IFLR vs. AAA

Last updated Jun 26, 2026

IFLR (Innovator International Developed Managed Floor ETF) and AAA (AAF First Priority CLO Bond ETF) are both exchange-traded funds - IFLR is a Global Equities fund actively managed by Innovator, while AAA is a CLO fund actively managed by Alternative Access Funds LLC. Both are actively managed. At a 0.17 correlation, their price movements are largely independent. IFLR charges 0.89%/yr vs 0.25%/yr for AAA.

Performance

IFLR vs. AAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator International Developed Managed Floor ETF (IFLR) and AAF 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, IFLR achieves a 5.52% return, which is significantly higher than AAA's 2.08% return.

IFLR

• 1D: 0.83%
• 1M: 0.53%
• YTD: 5.52%
• 6M: 5.18%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

AAA

• 1D: 0.06%
• 1M: 0.65%
• YTD: 2.08%
• 6M: 2.41%
• 1Y: 4.92%
• 3Y*: 6.36%
• 5Y*: 4.67%
• 10Y*: —

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

IFLR vs. AAA - Yearly Performance Comparison

	2026 (YTD)	2025
IFLR Innovator International Developed Managed Floor ETF	5.52%	3.03%
AAA AAF First Priority CLO Bond ETF	2.08%	0.56%

Correlation

The correlation between IFLR and AAA is 0.17, 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 Nov 20, 2025	0.17

Return for Risk

IFLR vs. AAA — Risk / Return Rank

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

IFLR

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

AAA

AAA Risk / Return Rank: 88
AAA Sharpe Ratio Rank: 77
AAA Sortino Ratio Rank: 90
AAA Omega Ratio Rank: 81
AAA Calmar Ratio Rank: 96
AAA Martin Ratio Rank: 95

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.

IFLR vs. AAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator International Developed Managed Floor ETF (IFLR) 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.

	IFLR	AAA	Difference
Sharpe ratio: Return per unit of total volatility	—	2.13	—
Sortino ratio: Return per unit of downside risk	—	3.60	—
Omega ratio: Gain probability vs. loss probability	—	1.42	—
Calmar ratio: Return relative to maximum drawdown	—	8.19	—
Martin ratio: Return relative to average drawdown	—	24.20	—

Drawdowns

IFLR vs. AAA - Drawdown Comparison

The maximum IFLR drawdown since its inception was -9.58%, which is greater than AAA's maximum drawdown of -2.63%. Use the drawdown chart below to compare losses from any high point for IFLR and AAA.

Drawdown Indicators

	IFLR	AAA	Difference
Max Drawdown Largest peak-to-trough decline	-9.58%	-2.63%	-6.95%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.60%	—
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	-2.10%	0.00%	-2.10%
Average Drawdown Average peak-to-trough decline	-2.72%	-0.31%	-2.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.20%	—

Volatility

Volatility by Period

	IFLR	AAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.77%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.77%	—
Volatility (1Y) Calculated over the trailing 1-year period	13.52%	2.32%	+11.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.52%	2.29%	+11.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.52%	2.15%	+11.37%

IFLR vs. AAA - Expense Ratio Comparison

IFLR has a 0.89% expense ratio, which is higher than AAA's 0.25% expense ratio.

Dividends

IFLR vs. AAA - Dividend Comparison

IFLR's dividend yield for the trailing twelve months is around 0.28%, less than AAA's 4.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
AAA AAF First Priority CLO Bond ETF	4.89%	5.11%	6.17%	6.11%	2.78%	1.06%	0.32%
IFLR Innovator International Developed Managed Floor ETF	0.28%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IFLR and AAA in my portfolio?

IFLR and AAA have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IFLR or AAA?

On fees, AAA is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IFLR or AAA?

AAA is cheaper with a 0.25% expense ratio, compared with 0.89% for IFLR.

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

AAA has the higher dividend yield at 4.89%, compared with 0.28% for IFLR.

What is the main difference between IFLR and AAA?

IFLR is categorized as Global Equities, while AAA is CLO. They also come from different issuers: Innovator and Alternative Access Funds LLC. Their fees differ too: 0.89% for IFLR and 0.25% for AAA.