PAAA vs. CAAA

Last updated Apr 1, 2026

Compare and contrast key facts about PGIM AAA CLO ETF (PAAA) and First Trust Commercial Mortgage Opportunities ETF (CAAA).

PAAA and CAAA are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PAAA is an actively managed fund by PGIM. It was launched on Jul 19, 2023. CAAA is an actively managed fund by First Trust. It was launched on Feb 26, 2024.

Performance

PAAA vs. CAAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM AAA CLO ETF (PAAA) and First Trust Commercial Mortgage Opportunities ETF (CAAA). The values are adjusted to include any dividend payments, if applicable.

PAAA vs. CAAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PAAA PGIM AAA CLO ETF	0.99%	5.37%	5.99%
CAAA First Trust Commercial Mortgage Opportunities ETF	0.17%	8.03%	4.65%

Returns By Period

In the year-to-date period, PAAA achieves a 0.99% return, which is significantly higher than CAAA's 0.17% return.

PAAA

• 1D: 0.04%
• 1M: 0.20%
• YTD: 0.99%
• 6M: 2.21%
• 1Y: 5.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CAAA

• 1D: 0.22%
• 1M: -1.28%
• YTD: 0.17%
• 6M: 1.67%
• 1Y: 5.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PAAA vs. CAAA - Expense Ratio Comparison

PAAA has a 0.19% expense ratio, which is lower than CAAA's 0.55% expense ratio.

CAAA

First Trust Commercial Mortgage Opportunities ETF

PAAA

PGIM AAA CLO ETF

Return for Risk

PAAA vs. CAAA — Risk / Return Rank

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

PAAA

PAAA Risk / Return Rank: 98
PAAA Sharpe Ratio Rank: 98
PAAA Sortino Ratio Rank: 98
PAAA Omega Ratio Rank: 99
PAAA Calmar Ratio Rank: 98
PAAA Martin Ratio Rank: 99

CAAA

CAAA Risk / Return Rank: 85
CAAA Sharpe Ratio Rank: 84
CAAA Sortino Ratio Rank: 88
CAAA Omega Ratio Rank: 80
CAAA Calmar Ratio Rank: 87
CAAA Martin Ratio Rank: 84

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.

PAAA vs. CAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM AAA CLO ETF (PAAA) and First Trust Commercial Mortgage Opportunities ETF (CAAA). 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.

	PAAA	CAAA	Difference
Sharpe ratio Return per unit of total volatility	4.03	1.68	+2.35
Sortino ratio Return per unit of downside risk	4.87	2.43	+2.44
Omega ratio Gain probability vs. loss probability	2.94	1.31	+1.63
Calmar ratio Return relative to maximum drawdown	5.26	2.75	+2.51
Martin ratio Return relative to average drawdown	43.72	9.74	+33.97
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PAAA vs. CAAA - Sharpe Ratio Comparison

The current PAAA Sharpe Ratio is 4.03, which is higher than the CAAA Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of PAAA and CAAA, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PAAA	CAAA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.03	1.68	+2.35
Sharpe Ratio (All Time) Calculated using the full available price history	6.64	1.91	+4.72

Correlation

The correlation between PAAA and CAAA is 0.02, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

PAAA vs. CAAA - Dividend Comparison

PAAA's dividend yield for the trailing twelve months is around 5.48%, less than CAAA's 5.68% yield.

	TTM	2025	2024	2023
PAAA PGIM AAA CLO ETF	5.48%	5.12%	5.88%	2.76%
CAAA First Trust Commercial Mortgage Opportunities ETF	5.68%	6.09%	4.01%	0.00%

Drawdowns

PAAA vs. CAAA - Drawdown Comparison

The maximum PAAA drawdown since its inception was -1.04%, smaller than the maximum CAAA drawdown of -2.24%. Use the drawdown chart below to compare losses from any high point for PAAA and CAAA.

Drawdown Indicators

	PAAA	CAAA	Difference
Max Drawdown Largest peak-to-trough decline	-1.04%	-2.24%	+1.20%
Max Drawdown (1Y) Largest decline over 1 year	-1.04%	-2.08%	+1.04%
Current Drawdown Current decline from peak	0.00%	-1.42%	+1.42%
Average Drawdown Average peak-to-trough decline	-0.02%	-0.52%	+0.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.12%	0.59%	-0.47%

Volatility

PAAA vs. CAAA - Volatility Comparison

The current volatility for PGIM AAA CLO ETF (PAAA) is 0.27%, while First Trust Commercial Mortgage Opportunities ETF (CAAA) has a volatility of 1.20%. This indicates that PAAA experiences smaller price fluctuations and is considered to be less risky than CAAA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAAA	CAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.27%	1.20%	-0.93%
Volatility (6M) Calculated over the trailing 6-month period	0.39%	2.20%	-1.81%
Volatility (1Y) Calculated over the trailing 1-year period	1.34%	3.34%	-2.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.00%	3.23%	-2.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.00%	3.23%	-2.23%