PAAA vs. XBOX

Last updated Jul 21, 2026

PAAA (PGIM AAA CLO ETF) and XBOX (Roundhill Ultra Short Duration No Dividend Target ETF) are both exchange-traded funds - PAAA is a CLO fund actively managed by PGIM, while XBOX is a Ultrashort Bond fund actively managed by Roundhill. Both are actively managed. At a correlation of -0.01, they often move in opposite directions. PAAA charges 0.19%/yr vs 0.14%/yr for XBOX.

Performance

PAAA vs. XBOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM AAA CLO ETF (PAAA) and Roundhill Ultra Short Duration No Dividend Target ETF (XBOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

PAAA

• 1D: 0.02%
• 1M: 0.38%
• 6M: 2.25%
• YTD: 2.61%
• 1Y: 5.05%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.49%

XBOX

• 1D: 0.00%
• 1M: 0.32%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

PAAA vs. XBOX - Yearly Performance Comparison

	2026 (YTD)
PAAA PGIM AAA CLO ETF	1.76%
XBOX Roundhill Ultra Short Duration No Dividend Target ETF	1.29%

Correlation

The correlation between PAAA and XBOX is -0.01, 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 Mar 18, 2026	-0.01

Return for Risk

PAAA vs. XBOX — 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: 100
PAAA Sortino Ratio Rank: 99
PAAA Omega Ratio Rank: 99
PAAA Calmar Ratio Rank: 99
PAAA Martin Ratio Rank: 99

XBOX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. XBOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM AAA CLO ETF (PAAA) and Roundhill Ultra Short Duration No Dividend Target ETF (XBOX). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	PAAA	XBOX	Difference
Sharpe ratio: Return per unit of total volatility	10.85	—	—
Sortino ratio: Return per unit of downside risk	21.12	—	—
Omega ratio: Gain probability vs. loss probability	6.63	—	—
Calmar ratio: Return relative to maximum drawdown	29.14	—	—
Martin ratio: Return relative to average drawdown	180.54	—	—

Drawdowns

PAAA vs. XBOX - Drawdown Comparison

The maximum PAAA drawdown since its inception was -1.04%, which is greater than XBOX's maximum drawdown of -0.83%. Use the drawdown chart below to compare losses from any high point for PAAA and XBOX.

Drawdown Indicators

	PAAA	XBOX	Difference
Max Drawdown Largest peak-to-trough decline	-1.04%	-0.83%	-0.21%
Max Drawdown (1Y) Largest decline over 1 year	-0.17%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.02%	-0.08%	+0.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.03%	—	—

Volatility

Volatility by Period

	PAAA	XBOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.10%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.36%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	0.47%	2.04%	-1.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.96%	2.04%	-1.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.96%	2.04%	-1.08%

PAAA vs. XBOX - Expense Ratio Comparison

PAAA has a 0.19% expense ratio, which is higher than XBOX's 0.14% 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%.

Dividends

PAAA vs. XBOX - Dividend Comparison

PAAA's dividend yield for the trailing twelve months is around 4.83%, while XBOX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
PAAA PGIM AAA CLO ETF	4.83%	5.12%	5.88%	2.76%
XBOX Roundhill Ultra Short Duration No Dividend Target ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PAAA and XBOX in my portfolio?

PAAA and XBOX have a correlation of -0.01, 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 XBOX?

On fees, XBOX is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PAAA or XBOX?

XBOX is cheaper with a 0.14% expense ratio, compared with 0.19% for PAAA.

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

PAAA has the higher dividend yield at 4.83%, compared with 0.00% for XBOX.

What is the main difference between PAAA and XBOX?

PAAA is categorized as CLO, while XBOX is Ultrashort Bond. They also come from different issuers: PGIM and Roundhill. Their fees differ too: 0.19% for PAAA and 0.14% for XBOX.