BHYB vs. AAA

Last updated Jun 3, 2026

BHYB (Xtrackers USD High Yield BB-B ex Financials ETF) and AAA (AAF First Priority CLO Bond ETF) are both exchange-traded funds - BHYB is a High Yield Bonds fund tracking the ICE BofA BB-B Non-FNCL Non-Distressed US HY Constrained Index - Benchmark TR Gross, while AAA is a CLO fund actively managed by Alternative Access Funds LLC. BHYB is passively managed, while AAA is actively managed. Over the past year, BHYB returned 7.76% vs 5.55% for AAA. At a 0.07 correlation, their price movements are largely independent. BHYB charges 0.20%/yr vs 0.25%/yr for AAA.

Performance

BHYB vs. AAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers USD High Yield BB-B ex Financials ETF (BHYB) 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, BHYB achieves a 1.87% return, which is significantly lower than AAA's 2.08% return.

BHYB

• 1D: 0.07%
• 1M: 0.39%
• YTD: 1.87%
• 6M: 2.32%
• 1Y: 7.76%
• 3Y*: —
• 5Y*: —
• 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)

BHYB vs. AAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BHYB Xtrackers USD High Yield BB-B ex Financials ETF	1.87%	8.90%	6.44%	8.23%
AAA AAF First Priority CLO Bond ETF	2.08%	4.92%	6.85%	1.99%

Correlation

The correlation between BHYB and AAA is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (All Time) Calculated using the full available price history since Oct 30, 2023	0.07

Return for Risk

BHYB vs. AAA — Risk / Return Rank

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

BHYB

BHYB Risk / Return Rank: 74
BHYB Sharpe Ratio Rank: 68
BHYB Sortino Ratio Rank: 79
BHYB Omega Ratio Rank: 77
BHYB Calmar Ratio Rank: 67
BHYB Martin Ratio Rank: 79

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.

BHYB vs. AAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers USD High Yield BB-B ex Financials ETF (BHYB) 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.

	BHYB	AAA	Difference
Sharpe ratio Return per unit of total volatility	2.30	2.44	-0.14
Sortino ratio Return per unit of downside risk	3.61	4.23	-0.62
Omega ratio Gain probability vs. loss probability	1.47	1.49	-0.02
Calmar ratio Return relative to maximum drawdown	3.41	9.70	-6.29
Martin ratio Return relative to average drawdown	15.69	30.14	-14.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BHYB vs. AAA - Sharpe Ratio Comparison

The current BHYB Sharpe Ratio is 2.30, which is comparable to the AAA Sharpe Ratio of 2.44. The chart below compares the historical Sharpe Ratios of BHYB 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

	BHYB	AAA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.30	2.44	-0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	2.07	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.12	1.95	+0.17

Drawdowns

BHYB vs. AAA - Drawdown Comparison

The maximum BHYB drawdown since its inception was -4.23%, which is greater than AAA's maximum drawdown of -2.63%. Use the drawdown chart below to compare losses from any high point for BHYB and AAA.

Drawdown Indicators

	BHYB	AAA	Difference
Max Drawdown Largest peak-to-trough decline	-4.23%	-2.63%	-1.60%
Max Drawdown (1Y) Largest decline over 1 year	-2.27%	-0.60%	-1.67%
Max Drawdown (3Y) Largest decline over 3 years	—	-2.40%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-2.63%	—
Current Drawdown Current decline from peak	-0.03%	0.00%	-0.03%
Average Drawdown Average peak-to-trough decline	-0.40%	-0.30%	-0.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.49%	0.19%	+0.30%

Volatility

BHYB vs. AAA - Volatility Comparison

Xtrackers USD High Yield BB-B ex Financials ETF (BHYB) has a higher volatility of 1.05% compared to AAF First Priority CLO Bond ETF (AAA) at 0.69%. This indicates that BHYB'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

	BHYB	AAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.05%	0.69%	+0.36%
Volatility (6M) Calculated over the trailing 6-month period	2.51%	1.75%	+0.76%
Volatility (1Y) Calculated over the trailing 1-year period	3.39%	2.30%	+1.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.71%	2.27%	+2.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.71%	2.14%	+2.57%

BHYB vs. AAA - Expense Ratio Comparison

BHYB has a 0.20% 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

BHYB vs. AAA - Dividend Comparison

BHYB's dividend yield for the trailing twelve months is around 6.32%, more than AAA's 4.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
AAA AAF First Priority CLO Bond ETF	4.89%	5.11%	6.17%	6.11%	2.78%	1.06%	0.32%
BHYB Xtrackers USD High Yield BB-B ex Financials ETF	6.32%	6.57%	7.04%	0.75%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BHYB and AAA in my portfolio?

BHYB and AAA have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BHYB or AAA?

BHYB has higher volatility (1.05%) compared to AAA (0.69%). In terms of maximum drawdown, BHYB dropped -4.23% vs AAA's -2.63%.

Which ETF is better, BHYB or AAA?

On 1-year performance, BHYB leads with 7.76% vs 5.55% for AAA. On fees, BHYB is cheaper at 0.20% per year. On volatility, AAA has been the lower-risk option at 0.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BHYB or AAA?

Over the 1-year period, BHYB has performed better with a 7.76% return vs 5.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BHYB or AAA?

BHYB is cheaper with a 0.20% expense ratio, compared with 0.25% for AAA.

Which ETF pays a higher dividend yield, BHYB or AAA?

BHYB has the higher dividend yield at 6.32%, compared with 4.89% for AAA.

What is the main difference between BHYB and AAA?

BHYB is categorized as High Yield Bonds, while AAA is CLO. They also come from different issuers: Xtrackers and Alternative Access Funds LLC. Their fees differ too: 0.20% for BHYB and 0.25% for AAA.

Which has better risk-adjusted returns?

AAA currently has the higher Sharpe Ratio (2.44 vs 2.30), 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.