PAAA vs. TBUX

Last updated Apr 1, 2026

Compare and contrast key facts about PGIM AAA CLO ETF (PAAA) and T. Rowe Price Ultra Short-Term Bond ETF (TBUX).

PAAA and TBUX 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. TBUX is an actively managed fund by T. Rowe Price. It was launched on Sep 28, 2021.

Performance

PAAA vs. TBUX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM AAA CLO ETF (PAAA) and T. Rowe Price Ultra Short-Term Bond ETF (TBUX). The values are adjusted to include any dividend payments, if applicable.

PAAA vs. TBUX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PAAA PGIM AAA CLO ETF	0.99%	5.37%	7.47%	3.83%
TBUX T. Rowe Price Ultra Short-Term Bond ETF	0.83%	5.37%	6.38%	3.11%

Returns By Period

In the year-to-date period, PAAA achieves a 0.99% return, which is significantly higher than TBUX's 0.83% return.

PAAA

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

TBUX

• 1D: 0.06%
• 1M: 0.15%
• YTD: 0.83%
• 6M: 2.08%
• 1Y: 4.87%
• 3Y*: 5.87%
• 5Y*: —
• 10Y*: —

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

PAAA vs. TBUX - Expense Ratio Comparison

PAAA has a 0.19% expense ratio, which is higher than TBUX's 0.17% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

PAAA

PGIM AAA CLO ETF

TBUX

T. Rowe Price Ultra Short-Term Bond ETF

Return for Risk

PAAA vs. TBUX — 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

TBUX

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

This table presents a comparison of risk-adjusted performance metrics for PGIM AAA CLO ETF (PAAA) and T. Rowe Price Ultra Short-Term Bond ETF (TBUX). 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	TBUX	Difference
Sharpe ratio Return per unit of total volatility	4.03	5.83	-1.80
Sortino ratio Return per unit of downside risk	4.87	10.05	-5.18
Omega ratio Gain probability vs. loss probability	2.94	2.64	+0.30
Calmar ratio Return relative to maximum drawdown	5.26	14.68	-9.41
Martin ratio Return relative to average drawdown	43.72	99.53	-55.81
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. TBUX - Sharpe Ratio Comparison

The current PAAA Sharpe Ratio is 4.03, which is lower than the TBUX Sharpe Ratio of 5.83. The chart below compares the historical Sharpe Ratios of PAAA and TBUX, 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	TBUX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.03	5.83	-1.80
Sharpe Ratio (All Time) Calculated using the full available price history	6.64	3.82	+2.82

Correlation

The correlation between PAAA and TBUX is -0.04. 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. TBUX - Dividend Comparison

PAAA's dividend yield for the trailing twelve months is around 5.48%, more than TBUX's 4.55% yield.

	TTM	2025	2024	2023	2022	2021
PAAA PGIM AAA CLO ETF	5.48%	5.12%	5.88%	2.76%	0.00%	0.00%
TBUX T. Rowe Price Ultra Short-Term Bond ETF	4.55%	4.67%	5.39%	4.66%	2.58%	0.27%

Drawdowns

PAAA vs. TBUX - Drawdown Comparison

The maximum PAAA drawdown since its inception was -1.04%, smaller than the maximum TBUX drawdown of -1.79%. Use the drawdown chart below to compare losses from any high point for PAAA and TBUX.

Drawdown Indicators

	PAAA	TBUX	Difference
Max Drawdown Largest peak-to-trough decline	-1.04%	-1.79%	+0.75%
Max Drawdown (1Y) Largest decline over 1 year	-1.04%	-0.33%	-0.71%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.02%	-0.29%	+0.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.12%	0.05%	+0.07%

Volatility

PAAA vs. TBUX - Volatility Comparison

PGIM AAA CLO ETF (PAAA) has a higher volatility of 0.27% compared to T. Rowe Price Ultra Short-Term Bond ETF (TBUX) at 0.25%. This indicates that PAAA's price experiences larger fluctuations and is considered to be riskier than TBUX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAAA	TBUX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.27%	0.25%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	0.39%	0.44%	-0.05%
Volatility (1Y) Calculated over the trailing 1-year period	1.34%	0.84%	+0.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.00%	1.08%	-0.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.00%	1.08%	-0.08%