MDLV vs. AAA

Last updated Jun 4, 2026

MDLV (Morgan Dempsey Large Cap Value ETF) and AAA (AAF First Priority CLO Bond ETF) are both exchange-traded funds - MDLV is a Large Cap Value Equities fund actively managed by Morgan Dempsey, while AAA is a CLO fund actively managed by Alternative Access Funds LLC. Both are actively managed. Over the past 3 years, MDLV returned 12.68%/yr vs 6.50%/yr for AAA. At a 0.02 correlation, their price movements are largely independent. MDLV charges 0.58%/yr vs 0.25%/yr for AAA.

Performance

MDLV vs. AAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morgan Dempsey Large Cap Value ETF (MDLV) 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, MDLV achieves a 10.21% return, which is significantly higher than AAA's 1.86% return.

MDLV

• 1D: -0.45%
• 1M: 1.67%
• YTD: 10.21%
• 6M: 11.06%
• 1Y: 19.98%
• 3Y*: 12.68%
• 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)

MDLV vs. AAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MDLV Morgan Dempsey Large Cap Value ETF	10.21%	13.30%	10.16%	0.68%
AAA AAF First Priority CLO Bond ETF	1.86%	4.92%	6.85%	6.35%

Correlation

The correlation between MDLV and AAA is 0.01, 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	0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.02
Correlation (All Time) Calculated using the full available price history since Apr 27, 2023	0.02

Return for Risk

MDLV vs. AAA — Risk / Return Rank

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

MDLV

MDLV Risk / Return Rank: 75
MDLV Sharpe Ratio Rank: 71
MDLV Sortino Ratio Rank: 75
MDLV Omega Ratio Rank: 66
MDLV Calmar Ratio Rank: 85
MDLV Martin Ratio Rank: 77

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.

MDLV vs. AAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Dempsey Large Cap Value ETF (MDLV) 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.

	MDLV	AAA	Difference
Sharpe ratio: Return per unit of total volatility	2.29	2.36	-0.07
Sortino ratio: Return per unit of downside risk	3.35	4.06	-0.71
Omega ratio: Gain probability vs. loss probability	1.39	1.47	-0.07
Calmar ratio: Return relative to maximum drawdown	4.70	8.98	-4.28
Martin ratio: Return relative to average drawdown	14.78	27.78	-13.00
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MDLV vs. AAA - Sharpe Ratio Comparison

The current MDLV Sharpe Ratio is 2.29, which is comparable to the AAA Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of MDLV 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.

Sharpe Ratios by Period

	MDLV	AAA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.29	2.36	-0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	2.05	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.06	1.93	-0.87

Drawdowns

MDLV vs. AAA - Drawdown Comparison

The maximum MDLV drawdown since its inception was -10.71%, which is greater than AAA's maximum drawdown of -2.63%. Use the drawdown chart below to compare losses from any high point for MDLV and AAA.

Drawdown Indicators

	MDLV	AAA	Difference
Max Drawdown Largest peak-to-trough decline	-10.71%	-2.63%	-8.08%
Max Drawdown (1Y) Largest decline over 1 year	-4.27%	-0.60%	-3.67%
Max Drawdown (3Y) Largest decline over 3 years	-10.71%	-2.40%	-8.31%
Max Drawdown (5Y) Largest decline over 5 years	—	-2.63%	—
Current Drawdown Current decline from peak	-1.08%	-0.22%	-0.86%
Average Drawdown Average peak-to-trough decline	-2.29%	-0.30%	-1.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.36%	0.19%	+1.17%

Volatility

MDLV vs. AAA - Volatility Comparison

Morgan Dempsey Large Cap Value ETF (MDLV) has a higher volatility of 2.77% compared to AAF First Priority CLO Bond ETF (AAA) at 0.74%. This indicates that MDLV's price experiences larger fluctuations and is considered to be riskier than AAA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MDLV	AAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.77%	0.74%	+2.03%
Volatility (6M) Calculated over the trailing 6-month period	6.57%	1.76%	+4.81%
Volatility (1Y) Calculated over the trailing 1-year period	8.76%	2.30%	+6.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.52%	2.28%	+8.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.52%	2.15%	+8.37%

MDLV vs. AAA - Expense Ratio Comparison

MDLV has a 0.58% expense ratio, which is higher than AAA's 0.25% expense ratio.

Dividends

MDLV vs. AAA - Dividend Comparison

MDLV's dividend yield for the trailing twelve months is around 2.80%, 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%
MDLV Morgan Dempsey Large Cap Value ETF	2.80%	3.00%	2.78%	2.35%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MDLV and AAA in my portfolio?

MDLV and AAA have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MDLV or AAA?

MDLV has higher volatility (2.77%) compared to AAA (0.74%). In terms of maximum drawdown, MDLV dropped -10.71% vs AAA's -2.63%.

Which ETF is better, MDLV or AAA?

On 3-year performance, MDLV leads with 12.68% vs 6.50% for AAA. On fees, AAA is cheaper at 0.25% per year. On volatility, AAA has been the lower-risk option at 0.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MDLV or AAA?

Over the 3-year period, MDLV has performed better with a 12.68% return vs 6.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MDLV or AAA?

AAA is cheaper with a 0.25% expense ratio, compared with 0.58% for MDLV.

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

AAA has the higher dividend yield at 4.90%, compared with 2.80% for MDLV.

What is the main difference between MDLV and AAA?

MDLV is categorized as Large Cap Value Equities, while AAA is CLO. They also come from different issuers: Morgan Dempsey and Alternative Access Funds LLC. Their fees differ too: 0.58% for MDLV and 0.25% for AAA.

Which has better risk-adjusted returns?

AAA currently has the higher Sharpe Ratio (2.36 vs 2.29), 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.