BBTBX vs. TRPA

Last updated Jun 5, 2026

BBTBX (Bridge Builder Core Bond Fund) and TRPA (Hartford AAA CLO ETF) are both funds - BBTBX is a Intermediate Core Bond fund managed by Bridge Builder, while TRPA is a CLO fund actively managed by Hartford. Over the past year, BBTBX returned 4.47% vs 5.38% for TRPA. At a 0.06 correlation, their price movements are largely independent. BBTBX charges 0.13%/yr vs 0.24%/yr for TRPA.

Performance

BBTBX vs. TRPA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bridge Builder Core Bond Fund (BBTBX) and Hartford AAA CLO ETF (TRPA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BBTBX achieves a -0.08% return, which is significantly lower than TRPA's 1.94% return.

BBTBX

• 1D: -0.22%
• 1M: 0.16%
• YTD: -0.08%
• 6M: 0.07%
• 1Y: 4.47%
• 3Y*: 4.21%
• 5Y*: 0.15%
• 10Y*: 1.79%

TRPA

• 1D: 0.04%
• 1M: 0.40%
• YTD: 1.94%
• 6M: 2.42%
• 1Y: 5.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BBTBX vs. TRPA - Yearly Performance Comparison

	2026 (YTD)	2025
BBTBX Bridge Builder Core Bond Fund	-0.08%	5.80%
TRPA Hartford AAA CLO ETF	1.94%	4.84%

Correlation

The correlation between BBTBX and TRPA is 0.05, 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	0.05
Correlation (All Time) Calculated using the full available price history since Apr 16, 2025	0.06

Return for Risk

BBTBX vs. TRPA — Risk / Return Rank

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

BBTBX

BBTBX Risk / Return Rank: 21
BBTBX Sharpe Ratio Rank: 20
BBTBX Sortino Ratio Rank: 21
BBTBX Omega Ratio Rank: 19
BBTBX Calmar Ratio Rank: 24
BBTBX Martin Ratio Rank: 20

TRPA

TRPA Risk / Return Rank: 86
TRPA Sharpe Ratio Rank: 72
TRPA Sortino Ratio Rank: 85
TRPA Omega Ratio Rank: 80
TRPA Calmar Ratio Rank: 96
TRPA Martin Ratio Rank: 96

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.

BBTBX vs. TRPA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bridge Builder Core Bond Fund (BBTBX) and Hartford AAA CLO ETF (TRPA). 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.

	BBTBX	TRPA	Difference
Sharpe ratio: Return per unit of total volatility	1.30	2.31	-1.02
Sortino ratio: Return per unit of downside risk	1.91	3.75	-1.84
Omega ratio: Gain probability vs. loss probability	1.23	1.47	-0.24
Calmar ratio: Return relative to maximum drawdown	1.80	8.84	-7.04
Martin ratio: Return relative to average drawdown	5.20	35.93	-30.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BBTBX vs. TRPA - Sharpe Ratio Comparison

The current BBTBX Sharpe Ratio is 1.30, which is lower than the TRPA Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of BBTBX and TRPA, 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

	BBTBX	TRPA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.30	2.31	-1.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.03	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.36	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	2.56	-2.18

Drawdowns

BBTBX vs. TRPA - Drawdown Comparison

The maximum BBTBX drawdown since its inception was -18.54%, which is greater than TRPA's maximum drawdown of -0.61%. Use the drawdown chart below to compare losses from any high point for BBTBX and TRPA.

Drawdown Indicators

	BBTBX	TRPA	Difference
Max Drawdown Largest peak-to-trough decline	-18.54%	-0.61%	-17.93%
Max Drawdown (1Y) Largest decline over 1 year	-2.97%	-0.61%	-2.36%
Max Drawdown (3Y) Largest decline over 3 years	-6.32%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-18.54%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-18.54%	—	—
Current Drawdown Current decline from peak	-1.61%	-0.01%	-1.60%
Average Drawdown Average peak-to-trough decline	-3.91%	-0.10%	-3.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.01%	0.15%	+0.86%

Volatility

BBTBX vs. TRPA - Volatility Comparison

Bridge Builder Core Bond Fund (BBTBX) has a higher volatility of 1.35% compared to Hartford AAA CLO ETF (TRPA) at 0.28%. This indicates that BBTBX's price experiences larger fluctuations and is considered to be riskier than TRPA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BBTBX	TRPA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.35%	0.28%	+1.07%
Volatility (6M) Calculated over the trailing 6-month period	2.94%	1.57%	+1.37%
Volatility (1Y) Calculated over the trailing 1-year period	4.13%	2.34%	+1.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.97%	2.37%	+3.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.94%	2.37%	+2.57%

BBTBX vs. TRPA - Expense Ratio Comparison

BBTBX has a 0.13% expense ratio, which is lower than TRPA's 0.24% 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

BBTBX vs. TRPA - Dividend Comparison

BBTBX's dividend yield for the trailing twelve months is around 4.08%, less than TRPA's 5.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BBTBX Bridge Builder Core Bond Fund	4.08%	4.58%	3.92%	2.86%	2.26%	2.38%	4.73%	3.39%	3.02%	2.67%	0.95%	0.17%
TRPA Hartford AAA CLO ETF	5.19%	4.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BBTBX and TRPA in my portfolio?

BBTBX and TRPA have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BBTBX or TRPA?

BBTBX has higher volatility (1.35%) compared to TRPA (0.28%). In terms of maximum drawdown, BBTBX dropped -18.54% vs TRPA's -0.61%.

Which has better risk-adjusted returns?

TRPA currently has the higher Sharpe Ratio (2.31 vs 1.30), 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.