CAAA vs. TOTL

Last updated Jun 24, 2026

CAAA (First Trust Commercial Mortgage Opportunities ETF) and TOTL (State Street DoubleLine Total Return Tactical ETF) are both Intermediate Core-Plus Bond funds. Both are actively managed. Over the past year, CAAA returned 4.50% vs 3.57% for TOTL. A 0.73 correlation means they provide meaningful diversification when combined. Both charge a 0.55% expense ratio.

Performance

CAAA vs. TOTL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Commercial Mortgage Opportunities ETF (CAAA) and State Street DoubleLine Total Return Tactical ETF (TOTL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CAAA achieves a 0.74% return, which is significantly higher than TOTL's -0.54% return.

CAAA

• 1D: -0.22%
• 1M: 0.55%
• YTD: 0.74%
• 6M: 0.86%
• 1Y: 4.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TOTL

• 1D: -0.15%
• 1M: 0.18%
• YTD: -0.54%
• 6M: -0.42%
• 1Y: 3.57%
• 3Y*: 4.13%
• 5Y*: 0.58%
• 10Y*: 1.57%

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

CAAA vs. TOTL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CAAA First Trust Commercial Mortgage Opportunities ETF	0.74%	8.03%	4.65%
TOTL State Street DoubleLine Total Return Tactical ETF	-0.54%	7.68%	4.59%

Correlation

The correlation between CAAA and TOTL 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 28, 2024	0.73

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

Return for Risk

CAAA vs. TOTL — Risk / Return Rank

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

CAAA

CAAA Risk / Return Rank: 45
CAAA Sharpe Ratio Rank: 45
CAAA Sortino Ratio Rank: 47
CAAA Omega Ratio Rank: 44
CAAA Calmar Ratio Rank: 47
CAAA Martin Ratio Rank: 42

TOTL

TOTL Risk / Return Rank: 28
TOTL Sharpe Ratio Rank: 30
TOTL Sortino Ratio Rank: 29
TOTL Omega Ratio Rank: 29
TOTL Calmar Ratio Rank: 25
TOTL Martin Ratio Rank: 26

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. TOTL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Commercial Mortgage Opportunities ETF (CAAA) and State Street DoubleLine Total Return Tactical ETF (TOTL). 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	TOTL	Difference
Sharpe ratio: Return per unit of total volatility	1.47	1.04	+0.42
Sortino ratio: Return per unit of downside risk	2.20	1.53	+0.67
Omega ratio: Gain probability vs. loss probability	1.27	1.19	+0.08
Calmar ratio: Return relative to maximum drawdown	2.17	1.18	+0.99
Martin ratio: Return relative to average drawdown	6.45	3.30	+3.16

CAAA vs. TOTL - Sharpe Ratio Comparison

The current CAAA Sharpe Ratio is 1.47, which is higher than the TOTL Sharpe Ratio of 1.04. The chart below compares the historical Sharpe Ratios of CAAA and TOTL, 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. TOTL - Drawdown Comparison

The maximum CAAA drawdown since its inception was -2.24%, smaller than the maximum TOTL drawdown of -16.48%. Use the drawdown chart below to compare losses from any high point for CAAA and TOTL.

Drawdown Indicators

	CAAA	TOTL	Difference
Max Drawdown Largest peak-to-trough decline	-2.24%	-16.48%	+14.24%
Max Drawdown (1Y) Largest decline over 1 year	-2.08%	-3.04%	+0.96%
Max Drawdown (3Y) Largest decline over 3 years	—	-6.60%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-16.48%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-16.48%	—
Current Drawdown Current decline from peak	-0.87%	-2.16%	+1.29%
Average Drawdown Average peak-to-trough decline	-0.56%	-3.12%	+2.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.70%	1.09%	-0.39%

Volatility

CAAA vs. TOTL - Volatility Comparison

The current volatility for First Trust Commercial Mortgage Opportunities ETF (CAAA) is 1.01%, while State Street DoubleLine Total Return Tactical ETF (TOTL) has a volatility of 1.12%. This indicates that CAAA experiences smaller price fluctuations and is considered to be less risky than TOTL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CAAA	TOTL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.01%	1.12%	-0.11%
Volatility (6M) Calculated over the trailing 6-month period	2.25%	2.57%	-0.32%
Volatility (1Y) Calculated over the trailing 1-year period	3.10%	3.45%	-0.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.21%	5.60%	-2.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.21%	4.79%	-1.58%

CAAA vs. TOTL - Expense Ratio Comparison

Both CAAA and TOTL have an expense ratio of 0.55%.

Dividends

CAAA vs. TOTL - Dividend Comparison

CAAA's dividend yield for the trailing twelve months is around 5.29%, which matches TOTL's 5.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CAAA First Trust Commercial Mortgage Opportunities ETF	5.29%	6.09%	4.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TOTL State Street DoubleLine Total Return Tactical ETF	5.30%	5.23%	5.35%	4.85%	4.68%	3.07%	2.91%	3.31%	3.41%	3.00%	3.25%	2.67%

Frequently Asked Questions

Can I hold both CAAA and TOTL in my portfolio?

CAAA and TOTL 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 TOTL?

TOTL has higher volatility (1.12%) compared to CAAA (1.01%). In terms of maximum drawdown, CAAA dropped -2.24% vs TOTL's -16.48%.

Which ETF is better, CAAA or TOTL?

On 1-year performance, CAAA leads with 4.50% vs 3.57% for TOTL. Both ETFs have the same 0.55% expense ratio. On volatility, CAAA has been the lower-risk option at 1.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CAAA or TOTL?

Over the 1-year period, CAAA has performed better with a 4.50% return vs 3.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CAAA or TOTL?

CAAA and TOTL have the same expense ratio: 0.55% per year.

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

CAAA and TOTL have nearly identical dividend yields, around 5.29%.

What is the main difference between CAAA and TOTL?

They also come from different issuers: First Trust and State Street.

Which has better risk-adjusted returns?

CAAA currently has the higher Sharpe Ratio (1.47 vs 1.04), 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.