AAAD vs. FCLO

Last updated Jul 28, 2026

AAAD (PGIM AAA CLO Aggregate Duration ETF) and FCLO (Fidelity CLO ETF) are both CLO funds. Both are actively managed. Their 0.06 correlation means their historical movements had little consistent relationship. AAAD charges 0.19%/yr vs 0.45%/yr for FCLO.

Performance

AAAD vs. FCLO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM AAA CLO Aggregate Duration ETF (AAAD) and Fidelity CLO ETF (FCLO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

AAAD

• 1D: 0.21%
• 1M: -0.98%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

FCLO

• 1D: -0.03%
• 1M: 0.52%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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)
AAAD PGIM AAA CLO Aggregate Duration ETF	$4.58K	$8.25K	$10.10K
FCLO Fidelity CLO ETF	$213.43K	$342.26K	$247.87K

AAAD vs. FCLO - Yearly Performance Comparison

	2026 (YTD)
AAAD PGIM AAA CLO Aggregate Duration ETF	-0.04%
FCLO Fidelity CLO ETF	0.88%

Correlation

The correlation between AAAD and FCLO is 0.06, 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 Jun 3, 2026	0.06

Return for Risk

AAAD vs. FCLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM AAA CLO Aggregate Duration ETF (AAAD) and Fidelity CLO ETF (FCLO). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Drawdowns

AAAD vs. FCLO - Drawdown Comparison

The maximum AAAD drawdown since its inception was -1.37%, which is greater than FCLO's maximum drawdown of -0.58%. Use the drawdown chart below to compare losses from any high point for AAAD and FCLO.

Drawdown Indicators

	AAAD	FCLO	Difference
Max Drawdown Largest peak-to-trough decline	-1.37%	-0.58%	-0.79%
Current Drawdown Current decline from peak	-1.01%	-0.03%	-0.98%
Average Drawdown Average peak-to-trough decline	-0.49%	-0.07%	-0.42%

Volatility

Volatility by Period

	AAAD	FCLO	Difference
Volatility (1Y) Calculated over the trailing 1-year period	3.56%	1.27%	+2.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.56%	1.27%	+2.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.56%	1.27%	+2.29%

AAAD vs. FCLO - Expense Ratio Comparison

AAAD has a 0.19% expense ratio, which is lower than FCLO's 0.45% expense ratio.

Dividends

AAAD vs. FCLO - Dividend Comparison

AAAD's dividend yield for the trailing twelve months is around 0.03%, less than FCLO's 2.04% yield.

Position	TTM
AAAD PGIM AAA CLO Aggregate Duration ETF	0.03%
FCLO Fidelity CLO ETF	2.04%

Frequently Asked Questions

Can I hold both AAAD and FCLO in my portfolio?

AAAD and FCLO have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, AAAD or FCLO?

On fees, AAAD is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, AAAD or FCLO?

AAAD is cheaper with a 0.19% expense ratio, compared with 0.45% for FCLO.

Which ETF pays a higher dividend yield, AAAD or FCLO?

FCLO has the higher dividend yield at 2.04%, compared with 0.03% for AAAD.

What is the main difference between AAAD and FCLO?

They also come from different issuers: PGIM and Fidelity. Their fees differ too: 0.19% for AAAD and 0.45% for FCLO.