PAAA vs. APFPX
PAAA (PGIM AAA CLO ETF) and APFPX (Artisan Global Unconstrained Fund) are both funds - PAAA is a CLO fund actively managed by PGIM, while APFPX is a Nontraditional Bonds fund managed by Artisan. Over the past 3 years, PAAA returned 6.48%/yr vs 9.28%/yr for APFPX. Their -0.02 correlation means they have often moved in opposite directions in the past. PAAA charges 0.19%/yr vs 1.54%/yr for APFPX.
Performance
PAAA vs. APFPX - Performance Comparison
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Returns By Period
In the year-to-date period, PAAA achieves a 2.76% return, which is significantly lower than APFPX's 5.21% return.
PAAA
- 1D
- 0.02%
- 1M
- 0.39%
- 6M
- 2.20%
- YTD
- 2.76%
- 1Y
- 5.00%
- 3Y*
- 6.48%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 6.48%
APFPX
- 1D
- -0.02%
- 1M
- 1.06%
- 6M
- 3.18%
- YTD
- 5.21%
- 1Y
- 11.35%
- 3Y*
- 9.28%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 9.59%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
PAAA PGIM AAA CLO ETF | $115.54M | $105.02M | $101.96M |
PAAA vs. APFPX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
PAAA PGIM AAA CLO ETF | 2.76% | 5.37% | 7.47% | 3.83% |
APFPX Artisan Global Unconstrained Fund | 5.21% | 10.21% | 11.33% | 1.50% |
Correlation
The correlation between PAAA and APFPX is -0.10, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.10 |
Correlation (3Y) Balances recent behavior with more history. | -0.02 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2023 | -0.02 |
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Return for Risk
PAAA vs. APFPX — Risk / Return Rank
PAAA
APFPX
PAAA vs. APFPX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PGIM AAA CLO ETF (PAAA) and Artisan Global Unconstrained Fund (APFPX). 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.
| PAAA | APFPX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +6.04 | ||
| Sortino ratioReturn per unit of downside risk | +14.08 | ||
| Omega ratioGain probability vs. loss probability | 6.51 | 2.18 | +4.33 |
| Calmar ratioReturn relative to maximum drawdown | 28.82 | 13.11 | +15.71 |
| Martin ratioReturn relative to average drawdown | 178.72 | 53.64 | +125.09 |
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Drawdowns
PAAA vs. APFPX - Drawdown Comparison
The maximum PAAA drawdown since its inception was -1.04%, smaller than the maximum APFPX drawdown of -2.10%. Use the drawdown chart below to compare losses from any high point for PAAA and APFPX.
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Drawdown Indicators
| PAAA | APFPX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.04% | -2.10% | +1.06% |
Max Drawdown (1Y)Largest decline over 1 year | -0.17% | -0.90% | +0.73% |
Max Drawdown (3Y)Largest decline over 3 years | -1.04% | -2.02% | +0.98% |
Current DrawdownCurrent decline from peak | 0.00% | -0.29% | +0.29% |
Average DrawdownAverage peak-to-trough decline | -0.02% | -0.24% | +0.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.03% | 0.22% | -0.19% |
Volatility
PAAA vs. APFPX - Volatility Comparison
The current volatility for PGIM AAA CLO ETF (PAAA) is 0.11%, while Artisan Global Unconstrained Fund (APFPX) has a volatility of 0.51%. This indicates that PAAA experiences smaller price fluctuations and is considered to be less risky than APFPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PAAA | APFPX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.11% | 0.51% | -0.40% |
Volatility (6M)Calculated over the trailing 6-month period | 0.36% | 2.10% | -1.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.47% | 2.51% | -2.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.95% | 2.73% | -1.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.95% | 2.73% | -1.78% |
PAAA vs. APFPX - Expense Ratio Comparison
PAAA has a 0.19% expense ratio, which is lower than APFPX's 1.54% expense ratio.
Dividends
PAAA vs. APFPX - Dividend Comparison
PAAA's dividend yield for the trailing twelve months is around 5.23%, more than APFPX's 4.63% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
APFPX Artisan Global Unconstrained Fund | 4.63% | 4.01% | 6.18% | 6.89% | 8.60% |
PAAA PGIM AAA CLO ETF | 5.23% | 5.12% | 5.88% | 2.76% | 0.00% |
Frequently Asked Questions
PAAA and APFPX 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.
APFPX has higher volatility (0.51%) compared to PAAA (0.11%). In terms of maximum drawdown, PAAA dropped -1.04% vs APFPX's -2.10%.
PAAA currently has the higher Sharpe Ratio (10.73 vs 4.69), 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.
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