PBBBX vs. PAAA

Last updated Jun 23, 2026

PBBBX (PIA BBB Bond Fund) and PAAA (PGIM AAA CLO ETF) are both funds - PBBBX is a Corporate Bonds fund managed by PIA Mutual Funds, while PAAA is a CLO fund actively managed by PGIM. Over the past year, PBBBX returned 5.54% vs 5.13% for PAAA. At a correlation of -0.04, they often move in opposite directions. PBBBX charges 0.15%/yr vs 0.19%/yr for PAAA.

Performance

PBBBX vs. PAAA - Performance Comparison

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

Returns By Period

In the year-to-date period, PBBBX achieves a 0.60% return, which is significantly lower than PAAA's 2.24% return.

PBBBX

• 1D: 0.12%
• 1M: 1.16%
• YTD: 0.60%
• 6M: 0.91%
• 1Y: 5.54%
• 3Y*: 5.65%
• 5Y*: 0.40%
• 10Y*: 2.90%

PAAA

• 1D: 0.02%
• 1M: 0.26%
• YTD: 2.24%
• 6M: 2.39%
• 1Y: 5.13%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PBBBX vs. PAAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PBBBX PIA BBB Bond Fund	0.60%	8.14%	2.41%	5.26%
PAAA PGIM AAA CLO ETF	2.24%	5.37%	7.47%	3.83%

Correlation

The correlation between PBBBX and PAAA is 0.04, 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 (1Y) Calculated over the trailing 1-year period	0.04
Correlation (All Time) Calculated using the full available price history since Jul 26, 2023	-0.04

Return for Risk

PBBBX vs. PAAA — Risk / Return Rank

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

PBBBX

PBBBX Risk / Return Rank: 26
PBBBX Sharpe Ratio Rank: 28
PBBBX Sortino Ratio Rank: 28
PBBBX Omega Ratio Rank: 27
PBBBX Calmar Ratio Rank: 25
PBBBX Martin Ratio Rank: 23

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

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.

PBBBX vs. PAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIA BBB Bond Fund (PBBBX) and PGIM AAA CLO ETF (PAAA). 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.

	PBBBX	PAAA	Difference
Sharpe ratio: Return per unit of total volatility	1.40	11.01	-9.61
Sortino ratio: Return per unit of downside risk	2.05	21.43	-19.38
Omega ratio: Gain probability vs. loss probability	1.25	6.78	-5.53
Calmar ratio: Return relative to maximum drawdown	1.72	29.61	-27.88
Martin ratio: Return relative to average drawdown	5.21	183.59	-178.38

PBBBX vs. PAAA - Sharpe Ratio Comparison

The current PBBBX Sharpe Ratio is 1.40, which is lower than the PAAA Sharpe Ratio of 11.01. The chart below compares the historical Sharpe Ratios of PBBBX and PAAA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PBBBX vs. PAAA - Drawdown Comparison

The maximum PBBBX drawdown since its inception was -23.00%, which is greater than PAAA's maximum drawdown of -1.04%. Use the drawdown chart below to compare losses from any high point for PBBBX and PAAA.

Drawdown Indicators

	PBBBX	PAAA	Difference
Max Drawdown Largest peak-to-trough decline	-23.00%	-1.04%	-21.96%
Max Drawdown (1Y) Largest decline over 1 year	-3.30%	-0.17%	-3.13%
Max Drawdown (3Y) Largest decline over 3 years	-6.39%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-23.00%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-23.00%	—	—
Current Drawdown Current decline from peak	-1.02%	0.00%	-1.02%
Average Drawdown Average peak-to-trough decline	-3.48%	-0.02%	-3.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.09%	0.03%	+1.06%

Volatility

PBBBX vs. PAAA - Volatility Comparison

PIA BBB Bond Fund (PBBBX) has a higher volatility of 1.20% compared to PGIM AAA CLO ETF (PAAA) at 0.10%. This indicates that PBBBX's price experiences larger fluctuations and is considered to be riskier than PAAA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBBBX	PAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.20%	0.10%	+1.10%
Volatility (6M) Calculated over the trailing 6-month period	3.11%	0.35%	+2.76%
Volatility (1Y) Calculated over the trailing 1-year period	4.07%	0.47%	+3.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.68%	0.97%	+5.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.03%	0.97%	+5.06%

PBBBX vs. PAAA - Expense Ratio Comparison

PBBBX has a 0.15% expense ratio, which is lower than PAAA's 0.19% 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

PBBBX vs. PAAA - Dividend Comparison

PBBBX's dividend yield for the trailing twelve months is around 3.77%, less than PAAA's 4.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PAAA PGIM AAA CLO ETF	4.87%	5.12%	5.88%	2.76%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PBBBX PIA BBB Bond Fund	3.77%	4.02%	3.82%	3.57%	3.24%	2.85%	3.16%	3.78%	4.20%	3.75%	3.95%	4.12%

Frequently Asked Questions

Can I hold both PBBBX and PAAA in my portfolio?

PBBBX and PAAA have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PBBBX or PAAA?

PBBBX has higher volatility (1.20%) compared to PAAA (0.10%). In terms of maximum drawdown, PBBBX dropped -23.00% vs PAAA's -1.04%.

Which has better risk-adjusted returns?

PAAA currently has the higher Sharpe Ratio (11.01 vs 1.40), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.