GSIG vs. PAAA

Last updated Jun 3, 2026

GSIG (Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF) and PAAA (PGIM AAA CLO ETF) are both exchange-traded funds - GSIG is a Corporate Bonds fund tracking the FTSE Goldman Sachs US Investment-Grade Corporate Bond 1-5 Years Index, while PAAA is a CLO fund actively managed by PGIM. GSIG is passively managed, while PAAA is actively managed. Over the past year, GSIG returned 4.55% vs 5.22% for PAAA. At a correlation of -0.01, they often move in opposite directions. GSIG charges 0.14%/yr vs 0.19%/yr for PAAA.

Performance

GSIG vs. PAAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF (GSIG) and PGIM AAA CLO ETF (PAAA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GSIG achieves a 0.67% return, which is significantly lower than PAAA's 2.04% return.

GSIG

• 1D: 0.02%
• 1M: 0.03%
• YTD: 0.67%
• 6M: 1.10%
• 1Y: 4.55%
• 3Y*: 5.39%
• 5Y*: 2.21%
• 10Y*: —

PAAA

• 1D: 0.00%
• 1M: 0.41%
• YTD: 2.04%
• 6M: 2.42%
• 1Y: 5.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GSIG vs. PAAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GSIG Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF	0.67%	6.69%	4.72%	3.54%
PAAA PGIM AAA CLO ETF	2.04%	5.37%	7.47%	3.83%

Correlation

The correlation between GSIG and PAAA is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (All Time) Calculated using the full available price history since Jul 27, 2023	-0.01

The correlation between GSIG and PAAA shifts across timeframes, from -0.01 (all time) to 0.12 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

GSIG vs. PAAA — Risk / Return Rank

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

GSIG

GSIG Risk / Return Rank: 74
GSIG Sharpe Ratio Rank: 75
GSIG Sortino Ratio Rank: 84
GSIG Omega Ratio Rank: 82
GSIG Calmar Ratio Rank: 61
GSIG Martin Ratio Rank: 67

PAAA

PAAA Risk / Return Rank: 99
PAAA Sharpe Ratio Rank: 99
PAAA Sortino Ratio Rank: 99
PAAA Omega Ratio Rank: 100
PAAA Calmar Ratio Rank: 99
PAAA Martin Ratio Rank: 99

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.

GSIG vs. PAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF (GSIG) and PGIM AAA CLO ETF (PAAA). 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.

	GSIG	PAAA	Difference
Sharpe ratio Return per unit of total volatility	2.48	10.71	-8.23
Sortino ratio Return per unit of downside risk	3.83	21.40	-17.57
Omega ratio Gain probability vs. loss probability	1.50	6.51	-5.01
Calmar ratio Return relative to maximum drawdown	3.08	30.60	-27.51
Martin ratio Return relative to average drawdown	12.63	188.70	-176.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GSIG vs. PAAA - Sharpe Ratio Comparison

The current GSIG Sharpe Ratio is 2.48, which is lower than the PAAA Sharpe Ratio of 10.71. The chart below compares the historical Sharpe Ratios of GSIG and PAAA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	GSIG	PAAA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.48	10.71	-8.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.77	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.79	6.79	-6.00

Drawdowns

GSIG vs. PAAA - Drawdown Comparison

The maximum GSIG drawdown since its inception was -9.57%, which is greater than PAAA's maximum drawdown of -1.04%. Use the drawdown chart below to compare losses from any high point for GSIG and PAAA.

Drawdown Indicators

	GSIG	PAAA	Difference
Max Drawdown Largest peak-to-trough decline	-9.57%	-1.04%	-8.53%
Max Drawdown (1Y) Largest decline over 1 year	-1.46%	-0.17%	-1.29%
Max Drawdown (3Y) Largest decline over 3 years	-1.46%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-9.57%	—	—
Current Drawdown Current decline from peak	-0.32%	0.00%	-0.32%
Average Drawdown Average peak-to-trough decline	-2.10%	-0.02%	-2.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.36%	0.03%	+0.33%

Volatility

GSIG vs. PAAA - Volatility Comparison

Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF (GSIG) has a higher volatility of 0.62% compared to PGIM AAA CLO ETF (PAAA) at 0.11%. This indicates that GSIG's price experiences larger fluctuations and is considered to be riskier than PAAA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GSIG	PAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.62%	0.11%	+0.51%
Volatility (6M) Calculated over the trailing 6-month period	1.36%	0.36%	+1.00%
Volatility (1Y) Calculated over the trailing 1-year period	1.84%	0.50%	+1.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.89%	0.98%	+1.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.71%	0.98%	+1.73%

GSIG vs. PAAA - Expense Ratio Comparison

GSIG has a 0.14% expense ratio, which is lower than PAAA's 0.19% 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

GSIG vs. PAAA - Dividend Comparison

GSIG's dividend yield for the trailing twelve months is around 4.34%, less than PAAA's 4.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
GSIG Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF	4.34%	4.61%	4.59%	3.51%	2.21%	1.04%	0.45%
PAAA PGIM AAA CLO ETF	4.88%	5.12%	5.88%	2.76%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GSIG and PAAA in my portfolio?

GSIG and PAAA have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GSIG or PAAA?

GSIG has higher volatility (0.62%) compared to PAAA (0.11%). In terms of maximum drawdown, GSIG dropped -9.57% vs PAAA's -1.04%.

Which ETF is better, GSIG or PAAA?

On 1-year performance, PAAA leads with 5.22% vs 4.55% for GSIG. On fees, GSIG is cheaper at 0.14% per year. On volatility, PAAA has been the lower-risk option at 0.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GSIG or PAAA?

Over the 1-year period, PAAA has performed better with a 5.22% return vs 4.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GSIG or PAAA?

GSIG is cheaper with a 0.14% expense ratio, compared with 0.19% for PAAA.

Which ETF pays a higher dividend yield, GSIG or PAAA?

PAAA has the higher dividend yield at 4.88%, compared with 4.34% for GSIG.

What is the main difference between GSIG and PAAA?

GSIG is categorized as Corporate Bonds, while PAAA is CLO. They also come from different issuers: Goldman Sachs and PGIM. Their fees differ too: 0.14% for GSIG and 0.19% for PAAA.

Which has better risk-adjusted returns?

PAAA currently has the higher Sharpe Ratio (10.71 vs 2.48), 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.