PCMM vs. AAA

Last updated Jun 4, 2026

PCMM (BondBloxx Private Credit CLO ETF) and AAA (AAF First Priority CLO Bond ETF) are both CLO funds. Both are actively managed. Over the past year, PCMM returned 4.45% vs 5.39% for AAA. At a 0.08 correlation, their price movements are largely independent. PCMM charges 0.68%/yr vs 0.25%/yr for AAA.

Performance

PCMM vs. AAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BondBloxx Private Credit CLO ETF (PCMM) and AAF First Priority CLO Bond ETF (AAA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PCMM achieves a 1.15% return, which is significantly lower than AAA's 1.86% return.

PCMM

• 1D: 0.06%
• 1M: 0.49%
• YTD: 1.15%
• 6M: 1.71%
• 1Y: 4.45%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AAA

• 1D: -0.22%
• 1M: 0.67%
• YTD: 1.86%
• 6M: 2.19%
• 1Y: 5.39%
• 3Y*: 6.50%
• 5Y*: 4.64%
• 10Y*: —

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

PCMM vs. AAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PCMM BondBloxx Private Credit CLO ETF	1.15%	6.30%	0.50%
AAA AAF First Priority CLO Bond ETF	1.86%	4.92%	0.39%

Correlation

The correlation between PCMM and AAA is 0.08, 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	0.08
Correlation (All Time) Calculated using the full available price history since Dec 4, 2024	0.08

Return for Risk

PCMM vs. AAA — Risk / Return Rank

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

PCMM

PCMM Risk / Return Rank: 36
PCMM Sharpe Ratio Rank: 32
PCMM Sortino Ratio Rank: 31
PCMM Omega Ratio Rank: 32
PCMM Calmar Ratio Rank: 42
PCMM Martin Ratio Rank: 44

AAA

AAA Risk / Return Rank: 85
AAA Sharpe Ratio Rank: 71
AAA Sortino Ratio Rank: 87
AAA Omega Ratio Rank: 77
AAA Calmar Ratio Rank: 96
AAA Martin Ratio Rank: 94

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.

PCMM vs. AAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BondBloxx Private Credit CLO ETF (PCMM) and AAF First Priority CLO Bond ETF (AAA). 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.

	PCMM	AAA	Difference
Sharpe ratio: Return per unit of total volatility	1.16	2.36	-1.20
Sortino ratio: Return per unit of downside risk	1.66	4.06	-2.40
Omega ratio: Gain probability vs. loss probability	1.21	1.47	-0.25
Calmar ratio: Return relative to maximum drawdown	2.07	8.98	-6.91
Martin ratio: Return relative to average drawdown	7.21	27.78	-20.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PCMM vs. AAA - Sharpe Ratio Comparison

The current PCMM Sharpe Ratio is 1.16, which is lower than the AAA Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of PCMM and AAA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PCMM	AAA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.16	2.36	-1.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	2.05	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.08	1.93	-0.85

Drawdowns

PCMM vs. AAA - Drawdown Comparison

The maximum PCMM drawdown since its inception was -4.32%, which is greater than AAA's maximum drawdown of -2.63%. Use the drawdown chart below to compare losses from any high point for PCMM and AAA.

Drawdown Indicators

	PCMM	AAA	Difference
Max Drawdown Largest peak-to-trough decline	-4.32%	-2.63%	-1.69%
Max Drawdown (1Y) Largest decline over 1 year	-2.16%	-0.60%	-1.56%
Max Drawdown (3Y) Largest decline over 3 years	—	-2.40%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-2.63%	—
Current Drawdown Current decline from peak	-0.41%	-0.22%	-0.19%
Average Drawdown Average peak-to-trough decline	-0.43%	-0.30%	-0.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.62%	0.19%	+0.43%

Volatility

PCMM vs. AAA - Volatility Comparison

BondBloxx Private Credit CLO ETF (PCMM) has a higher volatility of 1.22% compared to AAF First Priority CLO Bond ETF (AAA) at 0.74%. This indicates that PCMM's price experiences larger fluctuations and is considered to be riskier than AAA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PCMM	AAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.22%	0.74%	+0.48%
Volatility (6M) Calculated over the trailing 6-month period	2.64%	1.76%	+0.88%
Volatility (1Y) Calculated over the trailing 1-year period	3.94%	2.30%	+1.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.97%	2.28%	+2.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.97%	2.15%	+2.82%

PCMM vs. AAA - Expense Ratio Comparison

PCMM has a 0.68% expense ratio, which is higher than AAA's 0.25% expense ratio.

Dividends

PCMM vs. AAA - Dividend Comparison

PCMM's dividend yield for the trailing twelve months is around 6.62%, more than AAA's 4.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
AAA AAF First Priority CLO Bond ETF	4.90%	5.11%	6.17%	6.11%	2.78%	1.06%	0.32%
PCMM BondBloxx Private Credit CLO ETF	6.62%	7.02%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PCMM and AAA in my portfolio?

PCMM and AAA have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PCMM or AAA?

PCMM has higher volatility (1.22%) compared to AAA (0.74%). In terms of maximum drawdown, PCMM dropped -4.32% vs AAA's -2.63%.

Which ETF is better, PCMM or AAA?

On 1-year performance, AAA leads with 5.39% vs 4.45% for PCMM. On fees, AAA is cheaper at 0.25% per year. On volatility, AAA has been the lower-risk option at 0.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PCMM or AAA?

Over the 1-year period, AAA has performed better with a 5.39% return vs 4.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PCMM or AAA?

AAA is cheaper with a 0.25% expense ratio, compared with 0.68% for PCMM.

Which ETF pays a higher dividend yield, PCMM or AAA?

PCMM has the higher dividend yield at 6.62%, compared with 4.90% for AAA.

What is the main difference between PCMM and AAA?

They also come from different issuers: BondBloxx and Alternative Access Funds LLC. Their fees differ too: 0.68% for PCMM and 0.25% for AAA.

Which has better risk-adjusted returns?

AAA currently has the higher Sharpe Ratio (2.36 vs 1.16), 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.