PRIV vs. CAAA

Last updated Jun 4, 2026

PRIV (State Street IG Public & Private Credit ETF) and CAAA (First Trust Commercial Mortgage Opportunities ETF) are both Intermediate Core-Plus Bond funds. Both are actively managed. Over the past year, PRIV returned 6.08% vs 5.28% for CAAA. A 0.68 correlation means they provide meaningful diversification when combined. Both charge a 0.55% expense ratio.

Performance

PRIV vs. CAAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street IG Public & Private Credit ETF (PRIV) and First Trust Commercial Mortgage Opportunities ETF (CAAA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with PRIV having a 0.55% return and CAAA slightly higher at 0.56%.

PRIV

• 1D: -0.26%
• 1M: 0.15%
• YTD: 0.55%
• 6M: 0.46%
• 1Y: 6.08%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CAAA

• 1D: -0.34%
• 1M: -0.12%
• YTD: 0.56%
• 6M: 0.55%
• 1Y: 5.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PRIV vs. CAAA - Yearly Performance Comparison

	2026 (YTD)	2025
PRIV State Street IG Public & Private Credit ETF	0.55%	5.21%
CAAA First Trust Commercial Mortgage Opportunities ETF	0.56%	5.73%

Correlation

The correlation between PRIV and CAAA is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.64
Correlation (All Time) Calculated using the full available price history since Feb 28, 2025	0.68

The correlation between PRIV and CAAA has been stable across timeframes, ranging from 0.64 to 0.68 - a consistent structural relationship.

Return for Risk

PRIV vs. CAAA — Risk / Return Rank

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

PRIV

PRIV Risk / Return Rank: 50
PRIV Sharpe Ratio Rank: 49
PRIV Sortino Ratio Rank: 53
PRIV Omega Ratio Rank: 49
PRIV Calmar Ratio Rank: 49
PRIV Martin Ratio Rank: 48

CAAA

CAAA Risk / Return Rank: 51
CAAA Sharpe Ratio Rank: 50
CAAA Sortino Ratio Rank: 55
CAAA Omega Ratio Rank: 51
CAAA Calmar Ratio Rank: 52
CAAA Martin Ratio Rank: 47

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.

PRIV vs. CAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street IG Public & Private Credit ETF (PRIV) and First Trust Commercial Mortgage Opportunities ETF (CAAA). 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.

	PRIV	CAAA	Difference
Sharpe ratio: Return per unit of total volatility	1.65	1.73	-0.08
Sortino ratio: Return per unit of downside risk	2.52	2.62	-0.10
Omega ratio: Gain probability vs. loss probability	1.30	1.32	-0.02
Calmar ratio: Return relative to maximum drawdown	2.40	2.55	-0.15
Martin ratio: Return relative to average drawdown	7.79	7.88	-0.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PRIV vs. CAAA - Sharpe Ratio Comparison

The current PRIV Sharpe Ratio is 1.65, which is comparable to the CAAA Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of PRIV and CAAA, 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

	PRIV	CAAA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.65	1.73	-0.08
Sharpe Ratio (All Time) Calculated using the full available price history	1.10	1.83	-0.73

Drawdowns

PRIV vs. CAAA - Drawdown Comparison

The maximum PRIV drawdown since its inception was -2.75%, which is greater than CAAA's maximum drawdown of -2.24%. Use the drawdown chart below to compare losses from any high point for PRIV and CAAA.

Drawdown Indicators

	PRIV	CAAA	Difference
Max Drawdown Largest peak-to-trough decline	-2.75%	-2.24%	-0.51%
Max Drawdown (1Y) Largest decline over 1 year	-2.54%	-2.08%	-0.46%
Current Drawdown Current decline from peak	-1.16%	-1.04%	-0.12%
Average Drawdown Average peak-to-trough decline	-0.66%	-0.56%	-0.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.78%	0.67%	+0.11%

Volatility

PRIV vs. CAAA - Volatility Comparison

State Street IG Public & Private Credit ETF (PRIV) has a higher volatility of 1.37% compared to First Trust Commercial Mortgage Opportunities ETF (CAAA) at 1.04%. This indicates that PRIV's price experiences larger fluctuations and is considered to be riskier than CAAA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PRIV	CAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.37%	1.04%	+0.33%
Volatility (6M) Calculated over the trailing 6-month period	2.68%	2.16%	+0.52%
Volatility (1Y) Calculated over the trailing 1-year period	3.69%	3.07%	+0.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.15%	3.21%	+0.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.15%	3.21%	+0.94%

PRIV vs. CAAA - Expense Ratio Comparison

Both PRIV and CAAA have an expense ratio of 0.55%.

Dividends

PRIV vs. CAAA - Dividend Comparison

PRIV's dividend yield for the trailing twelve months is around 4.60%, less than CAAA's 5.30% yield.

Position	TTM	2025	2024
CAAA First Trust Commercial Mortgage Opportunities ETF	5.30%	6.09%	4.01%
PRIV State Street IG Public & Private Credit ETF	4.60%	3.75%	0.00%

Frequently Asked Questions

Can I hold both PRIV and CAAA in my portfolio?

PRIV and CAAA have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PRIV or CAAA?

PRIV has higher volatility (1.37%) compared to CAAA (1.04%). In terms of maximum drawdown, PRIV dropped -2.75% vs CAAA's -2.24%.

Which ETF is better, PRIV or CAAA?

On 1-year performance, PRIV leads with 6.08% vs 5.28% for CAAA. Both ETFs have the same 0.55% expense ratio. On volatility, CAAA has been the lower-risk option at 1.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PRIV or CAAA?

Over the 1-year period, PRIV has performed better with a 6.08% return vs 5.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PRIV or CAAA?

PRIV and CAAA have the same expense ratio: 0.55% per year.

Which ETF pays a higher dividend yield, PRIV or CAAA?

CAAA has the higher dividend yield at 5.30%, compared with 4.60% for PRIV.

What is the main difference between PRIV and CAAA?

They also come from different issuers: State Street and First Trust.

Which has better risk-adjusted returns?

CAAA currently has the higher Sharpe Ratio (1.73 vs 1.65), 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.