MPRO vs. AAA

Last updated Jun 4, 2026

MPRO (Monarch ProCap ETF) and AAA (AAF First Priority CLO Bond ETF) are both exchange-traded funds - MPRO is a Diversified Portfolio fund tracking the Monarch ProCap Index, while AAA is a CLO fund actively managed by Alternative Access Funds LLC. MPRO is passively managed, while AAA is actively managed. Over the past 5 years, MPRO returned 5.46%/yr vs 4.64%/yr for AAA. At a 0.03 correlation, their price movements are largely independent. MPRO charges 1.17%/yr vs 0.25%/yr for AAA.

Performance

MPRO vs. AAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Monarch ProCap ETF (MPRO) 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, MPRO achieves a 5.93% return, which is significantly higher than AAA's 1.86% return.

MPRO

• 1D: -0.28%
• 1M: 0.89%
• YTD: 5.93%
• 6M: 5.81%
• 1Y: 12.85%
• 3Y*: 9.93%
• 5Y*: 5.46%
• 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)

MPRO vs. AAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
MPRO Monarch ProCap ETF	5.93%	9.33%	8.37%	10.55%	-9.38%	11.79%
AAA AAF First Priority CLO Bond ETF	1.86%	4.92%	6.85%	8.94%	0.15%	0.74%

Correlation

The correlation between MPRO and AAA is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.06
Correlation (5Y) Calculated over the trailing 5-year period	0.03
Correlation (All Time) Calculated using the full available price history since Mar 25, 2021	0.03

Return for Risk

MPRO vs. AAA — Risk / Return Rank

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

MPRO

MPRO Risk / Return Rank: 56
MPRO Sharpe Ratio Rank: 58
MPRO Sortino Ratio Rank: 62
MPRO Omega Ratio Rank: 58
MPRO Calmar Ratio Rank: 47
MPRO Martin Ratio Rank: 53

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.

MPRO vs. AAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Monarch ProCap ETF (MPRO) 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.

	MPRO	AAA	Difference
Sharpe ratio: Return per unit of total volatility	1.95	2.36	-0.41
Sortino ratio: Return per unit of downside risk	2.87	4.06	-1.19
Omega ratio: Gain probability vs. loss probability	1.35	1.47	-0.12
Calmar ratio: Return relative to maximum drawdown	2.28	8.98	-6.71
Martin ratio: Return relative to average drawdown	8.99	27.78	-18.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MPRO vs. AAA - Sharpe Ratio Comparison

The current MPRO Sharpe Ratio is 1.95, which is comparable to the AAA Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of MPRO 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

	MPRO	AAA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.95	2.36	-0.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	2.05	-1.46
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	1.93	-1.19

Drawdowns

MPRO vs. AAA - Drawdown Comparison

The maximum MPRO drawdown since its inception was -14.51%, which is greater than AAA's maximum drawdown of -2.63%. Use the drawdown chart below to compare losses from any high point for MPRO and AAA.

Drawdown Indicators

	MPRO	AAA	Difference
Max Drawdown Largest peak-to-trough decline	-14.51%	-2.63%	-11.88%
Max Drawdown (1Y) Largest decline over 1 year	-5.67%	-0.60%	-5.07%
Max Drawdown (3Y) Largest decline over 3 years	-9.64%	-2.40%	-7.24%
Max Drawdown (5Y) Largest decline over 5 years	-14.51%	-2.63%	-11.88%
Current Drawdown Current decline from peak	-0.87%	-0.22%	-0.65%
Average Drawdown Average peak-to-trough decline	-3.46%	-0.30%	-3.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.43%	0.19%	+1.24%

Volatility

MPRO vs. AAA - Volatility Comparison

Monarch ProCap ETF (MPRO) has a higher volatility of 1.74% compared to AAF First Priority CLO Bond ETF (AAA) at 0.74%. This indicates that MPRO'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

	MPRO	AAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.74%	0.74%	+1.00%
Volatility (6M) Calculated over the trailing 6-month period	5.02%	1.76%	+3.26%
Volatility (1Y) Calculated over the trailing 1-year period	6.64%	2.30%	+4.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.25%	2.28%	+6.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.22%	2.15%	+7.07%

MPRO vs. AAA - Expense Ratio Comparison

MPRO has a 1.17% expense ratio, which is higher than AAA's 0.25% expense ratio.

Dividends

MPRO vs. AAA - Dividend Comparison

MPRO's dividend yield for the trailing twelve months is around 1.88%, 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%
MPRO Monarch ProCap ETF	1.88%	1.93%	1.64%	1.40%	1.09%	0.95%	0.00%

Frequently Asked Questions

Can I hold both MPRO and AAA in my portfolio?

MPRO and AAA have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MPRO or AAA?

MPRO has higher volatility (1.74%) compared to AAA (0.74%). In terms of maximum drawdown, MPRO dropped -14.51% vs AAA's -2.63%.

Which ETF is better, MPRO or AAA?

On 5-year performance, MPRO leads with 5.46% vs 4.64% 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, MPRO or AAA?

Over the 5-year period, MPRO has performed better with a 5.46% return vs 4.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MPRO or AAA?

AAA is cheaper with a 0.25% expense ratio, compared with 1.17% for MPRO.

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

AAA has the higher dividend yield at 4.90%, compared with 1.88% for MPRO.

What is the main difference between MPRO and AAA?

MPRO is categorized as Diversified Portfolio, while AAA is CLO. They also come from different issuers: Monarch and Alternative Access Funds LLC. Their fees differ too: 1.17% for MPRO and 0.25% for AAA.

Which has better risk-adjusted returns?

AAA currently has the higher Sharpe Ratio (2.36 vs 1.95), 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.