BEMB vs. AAA

Last updated Apr 1, 2026

Compare and contrast key facts about Ishares J.P. Morgan Broad USD Emerging Markets Bond ETF (BEMB) and AAF First Priority CLO Bond ETF (AAA).

BEMB and AAA are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BEMB is an actively managed fund by iShares. It was launched on Feb 22, 2023. AAA is an actively managed fund by Alternative Access Funds LLC. It was launched on Sep 9, 2020.

Performance

BEMB vs. AAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Ishares J.P. Morgan Broad USD Emerging Markets Bond ETF (BEMB) and AAF First Priority CLO Bond ETF (AAA). The values are adjusted to include any dividend payments, if applicable.

BEMB vs. AAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BEMB Ishares J.P. Morgan Broad USD Emerging Markets Bond ETF	-1.34%	12.27%	5.51%	8.88%
AAA AAF First Priority CLO Bond ETF	0.88%	4.92%	6.85%	7.04%

Returns By Period

In the year-to-date period, BEMB achieves a -1.34% return, which is significantly lower than AAA's 0.88% return.

BEMB

• 1D: 0.75%
• 1M: -2.78%
• YTD: -1.34%
• 6M: 1.14%
• 1Y: 7.75%
• 3Y*: 7.81%
• 5Y*: —
• 10Y*: —

AAA

• 1D: 0.37%
• 1M: -0.03%
• YTD: 0.88%
• 6M: 2.11%
• 1Y: 5.36%
• 3Y*: 6.56%
• 5Y*: 4.44%
• 10Y*: —

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

BEMB vs. AAA - Expense Ratio Comparison

BEMB has a 0.18% 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%.

AAA

AAF First Priority CLO Bond ETF

BEMB

Ishares J.P. Morgan Broad USD Emerging Markets Bond ETF

Return for Risk

BEMB vs. AAA — Risk / Return Rank

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

BEMB

BEMB Risk / Return Rank: 79
BEMB Sharpe Ratio Rank: 78
BEMB Sortino Ratio Rank: 79
BEMB Omega Ratio Rank: 80
BEMB Calmar Ratio Rank: 78
BEMB Martin Ratio Rank: 80

AAA

AAA Risk / Return Rank: 88
AAA Sharpe Ratio Rank: 83
AAA Sortino Ratio Rank: 87
AAA Omega Ratio Rank: 92
AAA Calmar Ratio Rank: 84
AAA 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.

BEMB vs. AAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Ishares J.P. Morgan Broad USD Emerging Markets Bond ETF (BEMB) 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.

	BEMB	AAA	Difference
Sharpe ratio Return per unit of total volatility	1.43	1.59	-0.16
Sortino ratio Return per unit of downside risk	2.01	2.30	-0.30
Omega ratio Gain probability vs. loss probability	1.30	1.40	-0.09
Calmar ratio Return relative to maximum drawdown	2.11	2.36	-0.26
Martin ratio Return relative to average drawdown	8.64	17.19	-8.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BEMB vs. AAA - Sharpe Ratio Comparison

The current BEMB Sharpe Ratio is 1.43, which is comparable to the AAA Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of BEMB and AAA, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BEMB	AAA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.43	1.59	-0.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	2.01	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.37	1.92	-0.55

Correlation

The correlation between BEMB and AAA is 0.04, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

BEMB vs. AAA - Dividend Comparison

BEMB's dividend yield for the trailing twelve months is around 6.97%, more than AAA's 5.00% yield.

	TTM	2025	2024	2023	2022	2021	2020
BEMB Ishares J.P. Morgan Broad USD Emerging Markets Bond ETF	6.97%	6.88%	6.31%	5.46%	0.00%	0.00%	0.00%
AAA AAF First Priority CLO Bond ETF	5.00%	5.11%	6.17%	6.11%	2.78%	1.06%	0.32%

Drawdowns

BEMB vs. AAA - Drawdown Comparison

The maximum BEMB drawdown since its inception was -6.17%, which is greater than AAA's maximum drawdown of -2.63%. Use the drawdown chart below to compare losses from any high point for BEMB and AAA.

Drawdown Indicators

	BEMB	AAA	Difference
Max Drawdown Largest peak-to-trough decline	-6.17%	-2.63%	-3.54%
Max Drawdown (1Y) Largest decline over 1 year	-3.76%	-2.25%	-1.51%
Max Drawdown (5Y) Largest decline over 5 years	—	-2.63%	—
Current Drawdown Current decline from peak	-2.78%	-0.07%	-2.71%
Average Drawdown Average peak-to-trough decline	-0.94%	-0.31%	-0.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.92%	0.31%	+0.61%

Volatility

BEMB vs. AAA - Volatility Comparison

Ishares J.P. Morgan Broad USD Emerging Markets Bond ETF (BEMB) has a higher volatility of 2.35% compared to AAF First Priority CLO Bond ETF (AAA) at 0.64%. This indicates that BEMB'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.

Volatility by Period

	BEMB	AAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.35%	0.64%	+1.71%
Volatility (6M) Calculated over the trailing 6-month period	3.08%	1.51%	+1.57%
Volatility (1Y) Calculated over the trailing 1-year period	5.46%	3.40%	+2.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.93%	2.22%	+3.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.93%	2.13%	+3.80%