AAAD vs. PCMM

Last updated Jul 17, 2026

AAAD (PGIM AAA CLO Aggregate Duration ETF) and PCMM (BondBloxx Private Credit CLO ETF) are both CLO funds. Both are actively managed. At a correlation of -0.40, they often move in opposite directions. AAAD charges 0.19%/yr vs 0.68%/yr for PCMM.

Performance

AAAD vs. PCMM - Performance Comparison

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

Returns By Period

AAAD

• 1D: -0.03%
• 1M: -0.30%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PCMM

• 1D: -0.12%
• 1M: 0.04%
• 6M: 1.76%
• YTD: 1.97%
• 1Y: 4.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AAAD vs. PCMM - Yearly Performance Comparison

	2026 (YTD)
AAAD PGIM AAA CLO Aggregate Duration ETF	0.20%
PCMM BondBloxx Private Credit CLO ETF	0.87%

Correlation

The correlation between AAAD and PCMM is -0.40, 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	-0.40

Return for Risk

AAAD vs. PCMM — 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.

PCMM

PCMM Risk / Return Rank: 51
PCMM Sharpe Ratio Rank: 50
PCMM Sortino Ratio Rank: 49
PCMM Omega Ratio Rank: 50
PCMM Calmar Ratio Rank: 53
PCMM Martin Ratio Rank: 56

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. PCMM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM AAA CLO Aggregate Duration ETF (AAAD) and BondBloxx Private Credit CLO ETF (PCMM). 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	PCMM	Difference
Sharpe ratio: Return per unit of total volatility	—	1.39	—
Sortino ratio: Return per unit of downside risk	—	1.98	—
Omega ratio: Gain probability vs. loss probability	—	1.26	—
Calmar ratio: Return relative to maximum drawdown	—	2.16	—
Martin ratio: Return relative to average drawdown	—	7.69	—

Drawdowns

AAAD vs. PCMM - Drawdown Comparison

The maximum AAAD drawdown since its inception was -1.13%, smaller than the maximum PCMM drawdown of -4.32%. Use the drawdown chart below to compare losses from any high point for AAAD and PCMM.

Drawdown Indicators

	AAAD	PCMM	Difference
Max Drawdown Largest peak-to-trough decline	-1.13%	-4.32%	+3.19%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.16%	—
Current Drawdown Current decline from peak	-0.76%	-0.67%	-0.09%
Average Drawdown Average peak-to-trough decline	-0.37%	-0.42%	+0.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.60%	—

Volatility

Volatility by Period

	AAAD	PCMM	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.85%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.72%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.65%	3.36%	+0.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.65%	4.85%	-1.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.65%	4.85%	-1.20%

AAAD vs. PCMM - Expense Ratio Comparison

AAAD has a 0.19% expense ratio, which is lower than PCMM's 0.68% expense ratio.

Dividends

AAAD vs. PCMM - Dividend Comparison

AAAD's dividend yield for the trailing twelve months is around 0.03%, less than PCMM's 6.50% yield.

Position	TTM	2025
AAAD PGIM AAA CLO Aggregate Duration ETF	0.03%	0.00%
PCMM BondBloxx Private Credit CLO ETF	6.50%	7.02%

Frequently Asked Questions

Can I hold both AAAD and PCMM in my portfolio?

AAAD and PCMM have a correlation of -0.40, 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 PCMM?

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 PCMM?

AAAD is cheaper with a 0.19% expense ratio, compared with 0.68% for PCMM.

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

PCMM has the higher dividend yield at 6.50%, compared with 0.03% for AAAD.

What is the main difference between AAAD and PCMM?

They also come from different issuers: PGIM and BondBloxx. Their fees differ too: 0.19% for AAAD and 0.68% for PCMM.