BOND vs. CAAA

Last updated Jun 5, 2026

BOND (PIMCO Active Bond ETF) and CAAA (First Trust Commercial Mortgage Opportunities ETF) are both Intermediate Core-Plus Bond funds. Both are actively managed. Over the past year, BOND returned 6.19% vs 5.30% for CAAA. A 0.74 correlation means they provide meaningful diversification when combined. BOND charges 0.54%/yr vs 0.55%/yr for CAAA.

Performance

BOND vs. CAAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Active Bond ETF (BOND) and First Trust Commercial Mortgage Opportunities ETF (CAAA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BOND achieves a 0.66% return, which is significantly lower than CAAA's 0.91% return.

BOND

• 1D: 0.19%
• 1M: 0.35%
• YTD: 0.66%
• 6M: 0.84%
• 1Y: 6.19%
• 3Y*: 5.08%
• 5Y*: 0.54%
• 10Y*: 2.21%

CAAA

• 1D: 0.34%
• 1M: 0.22%
• YTD: 0.91%
• 6M: 1.05%
• 1Y: 5.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BOND vs. CAAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BOND PIMCO Active Bond ETF	0.66%	8.39%	3.99%
CAAA First Trust Commercial Mortgage Opportunities ETF	0.91%	8.03%	4.65%

Correlation

The correlation between BOND and CAAA is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.73
Correlation (All Time) Calculated using the full available price history since Feb 29, 2024	0.74

The correlation between BOND and CAAA has been stable across timeframes, ranging from 0.73 to 0.74 - a consistent structural relationship.

Return for Risk

BOND vs. CAAA — Risk / Return Rank

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

BOND

BOND Risk / Return Rank: 45
BOND Sharpe Ratio Rank: 46
BOND Sortino Ratio Rank: 48
BOND Omega Ratio Rank: 46
BOND Calmar Ratio Rank: 42
BOND Martin Ratio Rank: 42

CAAA

CAAA Risk / Return Rank: 52
CAAA Sharpe Ratio Rank: 51
CAAA Sortino Ratio Rank: 56
CAAA Omega Ratio Rank: 52
CAAA Calmar Ratio Rank: 52
CAAA Martin Ratio Rank: 48

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.

BOND vs. CAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Active Bond ETF (BOND) and First Trust Commercial Mortgage Opportunities ETF (CAAA). 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.

	BOND	CAAA	Difference
Sharpe ratio: Return per unit of total volatility	1.58	1.74	-0.15
Sortino ratio: Return per unit of downside risk	2.32	2.63	-0.32
Omega ratio: Gain probability vs. loss probability	1.28	1.32	-0.04
Calmar ratio: Return relative to maximum drawdown	2.06	2.56	-0.50
Martin ratio: Return relative to average drawdown	6.56	7.91	-1.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BOND vs. CAAA - Sharpe Ratio Comparison

The current BOND Sharpe Ratio is 1.58, which is comparable to the CAAA Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of BOND and CAAA, 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

	BOND	CAAA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.58	1.74	-0.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.09	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	1.88	-1.24

Drawdowns

BOND vs. CAAA - Drawdown Comparison

The maximum BOND drawdown since its inception was -19.71%, which is greater than CAAA's maximum drawdown of -2.24%. Use the drawdown chart below to compare losses from any high point for BOND and CAAA.

Drawdown Indicators

	BOND	CAAA	Difference
Max Drawdown Largest peak-to-trough decline	-19.71%	-2.24%	-17.47%
Max Drawdown (1Y) Largest decline over 1 year	-3.01%	-2.08%	-0.93%
Max Drawdown (3Y) Largest decline over 3 years	-6.12%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-19.71%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-19.71%	—	—
Current Drawdown Current decline from peak	-1.39%	-0.69%	-0.70%
Average Drawdown Average peak-to-trough decline	-3.50%	-0.56%	-2.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.95%	0.67%	+0.28%

Volatility

BOND vs. CAAA - Volatility Comparison

PIMCO Active Bond ETF (BOND) has a higher volatility of 1.41% compared to First Trust Commercial Mortgage Opportunities ETF (CAAA) at 1.10%. This indicates that BOND's price experiences larger fluctuations and is considered to be riskier than CAAA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BOND	CAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.41%	1.10%	+0.31%
Volatility (6M) Calculated over the trailing 6-month period	2.89%	2.18%	+0.71%
Volatility (1Y) Calculated over the trailing 1-year period	3.97%	3.08%	+0.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.76%	3.21%	+2.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.09%	3.21%	+1.88%

BOND vs. CAAA - Expense Ratio Comparison

BOND has a 0.54% expense ratio, which is lower than CAAA's 0.55% expense ratio.

Dividends

BOND vs. CAAA - Dividend Comparison

BOND's dividend yield for the trailing twelve months is around 5.18%, less than CAAA's 5.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BOND PIMCO Active Bond ETF	5.18%	5.11%	5.02%	4.06%	3.44%	2.58%	2.66%	3.38%	3.18%	2.87%	2.85%	4.14%
CAAA First Trust Commercial Mortgage Opportunities ETF	5.28%	6.09%	4.01%	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 BOND and CAAA in my portfolio?

BOND and CAAA have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BOND or CAAA?

BOND has higher volatility (1.41%) compared to CAAA (1.10%). In terms of maximum drawdown, BOND dropped -19.71% vs CAAA's -2.24%.

Which ETF is better, BOND or CAAA?

On 1-year performance, BOND leads with 6.19% vs 5.30% for CAAA. On fees, BOND is cheaper at 0.54% per year. On volatility, CAAA has been the lower-risk option at 1.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BOND or CAAA?

Over the 1-year period, BOND has performed better with a 6.19% return vs 5.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BOND or CAAA?

BOND is cheaper with a 0.54% expense ratio, compared with 0.55% for CAAA.

Which ETF pays a higher dividend yield, BOND or CAAA?

CAAA has the higher dividend yield at 5.28%, compared with 5.18% for BOND.

What is the main difference between BOND and CAAA?

They also come from different issuers: PIMCO and First Trust. Their fees differ too: 0.54% for BOND and 0.55% for CAAA.

Which has better risk-adjusted returns?

CAAA currently has the higher Sharpe Ratio (1.74 vs 1.58), 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.