PAAA vs. HSRT

Last updated Jun 4, 2026

PAAA (PGIM AAA CLO ETF) and HSRT (Hartford AAA CLO ETF) are both CLO funds. PAAA is actively managed, while HSRT is passively managed. At a 0.00 correlation, their price movements are largely independent. PAAA charges 0.19%/yr vs 0.24%/yr for HSRT.

Performance

PAAA vs. HSRT - Performance Comparison

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

Returns By Period

PAAA

• 1D: -0.01%
• 1M: 0.40%
• YTD: 2.03%
• 6M: 2.45%
• 1Y: 5.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HSRT

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PAAA vs. HSRT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PAAA PGIM AAA CLO ETF	2.03%	5.37%	7.47%	3.83%
HSRT Hartford AAA CLO ETF	0.00%	0.60%	6.44%	4.03%

Correlation

The correlation between PAAA and HSRT is 0.00, 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 (All Time) Calculated using the full available price history since Jul 27, 2023	0.00

Return for Risk

PAAA vs. HSRT — Risk / Return Rank

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

PAAA

PAAA Risk / Return Rank: 99
PAAA Sharpe Ratio Rank: 99
PAAA Sortino Ratio Rank: 99
PAAA Omega Ratio Rank: 100
PAAA Calmar Ratio Rank: 99
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. HSRT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM AAA CLO ETF (PAAA) and Hartford AAA CLO ETF (HSRT). 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	HSRT	Difference
Sharpe ratio: Return per unit of total volatility	10.83	—	—
Sortino ratio: Return per unit of downside risk	21.80	—	—
Omega ratio: Gain probability vs. loss probability	6.72	—	—
Calmar ratio: Return relative to maximum drawdown	30.32	—	—
Martin ratio: Return relative to average drawdown	187.65	—	—
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	HSRT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	10.83	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	6.78	—	—

Drawdowns

Drawdown Indicators

	PAAA	HSRT	Difference
Max Drawdown Largest peak-to-trough decline	-1.04%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-0.17%	—	—
Current Drawdown Current decline from peak	-0.01%	—	—
Average Drawdown Average peak-to-trough decline	-0.02%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	0.03%	—	—

Volatility

Volatility by Period

	PAAA	HSRT	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.11%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.36%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	0.49%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.98%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.98%	—	—

PAAA vs. HSRT - Expense Ratio Comparison

PAAA has a 0.19% expense ratio, which is lower than HSRT's 0.24% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

PAAA vs. HSRT - Dividend Comparison

PAAA's dividend yield for the trailing twelve months is around 4.88%, while HSRT has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
HSRT Hartford AAA CLO ETF	0.00%	1.29%	6.37%	3.98%	2.67%	2.23%	2.88%	3.50%	1.62%
PAAA PGIM AAA CLO ETF	4.88%	5.12%	5.88%	2.76%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PAAA and HSRT in my portfolio?

PAAA and HSRT have a correlation of 0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PAAA or HSRT?

On fees, PAAA is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PAAA or HSRT?

PAAA is cheaper with a 0.19% expense ratio, compared with 0.24% for HSRT.

Which ETF pays a higher dividend yield, PAAA or HSRT?

PAAA has the higher dividend yield at 4.88%, compared with 0.00% for HSRT.

What is the main difference between PAAA and HSRT?

They also come from different issuers: PGIM and Hartford. Their fees differ too: 0.19% for PAAA and 0.24% for HSRT.