CAAA vs. CPLB

Last updated Jun 3, 2026

CAAA (First Trust Commercial Mortgage Opportunities ETF) and CPLB (NYLI MacKay Core Plus Bond ETF) are both Intermediate Core-Plus Bond funds. Both are actively managed. Over the past year, CAAA returned 5.48% vs 5.72% for CPLB. A 0.73 correlation means they provide meaningful diversification when combined. CAAA charges 0.55%/yr vs 0.30%/yr for CPLB.

Performance

CAAA vs. CPLB - Performance Comparison

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

Returns By Period

In the year-to-date period, CAAA achieves a 0.91% return, which is significantly higher than CPLB's 0.81% return.

CAAA

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

CPLB

• 1D: 0.02%
• 1M: 0.19%
• YTD: 0.81%
• 6M: 0.97%
• 1Y: 5.72%
• 3Y*: 5.53%
• 5Y*: —
• 10Y*: —

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

CAAA vs. CPLB - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CAAA First Trust Commercial Mortgage Opportunities ETF	0.91%	8.03%	4.65%
CPLB NYLI MacKay Core Plus Bond ETF	0.81%	7.76%	5.21%

Correlation

The correlation between CAAA and CPLB is 0.70, 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	0.70
Correlation (All Time) Calculated using the full available price history since Feb 29, 2024	0.73

The correlation between CAAA and CPLB has been stable across timeframes, ranging from 0.70 to 0.73 - a consistent structural relationship.

Return for Risk

CAAA vs. CPLB — 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

CPLB

CPLB Risk / Return Rank: 43
CPLB Sharpe Ratio Rank: 43
CPLB Sortino Ratio Rank: 44
CPLB Omega Ratio Rank: 42
CPLB Calmar Ratio Rank: 42
CPLB Martin Ratio Rank: 41

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. CPLB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Commercial Mortgage Opportunities ETF (CAAA) and NYLI MacKay Core Plus Bond ETF (CPLB). 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	CPLB	Difference
Sharpe ratio Return per unit of total volatility	1.81	1.54	+0.27
Sortino ratio Return per unit of downside risk	2.75	2.26	+0.49
Omega ratio Gain probability vs. loss probability	1.33	1.28	+0.06
Calmar ratio Return relative to maximum drawdown	2.66	2.16	+0.50
Martin ratio Return relative to average drawdown	8.29	6.64	+1.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CAAA vs. CPLB - Sharpe Ratio Comparison

The current CAAA Sharpe Ratio is 1.81, which is comparable to the CPLB Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of CAAA and CPLB, 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

	CAAA	CPLB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.81	1.54	+0.27
Sharpe Ratio (All Time) Calculated using the full available price history	1.89	0.17	+1.72

Drawdowns

CAAA vs. CPLB - Drawdown Comparison

The maximum CAAA drawdown since its inception was -2.24%, smaller than the maximum CPLB drawdown of -18.96%. Use the drawdown chart below to compare losses from any high point for CAAA and CPLB.

Drawdown Indicators

	CAAA	CPLB	Difference
Max Drawdown Largest peak-to-trough decline	-2.24%	-18.96%	+16.72%
Max Drawdown (1Y) Largest decline over 1 year	-2.08%	-2.60%	+0.52%
Max Drawdown (3Y) Largest decline over 3 years	—	-5.90%	—
Current Drawdown Current decline from peak	-0.69%	-1.13%	+0.44%
Average Drawdown Average peak-to-trough decline	-0.56%	-7.08%	+6.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.67%	0.85%	-0.18%

Volatility

CAAA vs. CPLB - Volatility Comparison

The current volatility for First Trust Commercial Mortgage Opportunities ETF (CAAA) is 0.99%, while NYLI MacKay Core Plus Bond ETF (CPLB) has a volatility of 1.32%. This indicates that CAAA experiences smaller price fluctuations and is considered to be less risky than CPLB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CAAA	CPLB	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.99%	1.32%	-0.33%
Volatility (6M) Calculated over the trailing 6-month period	2.24%	2.75%	-0.51%
Volatility (1Y) Calculated over the trailing 1-year period	3.04%	3.73%	-0.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.20%	5.04%	-1.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.20%	5.04%	-1.84%

CAAA vs. CPLB - Expense Ratio Comparison

CAAA has a 0.55% expense ratio, which is higher than CPLB's 0.30% expense ratio.

Dividends

CAAA vs. CPLB - Dividend Comparison

CAAA's dividend yield for the trailing twelve months is around 5.28%, less than CPLB's 5.49% yield.

Position	TTM	2025	2024	2023	2022	2021
CAAA First Trust Commercial Mortgage Opportunities ETF	5.28%	6.09%	4.01%	0.00%	0.00%	0.00%
CPLB NYLI MacKay Core Plus Bond ETF	5.49%	5.46%	5.40%	4.82%	3.17%	0.95%

Frequently Asked Questions

Can I hold both CAAA and CPLB in my portfolio?

CAAA and CPLB have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CAAA or CPLB?

CPLB has higher volatility (1.32%) compared to CAAA (0.99%). In terms of maximum drawdown, CAAA dropped -2.24% vs CPLB's -18.96%.

Which ETF is better, CAAA or CPLB?

On 1-year performance, CPLB leads with 5.72% vs 5.48% for CAAA. On fees, CPLB is cheaper at 0.30% per year. On volatility, CAAA has been the lower-risk option at 0.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CAAA or CPLB?

Over the 1-year period, CPLB has performed better with a 5.72% return vs 5.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CAAA or CPLB?

CPLB is cheaper with a 0.30% expense ratio, compared with 0.55% for CAAA.

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

CPLB has the higher dividend yield at 5.49%, compared with 5.28% for CAAA.

What is the main difference between CAAA and CPLB?

They also come from different issuers: First Trust and NYLI. Their fees differ too: 0.55% for CAAA and 0.30% for CPLB.

Which has better risk-adjusted returns?

CAAA currently has the higher Sharpe Ratio (1.81 vs 1.54), 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.