BKUI vs. PAAA

Last updated Apr 1, 2026

Compare and contrast key facts about BNY Mellon Ultra Short Income ETF (BKUI) and PGIM AAA CLO ETF (PAAA).

BKUI and PAAA are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BKUI is an actively managed fund by BNY Mellon. It was launched on Aug 9, 2021. PAAA is an actively managed fund by PGIM. It was launched on Jul 19, 2023.

Performance

BKUI vs. PAAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BNY Mellon Ultra Short Income ETF (BKUI) and PGIM AAA CLO ETF (PAAA). The values are adjusted to include any dividend payments, if applicable.

BKUI vs. PAAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BKUI BNY Mellon Ultra Short Income ETF	0.73%	4.93%	5.50%	2.83%
PAAA PGIM AAA CLO ETF	0.99%	5.37%	7.47%	3.83%

Returns By Period

In the year-to-date period, BKUI achieves a 0.73% return, which is significantly lower than PAAA's 0.99% return.

BKUI

• 1D: 0.04%
• 1M: 0.06%
• YTD: 0.73%
• 6M: 1.85%
• 1Y: 4.32%
• 3Y*: 5.29%
• 5Y*: —
• 10Y*: —

PAAA

• 1D: 0.04%
• 1M: 0.20%
• YTD: 0.99%
• 6M: 2.21%
• 1Y: 5.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BKUI vs. PAAA - Expense Ratio Comparison

BKUI has a 0.12% expense ratio, which is lower than PAAA's 0.19% 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%.

PAAA

PGIM AAA CLO ETF

BKUI

BNY Mellon Ultra Short Income ETF

Return for Risk

BKUI vs. PAAA — Risk / Return Rank

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

BKUI

BKUI Risk / Return Rank: 99
BKUI Sharpe Ratio Rank: 100
BKUI Sortino Ratio Rank: 99
BKUI Omega Ratio Rank: 99
BKUI Calmar Ratio Rank: 99
BKUI Martin Ratio Rank: 99

PAAA

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

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.

BKUI vs. PAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BNY Mellon Ultra Short Income ETF (BKUI) and PGIM AAA CLO ETF (PAAA). 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.

	BKUI	PAAA	Difference
Sharpe ratio Return per unit of total volatility	9.39	4.03	+5.36
Sortino ratio Return per unit of downside risk	19.70	4.87	+14.83
Omega ratio Gain probability vs. loss probability	4.85	2.94	+1.91
Calmar ratio Return relative to maximum drawdown	17.35	5.26	+12.08
Martin ratio Return relative to average drawdown	112.84	43.72	+69.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BKUI vs. PAAA - Sharpe Ratio Comparison

The current BKUI Sharpe Ratio is 9.39, which is higher than the PAAA Sharpe Ratio of 4.03. The chart below compares the historical Sharpe Ratios of BKUI and PAAA, 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

	BKUI	PAAA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	9.39	4.03	+5.36
Sharpe Ratio (All Time) Calculated using the full available price history	6.01	6.64	-0.63

Correlation

The correlation between BKUI and PAAA is 0.01, 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

BKUI vs. PAAA - Dividend Comparison

BKUI's dividend yield for the trailing twelve months is around 4.40%, less than PAAA's 5.48% yield.

	TTM	2025	2024	2023	2022	2021
BKUI BNY Mellon Ultra Short Income ETF	4.40%	4.48%	5.11%	4.29%	1.82%	0.22%
PAAA PGIM AAA CLO ETF	5.48%	5.12%	5.88%	2.76%	0.00%	0.00%

Drawdowns

BKUI vs. PAAA - Drawdown Comparison

The maximum BKUI drawdown since its inception was -1.72%, which is greater than PAAA's maximum drawdown of -1.04%. Use the drawdown chart below to compare losses from any high point for BKUI and PAAA.

Drawdown Indicators

	BKUI	PAAA	Difference
Max Drawdown Largest peak-to-trough decline	-1.72%	-1.04%	-0.68%
Max Drawdown (1Y) Largest decline over 1 year	-0.25%	-1.04%	+0.79%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.28%	-0.02%	-0.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.04%	0.12%	-0.08%

Volatility

BKUI vs. PAAA - Volatility Comparison

The current volatility for BNY Mellon Ultra Short Income ETF (BKUI) is 0.19%, while PGIM AAA CLO ETF (PAAA) has a volatility of 0.27%. This indicates that BKUI experiences smaller price fluctuations and is considered to be less risky than PAAA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BKUI	PAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.19%	0.27%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	0.28%	0.39%	-0.11%
Volatility (1Y) Calculated over the trailing 1-year period	0.46%	1.34%	-0.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.59%	1.00%	-0.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.59%	1.00%	-0.41%