PAAA vs. YCLO

Last updated Aug 2, 2026

PAAA (PGIM AAA CLO ETF) and YCLO (Franklin BSP CLO ETF) are both CLO funds. Both are actively managed. Their 0.14 correlation means their historical movements had little consistent relationship. PAAA charges 0.19%/yr vs 0.35%/yr for YCLO.

Performance

PAAA vs. YCLO - Performance Comparison

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

Returns By Period

PAAA

• 1D: 0.02%
• 1M: 0.33%
• 6M: 2.20%
• YTD: 2.76%
• 1Y: 4.99%
• 3Y*: 6.48%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.48%

YCLO

• 1D: 0.04%
• 1M: 0.48%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PAAA PGIM AAA CLO ETF	$115.54M	$105.02M	$101.96M
YCLO Franklin BSP CLO ETF	$3.40K	$4.47K	$2.83K

PAAA vs. YCLO - Yearly Performance Comparison

	2026 (YTD)
PAAA PGIM AAA CLO ETF	0.72%
YCLO Franklin BSP CLO ETF	1.08%

Correlation

The correlation between PAAA and YCLO is 0.14, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 4, 2026	0.14

Return for Risk

PAAA vs. YCLO — Risk / Return Rank

Compare historical risk-adjusted metric ranks 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

YCLO

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PAAA vs. YCLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM AAA CLO ETF (PAAA) and Franklin BSP CLO ETF (YCLO). 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	YCLO	Difference
Sharpe ratio: Return per unit of total volatility	10.73	—	—
Sortino ratio: Return per unit of downside risk	20.88	—	—
Omega ratio: Gain probability vs. loss probability	6.51	—	—
Calmar ratio: Return relative to maximum drawdown	28.82	—	—
Martin ratio: Return relative to average drawdown	178.72	—	—

Drawdowns

PAAA vs. YCLO - Drawdown Comparison

The maximum PAAA drawdown since its inception was -1.04%, which is greater than YCLO's maximum drawdown of -0.04%. Use the drawdown chart below to compare losses from any high point for PAAA and YCLO.

Drawdown Indicators

	PAAA	YCLO	Difference
Max Drawdown Largest peak-to-trough decline	-1.04%	-0.04%	-1.00%
Max Drawdown (1Y) Largest decline over 1 year	-0.17%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-1.04%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.02%	0.00%	-0.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.03%	—	—

Volatility

Volatility by Period

	PAAA	YCLO	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	0.47%	0.43%	+0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.95%	0.43%	+0.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.95%	0.43%	+0.52%

PAAA vs. YCLO - Expense Ratio Comparison

PAAA has a 0.19% expense ratio, which is lower than YCLO's 0.35% expense ratio.

Dividends

PAAA vs. YCLO - Dividend Comparison

PAAA's dividend yield for the trailing twelve months is around 5.23%, more than YCLO's 0.31% yield.

Position	TTM	2025	2024	2023
PAAA PGIM AAA CLO ETF	4.80%	5.12%	5.88%	2.76%
YCLO Franklin BSP CLO ETF	0.31%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PAAA and YCLO in my portfolio?

PAAA and YCLO have a correlation of 0.14, 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 YCLO?

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 YCLO?

PAAA is cheaper with a 0.19% expense ratio, compared with 0.35% for YCLO.

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

PAAA has the higher dividend yield at 4.80%, compared with 0.31% for YCLO.

What is the main difference between PAAA and YCLO?

They also come from different issuers: PGIM and Franklin Templeton. Their fees differ too: 0.19% for PAAA and 0.35% for YCLO.