PAAA vs. FCLO

Last updated Apr 1, 2026

Compare and contrast key facts about PGIM AAA CLO ETF (PAAA) and Fidelity CLO ETF (FCLO).

PAAA and FCLO 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. FCLO is an actively managed fund by Fidelity. It was launched on Feb 10, 2026.

Performance

PAAA vs. FCLO - Performance Comparison

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

PAAA vs. FCLO - Yearly Performance Comparison

	2026 (YTD)
PAAA PGIM AAA CLO ETF	0.34%
FCLO Fidelity CLO ETF	0.06%

Returns By Period

PAAA

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

FCLO

• 1D: -0.02%
• 1M: 0.21%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PAAA vs. FCLO - Expense Ratio Comparison

PAAA has a 0.19% expense ratio, which is lower than FCLO's 0.45% expense ratio.

FCLO

Fidelity CLO ETF

PAAA

PGIM AAA CLO ETF

Return for Risk

PAAA vs. FCLO — 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

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. FCLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM AAA CLO ETF (PAAA) and Fidelity CLO ETF (FCLO). 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	FCLO	Difference
Sharpe ratio Return per unit of total volatility	4.03	—	—
Sortino ratio Return per unit of downside risk	4.87	—	—
Omega ratio Gain probability vs. loss probability	2.94	—	—
Calmar ratio Return relative to maximum drawdown	5.26	—	—
Martin ratio Return relative to average drawdown	43.72	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	PAAA	FCLO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.03	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	6.64	0.31	+6.33

Correlation

The correlation between PAAA and FCLO is -0.02. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

PAAA vs. FCLO - Dividend Comparison

PAAA's dividend yield for the trailing twelve months is around 5.48%, more than FCLO's 0.54% yield.

	TTM	2025	2024	2023
PAAA PGIM AAA CLO ETF	5.48%	5.12%	5.88%	2.76%
FCLO Fidelity CLO ETF	0.54%	0.00%	0.00%	0.00%

Drawdowns

PAAA vs. FCLO - Drawdown Comparison

The maximum PAAA drawdown since its inception was -1.04%, which is greater than FCLO's maximum drawdown of -0.58%. Use the drawdown chart below to compare losses from any high point for PAAA and FCLO.

Drawdown Indicators

	PAAA	FCLO	Difference
Max Drawdown Largest peak-to-trough decline	-1.04%	-0.58%	-0.46%
Max Drawdown (1Y) Largest decline over 1 year	-1.04%	—	—
Current Drawdown Current decline from peak	0.00%	-0.09%	+0.09%
Average Drawdown Average peak-to-trough decline	-0.02%	-0.20%	+0.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.12%	—	—

Volatility

Volatility by Period

	PAAA	FCLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.27%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.39%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	1.34%	1.62%	-0.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.00%	1.62%	-0.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.00%	1.62%	-0.62%