AFIF vs. AAA

Last updated Jun 23, 2026

AFIF (Anfield Universal Fixed Income ETF) and AAA (AAF First Priority CLO Bond ETF) are both exchange-traded funds - AFIF is a Multisector Bonds fund actively managed by Regents Park Funds, while AAA is a CLO fund actively managed by Alternative Access Funds LLC. Both are actively managed. Over the past 5 years, AFIF returned 3.70%/yr vs 4.67%/yr for AAA. At a 0.06 correlation, their price movements are largely independent. AFIF charges 1.08%/yr vs 0.25%/yr for AAA.

Performance

AFIF vs. AAA - Performance Comparison

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

Returns By Period

In the year-to-date period, AFIF achieves a 1.55% return, which is significantly lower than AAA's 2.06% return.

AFIF

• 1D: 0.00%
• 1M: 0.44%
• YTD: 1.55%
• 6M: 1.69%
• 1Y: 5.31%
• 3Y*: 7.41%
• 5Y*: 3.70%
• 10Y*: —

AAA

• 1D: 0.07%
• 1M: 0.62%
• YTD: 2.06%
• 6M: 2.76%
• 1Y: 5.10%
• 3Y*: 6.36%
• 5Y*: 4.67%
• 10Y*: —

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

AFIF vs. AAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
AFIF Anfield Universal Fixed Income ETF	1.55%	6.56%	7.06%	9.73%	-5.38%	-0.50%	0.02%
AAA AAF First Priority CLO Bond ETF	2.06%	4.92%	6.85%	8.94%	0.15%	0.86%	0.20%

Correlation

The correlation between AFIF and AAA is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.07
Correlation (5Y) Calculated over the trailing 5-year period	0.06
Correlation (All Time) Calculated using the full available price history since Sep 9, 2020	0.06

Return for Risk

AFIF vs. AAA — Risk / Return Rank

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

AFIF

AFIF Risk / Return Rank: 68
AFIF Sharpe Ratio Rank: 60
AFIF Sortino Ratio Rank: 62
AFIF Omega Ratio Rank: 71
AFIF Calmar Ratio Rank: 68
AFIF Martin Ratio Rank: 77

AAA

AAA Risk / Return Rank: 85
AAA Sharpe Ratio Rank: 71
AAA Sortino Ratio Rank: 87
AAA Omega Ratio Rank: 77
AAA Calmar Ratio Rank: 96
AAA Martin Ratio Rank: 94

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.

AFIF vs. AAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Anfield Universal Fixed Income ETF (AFIF) and AAF First Priority CLO Bond ETF (AAA). 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.

	AFIF	AAA	Difference
Sharpe ratio: Return per unit of total volatility	1.94	2.21	-0.27
Sortino ratio: Return per unit of downside risk	2.81	3.73	-0.93
Omega ratio: Gain probability vs. loss probability	1.41	1.44	-0.03
Calmar ratio: Return relative to maximum drawdown	3.27	8.50	-5.23
Martin ratio: Return relative to average drawdown	14.44	25.11	-10.67

AFIF vs. AAA - Sharpe Ratio Comparison

The current AFIF Sharpe Ratio is 1.94, which is comparable to the AAA Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of AFIF and AAA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AFIF vs. AAA - Drawdown Comparison

The maximum AFIF drawdown since its inception was -10.29%, which is greater than AAA's maximum drawdown of -2.63%. Use the drawdown chart below to compare losses from any high point for AFIF and AAA.

Drawdown Indicators

	AFIF	AAA	Difference
Max Drawdown Largest peak-to-trough decline	-10.29%	-2.63%	-7.66%
Max Drawdown (1Y) Largest decline over 1 year	-1.63%	-0.60%	-1.03%
Max Drawdown (3Y) Largest decline over 3 years	-1.79%	-2.40%	+0.61%
Max Drawdown (5Y) Largest decline over 5 years	-8.85%	-2.63%	-6.22%
Current Drawdown Current decline from peak	-0.10%	-0.03%	-0.07%
Average Drawdown Average peak-to-trough decline	-2.21%	-0.31%	-1.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.37%	0.20%	+0.17%

Volatility

AFIF vs. AAA - Volatility Comparison

The current volatility for Anfield Universal Fixed Income ETF (AFIF) is 0.37%, while AAF First Priority CLO Bond ETF (AAA) has a volatility of 0.77%. This indicates that AFIF experiences smaller price fluctuations and is considered to be less risky than AAA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AFIF	AAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.37%	0.77%	-0.40%
Volatility (6M) Calculated over the trailing 6-month period	1.99%	1.79%	+0.20%
Volatility (1Y) Calculated over the trailing 1-year period	2.74%	2.32%	+0.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.40%	2.29%	+2.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.25%	2.15%	+4.10%

AFIF vs. AAA - Expense Ratio Comparison

AFIF has a 1.08% expense ratio, which is higher than AAA's 0.25% expense ratio.

Dividends

AFIF vs. AAA - Dividend Comparison

AFIF's dividend yield for the trailing twelve months is around 3.73%, less than AAA's 4.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
AAA AAF First Priority CLO Bond ETF	4.89%	5.11%	6.17%	6.11%	2.78%	1.06%	0.32%	0.00%	0.00%
AFIF Anfield Universal Fixed Income ETF	3.73%	3.52%	5.61%	5.91%	3.49%	1.73%	1.25%	2.54%	0.69%

Frequently Asked Questions

Can I hold both AFIF and AAA in my portfolio?

AFIF and AAA 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.

Which is riskier, AFIF or AAA?

AAA has higher volatility (0.77%) compared to AFIF (0.37%). In terms of maximum drawdown, AFIF dropped -10.29% vs AAA's -2.63%.

Which ETF is better, AFIF or AAA?

On 5-year performance, AAA leads with 4.67% vs 3.70% for AFIF. On fees, AAA is cheaper at 0.25% per year. On volatility, AFIF has been the lower-risk option at 0.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AFIF or AAA?

Over the 5-year period, AAA has performed better with a 4.67% return vs 3.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AFIF or AAA?

AAA is cheaper with a 0.25% expense ratio, compared with 1.08% for AFIF.

Which ETF pays a higher dividend yield, AFIF or AAA?

AAA has the higher dividend yield at 4.89%, compared with 3.73% for AFIF.

What is the main difference between AFIF and AAA?

AFIF is categorized as Multisector Bonds, while AAA is CLO. They also come from different issuers: Regents Park Funds and Alternative Access Funds LLC. Their fees differ too: 1.08% for AFIF and 0.25% for AAA.

Which has better risk-adjusted returns?

AAA currently has the higher Sharpe Ratio (2.21 vs 1.94), 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.