PSQA vs. TRPA

Last updated Aug 5, 2026

PSQA (Palmer Square CLO Senior Debt ETF) and TRPA (Hartford AAA CLO ETF) are both CLO funds. PSQA is passively managed, while TRPA is actively managed. Over the past year, PSQA returned 5.58% vs 4.75% for TRPA. Their 0.02 correlation means their historical movements had little consistent relationship. PSQA charges 0.21%/yr vs 0.24%/yr for TRPA.

Performance

PSQA vs. TRPA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Palmer Square CLO Senior Debt ETF (PSQA) and Hartford AAA CLO ETF (TRPA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PSQA achieves a 3.04% return, which is significantly higher than TRPA's 2.74% return.

PSQA

• 1D: 0.05%
• 1M: 1.03%
• 6M: 2.54%
• YTD: 3.04%
• 1Y: 5.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.67%

TRPA

• 1D: -0.08%
• 1M: 0.42%
• 6M: 2.44%
• YTD: 2.74%
• 1Y: 4.75%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.85%

*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)
PSQA Palmer Square CLO Senior Debt ETF	$6.52M	$3.41M	$2.55M
TRPA Hartford AAA CLO ETF	$1.08M	$820.39K	$566.20K

PSQA vs. TRPA - Yearly Performance Comparison

	2026 (YTD)	2025
PSQA Palmer Square CLO Senior Debt ETF	3.04%	4.61%
TRPA Hartford AAA CLO ETF	2.74%	4.82%

Correlation

The correlation between PSQA and TRPA is 0.03, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.03
Correlation (All Time) Calculated using the full available price history since Apr 15, 2025	0.02

Return for Risk

PSQA vs. TRPA — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PSQA

PSQA Risk / Return Rank: 93
PSQA Sharpe Ratio Rank: 87
PSQA Sortino Ratio Rank: 92
PSQA Omega Ratio Rank: 94
PSQA Calmar Ratio Rank: 96
PSQA Martin Ratio Rank: 95

TRPA

TRPA Risk / Return Rank: 94
TRPA Sharpe Ratio Rank: 90
TRPA Sortino Ratio Rank: 94
TRPA Omega Ratio Rank: 93
TRPA Calmar Ratio Rank: 97
TRPA Martin Ratio Rank: 98

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.

PSQA vs. TRPA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Palmer Square CLO Senior Debt ETF (PSQA) and Hartford AAA CLO ETF (TRPA). 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.

	PSQA	TRPA	Difference
Sharpe ratio: Return per unit of total volatility	2.27	2.42	-0.15
Sortino ratio: Return per unit of downside risk	3.65	3.88	-0.22
Omega ratio: Gain probability vs. loss probability	1.52	1.51	+0.01
Calmar ratio: Return relative to maximum drawdown	7.18	7.82	-0.64
Martin ratio: Return relative to average drawdown	23.22	38.11	-14.88

PSQA vs. TRPA - Sharpe Ratio Comparison

The current PSQA Sharpe Ratio is 2.27, which is comparable to the TRPA Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of PSQA and TRPA, 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

PSQA vs. TRPA - Drawdown Comparison

The maximum PSQA drawdown since its inception was -1.25%, which is greater than TRPA's maximum drawdown of -0.61%. Use the drawdown chart below to compare losses from any high point for PSQA and TRPA.

Drawdown Indicators

	PSQA	TRPA	Difference
Max Drawdown Largest peak-to-trough decline	-1.25%	-0.61%	-0.64%
Max Drawdown (1Y) Largest decline over 1 year	-0.78%	-0.61%	-0.17%
Current Drawdown Current decline from peak	0.00%	-0.08%	+0.08%
Average Drawdown Average peak-to-trough decline	-0.16%	-0.09%	-0.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.24%	0.13%	+0.11%

Volatility

PSQA vs. TRPA - Volatility Comparison

Palmer Square CLO Senior Debt ETF (PSQA) has a higher volatility of 0.64% compared to Hartford AAA CLO ETF (TRPA) at 0.25%. This indicates that PSQA's price experiences larger fluctuations and is considered to be riskier than TRPA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSQA	TRPA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.64%	0.25%	+0.39%
Volatility (6M) Calculated over the trailing 6-month period	2.10%	1.38%	+0.72%
Volatility (1Y) Calculated over the trailing 1-year period	2.47%	1.99%	+0.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.33%	2.24%	+0.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.33%	2.24%	+0.09%

PSQA vs. TRPA - Expense Ratio Comparison

PSQA has a 0.21% expense ratio, which is lower than TRPA's 0.24% 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

PSQA vs. TRPA - Dividend Comparison

PSQA's dividend yield for the trailing twelve months is around 4.11%, less than TRPA's 5.05% yield.

Position	TTM	2025	2024
PSQA Palmer Square CLO Senior Debt ETF	4.11%	4.48%	1.45%
TRPA Hartford AAA CLO ETF	5.05%	4.14%	0.00%

Frequently Asked Questions

Can I hold both PSQA and TRPA in my portfolio?

PSQA and TRPA have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PSQA or TRPA?

PSQA has higher volatility (0.64%) compared to TRPA (0.25%). In terms of maximum drawdown, PSQA dropped -1.25% vs TRPA's -0.61%.

Which ETF is better, PSQA or TRPA?

On 1-year performance, PSQA leads with 5.58% vs 4.75% for TRPA. On fees, PSQA is cheaper at 0.21% per year. On volatility, TRPA has been the lower-risk option at 0.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PSQA or TRPA?

Over the 1-year period, PSQA has performed better with a 5.58% return vs 4.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PSQA or TRPA?

PSQA is cheaper with a 0.21% expense ratio, compared with 0.24% for TRPA.

Which ETF pays a higher dividend yield, PSQA or TRPA?

TRPA has the higher dividend yield at 5.05%, compared with 4.11% for PSQA.

What is the main difference between PSQA and TRPA?

They also come from different issuers: Palmer Square and Hartford. Their fees differ too: 0.21% for PSQA and 0.24% for TRPA.

Which has better risk-adjusted returns?

TRPA currently has the higher Sharpe Ratio (2.42 vs 2.27), 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.