QQQ vs. AAA
QQQ (Invesco QQQ ETF) and AAA (AAF First Priority CLO Bond ETF) are both exchange-traded funds - QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index, while AAA is a CLO fund actively managed by Alternative Access Funds LLC. QQQ is passively managed, while AAA is actively managed. Over the past 5 years, QQQ returned 16.98%/yr vs 4.62%/yr for AAA. At a 0.02 correlation, their price movements are largely independent. QQQ charges 0.18%/yr vs 0.25%/yr for AAA.
Performance
QQQ vs. AAA - Performance Comparison
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Returns By Period
In the year-to-date period, QQQ achieves a 16.71% return, which is significantly higher than AAA's 1.84% return.
QQQ
- 1D
- 1.56%
- 1M
- 0.68%
- YTD
- 16.71%
- 6M
- 15.00%
- 1Y
- 35.78%
- 3Y*
- 27.15%
- 5Y*
- 16.98%
- 10Y*
- 21.59%
AAA
- 1D
- 0.06%
- 1M
- 0.49%
- YTD
- 1.84%
- 6M
- 2.37%
- 1Y
- 5.15%
- 3Y*
- 6.44%
- 5Y*
- 4.62%
- 10Y*
- —
QQQ vs. AAA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
QQQ Invesco QQQ ETF | 16.71% | 20.77% | 25.58% | 54.86% | -32.58% | 27.42% | 13.27% |
AAA AAF First Priority CLO Bond ETF | 1.84% | 4.92% | 6.85% | 8.94% | 0.15% | 0.86% | 0.32% |
Correlation
The correlation between QQQ and AAA is 0.09, 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 | 0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Sep 10, 2020 | 0.02 |
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Return for Risk
QQQ vs. AAA — Risk / Return Rank
QQQ
AAA
QQQ vs. AAA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco QQQ ETF (QQQ) 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.
| QQQ | AAA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.10 | ||
| Sortino ratioReturn per unit of downside risk | -1.07 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.44 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 3.00 | 8.58 | -5.57 |
| Martin ratioReturn relative to average drawdown | 11.43 | 26.34 | -14.91 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| QQQ | AAA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.15 | 2.25 | -0.10 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.76 | 2.04 | -1.28 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.97 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.40 | 1.92 | -1.52 |
Drawdowns
QQQ vs. AAA - Drawdown Comparison
The maximum QQQ drawdown since its inception was -82.97%, which is greater than AAA's maximum drawdown of -2.63%. Use the drawdown chart below to compare losses from any high point for QQQ and AAA.
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Drawdown Indicators
| QQQ | AAA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -82.97% | -2.63% | -80.34% |
Max Drawdown (1Y)Largest decline over 1 year | -11.96% | -0.60% | -11.36% |
Max Drawdown (3Y)Largest decline over 3 years | -22.77% | -2.40% | -20.37% |
Max Drawdown (5Y)Largest decline over 5 years | -35.12% | -2.63% | -32.49% |
Max Drawdown (10Y)Largest decline over 10 years | -35.12% | — | — |
Current DrawdownCurrent decline from peak | -4.03% | -0.24% | -3.79% |
Average DrawdownAverage peak-to-trough decline | -32.77% | -0.30% | -32.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.14% | 0.20% | +2.94% |
Volatility
QQQ vs. AAA - Volatility Comparison
Invesco QQQ ETF (QQQ) has a higher volatility of 6.84% compared to AAF First Priority CLO Bond ETF (AAA) at 0.73%. This indicates that QQQ'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.
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Volatility by Period
| QQQ | AAA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.84% | 0.73% | +6.11% |
Volatility (6M)Calculated over the trailing 6-month period | 13.20% | 1.77% | +11.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.74% | 2.30% | +14.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.49% | 2.28% | +20.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.36% | 2.15% | +20.21% |
QQQ vs. AAA - Expense Ratio Comparison
QQQ has a 0.18% expense ratio, which is lower than AAA's 0.25% 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
QQQ vs. AAA - Dividend Comparison
QQQ's dividend yield for the trailing twelve months is around 0.39%, less than AAA's 4.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AAA AAF First Priority CLO Bond ETF | 4.90% | 5.11% | 6.17% | 6.11% | 2.78% | 1.06% | 0.32% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
QQQ Invesco QQQ ETF | 0.39% | 0.45% | 0.56% | 0.62% | 0.80% | 0.43% | 0.55% | 0.74% | 0.91% | 0.84% | 1.06% | 0.99% |
Frequently Asked Questions
QQQ and AAA have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QQQ has higher volatility (6.84%) compared to AAA (0.73%). In terms of maximum drawdown, QQQ dropped -82.97% vs AAA's -2.63%.
On 5-year performance, QQQ leads with 16.98% vs 4.62% for AAA. On fees, QQQ is cheaper at 0.18% per year. On volatility, AAA has been the lower-risk option at 0.73%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, QQQ has performed better with a 16.98% return vs 4.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QQQ is cheaper with a 0.18% expense ratio, compared with 0.25% for AAA.
AAA has the higher dividend yield at 4.90%, compared with 0.39% for QQQ.
QQQ is categorized as Nasdaq-100, while AAA is CLO. They also come from different issuers: Invesco and Alternative Access Funds LLC. Their fees differ too: 0.18% for QQQ and 0.25% for AAA.
AAA currently has the higher Sharpe Ratio (2.25 vs 2.15), 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.
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