AOUIX vs. AAA

Last updated Jun 3, 2026

AOUIX (Angel Oak UltraShort Income Fund) and AAA (AAF First Priority CLO Bond ETF) are both funds - AOUIX is a Ultrashort Bond fund managed by Angel Oak, while AAA is a CLO fund actively managed by Alternative Access Funds LLC. Over the past 5 years, AOUIX returned 3.28%/yr vs 4.69%/yr for AAA. At a 0.02 correlation, their price movements are largely independent. AOUIX charges 0.53%/yr vs 0.25%/yr for AAA.

Performance

AOUIX vs. AAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Angel Oak UltraShort Income Fund (AOUIX) 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, AOUIX achieves a 1.62% return, which is significantly lower than AAA's 2.08% return.

AOUIX

• 1D: 0.00%
• 1M: 0.38%
• YTD: 1.62%
• 6M: 2.15%
• 1Y: 5.02%
• 3Y*: 6.05%
• 5Y*: 3.28%
• 10Y*: —

AAA

• 1D: 0.24%
• 1M: 0.87%
• YTD: 2.08%
• 6M: 2.64%
• 1Y: 5.55%
• 3Y*: 6.58%
• 5Y*: 4.69%
• 10Y*: —

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

AOUIX vs. AAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
AOUIX Angel Oak UltraShort Income Fund	1.62%	5.63%	7.06%	6.21%	-4.11%	0.97%	0.96%
AAA AAF First Priority CLO Bond ETF	2.08%	4.92%	6.85%	8.94%	0.15%	0.86%	0.32%

Correlation

The correlation between AOUIX and AAA is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.09
Correlation (3Y) Calculated over the trailing 3-year period	0.03
Correlation (5Y) Calculated over the trailing 5-year period	0.03
Correlation (All Time) Calculated using the full available price history since Sep 10, 2020	0.02

Return for Risk

AOUIX vs. AAA — Risk / Return Rank

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

AOUIX

AOUIX Risk / Return Rank: 98
AOUIX Sharpe Ratio Rank: 93
AOUIX Sortino Ratio Rank: 99
AOUIX Omega Ratio Rank: 99
AOUIX Calmar Ratio Rank: 99
AOUIX Martin Ratio Rank: 99

AAA

AAA Risk / Return Rank: 87
AAA Sharpe Ratio Rank: 74
AAA Sortino Ratio Rank: 90
AAA Omega Ratio Rank: 80
AAA Calmar Ratio Rank: 96
AAA Martin Ratio Rank: 95

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.

AOUIX vs. AAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Angel Oak UltraShort Income Fund (AOUIX) 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.

	AOUIX	AAA	Difference
Sharpe ratio Return per unit of total volatility	3.17	2.44	+0.74
Sortino ratio Return per unit of downside risk	9.92	4.23	+5.69
Omega ratio Gain probability vs. loss probability	3.02	1.49	+1.53
Calmar ratio Return relative to maximum drawdown	13.53	9.70	+3.82
Martin ratio Return relative to average drawdown	60.39	30.14	+30.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AOUIX vs. AAA - Sharpe Ratio Comparison

The current AOUIX Sharpe Ratio is 3.17, which is higher than the AAA Sharpe Ratio of 2.44. The chart below compares the historical Sharpe Ratios of AOUIX 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.

Sharpe Ratios by Period

	AOUIX	AAA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.17	2.44	+0.74
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.16	2.07	+0.08
Sharpe Ratio (All Time) Calculated using the full available price history	1.60	1.95	-0.35

Drawdowns

AOUIX vs. AAA - Drawdown Comparison

The maximum AOUIX drawdown since its inception was -7.38%, which is greater than AAA's maximum drawdown of -2.63%. Use the drawdown chart below to compare losses from any high point for AOUIX and AAA.

Drawdown Indicators

	AOUIX	AAA	Difference
Max Drawdown Largest peak-to-trough decline	-7.38%	-2.63%	-4.75%
Max Drawdown (1Y) Largest decline over 1 year	-0.40%	-0.60%	+0.20%
Max Drawdown (3Y) Largest decline over 3 years	-0.51%	-2.40%	+1.89%
Max Drawdown (5Y) Largest decline over 5 years	-4.53%	-2.63%	-1.90%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.60%	-0.30%	-0.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.09%	0.19%	-0.10%

Volatility

AOUIX vs. AAA - Volatility Comparison

The current volatility for Angel Oak UltraShort Income Fund (AOUIX) is 0.43%, while AAF First Priority CLO Bond ETF (AAA) has a volatility of 0.69%. This indicates that AOUIX 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

	AOUIX	AAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.43%	0.69%	-0.26%
Volatility (6M) Calculated over the trailing 6-month period	1.14%	1.75%	-0.61%
Volatility (1Y) Calculated over the trailing 1-year period	1.59%	2.30%	-0.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.53%	2.27%	-0.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.93%	2.14%	-0.21%

AOUIX vs. AAA - Expense Ratio Comparison

AOUIX has a 0.53% expense ratio, which is higher than AAA's 0.25% expense ratio.

Dividends

AOUIX vs. AAA - Dividend Comparison

AOUIX's dividend yield for the trailing twelve months is around 4.79%, 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%
AOUIX Angel Oak UltraShort Income Fund	4.79%	5.05%	5.36%	3.69%	1.48%	1.37%	2.24%	3.08%	2.12%

Frequently Asked Questions

Can I hold both AOUIX and AAA in my portfolio?

AOUIX and AAA have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AOUIX or AAA?

AAA has higher volatility (0.69%) compared to AOUIX (0.43%). In terms of maximum drawdown, AOUIX dropped -7.38% vs AAA's -2.63%.

Which has better risk-adjusted returns?

AOUIX currently has the higher Sharpe Ratio (3.17 vs 2.44), 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.