IBMP vs. AAA
IBMP (iShares iBonds Dec 2027 Term Muni Bond ETF) and AAA (AAF First Priority CLO Bond ETF) are both exchange-traded funds - IBMP is a Municipal Bonds fund tracking the S&P AMT-Free Municipal Callable Factor Adjusted 2027 Series Index, while AAA is a CLO fund actively managed by Alternative Access Funds LLC. IBMP is passively managed, while AAA is actively managed. Over the past 5 years, IBMP returned 0.64%/yr vs 4.67%/yr for AAA. At a 0.02 correlation, their price movements are largely independent. IBMP charges 0.18%/yr vs 0.25%/yr for AAA.
Performance
IBMP vs. AAA - Performance Comparison
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Returns By Period
In the year-to-date period, IBMP achieves a 1.01% return, which is significantly lower than AAA's 2.06% return.
IBMP
- 1D
- -0.02%
- 1M
- 0.17%
- YTD
- 1.01%
- 6M
- 1.09%
- 1Y
- 2.89%
- 3Y*
- 2.77%
- 5Y*
- 0.64%
- 10Y*
- —
AAA
- 1D
- 0.07%
- 1M
- 0.62%
- YTD
- 2.06%
- 6M
- 2.76%
- 1Y
- 5.10%
- 3Y*
- 6.36%
- 5Y*
- 4.67%
- 10Y*
- —
IBMP vs. AAA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
IBMP iShares iBonds Dec 2027 Term Muni Bond ETF | 1.01% | 3.52% | 1.26% | 3.49% | -6.09% | -0.16% | 1.30% |
AAA AAF First Priority CLO Bond ETF | 2.06% | 4.92% | 6.85% | 8.94% | 0.15% | 0.86% | 0.20% |
Correlation
The correlation between IBMP and AAA is -0.08, 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 | -0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Sep 9, 2020 | 0.02 |
The correlation between IBMP and AAA shifts across timeframes, from -0.08 (1 year) to 0.02 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IBMP vs. AAA — Risk / Return Rank
IBMP
AAA
IBMP vs. AAA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2027 Term Muni Bond ETF (IBMP) 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.
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.
| IBMP | AAA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.50 | ||
| Sortino ratioReturn per unit of downside risk | +0.42 | ||
| Omega ratioGain probability vs. loss probability | 1.57 | 1.44 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 4.89 | 8.50 | -3.61 |
| Martin ratioReturn relative to average drawdown | 13.55 | 25.11 | -11.56 |
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Drawdowns
IBMP vs. AAA - Drawdown Comparison
The maximum IBMP drawdown since its inception was -15.24%, which is greater than AAA's maximum drawdown of -2.63%. Use the drawdown chart below to compare losses from any high point for IBMP and AAA.
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Drawdown Indicators
| IBMP | AAA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.24% | -2.63% | -12.61% |
Max Drawdown (1Y)Largest decline over 1 year | -0.59% | -0.60% | +0.01% |
Max Drawdown (3Y)Largest decline over 3 years | -2.63% | -2.40% | -0.23% |
Max Drawdown (5Y)Largest decline over 5 years | -10.00% | -2.63% | -7.37% |
Current DrawdownCurrent decline from peak | -0.08% | -0.03% | -0.05% |
Average DrawdownAverage peak-to-trough decline | -2.70% | -0.31% | -2.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.21% | 0.20% | +0.01% |
Volatility
IBMP vs. AAA - Volatility Comparison
The current volatility for iShares iBonds Dec 2027 Term Muni Bond ETF (IBMP) is 0.25%, while AAF First Priority CLO Bond ETF (AAA) has a volatility of 0.77%. This indicates that IBMP 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.
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Volatility by Period
| IBMP | AAA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.25% | 0.77% | -0.52% |
Volatility (6M)Calculated over the trailing 6-month period | 0.77% | 1.79% | -1.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.07% | 2.32% | -1.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.56% | 2.29% | +0.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.99% | 2.15% | +2.84% |
IBMP vs. AAA - Expense Ratio Comparison
IBMP has a 0.18% 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%.
Dividends
IBMP vs. AAA - Dividend Comparison
IBMP's dividend yield for the trailing twelve months is around 2.50%, less than AAA's 4.89% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
AAA AAF First Priority CLO Bond ETF | 4.89% | 5.11% | 6.17% | 6.11% | 2.78% | 1.06% | 0.32% | 0.00% |
IBMP iShares iBonds Dec 2027 Term Muni Bond ETF | 2.50% | 2.47% | 2.35% | 2.05% | 1.26% | 0.86% | 1.16% | 1.06% |
Frequently Asked Questions
IBMP and AAA have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AAA has higher volatility (0.77%) compared to IBMP (0.25%). In terms of maximum drawdown, IBMP dropped -15.24% vs AAA's -2.63%.
On 5-year performance, AAA leads with 4.67% vs 0.64% for IBMP. On fees, IBMP is cheaper at 0.18% per year. On volatility, IBMP has been the lower-risk option at 0.25%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, AAA has performed better with a 4.67% return vs 0.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBMP is cheaper with a 0.18% expense ratio, compared with 0.25% for AAA.
AAA has the higher dividend yield at 4.89%, compared with 2.50% for IBMP.
IBMP is categorized as Municipal Bonds, while AAA is CLO. They also come from different issuers: iShares and Alternative Access Funds LLC. Their fees differ too: 0.18% for IBMP and 0.25% for AAA.
IBMP currently has the higher Sharpe Ratio (2.71 vs 2.21), 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.
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