EVSB vs. AAA

Last updated Jul 14, 2026

EVSB (Eaton Vance Ultra-Short Income ETF) and AAA (Alternative Access First Priority CLO Bond ETF) are both exchange-traded funds - EVSB is a Ultrashort Bond fund actively managed by Eaton Vance, while AAA is a CLO fund actively managed by Alternative Access Funds LLC. Both are actively managed. Over the past year, EVSB returned 4.57% vs 4.72% for AAA. At a correlation of -0.02, they often move in opposite directions. EVSB charges 0.17%/yr vs 0.25%/yr for AAA.

Performance

EVSB vs. AAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance Ultra-Short Income ETF (EVSB) and Alternative Access First Priority CLO Bond ETF (AAA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with EVSB having a 2.10% return and AAA slightly higher at 2.11%.

EVSB

• 1D: 0.00%
• 1M: 0.31%
• 6M: 1.94%
• YTD: 2.10%
• 1Y: 4.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AAA

• 1D: -0.02%
• 1M: 0.41%
• 6M: 2.09%
• YTD: 2.11%
• 1Y: 4.72%
• 3Y*: 6.22%
• 5Y*: 4.66%
• 10Y*: —

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

EVSB vs. AAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
EVSB Eaton Vance Ultra-Short Income ETF	2.10%	5.12%	6.04%	1.84%
AAA Alternative Access First Priority CLO Bond ETF	2.11%	4.92%	6.85%	2.09%

Correlation

The correlation between EVSB and AAA is -0.10, 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 (1Y) Calculated over the trailing 1-year period	-0.10
Correlation (All Time) Calculated using the full available price history since Oct 19, 2023	-0.02

Return for Risk

EVSB vs. AAA — Risk / Return Rank

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

EVSB

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

AAA

AAA Risk / Return Rank: 90
AAA Sharpe Ratio Rank: 81
AAA Sortino Ratio Rank: 91
AAA Omega Ratio Rank: 84
AAA Calmar Ratio Rank: 97
AAA Martin Ratio Rank: 96

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.

EVSB vs. AAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Ultra-Short Income ETF (EVSB) and Alternative Access First Priority CLO Bond ETF (AAA). 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.

	EVSB	AAA	Difference
Sharpe ratio: Return per unit of total volatility	5.79	2.04	+3.75
Sortino ratio: Return per unit of downside risk	10.12	3.48	+6.64
Omega ratio: Gain probability vs. loss probability	2.60	1.40	+1.20
Calmar ratio: Return relative to maximum drawdown	18.06	7.87	+10.18
Martin ratio: Return relative to average drawdown	102.04	26.77	+75.27

EVSB vs. AAA - Sharpe Ratio Comparison

The current EVSB Sharpe Ratio is 5.79, which is higher than the AAA Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of EVSB and AAA, 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

EVSB vs. AAA - Drawdown Comparison

The maximum EVSB drawdown since its inception was -0.31%, smaller than the maximum AAA drawdown of -2.63%. Use the drawdown chart below to compare losses from any high point for EVSB and AAA.

Drawdown Indicators

	EVSB	AAA	Difference
Max Drawdown Largest peak-to-trough decline	-0.31%	-2.63%	+2.32%
Max Drawdown (1Y) Largest decline over 1 year	-0.25%	-0.60%	+0.35%
Max Drawdown (3Y) Largest decline over 3 years	—	-2.40%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-2.63%	—
Current Drawdown Current decline from peak	0.00%	-0.37%	+0.37%
Average Drawdown Average peak-to-trough decline	-0.02%	-0.31%	+0.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.04%	0.18%	-0.14%

Volatility

EVSB vs. AAA - Volatility Comparison

The current volatility for Eaton Vance Ultra-Short Income ETF (EVSB) is 0.24%, while Alternative Access First Priority CLO Bond ETF (AAA) has a volatility of 0.79%. This indicates that EVSB experiences smaller price fluctuations and is considered to be less risky than AAA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EVSB	AAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.24%	0.79%	-0.55%
Volatility (6M) Calculated over the trailing 6-month period	0.56%	1.74%	-1.18%
Volatility (1Y) Calculated over the trailing 1-year period	0.79%	2.32%	-1.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.82%	2.31%	-1.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.82%	2.15%	-1.33%

EVSB vs. AAA - Expense Ratio Comparison

EVSB has a 0.17% expense ratio, which is lower than AAA's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

EVSB vs. AAA - Dividend Comparison

EVSB's dividend yield for the trailing twelve months is around 4.58%, less than AAA's 4.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
AAA Alternative Access First Priority CLO Bond ETF	4.82%	5.11%	6.17%	6.11%	2.78%	1.06%	0.32%
EVSB Eaton Vance Ultra-Short Income ETF	4.58%	4.63%	5.18%	1.21%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EVSB and AAA in my portfolio?

EVSB and AAA have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EVSB or AAA?

AAA has higher volatility (0.79%) compared to EVSB (0.24%). In terms of maximum drawdown, EVSB dropped -0.31% vs AAA's -2.63%.

Which ETF is better, EVSB or AAA?

On 1-year performance, AAA leads with 4.72% vs 4.57% for EVSB. On fees, EVSB is cheaper at 0.17% per year. On volatility, EVSB has been the lower-risk option at 0.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EVSB or AAA?

Over the 1-year period, AAA has performed better with a 4.72% return vs 4.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EVSB or AAA?

EVSB is cheaper with a 0.17% expense ratio, compared with 0.25% for AAA.

Which ETF pays a higher dividend yield, EVSB or AAA?

AAA has the higher dividend yield at 4.82%, compared with 4.58% for EVSB.

What is the main difference between EVSB and AAA?

EVSB is categorized as Ultrashort Bond, while AAA is CLO. They also come from different issuers: Eaton Vance and Alternative Access Funds LLC. Their fees differ too: 0.17% for EVSB and 0.25% for AAA.

Which has better risk-adjusted returns?

EVSB currently has the higher Sharpe Ratio (5.79 vs 2.04), 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.