PAAA vs. CBUDX
PAAA (PGIM AAA CLO ETF) and CBUDX (CrossingBridge Ultra-Short Duration Fund) are both funds - PAAA is a CLO fund actively managed by PGIM, while CBUDX is a Ultrashort Bond fund managed by CrossingBridge. Over the past year, PAAA returned 5.26% vs 4.64% for CBUDX. At a 0.10 correlation, their price movements are largely independent. PAAA charges 0.19%/yr vs 0.89%/yr for CBUDX.
Performance
PAAA vs. CBUDX - Performance Comparison
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Returns By Period
In the year-to-date period, PAAA achieves a 2.03% return, which is significantly higher than CBUDX's 1.54% return.
PAAA
- 1D
- -0.01%
- 1M
- 0.40%
- YTD
- 2.03%
- 6M
- 2.45%
- 1Y
- 5.26%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CBUDX
- 1D
- 0.00%
- 1M
- 0.33%
- YTD
- 1.54%
- 6M
- 2.19%
- 1Y
- 4.64%
- 3Y*
- 5.39%
- 5Y*
- —
- 10Y*
- —
PAAA vs. CBUDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
PAAA PGIM AAA CLO ETF | 2.03% | 5.37% | 7.47% | 3.83% |
CBUDX CrossingBridge Ultra-Short Duration Fund | 1.54% | 5.25% | 5.83% | 2.86% |
Correlation
The correlation between PAAA and CBUDX is 0.05, 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 | 0.05 |
Correlation (All Time) Calculated using the full available price history since Jul 27, 2023 | 0.10 |
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Return for Risk
PAAA vs. CBUDX — Risk / Return Rank
PAAA
CBUDX
PAAA vs. CBUDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PGIM AAA CLO ETF (PAAA) and CrossingBridge Ultra-Short Duration Fund (CBUDX). 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 | CBUDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +5.27 | ||
| Sortino ratioReturn per unit of downside risk | +11.21 | ||
| Omega ratioGain probability vs. loss probability | 6.72 | 4.55 | +2.17 |
| Calmar ratioReturn relative to maximum drawdown | 30.32 | 11.64 | +18.68 |
| Martin ratioReturn relative to average drawdown | 187.65 | 79.04 | +108.60 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PAAA | CBUDX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 10.83 | 5.56 | +5.27 |
Sharpe Ratio (All Time)Calculated using the full available price history | 6.78 | 4.61 | +2.17 |
Drawdowns
PAAA vs. CBUDX - Drawdown Comparison
The maximum PAAA drawdown since its inception was -1.04%, which is greater than CBUDX's maximum drawdown of -0.40%. Use the drawdown chart below to compare losses from any high point for PAAA and CBUDX.
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Drawdown Indicators
| PAAA | CBUDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.04% | -0.40% | -0.64% |
Max Drawdown (1Y)Largest decline over 1 year | -0.17% | -0.40% | +0.23% |
Max Drawdown (3Y)Largest decline over 3 years | — | -0.40% | — |
Current DrawdownCurrent decline from peak | -0.01% | 0.00% | -0.01% |
Average DrawdownAverage peak-to-trough decline | -0.02% | -0.03% | +0.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.03% | 0.06% | -0.03% |
Volatility
PAAA vs. CBUDX - Volatility Comparison
The current volatility for PGIM AAA CLO ETF (PAAA) is 0.11%, while CrossingBridge Ultra-Short Duration Fund (CBUDX) has a volatility of 0.26%. This indicates that PAAA experiences smaller price fluctuations and is considered to be less risky than CBUDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PAAA | CBUDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.11% | 0.26% | -0.15% |
Volatility (6M)Calculated over the trailing 6-month period | 0.36% | 0.67% | -0.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.49% | 0.84% | -0.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.98% | 0.92% | +0.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.98% | 0.92% | +0.06% |
PAAA vs. CBUDX - Expense Ratio Comparison
PAAA has a 0.19% expense ratio, which is lower than CBUDX's 0.89% expense ratio.
Dividends
PAAA vs. CBUDX - Dividend Comparison
PAAA's dividend yield for the trailing twelve months is around 4.88%, more than CBUDX's 4.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
CBUDX CrossingBridge Ultra-Short Duration Fund | 4.45% | 4.61% | 5.68% | 5.67% | 2.94% | 0.16% |
PAAA PGIM AAA CLO ETF | 4.88% | 5.12% | 5.88% | 2.76% | 0.00% | 0.00% |
Frequently Asked Questions
PAAA and CBUDX have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CBUDX has higher volatility (0.26%) compared to PAAA (0.11%). In terms of maximum drawdown, PAAA dropped -1.04% vs CBUDX's -0.40%.
PAAA currently has the higher Sharpe Ratio (10.83 vs 5.56), 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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