CAAA vs. BCPL

Last updated Jun 3, 2026

CAAA (First Trust Commercial Mortgage Opportunities ETF) and BCPL (BNY Mellon Core Plus ETF) are both Intermediate Core-Plus Bond funds. Both are actively managed. A 0.71 correlation means they provide meaningful diversification when combined. CAAA charges 0.55%/yr vs 0.40%/yr for BCPL.

Performance

CAAA vs. BCPL - Performance Comparison

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

Returns By Period

CAAA

• 1D: 0.31%
• 1M: 0.10%
• YTD: 0.91%
• 6M: 1.20%
• 1Y: 5.48%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BCPL

• 1D: 0.04%
• 1M: 0.22%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CAAA vs. BCPL - Yearly Performance Comparison

	2026 (YTD)
CAAA First Trust Commercial Mortgage Opportunities ETF	0.37%
BCPL BNY Mellon Core Plus ETF	0.63%

Correlation

The correlation between CAAA and BCPL is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 13, 2026	0.71

Return for Risk

CAAA vs. BCPL — Risk / Return Rank

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

CAAA

CAAA Risk / Return Rank: 53
CAAA Sharpe Ratio Rank: 52
CAAA Sortino Ratio Rank: 57
CAAA Omega Ratio Rank: 53
CAAA Calmar Ratio Rank: 53
CAAA Martin Ratio Rank: 49

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.

CAAA vs. BCPL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Commercial Mortgage Opportunities ETF (CAAA) and BNY Mellon Core Plus ETF (BCPL). 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.

	CAAA	BCPL	Difference
Sharpe ratio Return per unit of total volatility	1.81	—	—
Sortino ratio Return per unit of downside risk	2.75	—	—
Omega ratio Gain probability vs. loss probability	1.33	—	—
Calmar ratio Return relative to maximum drawdown	2.66	—	—
Martin ratio Return relative to average drawdown	8.29	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	CAAA	BCPL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.81	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.89	0.41	+1.48

Drawdowns

CAAA vs. BCPL - Drawdown Comparison

The maximum CAAA drawdown since its inception was -2.24%, smaller than the maximum BCPL drawdown of -2.95%. Use the drawdown chart below to compare losses from any high point for CAAA and BCPL.

Drawdown Indicators

	CAAA	BCPL	Difference
Max Drawdown Largest peak-to-trough decline	-2.24%	-2.95%	+0.71%
Max Drawdown (1Y) Largest decline over 1 year	-2.08%	—	—
Current Drawdown Current decline from peak	-0.69%	-1.04%	+0.35%
Average Drawdown Average peak-to-trough decline	-0.56%	-1.05%	+0.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.67%	—	—

Volatility

Volatility by Period

	CAAA	BCPL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.99%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.24%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	3.04%	4.06%	-1.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.20%	4.06%	-0.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.20%	4.06%	-0.86%

CAAA vs. BCPL - Expense Ratio Comparison

CAAA has a 0.55% expense ratio, which is higher than BCPL's 0.40% expense ratio.

Dividends

CAAA vs. BCPL - Dividend Comparison

CAAA's dividend yield for the trailing twelve months is around 5.28%, more than BCPL's 1.56% yield.

Position	TTM	2025	2024
BCPL BNY Mellon Core Plus ETF	1.56%	0.00%	0.00%
CAAA First Trust Commercial Mortgage Opportunities ETF	5.28%	6.09%	4.01%

Frequently Asked Questions

Can I hold both CAAA and BCPL in my portfolio?

CAAA and BCPL have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CAAA or BCPL?

On fees, BCPL is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CAAA or BCPL?

BCPL is cheaper with a 0.40% expense ratio, compared with 0.55% for CAAA.

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

CAAA has the higher dividend yield at 5.28%, compared with 1.56% for BCPL.

What is the main difference between CAAA and BCPL?

They also come from different issuers: First Trust and BNY Mellon. Their fees differ too: 0.55% for CAAA and 0.40% for BCPL.