FAAA vs. VPLS

Last updated Jun 4, 2026

FAAA (Fidelity AAA CLO ETF) and VPLS (Vanguard Core-Plus Bond ETF) are both exchange-traded funds - FAAA is a CLO fund actively managed by Fidelity, while VPLS is a Intermediate Core-Plus Bond fund actively managed by Vanguard. Both are actively managed. At a 0.19 correlation, their price movements are largely independent. Both charge a 0.20% expense ratio.

Performance

FAAA vs. VPLS - Performance Comparison

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

Returns By Period

FAAA

• 1D: 0.02%
• 1M: 0.49%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

VPLS

• 1D: -0.21%
• 1M: 0.35%
• YTD: 0.64%
• 6M: 0.57%
• 1Y: 5.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FAAA vs. VPLS - Yearly Performance Comparison

	2026 (YTD)
FAAA Fidelity AAA CLO ETF	1.50%
VPLS Vanguard Core-Plus Bond ETF	-0.62%

Correlation

The correlation between FAAA and VPLS is 0.19, 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 Feb 13, 2026	0.19

Return for Risk

FAAA vs. VPLS — Risk / Return Rank

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

VPLS

VPLS Risk / Return Rank: 45
VPLS Sharpe Ratio Rank: 46
VPLS Sortino Ratio Rank: 49
VPLS Omega Ratio Rank: 45
VPLS Calmar Ratio Rank: 43
VPLS Martin Ratio Rank: 43

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. VPLS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity AAA CLO ETF (FAAA) and Vanguard Core-Plus Bond ETF (VPLS). 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	VPLS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.63	—
Sharpe Ratio (All Time) Calculated using the full available price history	5.41	1.24	+4.18

Drawdowns

FAAA vs. VPLS - Drawdown Comparison

The maximum FAAA drawdown since its inception was -0.55%, smaller than the maximum VPLS drawdown of -4.17%. Use the drawdown chart below to compare losses from any high point for FAAA and VPLS.

Drawdown Indicators

	FAAA	VPLS	Difference
Max Drawdown Largest peak-to-trough decline	-0.55%	-4.17%	+3.62%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.72%	—
Current Drawdown Current decline from peak	0.00%	-1.21%	+1.21%
Average Drawdown Average peak-to-trough decline	-0.07%	-1.01%	+0.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.83%	—

Volatility

Volatility by Period

	FAAA	VPLS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.27%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.69%	—
Volatility (1Y) Calculated over the trailing 1-year period	0.94%	3.65%	-2.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.94%	4.61%	-3.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.94%	4.61%	-3.67%

FAAA vs. VPLS - Expense Ratio Comparison

Both FAAA and VPLS have an expense ratio of 0.20%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

FAAA vs. VPLS - Dividend Comparison

FAAA's dividend yield for the trailing twelve months is around 1.32%, less than VPLS's 4.76% yield.

Position	TTM	2025	2024	2023
FAAA Fidelity AAA CLO ETF	1.32%	0.00%	0.00%	0.00%
VPLS Vanguard Core-Plus Bond ETF	4.76%	4.78%	4.52%	0.18%

Frequently Asked Questions

Can I hold both FAAA and VPLS in my portfolio?

FAAA and VPLS have a correlation of 0.19, 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 VPLS?

Both ETFs have the same 0.20% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FAAA or VPLS?

FAAA and VPLS have the same expense ratio: 0.20% per year.

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

VPLS has the higher dividend yield at 4.76%, compared with 1.32% for FAAA.

What is the main difference between FAAA and VPLS?

FAAA is categorized as CLO, while VPLS is Intermediate Core-Plus Bond. They also come from different issuers: Fidelity and Vanguard.