ESGB vs. CAAA

Last updated Aug 1, 2026

ESGB (IQ MacKay ESG Core Plus Bond ETF) and CAAA (First Trust Commercial Mortgage Opportunities ETF) are both Intermediate Core-Plus Bond funds. Both are actively managed. Their 0.27 correlation means their historical movements had little consistent relationship. ESGB charges 0.39%/yr vs 0.55%/yr for CAAA.

Performance

ESGB vs. CAAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in IQ MacKay ESG Core Plus Bond ETF (ESGB) and First Trust Commercial Mortgage Opportunities ETF (CAAA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

ESGB

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

CAAA

• 1D: -0.15%
• 1M: -0.49%
• 6M: 0.49%
• YTD: 0.73%
• 1Y: 3.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.52%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CAAA First Trust Commercial Mortgage Opportunities ETF	$96.11K	$88.92K	$151.98K

ESGB vs. CAAA - Yearly Performance Comparison

	2026 (YTD)
ESGB IQ MacKay ESG Core Plus Bond ETF	-0.18%
CAAA First Trust Commercial Mortgage Opportunities ETF	0.17%

Correlation

The correlation between ESGB and CAAA is 0.27, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 4, 2026	0.27

Return for Risk

ESGB vs. CAAA — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ESGB

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

CAAA

CAAA Risk / Return Rank: 54
CAAA Sharpe Ratio Rank: 55
CAAA Sortino Ratio Rank: 57
CAAA Omega Ratio Rank: 52
CAAA Calmar Ratio Rank: 55
CAAA Martin Ratio Rank: 49

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ESGB vs. CAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for IQ MacKay ESG Core Plus Bond ETF (ESGB) and First Trust Commercial Mortgage Opportunities ETF (CAAA). 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.

	ESGB	CAAA	Difference
Sharpe ratio: Return per unit of total volatility	—	1.32	—
Sortino ratio: Return per unit of downside risk	—	1.97	—
Omega ratio: Gain probability vs. loss probability	—	1.24	—
Calmar ratio: Return relative to maximum drawdown	—	1.95	—
Martin ratio: Return relative to average drawdown	—	5.64	—

Drawdowns

Drawdown Indicators

	ESGB	CAAA	Difference
Max Drawdown Largest peak-to-trough decline	—	-2.24%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-2.08%	—
Current Drawdown Current decline from peak	—	-0.87%	—
Average Drawdown Average peak-to-trough decline	—	-0.57%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.72%	—

Volatility

Volatility by Period

	ESGB	CAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.75%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.32%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	3.08%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	3.19%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	3.19%	—

ESGB vs. CAAA - Expense Ratio Comparison

ESGB has a 0.39% expense ratio, which is lower than CAAA's 0.55% expense ratio.

Dividends

ESGB vs. CAAA - Dividend Comparison

ESGB has not paid dividends to shareholders, while CAAA's dividend yield for the trailing twelve months is around 5.03%.

Position	TTM	2025	2024
CAAA First Trust Commercial Mortgage Opportunities ETF	5.03%	6.09%	4.01%
ESGB IQ MacKay ESG Core Plus Bond ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ESGB and CAAA in my portfolio?

ESGB and CAAA have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ESGB or CAAA?

On fees, ESGB is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ESGB or CAAA?

ESGB is cheaper with a 0.39% expense ratio, compared with 0.55% for CAAA.

Which ETF pays a higher dividend yield, ESGB or CAAA?

CAAA has the higher dividend yield at 5.03%, compared with 0.00% for ESGB.

What is the main difference between ESGB and CAAA?

They also come from different issuers: IndexIQ and First Trust. Their fees differ too: 0.39% for ESGB and 0.55% for CAAA.