REFA vs. AAAC

Last updated Jul 24, 2026

REFA (Columbia Research Enhanced International Equity ETF) and AAAC (Columbia AAA CLO ETF) are both exchange-traded funds - REFA is a Foreign Large Cap Equities fund tracking the Beta Advantage Research Enhanced International Equity Index, while AAAC is a CLO fund actively managed by Columbia Threadneedle. REFA is passively managed, while AAAC is actively managed. At a 0.14 correlation, their price movements are largely independent. REFA charges 0.32%/yr vs 0.20%/yr for AAAC.

Performance

REFA vs. AAAC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Columbia Research Enhanced International Equity ETF (REFA) and Columbia AAA CLO ETF (AAAC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, REFA achieves a 9.64% return, which is significantly higher than AAAC's 2.71% return.

REFA

• 1D: -1.30%
• 1M: 0.53%
• 6M: 5.69%
• YTD: 9.64%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

AAAC

• 1D: 0.00%
• 1M: 0.38%
• 6M: 2.30%
• YTD: 2.71%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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)
AAAC Columbia AAA CLO ETF	$9.65M	$4.60M	$1.58M
REFA Columbia Research Enhanced International Equity ETF	$74.28K	$35.48K	$14.50K

REFA vs. AAAC - Yearly Performance Comparison

	2026 (YTD)	2025
REFA Columbia Research Enhanced International Equity ETF	9.64%	0.33%
AAAC Columbia AAA CLO ETF	2.71%	0.15%

Correlation

The correlation between REFA and AAAC is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 11, 2025	0.14

Return for Risk

REFA vs. AAAC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Columbia Research Enhanced International Equity ETF (REFA) and Columbia AAA CLO ETF (AAAC). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Drawdowns

REFA vs. AAAC - Drawdown Comparison

The maximum REFA drawdown since its inception was -11.23%, which is greater than AAAC's maximum drawdown of -0.55%. Use the drawdown chart below to compare losses from any high point for REFA and AAAC.

Drawdown Indicators

	REFA	AAAC	Difference
Max Drawdown Largest peak-to-trough decline	-11.23%	-0.55%	-10.68%
Current Drawdown Current decline from peak	-2.38%	0.00%	-2.38%
Average Drawdown Average peak-to-trough decline	-2.68%	-0.03%	-2.65%

Volatility

Volatility by Period

	REFA	AAAC	Difference
Volatility (1Y) Calculated over the trailing 1-year period	18.29%	0.84%	+17.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.29%	0.84%	+17.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.29%	0.84%	+17.45%

REFA vs. AAAC - Expense Ratio Comparison

REFA has a 0.32% expense ratio, which is higher than AAAC's 0.20% expense ratio.

Dividends

REFA vs. AAAC - Dividend Comparison

REFA's dividend yield for the trailing twelve months is around 0.03%, less than AAAC's 2.65% yield.

Position	TTM	2025
AAAC Columbia AAA CLO ETF	2.65%	0.03%
REFA Columbia Research Enhanced International Equity ETF	0.03%	0.03%

Frequently Asked Questions

Can I hold both REFA and AAAC in my portfolio?

REFA and AAAC have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, REFA or AAAC?

On fees, AAAC is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, REFA or AAAC?

AAAC is cheaper with a 0.20% expense ratio, compared with 0.32% for REFA.

Which ETF pays a higher dividend yield, REFA or AAAC?

AAAC has the higher dividend yield at 2.65%, compared with 0.03% for REFA.

What is the main difference between REFA and AAAC?

REFA is categorized as Foreign Large Cap Equities, while AAAC is CLO. Their fees differ too: 0.32% for REFA and 0.20% for AAAC.