CAAA vs. VPLS

Last updated Jun 23, 2026

CAAA (First Trust Commercial Mortgage Opportunities ETF) and VPLS (Vanguard Core-Plus Bond ETF) are both Intermediate Core-Plus Bond funds. Both are actively managed. Over the past year, CAAA returned 5.03% vs 5.30% for VPLS. A 0.76 correlation means they provide meaningful diversification when combined. CAAA charges 0.55%/yr vs 0.20%/yr for VPLS.

Performance

CAAA vs. VPLS - Performance Comparison

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

Returns By Period

In the year-to-date period, CAAA achieves a 0.96% return, which is significantly higher than VPLS's 0.80% return.

CAAA

• 1D: 0.05%
• 1M: 0.77%
• YTD: 0.96%
• 6M: 1.08%
• 1Y: 5.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —

VPLS

• 1D: -0.20%
• 1M: 0.62%
• YTD: 0.80%
• 6M: 0.89%
• 1Y: 5.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CAAA vs. VPLS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CAAA First Trust Commercial Mortgage Opportunities ETF	0.96%	8.03%	4.65%
VPLS Vanguard Core-Plus Bond ETF	0.80%	7.86%	4.20%

Correlation

The correlation between CAAA and VPLS 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 (1Y) Calculated over the trailing 1-year period	0.71
Correlation (All Time) Calculated using the full available price history since Feb 28, 2024	0.76

The correlation between CAAA and VPLS has been stable across timeframes, ranging from 0.71 to 0.76 - a consistent structural relationship.

Return for Risk

CAAA vs. VPLS — Risk / Return Rank

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

CAAA

CAAA Risk / Return Rank: 49
CAAA Sharpe Ratio Rank: 49
CAAA Sortino Ratio Rank: 52
CAAA Omega Ratio Rank: 48
CAAA Calmar Ratio Rank: 50
CAAA Martin Ratio Rank: 45

VPLS

VPLS Risk / Return Rank: 42
VPLS Sharpe Ratio Rank: 43
VPLS Sortino Ratio Rank: 45
VPLS Omega Ratio Rank: 41
VPLS Calmar Ratio Rank: 40
VPLS Martin Ratio Rank: 39

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. VPLS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Commercial Mortgage Opportunities ETF (CAAA) and Vanguard Core-Plus Bond ETF (VPLS). 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	VPLS	Difference
Sharpe ratio: Return per unit of total volatility	1.64	1.48	+0.16
Sortino ratio: Return per unit of downside risk	2.46	2.19	+0.27
Omega ratio: Gain probability vs. loss probability	1.30	1.26	+0.04
Calmar ratio: Return relative to maximum drawdown	2.43	1.96	+0.47
Martin ratio: Return relative to average drawdown	7.23	6.12	+1.11

CAAA vs. VPLS - Sharpe Ratio Comparison

The current CAAA Sharpe Ratio is 1.64, which is comparable to the VPLS Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of CAAA and VPLS, 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. VPLS - Drawdown Comparison

The maximum CAAA drawdown since its inception was -2.24%, smaller than the maximum VPLS drawdown of -4.17%. Use the drawdown chart below to compare losses from any high point for CAAA and VPLS.

Drawdown Indicators

	CAAA	VPLS	Difference
Max Drawdown Largest peak-to-trough decline	-2.24%	-4.17%	+1.93%
Max Drawdown (1Y) Largest decline over 1 year	-2.08%	-2.72%	+0.64%
Current Drawdown Current decline from peak	-0.65%	-1.06%	+0.41%
Average Drawdown Average peak-to-trough decline	-0.56%	-1.01%	+0.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.70%	0.87%	-0.17%

Volatility

CAAA vs. VPLS - Volatility Comparison

First Trust Commercial Mortgage Opportunities ETF (CAAA) and Vanguard Core-Plus Bond ETF (VPLS) have volatilities of 0.98% and 0.96%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CAAA	VPLS	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.98%	0.96%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	2.24%	2.76%	-0.52%
Volatility (1Y) Calculated over the trailing 1-year period	3.09%	3.61%	-0.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.21%	4.59%	-1.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.21%	4.59%	-1.38%

CAAA vs. VPLS - Expense Ratio Comparison

CAAA has a 0.55% expense ratio, which is higher than VPLS's 0.20% expense ratio.

Dividends

CAAA vs. VPLS - Dividend Comparison

CAAA's dividend yield for the trailing twelve months is around 5.28%, more than VPLS's 4.75% yield.

Position	TTM	2025	2024	2023
CAAA First Trust Commercial Mortgage Opportunities ETF	5.28%	6.09%	4.01%	0.00%
VPLS Vanguard Core-Plus Bond ETF	4.75%	4.78%	4.52%	0.18%

Frequently Asked Questions

Can I hold both CAAA and VPLS in my portfolio?

CAAA and VPLS 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 is riskier, CAAA or VPLS?

CAAA has higher volatility (0.98%) compared to VPLS (0.96%). In terms of maximum drawdown, CAAA dropped -2.24% vs VPLS's -4.17%.

Which ETF is better, CAAA or VPLS?

On 1-year performance, VPLS leads with 5.30% vs 5.03% for CAAA. On fees, VPLS is cheaper at 0.20% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CAAA or VPLS?

Over the 1-year period, VPLS has performed better with a 5.30% return vs 5.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CAAA or VPLS?

VPLS is cheaper with a 0.20% expense ratio, compared with 0.55% for CAAA.

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

CAAA has the higher dividend yield at 5.28%, compared with 4.75% for VPLS.

What is the main difference between CAAA and VPLS?

They also come from different issuers: First Trust and Vanguard. Their fees differ too: 0.55% for CAAA and 0.20% for VPLS.

Which has better risk-adjusted returns?

CAAA currently has the higher Sharpe Ratio (1.64 vs 1.48), 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.