CLOC vs. PAAA

Last updated Jun 4, 2026

CLOC (AAM Crescent CLO ETF) and PAAA (PGIM AAA CLO ETF) are both CLO funds. Both are actively managed. At a 0.18 correlation, their price movements are largely independent. CLOC charges 0.49%/yr vs 0.19%/yr for PAAA.

Performance

CLOC vs. PAAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AAM Crescent CLO ETF (CLOC) and PGIM AAA CLO ETF (PAAA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CLOC achieves a 2.34% return, which is significantly higher than PAAA's 2.03% return.

CLOC

• 1D: 0.00%
• 1M: 0.62%
• YTD: 2.34%
• 6M: 2.78%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PAAA

• 1D: -0.01%
• 1M: 0.40%
• YTD: 2.03%
• 6M: 2.45%
• 1Y: 5.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CLOC vs. PAAA - Yearly Performance Comparison

	2026 (YTD)	2025
CLOC AAM Crescent CLO ETF	2.34%	0.93%
PAAA PGIM AAA CLO ETF	2.03%	1.01%

Correlation

The correlation between CLOC and PAAA is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 24, 2025	0.18

Return for Risk

CLOC vs. PAAA — Risk / Return Rank

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

PAAA

PAAA Risk / Return Rank: 99
PAAA Sharpe Ratio Rank: 99
PAAA Sortino Ratio Rank: 99
PAAA Omega Ratio Rank: 100
PAAA Calmar Ratio Rank: 99
PAAA Martin Ratio Rank: 99

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.

CLOC vs. PAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AAM Crescent CLO ETF (CLOC) and PGIM AAA CLO ETF (PAAA). 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.

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

Sharpe Ratios by Period

	CLOC	PAAA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	10.83	—
Sharpe Ratio (All Time) Calculated using the full available price history	6.09	6.78	-0.69

Drawdowns

CLOC vs. PAAA - Drawdown Comparison

The maximum CLOC drawdown since its inception was -0.54%, smaller than the maximum PAAA drawdown of -1.04%. Use the drawdown chart below to compare losses from any high point for CLOC and PAAA.

Drawdown Indicators

	CLOC	PAAA	Difference
Max Drawdown Largest peak-to-trough decline	-0.54%	-1.04%	+0.50%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.17%	—
Current Drawdown Current decline from peak	0.00%	-0.01%	+0.01%
Average Drawdown Average peak-to-trough decline	-0.07%	-0.02%	-0.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.03%	—

Volatility

Volatility by Period

	CLOC	PAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.11%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.36%	—
Volatility (1Y) Calculated over the trailing 1-year period	0.91%	0.49%	+0.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.91%	0.98%	-0.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.91%	0.98%	-0.07%

CLOC vs. PAAA - Expense Ratio Comparison

CLOC has a 0.49% expense ratio, which is higher than PAAA's 0.19% expense ratio.

Dividends

CLOC vs. PAAA - Dividend Comparison

CLOC's dividend yield for the trailing twelve months is around 3.67%, less than PAAA's 4.88% yield.

Position	TTM	2025	2024	2023
CLOC AAM Crescent CLO ETF	3.67%	1.15%	0.00%	0.00%
PAAA PGIM AAA CLO ETF	4.88%	5.12%	5.88%	2.76%

Frequently Asked Questions

Can I hold both CLOC and PAAA in my portfolio?

CLOC and PAAA have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CLOC or PAAA?

On fees, PAAA 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, CLOC or PAAA?

PAAA is cheaper with a 0.19% expense ratio, compared with 0.49% for CLOC.

Which ETF pays a higher dividend yield, CLOC or PAAA?

PAAA has the higher dividend yield at 4.88%, compared with 3.67% for CLOC.

What is the main difference between CLOC and PAAA?

They also come from different issuers: AAM and PGIM. Their fees differ too: 0.49% for CLOC and 0.19% for PAAA.