CAAA vs. SJCP

Last updated Aug 4, 2026

CAAA (First Trust Commercial Mortgage Opportunities ETF) and SJCP (SanJac Alpha Core Plus Bond ETF) are both Intermediate Core-Plus Bond funds. Both are actively managed. Over the past year, CAAA returned 3.76% vs 3.84% for SJCP. Their 0.33 correlation means their historical movements had little consistent relationship. CAAA charges 0.55%/yr vs 0.65%/yr for SJCP.

Performance

CAAA vs. SJCP - Performance Comparison

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

Returns By Period

In the year-to-date period, CAAA achieves a 0.86% return, which is significantly lower than SJCP's 1.18% return.

CAAA

• 1D: 0.12%
• 1M: -0.37%
• 6M: 0.61%
• YTD: 0.86%
• 1Y: 3.76%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.55%

SJCP

• 1D: 0.06%
• 1M: 0.26%
• 6M: 0.80%
• YTD: 1.18%
• 1Y: 3.84%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.82%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CAAA First Trust Commercial Mortgage Opportunities ETF	$95.62K	$87.19K	$147.71K
SJCP SanJac Alpha Core Plus Bond ETF	$38.04K	$25.74K	$93.53K

CAAA vs. SJCP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CAAA First Trust Commercial Mortgage Opportunities ETF	0.86%	8.03%	-0.75%
SJCP SanJac Alpha Core Plus Bond ETF	1.18%	6.27%	-0.16%

Correlation

The correlation between CAAA and SJCP is 0.30, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.30
Correlation (All Time) Calculated using the full available price history since Sep 10, 2024	0.33

Return for Risk

CAAA vs. SJCP — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CAAA

CAAA Risk / Return Rank: 47
CAAA Sharpe Ratio Rank: 47
CAAA Sortino Ratio Rank: 48
CAAA Omega Ratio Rank: 45
CAAA Calmar Ratio Rank: 48
CAAA Martin Ratio Rank: 45

SJCP

SJCP Risk / Return Rank: 60
SJCP Sharpe Ratio Rank: 60
SJCP Sortino Ratio Rank: 61
SJCP Omega Ratio Rank: 71
SJCP Calmar Ratio Rank: 49
SJCP Martin Ratio Rank: 58

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CAAA vs. SJCP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Commercial Mortgage Opportunities ETF (CAAA) and SanJac Alpha Core Plus Bond ETF (SJCP). 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.

	CAAA	SJCP	Difference
Sharpe ratio: Return per unit of total volatility	1.24	1.56	-0.32
Sortino ratio: Return per unit of downside risk	1.84	2.24	-0.41
Omega ratio: Gain probability vs. loss probability	1.22	1.33	-0.11
Calmar ratio: Return relative to maximum drawdown	1.82	1.92	-0.10
Martin ratio: Return relative to average drawdown	5.24	7.50	-2.27

CAAA vs. SJCP - Sharpe Ratio Comparison

The current CAAA Sharpe Ratio is 1.24, which is comparable to the SJCP Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of CAAA and SJCP, 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

CAAA vs. SJCP - Drawdown Comparison

The maximum CAAA drawdown since its inception was -2.24%, which is greater than SJCP's maximum drawdown of -2.01%. Use the drawdown chart below to compare losses from any high point for CAAA and SJCP.

Drawdown Indicators

	CAAA	SJCP	Difference
Max Drawdown Largest peak-to-trough decline	-2.24%	-2.01%	-0.23%
Max Drawdown (1Y) Largest decline over 1 year	-2.08%	-2.01%	-0.07%
Current Drawdown Current decline from peak	-0.74%	-0.14%	-0.60%
Average Drawdown Average peak-to-trough decline	-0.57%	-0.27%	-0.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.72%	0.51%	+0.21%

Volatility

CAAA vs. SJCP - Volatility Comparison

First Trust Commercial Mortgage Opportunities ETF (CAAA) has a higher volatility of 0.76% compared to SanJac Alpha Core Plus Bond ETF (SJCP) at 0.54%. This indicates that CAAA's price experiences larger fluctuations and is considered to be riskier than SJCP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CAAA	SJCP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.76%	0.54%	+0.22%
Volatility (6M) Calculated over the trailing 6-month period	2.32%	1.95%	+0.37%
Volatility (1Y) Calculated over the trailing 1-year period	3.07%	2.47%	+0.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.19%	2.40%	+0.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.19%	2.40%	+0.79%

CAAA vs. SJCP - Expense Ratio Comparison

CAAA has a 0.55% expense ratio, which is lower than SJCP's 0.65% expense ratio.

Dividends

CAAA vs. SJCP - Dividend Comparison

CAAA's dividend yield for the trailing twelve months is around 5.02%, more than SJCP's 3.79% yield.

Position	TTM	2025	2024
CAAA First Trust Commercial Mortgage Opportunities ETF	5.02%	6.09%	4.01%
SJCP SanJac Alpha Core Plus Bond ETF	3.79%	4.05%	1.40%

Frequently Asked Questions

Can I hold both CAAA and SJCP in my portfolio?

CAAA and SJCP have a correlation of 0.30, 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 SJCP?

CAAA has higher volatility (0.76%) compared to SJCP (0.54%). In terms of maximum drawdown, CAAA dropped -2.24% vs SJCP's -2.01%.

Which ETF is better, CAAA or SJCP?

On 1-year performance, SJCP leads with 3.84% vs 3.76% for CAAA. On fees, CAAA is cheaper at 0.55% per year. On volatility, SJCP has been the lower-risk option at 0.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CAAA or SJCP?

Over the 1-year period, SJCP has performed better with a 3.84% return vs 3.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CAAA or SJCP?

CAAA is cheaper with a 0.55% expense ratio, compared with 0.65% for SJCP.

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

CAAA has the higher dividend yield at 5.02%, compared with 3.79% for SJCP.

What is the main difference between CAAA and SJCP?

They also come from different issuers: First Trust and SanJac Alpha. Their fees differ too: 0.55% for CAAA and 0.65% for SJCP.

Which has better risk-adjusted returns?

SJCP currently has the higher Sharpe Ratio (1.56 vs 1.24), 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.