CLOA vs. AAA
Compare and contrast key facts about BlackRock AAA CLO ETF (CLOA) and AAF First Priority CLO Bond ETF (AAA).
CLOA and AAA are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CLOA is an actively managed fund by Blackrock. It was launched on Jan 10, 2023. AAA is an actively managed fund by Alternative Access Funds LLC. It was launched on Sep 9, 2020.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: CLOA or AAA.
Key characteristics
| CLOA | AAA | |
|---|---|---|
| YTD Return | 6.19% | 5.69% |
| 1Y Return | 7.81% | 7.28% |
| Sharpe Ratio | 9.65 | 3.75 |
| Sortino Ratio | 17.25 | 6.13 |
| Omega Ratio | 5.11 | 1.84 |
| Calmar Ratio | 27.43 | 15.70 |
| Martin Ratio | 237.97 | 70.31 |
| Ulcer Index | 0.03% | 0.10% |
| Daily Std Dev | 0.82% | 1.97% |
| Max Drawdown | -1.34% | -2.63% |
| Current Drawdown | 0.00% | -0.12% |
Correlation
The correlation between CLOA and AAA is 0.19, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Performance
CLOA vs. AAA - Performance Comparison
In the year-to-date period, CLOA achieves a 6.19% return, which is significantly higher than AAA's 5.69% return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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CLOA vs. AAA - Expense Ratio Comparison
CLOA has a 0.20% expense ratio, which is lower than AAA's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Risk-Adjusted Performance
CLOA vs. AAA - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for BlackRock AAA CLO ETF (CLOA) and AAF First Priority CLO Bond ETF (AAA). 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.
Dividends
CLOA vs. AAA - Dividend Comparison
CLOA's dividend yield for the trailing twelve months is around 6.14%, less than AAA's 6.32% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|
CLOA BlackRock AAA CLO ETF | 6.14% | 5.88% | 0.00% | 0.00% | 0.00% |
AAA AAF First Priority CLO Bond ETF | 6.32% | 6.12% | 2.78% | 1.06% | 0.32% |
Drawdowns
CLOA vs. AAA - Drawdown Comparison
The maximum CLOA drawdown since its inception was -1.34%, smaller than the maximum AAA drawdown of -2.63%. Use the drawdown chart below to compare losses from any high point for CLOA and AAA. For additional features, visit the drawdowns tool.
Volatility
CLOA vs. AAA - Volatility Comparison
The current volatility for BlackRock AAA CLO ETF (CLOA) is 0.21%, while AAF First Priority CLO Bond ETF (AAA) has a volatility of 0.40%. This indicates that CLOA experiences smaller price fluctuations and is considered to be less risky than AAA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.