BRLN vs. AAA

Last updated Jun 23, 2026

BRLN (BlackRock Floating Rate Loan ETF) and AAA (AAF First Priority CLO Bond ETF) are both exchange-traded funds - BRLN is a Bank Loan fund actively managed by BlackRock, while AAA is a CLO fund actively managed by Alternative Access Funds LLC. Both are actively managed. Over the past 3 years, BRLN returned 7.01%/yr vs 6.36%/yr for AAA. At a 0.03 correlation, their price movements are largely independent. BRLN charges 0.55%/yr vs 0.25%/yr for AAA.

Performance

BRLN vs. AAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Floating Rate Loan ETF (BRLN) 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, BRLN achieves a 1.57% return, which is significantly lower than AAA's 2.06% return.

BRLN

• 1D: -0.28%
• 1M: 0.92%
• YTD: 1.57%
• 6M: 2.07%
• 1Y: 5.30%
• 3Y*: 7.01%
• 5Y*: —
• 10Y*: —

AAA

• 1D: 0.07%
• 1M: 0.62%
• YTD: 2.06%
• 6M: 2.76%
• 1Y: 5.10%
• 3Y*: 6.36%
• 5Y*: 4.67%
• 10Y*: —

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

BRLN vs. AAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BRLN BlackRock Floating Rate Loan ETF	1.57%	5.38%	7.49%	13.42%	1.66%
AAA AAF First Priority CLO Bond ETF	2.06%	4.92%	6.85%	8.94%	2.37%

Correlation

The correlation between BRLN and AAA 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 (3Y) Calculated over the trailing 3-year period	0.02
Correlation (All Time) Calculated using the full available price history since Oct 6, 2022	0.03

Return for Risk

BRLN vs. AAA — Risk / Return Rank

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

BRLN

BRLN Risk / Return Rank: 55
BRLN Sharpe Ratio Rank: 51
BRLN Sortino Ratio Rank: 55
BRLN Omega Ratio Rank: 54
BRLN Calmar Ratio Rank: 55
BRLN Martin Ratio Rank: 60

AAA

AAA Risk / Return Rank: 85
AAA Sharpe Ratio Rank: 71
AAA Sortino Ratio Rank: 87
AAA Omega Ratio Rank: 77
AAA Calmar Ratio Rank: 96
AAA Martin Ratio Rank: 94

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.

BRLN vs. AAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Floating Rate Loan ETF (BRLN) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BRLN	AAA	Difference
Sharpe ratio: Return per unit of total volatility	1.68	2.21	-0.53
Sortino ratio: Return per unit of downside risk	2.57	3.73	-1.17
Omega ratio: Gain probability vs. loss probability	1.33	1.44	-0.11
Calmar ratio: Return relative to maximum drawdown	2.66	8.50	-5.84
Martin ratio: Return relative to average drawdown	10.20	25.11	-14.91

BRLN vs. AAA - Sharpe Ratio Comparison

The current BRLN Sharpe Ratio is 1.68, which is comparable to the AAA Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of BRLN 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.

Drawdowns

BRLN vs. AAA - Drawdown Comparison

The maximum BRLN drawdown since its inception was -3.85%, which is greater than AAA's maximum drawdown of -2.63%. Use the drawdown chart below to compare losses from any high point for BRLN and AAA.

Drawdown Indicators

	BRLN	AAA	Difference
Max Drawdown Largest peak-to-trough decline	-3.85%	-2.63%	-1.22%
Max Drawdown (1Y) Largest decline over 1 year	-2.00%	-0.60%	-1.40%
Max Drawdown (3Y) Largest decline over 3 years	-3.85%	-2.40%	-1.45%
Max Drawdown (5Y) Largest decline over 5 years	—	-2.63%	—
Current Drawdown Current decline from peak	-0.28%	-0.03%	-0.25%
Average Drawdown Average peak-to-trough decline	-0.32%	-0.31%	-0.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.52%	0.20%	+0.32%

Volatility

BRLN vs. AAA - Volatility Comparison

BlackRock Floating Rate Loan ETF (BRLN) has a higher volatility of 1.20% compared to AAF First Priority CLO Bond ETF (AAA) at 0.77%. This indicates that BRLN'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

	BRLN	AAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.20%	0.77%	+0.43%
Volatility (6M) Calculated over the trailing 6-month period	2.40%	1.79%	+0.61%
Volatility (1Y) Calculated over the trailing 1-year period	3.17%	2.32%	+0.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.75%	2.29%	+1.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.75%	2.15%	+1.60%

BRLN vs. AAA - Expense Ratio Comparison

BRLN has a 0.55% expense ratio, which is higher than AAA's 0.25% expense ratio.

Dividends

BRLN vs. AAA - Dividend Comparison

BRLN's dividend yield for the trailing twelve months is around 6.34%, 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%
BRLN BlackRock Floating Rate Loan ETF	6.34%	6.50%	7.87%	9.06%	1.48%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BRLN and AAA in my portfolio?

BRLN and AAA 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, BRLN or AAA?

BRLN has higher volatility (1.20%) compared to AAA (0.77%). In terms of maximum drawdown, BRLN dropped -3.85% vs AAA's -2.63%.

Which ETF is better, BRLN or AAA?

On 3-year performance, BRLN leads with 7.01% vs 6.36% for AAA. On fees, AAA is cheaper at 0.25% per year. On volatility, AAA has been the lower-risk option at 0.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BRLN or AAA?

Over the 3-year period, BRLN has performed better with a 7.01% return vs 6.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BRLN or AAA?

AAA is cheaper with a 0.25% expense ratio, compared with 0.55% for BRLN.

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

BRLN has the higher dividend yield at 6.34%, compared with 4.89% for AAA.

What is the main difference between BRLN and AAA?

BRLN is categorized as Bank Loan, while AAA is CLO. They also come from different issuers: BlackRock and Alternative Access Funds LLC. Their fees differ too: 0.55% for BRLN and 0.25% for AAA.

Which has better risk-adjusted returns?

AAA currently has the higher Sharpe Ratio (2.21 vs 1.68), 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.