JMMF vs. AAA

Last updated Jun 3, 2026

JMMF (JPMorgan 100% U.S. Treasury Securities Money Market ETF) and AAA (AAF First Priority CLO Bond ETF) are both exchange-traded funds - JMMF is a Money Market fund actively managed by JPMorgan, while AAA is a CLO fund actively managed by Alternative Access Funds LLC. Both are actively managed. At a correlation of -0.04, they often move in opposite directions. JMMF charges 0.16%/yr vs 0.25%/yr for AAA.

Performance

JMMF vs. AAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan 100% U.S. Treasury Securities Money Market ETF (JMMF) 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, JMMF achieves a 1.42% return, which is significantly lower than AAA's 1.86% return.

JMMF

• 1D: 0.02%
• 1M: 0.29%
• YTD: 1.42%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

AAA

• 1D: -0.22%
• 1M: 0.67%
• YTD: 1.86%
• 6M: 2.19%
• 1Y: 5.39%
• 3Y*: 6.50%
• 5Y*: 4.64%
• 10Y*: —

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

JMMF vs. AAA - Yearly Performance Comparison

	2026 (YTD)	2025
JMMF JPMorgan 100% U.S. Treasury Securities Money Market ETF	1.42%	0.17%
AAA AAF First Priority CLO Bond ETF	1.86%	0.20%

Correlation

The correlation between JMMF and AAA is -0.04, 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 (All Time) Calculated using the full available price history since Dec 12, 2025	-0.04

Return for Risk

JMMF vs. AAA — Risk / Return Rank

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

AAA

AAA Risk / Return Rank: 85
AAA Sharpe Ratio Rank: 71
AAA Sortino Ratio Rank: 87
AAA Omega Ratio Rank: 77
AAA Calmar Ratio Rank: 96
AAA Martin Ratio Rank: 94

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.

JMMF vs. AAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan 100% U.S. Treasury Securities Money Market ETF (JMMF) 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.

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

Sharpe Ratios by Period

	JMMF	AAA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.36	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	2.05	—
Sharpe Ratio (All Time) Calculated using the full available price history	6.42	1.93	+4.49

Drawdowns

JMMF vs. AAA - Drawdown Comparison

The maximum JMMF drawdown since its inception was -0.14%, smaller than the maximum AAA drawdown of -2.63%. Use the drawdown chart below to compare losses from any high point for JMMF and AAA.

Drawdown Indicators

	JMMF	AAA	Difference
Max Drawdown Largest peak-to-trough decline	-0.14%	-2.63%	+2.49%
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	0.00%	-0.22%	+0.22%
Average Drawdown Average peak-to-trough decline	-0.01%	-0.30%	+0.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.19%	—

Volatility

Volatility by Period

	JMMF	AAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.74%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.76%	—
Volatility (1Y) Calculated over the trailing 1-year period	0.54%	2.30%	-1.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.54%	2.28%	-1.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.54%	2.15%	-1.61%

JMMF vs. AAA - Expense Ratio Comparison

JMMF has a 0.16% 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

JMMF vs. AAA - Dividend Comparison

JMMF's dividend yield for the trailing twelve months is around 1.59%, less than AAA's 4.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
AAA AAF First Priority CLO Bond ETF	4.90%	5.11%	6.17%	6.11%	2.78%	1.06%	0.32%
JMMF JPMorgan 100% U.S. Treasury Securities Money Market ETF	1.59%	0.20%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JMMF and AAA in my portfolio?

JMMF and AAA have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, JMMF or AAA?

On fees, JMMF is cheaper at 0.16% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, JMMF or AAA?

JMMF is cheaper with a 0.16% expense ratio, compared with 0.25% for AAA.

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

AAA has the higher dividend yield at 4.90%, compared with 1.59% for JMMF.

What is the main difference between JMMF and AAA?

JMMF is categorized as Money Market, while AAA is CLO. They also come from different issuers: JPMorgan and Alternative Access Funds LLC. Their fees differ too: 0.16% for JMMF and 0.25% for AAA.