AGRH vs. AAA
AGRH (iShares Interest Rate Hedged U.S. Aggregate Bond ETF) and AAA (AAF First Priority CLO Bond ETF) are both exchange-traded funds - AGRH is a Ultrashort Bond fund tracking the BlackRock Interest Rate Hedged U.S. Aggregate Bond Index - Benchmark TR Gross, while AAA is a CLO fund actively managed by Alternative Access Funds LLC. AGRH is passively managed, while AAA is actively managed. Over the past 3 years, AGRH returned 5.97%/yr vs 6.50%/yr for AAA. At a 0.08 correlation, their price movements are largely independent. AGRH charges 0.13%/yr vs 0.25%/yr for AAA.
Performance
AGRH vs. AAA - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with AGRH having a 1.78% return and AAA slightly higher at 1.86%.
AGRH
- 1D
- -0.04%
- 1M
- 0.73%
- YTD
- 1.78%
- 6M
- 2.44%
- 1Y
- 6.30%
- 3Y*
- 5.97%
- 5Y*
- —
- 10Y*
- —
AAA
- 1D
- -0.22%
- 1M
- 0.67%
- YTD
- 1.86%
- 6M
- 2.19%
- 1Y
- 5.39%
- 3Y*
- 6.50%
- 5Y*
- 4.64%
- 10Y*
- —
AGRH vs. AAA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
AGRH iShares Interest Rate Hedged U.S. Aggregate Bond ETF | 1.78% | 6.00% | 5.93% | 6.40% | 1.76% |
AAA AAF First Priority CLO Bond ETF | 1.86% | 4.92% | 6.85% | 8.94% | 2.29% |
Correlation
The correlation between AGRH and AAA is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Jun 27, 2022 | 0.08 |
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Return for Risk
AGRH vs. AAA — Risk / Return Rank
AGRH
AAA
AGRH vs. AAA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Interest Rate Hedged U.S. Aggregate Bond ETF (AGRH) 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.
| AGRH | AAA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.05 | ||
| Sortino ratioReturn per unit of downside risk | +3.61 | ||
| Omega ratioGain probability vs. loss probability | 2.12 | 1.47 | +0.65 |
| Calmar ratioReturn relative to maximum drawdown | 9.44 | 8.98 | +0.46 |
| Martin ratioReturn relative to average drawdown | 44.94 | 27.78 | +17.16 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| AGRH | AAA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 4.41 | 2.36 | +2.05 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 2.05 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 3.13 | 1.93 | +1.20 |
Drawdowns
AGRH vs. AAA - Drawdown Comparison
The maximum AGRH drawdown since its inception was -1.73%, smaller than the maximum AAA drawdown of -2.63%. Use the drawdown chart below to compare losses from any high point for AGRH and AAA.
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Drawdown Indicators
| AGRH | AAA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.73% | -2.63% | +0.90% |
Max Drawdown (1Y)Largest decline over 1 year | -0.67% | -0.60% | -0.07% |
Max Drawdown (3Y)Largest decline over 3 years | -1.73% | -2.40% | +0.67% |
Max Drawdown (5Y)Largest decline over 5 years | — | -2.63% | — |
Current DrawdownCurrent decline from peak | -0.07% | -0.22% | +0.15% |
Average DrawdownAverage peak-to-trough decline | -0.16% | -0.30% | +0.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.14% | 0.19% | -0.05% |
Volatility
AGRH vs. AAA - Volatility Comparison
The current volatility for iShares Interest Rate Hedged U.S. Aggregate Bond ETF (AGRH) is 0.43%, while AAF First Priority CLO Bond ETF (AAA) has a volatility of 0.74%. This indicates that AGRH 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.
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Volatility by Period
| AGRH | AAA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.43% | 0.74% | -0.31% |
Volatility (6M)Calculated over the trailing 6-month period | 1.00% | 1.76% | -0.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.44% | 2.30% | -0.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.78% | 2.28% | -0.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.78% | 2.15% | -0.37% |
AGRH vs. AAA - Expense Ratio Comparison
AGRH has a 0.13% expense ratio, which is lower than AAA's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
AGRH vs. AAA - Dividend Comparison
AGRH's dividend yield for the trailing twelve months is around 4.18%, less than AAA's 4.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
AAA AAF First Priority CLO Bond ETF | 4.90% | 5.11% | 6.17% | 6.11% | 2.78% | 1.06% | 0.32% |
AGRH iShares Interest Rate Hedged U.S. Aggregate Bond ETF | 4.18% | 4.63% | 5.17% | 4.69% | 1.24% | 0.00% | 0.00% |
Frequently Asked Questions
AGRH and AAA have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AAA has higher volatility (0.74%) compared to AGRH (0.43%). In terms of maximum drawdown, AGRH dropped -1.73% vs AAA's -2.63%.
On 3-year performance, AAA leads with 6.50% vs 5.97% for AGRH. On fees, AGRH is cheaper at 0.13% per year. On volatility, AGRH has been the lower-risk option at 0.43%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, AAA has performed better with a 6.50% return vs 5.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AGRH is cheaper with a 0.13% expense ratio, compared with 0.25% for AAA.
AAA has the higher dividend yield at 4.90%, compared with 4.18% for AGRH.
AGRH is categorized as Ultrashort Bond, while AAA is CLO. They also come from different issuers: iShares and Alternative Access Funds LLC. Their fees differ too: 0.13% for AGRH and 0.25% for AAA.
AGRH currently has the higher Sharpe Ratio (4.41 vs 2.36), 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.
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