown Comparison
The maximum AAA drawdown since its inception was -2.63%, smaller than the maximum VGSH drawdown of -5.70%. Use the drawdown chart below to compare losses from any high point for AAA and VGSH.
Loading charts...
Drawdown Indicators
| AAA | VGSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.63% | -5.70% | +3.07% |
Max Drawdown (1Y)Largest decline over 1 year | -0.60% | -0.88% | +0.28% |
Max Drawdown (3Y)Largest decline over 3 years | -2.40% | -0.97% | -1.43% |
Max Drawdown (5Y)Largest decline over 5 years | -2.63% | -5.66% | +3.03% |
Max Drawdown (10Y)Largest decline over 10 years | — | -5.70% | — |
Current DrawdownCurrent decline from peak | -0.12% | -0.05% | -0.07% |
Average DrawdownAverage peak-to-trough decline | -0.30% | -0.59% | +0.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.18% | 0.23% | -0.05% |
Volatility
AAA vs. VGSH - Volatility Comparison
Alternative Access First Priority CLO Bond ETF (AAA) has a higher volatility of 0.69% compared to Vanguard Short-Term Treasury ETF (VGSH) at 0.36%. This indicates that AAA's price experiences larger fluctuations and is considered to be riskier than VGSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| AAA | VGSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.69% | 0.36% | +0.33% |
Volatility (6M)Calculated over the trailing 6-month period | 1.73% | 1.01% | +0.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.34% | 1.32% | +1.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.31% | 1.98% | +0.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.15% | 1.58% | +0.57% |
AAA vs. VGSH - Expense Ratio Comparison
AAA has a 0.25% expense ratio, which is higher than VGSH's 0.03% 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. VGSH - Dividend Comparison
AAA's dividend yield for the trailing twelve months is around 4.82%, more than VGSH's 3.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AAA Alternative Access First Priority CLO Bond ETF | 4.82% | 5.11% | 6.17% | 6.11% | 2.78% | 1.06% | 0.32% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
VGSH Vanguard Short-Term Treasury ETF | 3.85% | 4.00% | 4.18% | 3.31% | 1.15% | 0.66% | 1.74% | 2.28% | 1.79% | 1.10% | 0.84% | 0.69% |
Frequently Asked Questions
AAA and VGSH have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AAA has higher volatility (0.69%) compared to VGSH (0.36%). In terms of maximum drawdown, AAA dropped -2.63% vs VGSH's -5.70%.
On 5-year performance, AAA leads with 4.70% vs 1.87% for VGSH. On fees, VGSH is cheaper at 0.03% per year. On volatility, VGSH has been the lower-risk option at 0.36%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, AAA has performed better with a 4.70% return vs 1.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VGSH is cheaper with a 0.03% expense ratio, compared with 0.25% for AAA.
AAA has the higher dividend yield at 4.82%, compared with 3.85% for VGSH.
AAA is categorized as CLO, while VGSH is Government Bonds. They also come from different issuers: Alternative Access and Vanguard. Their fees differ too: 0.25% for AAA and 0.03% for VGSH.
VGSH currently has the higher Sharpe Ratio (2.35 vs 1.96), 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.
Find the right allocation for AAA and VGSH
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer