CLOA vs. AAAD

Last updated Jul 15, 2026

CLOA (iShares AAA CLO Active ETF) and AAAD (PGIM AAA CLO Aggregate Duration ETF) are both CLO funds. Both are actively managed. At a 0.08 correlation, their price movements are largely independent. CLOA charges 0.20%/yr vs 0.19%/yr for AAAD.

Performance

CLOA vs. AAAD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares AAA CLO Active ETF (CLOA) and PGIM AAA CLO Aggregate Duration ETF (AAAD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

CLOA

• 1D: 0.03%
• 1M: 0.33%
• 6M: 2.31%
• YTD: 2.49%
• 1Y: 5.10%
• 3Y*: 6.49%
• 5Y*: —
• 10Y*: —

AAAD

• 1D: 0.27%
• 1M: -0.09%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CLOA vs. AAAD - Yearly Performance Comparison

	2026 (YTD)
CLOA iShares AAA CLO Active ETF	0.44%
AAAD PGIM AAA CLO Aggregate Duration ETF	0.10%

Correlation

The correlation between CLOA and AAAD is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 3, 2026	0.08

Return for Risk

CLOA vs. AAAD — Risk / Return Rank

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

CLOA

CLOA Risk / Return Rank: 99
CLOA Sharpe Ratio Rank: 99
CLOA Sortino Ratio Rank: 99
CLOA Omega Ratio Rank: 99
CLOA Calmar Ratio Rank: 99
CLOA Martin Ratio Rank: 99

AAAD

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

CLOA vs. AAAD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares AAA CLO Active ETF (CLOA) and PGIM AAA CLO Aggregate Duration ETF (AAAD). 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.

	CLOA	AAAD	Difference
Sharpe ratio: Return per unit of total volatility	7.64	—	—
Sortino ratio: Return per unit of downside risk	14.42	—	—
Omega ratio: Gain probability vs. loss probability	3.47	—	—
Calmar ratio: Return relative to maximum drawdown	28.99	—	—
Martin ratio: Return relative to average drawdown	152.61	—	—

Drawdowns

CLOA vs. AAAD - Drawdown Comparison

The maximum CLOA drawdown since its inception was -1.34%, which is greater than AAAD's maximum drawdown of -1.13%. Use the drawdown chart below to compare losses from any high point for CLOA and AAAD.

Drawdown Indicators

	CLOA	AAAD	Difference
Max Drawdown Largest peak-to-trough decline	-1.34%	-1.13%	-0.21%
Max Drawdown (1Y) Largest decline over 1 year	-0.18%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-1.13%	—	—
Current Drawdown Current decline from peak	0.00%	-0.86%	+0.86%
Average Drawdown Average peak-to-trough decline	-0.05%	-0.34%	+0.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.03%	—	—

Volatility

Volatility by Period

	CLOA	AAAD	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.13%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.48%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	0.67%	3.76%	-3.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.30%	3.76%	-2.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.30%	3.76%	-2.46%

CLOA vs. AAAD - Expense Ratio Comparison

CLOA has a 0.20% expense ratio, which is higher than AAAD's 0.19% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

CLOA vs. AAAD - Dividend Comparison

CLOA's dividend yield for the trailing twelve months is around 4.90%, more than AAAD's 0.03% yield.

Position	TTM	2025	2024	2023
AAAD PGIM AAA CLO Aggregate Duration ETF	0.03%	0.00%	0.00%	0.00%
CLOA iShares AAA CLO Active ETF	4.90%	5.35%	6.01%	5.88%

Frequently Asked Questions

Can I hold both CLOA and AAAD in my portfolio?

CLOA and AAAD have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CLOA or AAAD?

On fees, AAAD is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CLOA or AAAD?

AAAD is cheaper with a 0.19% expense ratio, compared with 0.20% for CLOA.

Which ETF pays a higher dividend yield, CLOA or AAAD?

CLOA has the higher dividend yield at 4.90%, compared with 0.03% for AAAD.

What is the main difference between CLOA and AAAD?

They also come from different issuers: BlackRock and PGIM. Their fees differ too: 0.20% for CLOA and 0.19% for AAAD.