HYSD vs. AAA

Last updated Jul 17, 2026

HYSD (Columbia Short Duration High Yield ETF) and AAA (Alternative Access First Priority CLO Bond ETF) are both exchange-traded funds - HYSD is a High Yield Bonds fund actively managed by Columbia, while AAA is a CLO fund actively managed by Alternative Access Funds LLC. Both are actively managed. Over the past year, HYSD returned 5.96% vs 4.98% for AAA. At a 0.08 correlation, their price movements are largely independent. HYSD charges 0.44%/yr vs 0.25%/yr for AAA.

Performance

HYSD vs. AAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Columbia Short Duration High Yield ETF (HYSD) and Alternative Access First Priority CLO Bond ETF (AAA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HYSD achieves a 2.33% return, which is significantly higher than AAA's 2.17% return.

HYSD

• 1D: -0.02%
• 1M: 0.27%
• 6M: 1.95%
• YTD: 2.33%
• 1Y: 5.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AAA

• 1D: -0.06%
• 1M: 0.49%
• 6M: 2.01%
• YTD: 2.17%
• 1Y: 4.98%
• 3Y*: 6.19%
• 5Y*: 4.67%
• 10Y*: —

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

HYSD vs. AAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HYSD Columbia Short Duration High Yield ETF	2.33%	7.74%	0.94%
AAA Alternative Access First Priority CLO Bond ETF	2.17%	4.92%	2.23%

Correlation

The correlation between HYSD 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 Sep 5, 2024	0.08

Return for Risk

HYSD vs. AAA — Risk / Return Rank

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

HYSD

HYSD Risk / Return Rank: 88
HYSD Sharpe Ratio Rank: 83
HYSD Sortino Ratio Rank: 90
HYSD Omega Ratio Rank: 89
HYSD Calmar Ratio Rank: 88
HYSD Martin Ratio Rank: 93

AAA

AAA Risk / Return Rank: 91
AAA Sharpe Ratio Rank: 84
AAA Sortino Ratio Rank: 92
AAA Omega Ratio Rank: 87
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.

HYSD vs. AAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Columbia Short Duration High Yield ETF (HYSD) 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.

	HYSD	AAA	Difference
Sharpe ratio: Return per unit of total volatility	2.14	2.16	-0.01
Sortino ratio: Return per unit of downside risk	3.36	3.68	-0.31
Omega ratio: Gain probability vs. loss probability	1.44	1.42	+0.02
Calmar ratio: Return relative to maximum drawdown	4.11	8.29	-4.19
Martin ratio: Return relative to average drawdown	18.25	27.84	-9.58

HYSD vs. AAA - Sharpe Ratio Comparison

The current HYSD Sharpe Ratio is 2.14, which is comparable to the AAA Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of HYSD 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

HYSD vs. AAA - Drawdown Comparison

The maximum HYSD drawdown since its inception was -2.69%, roughly equal to the maximum AAA drawdown of -2.63%. Use the drawdown chart below to compare losses from any high point for HYSD and AAA.

Drawdown Indicators

	HYSD	AAA	Difference
Max Drawdown Largest peak-to-trough decline	-2.69%	-2.63%	-0.06%
Max Drawdown (1Y) Largest decline over 1 year	-1.46%	-0.60%	-0.86%
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	-0.05%	-0.31%	+0.26%
Average Drawdown Average peak-to-trough decline	-0.25%	-0.31%	+0.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.33%	0.18%	+0.15%

Volatility

HYSD vs. AAA - Volatility Comparison

The current volatility for Columbia Short Duration High Yield ETF (HYSD) is 0.56%, while Alternative Access First Priority CLO Bond ETF (AAA) has a volatility of 0.72%. This indicates that HYSD 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

	HYSD	AAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.56%	0.72%	-0.16%
Volatility (6M) Calculated over the trailing 6-month period	2.23%	1.72%	+0.51%
Volatility (1Y) Calculated over the trailing 1-year period	2.79%	2.32%	+0.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.45%	2.31%	+1.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.45%	2.15%	+1.30%

HYSD vs. AAA - Expense Ratio Comparison

HYSD has a 0.44% expense ratio, which is higher than AAA's 0.25% expense ratio.

Dividends

HYSD vs. AAA - Dividend Comparison

HYSD's dividend yield for the trailing twelve months is around 5.82%, more 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%
HYSD Columbia Short Duration High Yield ETF	5.82%	5.60%	1.82%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HYSD and AAA in my portfolio?

HYSD 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, HYSD or AAA?

AAA has higher volatility (0.72%) compared to HYSD (0.56%). In terms of maximum drawdown, HYSD dropped -2.69% vs AAA's -2.63%.

Which ETF is better, HYSD or AAA?

On 1-year performance, HYSD leads with 5.96% vs 4.98% for AAA. On fees, AAA is cheaper at 0.25% per year. On volatility, HYSD has been the lower-risk option at 0.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HYSD or AAA?

Over the 1-year period, HYSD has performed better with a 5.96% return vs 4.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HYSD or AAA?

AAA is cheaper with a 0.25% expense ratio, compared with 0.44% for HYSD.

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

HYSD has the higher dividend yield at 5.82%, compared with 4.82% for AAA.

What is the main difference between HYSD and AAA?

HYSD is categorized as High Yield Bonds, while AAA is CLO. They also come from different issuers: Columbia and Alternative Access Funds LLC. Their fees differ too: 0.44% for HYSD and 0.25% for AAA.

Which has better risk-adjusted returns?

AAA currently has the higher Sharpe Ratio (2.16 vs 2.14), 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.