AAAD vs. PAAA

Last updated Jul 8, 2026

AAAD (PGIM AAA CLO Aggregate Duration ETF) and PAAA (PGIM AAA CLO ETF) are both CLO funds from PGIM. Both are actively managed. At a correlation of -0.12, they often move in opposite directions. Both charge a 0.19% expense ratio.

Performance

AAAD vs. PAAA - Performance Comparison

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

Returns By Period

AAAD

• 1D: -0.42%
• 1M: 0.42%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PAAA

• 1D: 0.00%
• 1M: 0.36%
• 6M: 2.33%
• YTD: 2.45%
• 1Y: 5.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AAAD vs. PAAA - Yearly Performance Comparison

	2026 (YTD)
AAAD PGIM AAA CLO Aggregate Duration ETF	0.17%
PAAA PGIM AAA CLO ETF	0.40%

Correlation

The correlation between AAAD and PAAA is -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 3, 2026	-0.12

Return for Risk

AAAD vs. PAAA — Risk / Return Rank

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

AAAD

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

PAAA

PAAA Risk / Return Rank: 99
PAAA Sharpe Ratio Rank: 100
PAAA Sortino Ratio Rank: 99
PAAA Omega Ratio Rank: 99
PAAA Calmar Ratio Rank: 99
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.

AAAD vs. PAAA - Risk-Adjusted Trends Comparison

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

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.

	AAAD	PAAA	Difference
Sharpe ratio: Return per unit of total volatility	—	10.75	—
Sortino ratio: Return per unit of downside risk	—	20.90	—
Omega ratio: Gain probability vs. loss probability	—	6.53	—
Calmar ratio: Return relative to maximum drawdown	—	28.96	—
Martin ratio: Return relative to average drawdown	—	179.79	—

Drawdowns

AAAD vs. PAAA - Drawdown Comparison

The maximum AAAD drawdown since its inception was -0.79%, smaller than the maximum PAAA drawdown of -1.04%. Use the drawdown chart below to compare losses from any high point for AAAD and PAAA.

Drawdown Indicators

	AAAD	PAAA	Difference
Max Drawdown Largest peak-to-trough decline	-0.79%	-1.04%	+0.25%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.17%	—
Current Drawdown Current decline from peak	-0.79%	0.00%	-0.79%
Average Drawdown Average peak-to-trough decline	-0.21%	-0.02%	-0.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.03%	—

Volatility

Volatility by Period

	AAAD	PAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.09%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.35%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.88%	0.47%	+3.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.88%	0.96%	+2.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.88%	0.96%	+2.92%

AAAD vs. PAAA - Expense Ratio Comparison

Both AAAD and PAAA have an expense ratio of 0.19%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

AAAD vs. PAAA - Dividend Comparison

AAAD's dividend yield for the trailing twelve months is around 0.03%, less than PAAA's 4.84% yield.

Position	TTM	2025	2024	2023
AAAD PGIM AAA CLO Aggregate Duration ETF	0.03%	0.00%	0.00%	0.00%
PAAA PGIM AAA CLO ETF	4.84%	5.12%	5.88%	2.76%

Frequently Asked Questions

Can I hold both AAAD and PAAA in my portfolio?

AAAD and PAAA have a correlation of -0.12, 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 PAAA?

Both ETFs have the same 0.19% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, AAAD or PAAA?

AAAD and PAAA have the same expense ratio: 0.19% per year.

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

PAAA has the higher dividend yield at 4.84%, compared with 0.03% for AAAD.