FAAA vs. AAAD

Last updated Jul 17, 2026

FAAA (Fidelity AAA CLO ETF) and AAAD (PGIM AAA CLO Aggregate Duration ETF) are both CLO funds. Both are actively managed. At a 0.28 correlation, their price movements are largely independent. FAAA charges 0.20%/yr vs 0.19%/yr for AAAD.

Performance

FAAA vs. AAAD - Performance Comparison

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

Returns By Period

FAAA

• 1D: 0.10%
• 1M: 0.54%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

AAAD

• 1D: -0.03%
• 1M: -0.30%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FAAA vs. AAAD - Yearly Performance Comparison

	2026 (YTD)
FAAA Fidelity AAA CLO ETF	0.68%
AAAD PGIM AAA CLO Aggregate Duration ETF	0.20%

Correlation

The correlation between FAAA and AAAD is 0.28, 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 Jun 3, 2026	0.28

Return for Risk

FAAA vs. AAAD - Risk-Adjusted Trends Comparison

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

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

Drawdowns

FAAA vs. AAAD - Drawdown Comparison

The maximum FAAA drawdown since its inception was -0.55%, smaller than the maximum AAAD drawdown of -1.13%. Use the drawdown chart below to compare losses from any high point for FAAA and AAAD.

Drawdown Indicators

	FAAA	AAAD	Difference
Max Drawdown Largest peak-to-trough decline	-0.55%	-1.13%	+0.58%
Current Drawdown Current decline from peak	0.00%	-0.76%	+0.76%
Average Drawdown Average peak-to-trough decline	-0.06%	-0.37%	+0.31%

Volatility

Volatility by Period

	FAAA	AAAD	Difference
Volatility (1Y) Calculated over the trailing 1-year period	0.84%	3.65%	-2.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.84%	3.65%	-2.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.84%	3.65%	-2.81%

FAAA vs. AAAD - Expense Ratio Comparison

FAAA has a 0.20% expense ratio, which is higher than AAAD'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

FAAA vs. AAAD - Dividend Comparison

FAAA's dividend yield for the trailing twelve months is around 1.67%, more than AAAD's 0.03% yield.

Position	TTM
AAAD PGIM AAA CLO Aggregate Duration ETF	0.03%
FAAA Fidelity AAA CLO ETF	1.67%

Frequently Asked Questions

Can I hold both FAAA and AAAD in my portfolio?

FAAA and AAAD have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FAAA or AAAD?

On fees, AAAD 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, FAAA or AAAD?

AAAD is cheaper with a 0.19% expense ratio, compared with 0.20% for FAAA.

Which ETF pays a higher dividend yield, FAAA or AAAD?

FAAA has the higher dividend yield at 1.67%, compared with 0.03% for AAAD.

What is the main difference between FAAA and AAAD?

They also come from different issuers: Fidelity and PGIM. Their fees differ too: 0.20% for FAAA and 0.19% for AAAD.