RWAY vs. PAAA
RWAY (Runway Growth Finance Corp.) is a stock, while PAAA (PGIM AAA CLO ETF) is CLO fund actively managed by PGIM. Over the past year, RWAY returned -38.91% vs 5.02% for PAAA. At a 0.15 correlation, their price movements are largely independent.
Performance
RWAY vs. PAAA - Performance Comparison
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Returns By Period
In the year-to-date period, RWAY achieves a -29.04% return, which is significantly lower than PAAA's 2.55% return.
RWAY
- 1D
- 2.67%
- 1M
- 1.23%
- 6M
- -33.92%
- YTD
- -29.04%
- 1Y
- -38.91%
- 3Y*
- -10.18%
- 5Y*
- —
- 10Y*
- —
PAAA
- 1D
- 0.04%
- 1M
- 0.38%
- 6M
- 2.25%
- YTD
- 2.55%
- 1Y
- 5.02%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
RWAY vs. PAAA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
RWAY Runway Growth Finance Corp. | -29.04% | -6.56% | 1.65% | 8.97% |
PAAA PGIM AAA CLO ETF | 2.55% | 5.37% | 7.47% | 3.83% |
Correlation
The correlation between RWAY and PAAA is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2023 | 0.15 |
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Return for Risk
RWAY vs. PAAA — Risk / Return Rank
RWAY
PAAA
RWAY vs. PAAA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Runway Growth Finance Corp. (RWAY) and PGIM AAA CLO ETF (PAAA). 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.
| RWAY | PAAA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -12.15 | ||
| Sortino ratioReturn per unit of downside risk | -23.09 | ||
| Omega ratioGain probability vs. loss probability | 0.76 | 6.60 | -5.84 |
| Calmar ratioReturn relative to maximum drawdown | -0.86 | 28.96 | -29.82 |
| Martin ratioReturn relative to average drawdown | -1.64 | 179.44 | -181.09 |
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Drawdowns
RWAY vs. PAAA - Drawdown Comparison
The maximum RWAY drawdown since its inception was -45.35%, which is greater than PAAA's maximum drawdown of -1.04%. Use the drawdown chart below to compare losses from any high point for RWAY and PAAA.
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Drawdown Indicators
| RWAY | PAAA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.35% | -1.04% | -44.31% |
Max Drawdown (1Y)Largest decline over 1 year | -45.35% | -0.17% | -45.18% |
Max Drawdown (3Y)Largest decline over 3 years | -45.35% | — | — |
Current DrawdownCurrent decline from peak | -40.05% | 0.00% | -40.05% |
Average DrawdownAverage peak-to-trough decline | -11.36% | -0.02% | -11.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 23.70% | 0.03% | +23.67% |
Volatility
RWAY vs. PAAA - Volatility Comparison
Runway Growth Finance Corp. (RWAY) has a higher volatility of 13.44% compared to PGIM AAA CLO ETF (PAAA) at 0.10%. This indicates that RWAY's price experiences larger fluctuations and is considered to be riskier than PAAA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RWAY | PAAA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.44% | 0.10% | +13.34% |
Volatility (6M)Calculated over the trailing 6-month period | 25.19% | 0.36% | +24.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.47% | 0.47% | +28.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.99% | 0.96% | +28.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.99% | 0.96% | +28.03% |
Dividends
RWAY vs. PAAA - Dividend Comparison
RWAY's dividend yield for the trailing twelve months is around 23.40%, more than PAAA's 4.84% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
PAAA PGIM AAA CLO ETF | 4.84% | 5.12% | 5.88% | 2.76% | 0.00% | 0.00% |
RWAY Runway Growth Finance Corp. | 23.40% | 15.68% | 16.33% | 14.34% | 10.87% | 1.95% |
Frequently Asked Questions
RWAY and PAAA have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RWAY has higher volatility (13.44%) compared to PAAA (0.10%). In terms of maximum drawdown, RWAY dropped -45.35% vs PAAA's -1.04%.
PAAA currently has the higher Sharpe Ratio (10.78 vs -1.37), 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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