ENIAX vs. PAAA

Last updated Jun 17, 2026

ENIAX (SEI Institutional Investments Trust Opportunistic Income Fund) and PAAA (PGIM AAA CLO ETF) are both funds - ENIAX is a Ultrashort Bond fund managed by SEI, while PAAA is a CLO fund actively managed by PGIM. Over the past year, ENIAX returned 5.15% vs 5.12% for PAAA. At a 0.08 correlation, their price movements are largely independent. ENIAX charges 0.23%/yr vs 0.19%/yr for PAAA.

Performance

ENIAX vs. PAAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SEI Institutional Investments Trust Opportunistic Income Fund (ENIAX) 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, ENIAX achieves a 1.65% return, which is significantly lower than PAAA's 2.16% return.

ENIAX

• 1D: 0.00%
• 1M: 0.38%
• YTD: 1.65%
• 6M: 1.93%
• 1Y: 5.15%
• 3Y*: 6.59%
• 5Y*: 4.69%
• 10Y*: 4.18%

PAAA

• 1D: 0.00%
• 1M: 0.32%
• YTD: 2.16%
• 6M: 2.40%
• 1Y: 5.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ENIAX vs. PAAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ENIAX SEI Institutional Investments Trust Opportunistic Income Fund	1.65%	6.14%	8.34%	2.46%
PAAA PGIM AAA CLO ETF	2.16%	5.37%	7.47%	3.83%

Correlation

The correlation between ENIAX and PAAA is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (All Time) Calculated using the full available price history since Jul 26, 2023	0.08

Return for Risk

ENIAX vs. PAAA — Risk / Return Rank

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

ENIAX

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

PAAA

PAAA Risk / Return Rank: 99
PAAA Sharpe Ratio Rank: 99
PAAA Sortino Ratio Rank: 99
PAAA Omega Ratio Rank: 99
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.

ENIAX vs. PAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SEI Institutional Investments Trust Opportunistic Income Fund (ENIAX) 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.

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.

	ENIAX	PAAA	Difference
Sharpe ratio: Return per unit of total volatility	5.38	10.90	-5.52
Sortino ratio: Return per unit of downside risk	11.21	21.32	-10.11
Omega ratio: Gain probability vs. loss probability	4.10	6.64	-2.54
Calmar ratio: Return relative to maximum drawdown	13.83	29.55	-15.72
Martin ratio: Return relative to average drawdown	84.16	183.05	-98.89

ENIAX vs. PAAA - Sharpe Ratio Comparison

The current ENIAX Sharpe Ratio is 5.38, which is lower than the PAAA Sharpe Ratio of 10.90. The chart below compares the historical Sharpe Ratios of ENIAX and PAAA, 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

ENIAX vs. PAAA - Drawdown Comparison

The maximum ENIAX drawdown since its inception was -33.30%, which is greater than PAAA's maximum drawdown of -1.04%. Use the drawdown chart below to compare losses from any high point for ENIAX and PAAA.

Drawdown Indicators

	ENIAX	PAAA	Difference
Max Drawdown Largest peak-to-trough decline	-33.30%	-1.04%	-32.26%
Max Drawdown (1Y) Largest decline over 1 year	-0.37%	-0.17%	-0.20%
Max Drawdown (3Y) Largest decline over 3 years	-2.11%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-3.52%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-13.45%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-7.77%	-0.02%	-7.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.06%	0.03%	+0.03%

Volatility

ENIAX vs. PAAA - Volatility Comparison

SEI Institutional Investments Trust Opportunistic Income Fund (ENIAX) has a higher volatility of 0.27% compared to PGIM AAA CLO ETF (PAAA) at 0.11%. This indicates that ENIAX's price experiences larger fluctuations and is considered to be riskier than PAAA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ENIAX	PAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.27%	0.11%	+0.16%
Volatility (6M) Calculated over the trailing 6-month period	0.70%	0.35%	+0.35%
Volatility (1Y) Calculated over the trailing 1-year period	0.96%	0.47%	+0.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.86%	0.97%	+1.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.79%	0.97%	+1.82%

ENIAX vs. PAAA - Expense Ratio Comparison

ENIAX has a 0.23% expense ratio, which is higher than PAAA'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

ENIAX vs. PAAA - Dividend Comparison

ENIAX's dividend yield for the trailing twelve months is around 5.92%, more than PAAA's 4.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ENIAX SEI Institutional Investments Trust Opportunistic Income Fund	5.92%	6.00%	6.78%	5.33%	4.07%	2.66%	2.96%	4.32%	3.96%	3.02%	2.75%	2.54%
PAAA PGIM AAA CLO ETF	4.88%	5.12%	5.88%	2.76%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ENIAX and PAAA in my portfolio?

ENIAX and PAAA have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ENIAX or PAAA?

ENIAX has higher volatility (0.27%) compared to PAAA (0.11%). In terms of maximum drawdown, ENIAX dropped -33.30% vs PAAA's -1.04%.

Which has better risk-adjusted returns?

PAAA currently has the higher Sharpe Ratio (10.90 vs 5.38), 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.