BBHY vs. AAA
BBHY (JPMorgan BetaBuilders USD High Yield Corporate Bond ETF) and AAA (Alternative Access First Priority CLO Bond ETF) are both exchange-traded funds - BBHY is a High Yield Bonds fund tracking the ICE BofA US High Yield Index, while AAA is a CLO fund actively managed by Alternative Access. BBHY is passively managed, while AAA is actively managed. Over the past 5 years, BBHY returned 3.99%/yr vs 4.74%/yr for AAA. Their 0.03 correlation means their historical movements had little consistent relationship. BBHY charges 0.15%/yr vs 0.25%/yr for AAA.
Performance
BBHY vs. AAA - Performance Comparison
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Returns By Period
In the year-to-date period, BBHY achieves a 2.13% return, which is significantly lower than AAA's 2.59% return.
BBHY
- 1D
- 0.30%
- 1M
- -0.11%
- 6M
- 1.34%
- YTD
- 2.13%
- 1Y
- 5.69%
- 3Y*
- 8.37%
- 5Y*
- 3.99%
- 10Y*
- —
- ALL TIME*
- 4.79%
AAA
- 1D
- 0.20%
- 1M
- 0.45%
- 6M
- 2.07%
- YTD
- 2.59%
- 1Y
- 4.65%
- 3Y*
- 6.12%
- 5Y*
- 4.74%
- 10Y*
- —
- ALL TIME*
- 4.11%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $101.47K | $163.51K | $263.01K | |
| $4.07M | $3.06M | $2.90M |
BBHY vs. AAA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
BBHY JPMorgan BetaBuilders USD High Yield Corporate Bond ETF | 2.13% | 8.51% | 7.81% | 11.98% | -10.37% | 3.88% | 5.11% |
AAA Alternative Access First Priority CLO Bond ETF | 2.59% | 4.92% | 6.85% | 8.94% | 0.15% | 0.86% | 0.20% |
Correlation
The correlation between BBHY and AAA is 0.14, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.14 |
Correlation (3Y) Balances recent behavior with more history. | 0.06 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.04 |
Correlation (All Time) Calculated using the full available price history since Sep 9, 2020 | 0.03 |
The correlation between BBHY and AAA shifts across timeframes, from 0.03 (all time) to 0.14 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
BBHY vs. AAA — Risk / Return Rank
BBHY
AAA
BBHY vs. AAA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (BBHY) and Alternative Access 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.
| BBHY | AAA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.44 | ||
| Sortino ratioReturn per unit of downside risk | -1.03 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.39 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.41 | 7.75 | -5.34 |
| Martin ratioReturn relative to average drawdown | 10.49 | 25.97 | -15.48 |
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Drawdowns
BBHY vs. AAA - Drawdown Comparison
The maximum BBHY drawdown since its inception was -24.98%, which is greater than AAA's maximum drawdown of -2.63%. Use the drawdown chart below to compare losses from any high point for BBHY and AAA.
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Drawdown Indicators
| BBHY | AAA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.98% | -2.63% | -22.35% |
Max Drawdown (1Y)Largest decline over 1 year | -2.37% | -0.60% | -1.77% |
Max Drawdown (3Y)Largest decline over 3 years | -5.00% | -2.40% | -2.60% |
Max Drawdown (5Y)Largest decline over 5 years | -15.32% | -2.63% | -12.69% |
Current DrawdownCurrent decline from peak | -0.25% | 0.00% | -0.25% |
Average DrawdownAverage peak-to-trough decline | -2.34% | -0.30% | -2.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.54% | 0.18% | +0.36% |
Volatility
BBHY vs. AAA - Volatility Comparison
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (BBHY) has a higher volatility of 0.88% compared to Alternative Access First Priority CLO Bond ETF (AAA) at 0.67%. This indicates that BBHY's price experiences larger fluctuations and is considered to be riskier 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
| BBHY | AAA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.88% | 0.67% | +0.21% |
Volatility (6M)Calculated over the trailing 6-month period | 3.02% | 1.74% | +1.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.67% | 2.33% | +1.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.27% | 2.32% | +4.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.48% | 2.15% | +5.33% |
BBHY vs. AAA - Expense Ratio Comparison
BBHY has a 0.15% 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
BBHY vs. AAA - Dividend Comparison
BBHY's dividend yield for the trailing twelve months is around 7.11%, more than AAA's 4.81% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
AAA Alternative Access First Priority CLO Bond ETF | 4.81% | 5.11% | 6.17% | 6.11% | 2.78% | 1.06% | 0.32% | 0.00% | 0.00% | 0.00% | 0.00% |
BBHY JPMorgan BetaBuilders USD High Yield Corporate Bond ETF | 7.11% | 7.24% | 7.18% | 6.49% | 5.92% | 4.06% | 4.73% | 4.99% | 5.02% | 4.81% | 1.42% |
Frequently Asked Questions
BBHY and AAA have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BBHY has higher volatility (0.88%) compared to AAA (0.67%). In terms of maximum drawdown, BBHY dropped -24.98% vs AAA's -2.63%.
On 5-year performance, AAA leads with 4.74% vs 3.99% for BBHY. On fees, BBHY is cheaper at 0.15% per year. On volatility, AAA has been the lower-risk option at 0.67%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, AAA has performed better with a 4.74% return vs 3.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BBHY is cheaper with a 0.15% expense ratio, compared with 0.25% for AAA.
BBHY has the higher dividend yield at 7.11%, compared with 4.81% for AAA.
BBHY is categorized as High Yield Bonds, while AAA is CLO. They also come from different issuers: JPMorgan and Alternative Access. Their fees differ too: 0.15% for BBHY and 0.25% for AAA.
AAA currently has the higher Sharpe Ratio (2.00 vs 1.56), 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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