MOON vs. AAA

Last updated Jun 24, 2026

MOON (Direxion Moonshot Innovators ETF) and AAA (AAF First Priority CLO Bond ETF) are both exchange-traded funds - MOON is a Technology Equities fund tracking the S&P Kensho Moonshots Index, while AAA is a CLO fund actively managed by Alternative Access Funds LLC. MOON is passively managed, while AAA is actively managed. At a correlation of -0.01, they often move in opposite directions. MOON charges 0.65%/yr vs 0.25%/yr for AAA.

Performance

MOON vs. AAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Moonshot Innovators ETF (MOON) and AAF First Priority CLO Bond ETF (AAA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

MOON

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

AAA

• 1D: -0.07%
• 1M: 0.55%
• YTD: 1.98%
• 6M: 2.06%
• 1Y: 4.96%
• 3Y*: 6.34%
• 5Y*: 4.64%
• 10Y*: —

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

MOON vs. AAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
MOON Direxion Moonshot Innovators ETF	0.00%	0.00%	-8.56%	9.85%	-61.07%	-13.78%	26.82%
AAA AAF First Priority CLO Bond ETF	1.98%	4.92%	6.85%	8.94%	0.15%	0.86%	0.74%

Correlation

The correlation between MOON 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 (3Y) Calculated over the trailing 3-year period	-0.03
Correlation (5Y) Calculated over the trailing 5-year period	-0.01
Correlation (All Time) Calculated using the full available price history since Nov 12, 2020	-0.01

Return for Risk

MOON vs. AAA — Risk / Return Rank

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

MOON

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

AAA

AAA Risk / Return Rank: 84
AAA Sharpe Ratio Rank: 70
AAA Sortino Ratio Rank: 86
AAA Omega Ratio Rank: 76
AAA Calmar Ratio Rank: 96
AAA Martin Ratio Rank: 93

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.

MOON vs. AAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Moonshot Innovators ETF (MOON) 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.

	MOON	AAA	Difference
Sharpe ratio: Return per unit of total volatility	—	2.15	—
Sortino ratio: Return per unit of downside risk	—	3.63	—
Omega ratio: Gain probability vs. loss probability	—	1.42	—
Calmar ratio: Return relative to maximum drawdown	—	8.26	—
Martin ratio: Return relative to average drawdown	—	24.40	—

Drawdowns

Drawdown Indicators

	MOON	AAA	Difference
Max Drawdown Largest peak-to-trough decline	—	-2.63%	—
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	—	-0.10%	—
Average Drawdown Average peak-to-trough decline	—	-0.31%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.20%	—

Volatility

Volatility by Period

	MOON	AAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.77%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.78%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	2.32%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	2.29%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	2.15%	—

MOON vs. AAA - Expense Ratio Comparison

MOON has a 0.65% expense ratio, which is higher than AAA's 0.25% expense ratio.

Dividends

MOON vs. AAA - Dividend Comparison

MOON has not paid dividends to shareholders, while AAA's dividend yield for the trailing twelve months is around 4.90%.

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%
MOON Direxion Moonshot Innovators ETF	0.00%	0.00%	0.62%	1.41%	0.00%	1.64%	0.00%

Frequently Asked Questions

Can I hold both MOON and AAA in my portfolio?

MOON 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 ETF is better, MOON 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, MOON or AAA?

AAA is cheaper with a 0.25% expense ratio, compared with 0.65% for MOON.

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

AAA has the higher dividend yield at 4.90%, compared with 0.00% for MOON.

What is the main difference between MOON and AAA?

MOON is categorized as Technology Equities, while AAA is CLO. They also come from different issuers: Direxion and Alternative Access Funds LLC. Their fees differ too: 0.65% for MOON and 0.25% for AAA.