RONB vs. AAA

Last updated Jun 4, 2026

RONB (Baron First Principles ETF) and AAA (AAF First Priority CLO Bond ETF) are both exchange-traded funds - RONB is a Large Cap Growth Equities fund actively managed by Baron Capital, while AAA is a CLO fund actively managed by Alternative Access Funds LLC. Both are actively managed. At a correlation of -0.02, they often move in opposite directions. RONB charges 1.00%/yr vs 0.25%/yr for AAA.

Performance

RONB vs. AAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Baron First Principles ETF (RONB) 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, RONB achieves a -3.75% return, which is significantly lower than AAA's 1.86% return.

RONB

• 1D: -1.11%
• 1M: 4.33%
• YTD: -3.75%
• 6M: —
• 1Y: —
• 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)

RONB vs. AAA - Yearly Performance Comparison

	2026 (YTD)	2025
RONB Baron First Principles ETF	-3.75%	-0.33%
AAA AAF First Priority CLO Bond ETF	1.86%	0.28%

Correlation

The correlation between RONB and AAA is -0.02, 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 (All Time) Calculated using the full available price history since Dec 16, 2025	-0.02

Return for Risk

RONB vs. AAA — Risk / Return Rank

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

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.

RONB vs. AAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Baron First Principles ETF (RONB) 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.

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

Sharpe Ratios by Period

	RONB	AAA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.36	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	2.05	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.51	1.93	-2.44

Drawdowns

RONB vs. AAA - Drawdown Comparison

The maximum RONB drawdown since its inception was -13.08%, which is greater than AAA's maximum drawdown of -2.63%. Use the drawdown chart below to compare losses from any high point for RONB and AAA.

Drawdown Indicators

	RONB	AAA	Difference
Max Drawdown Largest peak-to-trough decline	-13.08%	-2.63%	-10.45%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.60%	—
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	-5.80%	-0.22%	-5.58%
Average Drawdown Average peak-to-trough decline	-6.33%	-0.30%	-6.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.19%	—

Volatility

Volatility by Period

	RONB	AAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.74%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.76%	—
Volatility (1Y) Calculated over the trailing 1-year period	16.85%	2.30%	+14.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.85%	2.28%	+14.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.85%	2.15%	+14.70%

RONB vs. AAA - Expense Ratio Comparison

RONB has a 1.00% expense ratio, which is higher than AAA's 0.25% expense ratio.

Dividends

RONB vs. AAA - Dividend Comparison

RONB has not paid dividends to shareholders, while AAA's dividend yield for the trailing twelve months is around 4.90%.

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%
RONB Baron First Principles ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both RONB and AAA in my portfolio?

RONB and AAA have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, RONB or AAA?

On fees, AAA is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, RONB or AAA?

AAA is cheaper with a 0.25% expense ratio, compared with 1.00% for RONB.

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

AAA has the higher dividend yield at 4.90%, compared with 0.00% for RONB.

What is the main difference between RONB and AAA?

RONB is categorized as Large Cap Growth Equities, while AAA is CLO. They also come from different issuers: Baron Capital and Alternative Access Funds LLC. Their fees differ too: 1.00% for RONB and 0.25% for AAA.