CLOA vs. PMMF

Last updated Jun 4, 2026

CLOA (BlackRock AAA CLO ETF) and PMMF (iShares Prime Money Market ETF) are both exchange-traded funds - CLOA is a CLO fund actively managed by BlackRock, while PMMF is a Money Market fund actively managed by BlackRock. Both are actively managed. Over the past year, CLOA returned 5.28% vs 4.00% for PMMF. At a 0.18 correlation, their price movements are largely independent. Both charge a 0.20% expense ratio.

Performance

CLOA vs. PMMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock AAA CLO ETF (CLOA) and iShares Prime Money Market ETF (PMMF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CLOA achieves a 2.06% return, which is significantly higher than PMMF's 1.52% return.

CLOA

• 1D: 0.02%
• 1M: 0.44%
• YTD: 2.06%
• 6M: 2.51%
• 1Y: 5.28%
• 3Y*: 6.74%
• 5Y*: —
• 10Y*: —

PMMF

• 1D: 0.01%
• 1M: 0.30%
• YTD: 1.52%
• 6M: 1.82%
• 1Y: 4.00%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CLOA vs. PMMF - Yearly Performance Comparison

	2026 (YTD)	2025
CLOA BlackRock AAA CLO ETF	2.06%	4.78%
PMMF iShares Prime Money Market ETF	1.52%	3.85%

Correlation

The correlation between CLOA and PMMF is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (All Time) Calculated using the full available price history since Feb 7, 2025	0.18

Return for Risk

CLOA vs. PMMF — 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

PMMF

PMMF Risk / Return Rank: 100
PMMF Sharpe Ratio Rank: 100
PMMF Sortino Ratio Rank: 100
PMMF Omega Ratio Rank: 100
PMMF Calmar Ratio Rank: 100
PMMF Martin Ratio Rank: 100

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. PMMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock AAA CLO ETF (CLOA) and iShares Prime Money Market ETF (PMMF). 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.

	CLOA	PMMF	Difference
Sharpe ratio: Return per unit of total volatility	7.45	19.72	-12.27
Sortino ratio: Return per unit of downside risk	13.98	95.22	-81.24
Omega ratio: Gain probability vs. loss probability	3.34	38.37	-35.03
Calmar ratio: Return relative to maximum drawdown	30.02	161.17	-131.16
Martin ratio: Return relative to average drawdown	150.47	1,488.23	-1,337.76
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CLOA vs. PMMF - Sharpe Ratio Comparison

The current CLOA Sharpe Ratio is 7.45, which is lower than the PMMF Sharpe Ratio of 19.72. The chart below compares the historical Sharpe Ratios of CLOA and PMMF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CLOA	PMMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	7.45	19.72	-12.27
Sharpe Ratio (All Time) Calculated using the full available price history	5.22	11.97	-6.75

Drawdowns

CLOA vs. PMMF - Drawdown Comparison

The maximum CLOA drawdown since its inception was -1.34%, which is greater than PMMF's maximum drawdown of -0.13%. Use the drawdown chart below to compare losses from any high point for CLOA and PMMF.

Drawdown Indicators

	CLOA	PMMF	Difference
Max Drawdown Largest peak-to-trough decline	-1.34%	-0.13%	-1.21%
Max Drawdown (1Y) Largest decline over 1 year	-0.18%	-0.02%	-0.16%
Max Drawdown (3Y) Largest decline over 3 years	-1.13%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.05%	-0.00%	-0.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.04%	0.00%	+0.04%

Volatility

CLOA vs. PMMF - Volatility Comparison

BlackRock AAA CLO ETF (CLOA) has a higher volatility of 0.15% compared to iShares Prime Money Market ETF (PMMF) at 0.05%. This indicates that CLOA's price experiences larger fluctuations and is considered to be riskier than PMMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CLOA	PMMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.15%	0.05%	+0.10%
Volatility (6M) Calculated over the trailing 6-month period	0.48%	0.12%	+0.36%
Volatility (1Y) Calculated over the trailing 1-year period	0.71%	0.20%	+0.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.32%	0.34%	+0.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.32%	0.34%	+0.98%

CLOA vs. PMMF - Expense Ratio Comparison

Both CLOA and PMMF have an expense ratio of 0.20%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

CLOA vs. PMMF - Dividend Comparison

CLOA's dividend yield for the trailing twelve months is around 4.96%, more than PMMF's 3.83% yield.

Position	TTM	2025	2024	2023
CLOA BlackRock AAA CLO ETF	4.96%	5.35%	6.01%	5.88%
PMMF iShares Prime Money Market ETF	3.83%	3.59%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CLOA and PMMF in my portfolio?

CLOA and PMMF have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CLOA or PMMF?

CLOA has higher volatility (0.15%) compared to PMMF (0.05%). In terms of maximum drawdown, CLOA dropped -1.34% vs PMMF's -0.13%.

Which ETF is better, CLOA or PMMF?

On 1-year performance, CLOA leads with 5.28% vs 4.00% for PMMF. Both ETFs have the same 0.20% expense ratio. On volatility, PMMF has been the lower-risk option at 0.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CLOA or PMMF?

Over the 1-year period, CLOA has performed better with a 5.28% return vs 4.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CLOA or PMMF?

CLOA and PMMF have the same expense ratio: 0.20% per year.

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

CLOA has the higher dividend yield at 4.96%, compared with 3.83% for PMMF.

What is the main difference between CLOA and PMMF?

CLOA is categorized as CLO, while PMMF is Money Market.

Which has better risk-adjusted returns?

PMMF currently has the higher Sharpe Ratio (19.72 vs 7.45), 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.