FAAA vs. AAA

Last updated Apr 1, 2026

Compare and contrast key facts about Fidelity AAA CLO ETF (FAAA) and AAF First Priority CLO Bond ETF (AAA).

FAAA and AAA are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FAAA is an actively managed fund by Fidelity. It was launched on Feb 10, 2026. AAA is an actively managed fund by Alternative Access Funds LLC. It was launched on Sep 9, 2020.

Performance

FAAA vs. AAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity AAA CLO ETF (FAAA) and AAF First Priority CLO Bond ETF (AAA). The values are adjusted to include any dividend payments, if applicable.

FAAA vs. AAA - Yearly Performance Comparison

	2026 (YTD)
FAAA Fidelity AAA CLO ETF	0.31%
AAA AAF First Priority CLO Bond ETF	0.59%

Returns By Period

FAAA

• 1D: 0.04%
• 1M: 0.06%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

AAA

• 1D: 0.37%
• 1M: -0.03%
• YTD: 0.88%
• 6M: 2.11%
• 1Y: 5.36%
• 3Y*: 6.56%
• 5Y*: 4.44%
• 10Y*: —

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

FAAA vs. AAA - Expense Ratio Comparison

FAAA has a 0.20% 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%.

AAA

AAF First Priority CLO Bond ETF

FAAA

Fidelity AAA CLO ETF

Return for Risk

FAAA vs. AAA — Risk / Return Rank

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

AAA

AAA Risk / Return Rank: 88
AAA Sharpe Ratio Rank: 83
AAA Sortino Ratio Rank: 87
AAA Omega Ratio Rank: 92
AAA Calmar Ratio Rank: 84
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.

FAAA vs. AAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity AAA CLO ETF (FAAA) and AAF 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.

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

Sharpe Ratios by Period

	FAAA	AAA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.59	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	2.01	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.93	1.92	0.00

Correlation

The correlation between FAAA and AAA is 0.08, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

FAAA vs. AAA - Dividend Comparison

FAAA's dividend yield for the trailing twelve months is around 0.62%, less than AAA's 5.00% yield.

	TTM	2025	2024	2023	2022	2021	2020
FAAA Fidelity AAA CLO ETF	0.62%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
AAA AAF First Priority CLO Bond ETF	5.00%	5.11%	6.17%	6.11%	2.78%	1.06%	0.32%

Drawdowns

FAAA vs. AAA - Drawdown Comparison

The maximum FAAA drawdown since its inception was -0.55%, smaller than the maximum AAA drawdown of -2.63%. Use the drawdown chart below to compare losses from any high point for FAAA and AAA.

Drawdown Indicators

	FAAA	AAA	Difference
Max Drawdown Largest peak-to-trough decline	-0.55%	-2.63%	+2.08%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.25%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-2.63%	—
Current Drawdown Current decline from peak	0.00%	-0.07%	+0.07%
Average Drawdown Average peak-to-trough decline	-0.17%	-0.31%	+0.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.31%	—

Volatility

Volatility by Period

	FAAA	AAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.64%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.51%	—
Volatility (1Y) Calculated over the trailing 1-year period	1.29%	3.40%	-2.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.29%	2.22%	-0.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.29%	2.13%	-0.84%