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 -23.92% vs 5.26% for PAAA. At a 0.17 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 -22.77% return, which is significantly lower than PAAA's 2.03% return.
RWAY
- 1D
- -3.68%
- 1M
- -4.09%
- YTD
- -22.77%
- 6M
- -25.12%
- 1Y
- -23.92%
- 3Y*
- -5.67%
- 5Y*
- —
- 10Y*
- —
PAAA
- 1D
- -0.01%
- 1M
- 0.40%
- YTD
- 2.03%
- 6M
- 2.45%
- 1Y
- 5.26%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
RWAY vs. PAAA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
RWAY Runway Growth Finance Corp. | -22.77% | -6.56% | 1.65% | 4.75% |
PAAA PGIM AAA CLO ETF | 2.03% | 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 | 0.15 |
Correlation (All Time) Calculated using the full available price history since Jul 27, 2023 | 0.17 |
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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.
| RWAY | PAAA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -11.81 | ||
| Sortino ratioReturn per unit of downside risk | -23.11 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 6.72 | -5.88 |
| Calmar ratioReturn relative to maximum drawdown | -0.65 | 30.32 | -30.97 |
| Martin ratioReturn relative to average drawdown | -1.26 | 187.65 | -188.90 |
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
| RWAY | PAAA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.97 | 10.83 | -11.81 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.06 | 6.78 | -6.84 |
Drawdowns
RWAY vs. PAAA - Drawdown Comparison
The maximum RWAY drawdown since its inception was -36.90%, 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 | -36.90% | -1.04% | -35.86% |
Max Drawdown (1Y)Largest decline over 1 year | -36.90% | -0.17% | -36.73% |
Max Drawdown (3Y)Largest decline over 3 years | -36.90% | — | — |
Current DrawdownCurrent decline from peak | -34.75% | -0.01% | -34.74% |
Average DrawdownAverage peak-to-trough decline | -10.61% | -0.02% | -10.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.01% | 0.03% | +18.98% |
Volatility
RWAY vs. PAAA - Volatility Comparison
Runway Growth Finance Corp. (RWAY) has a higher volatility of 8.05% compared to PGIM AAA CLO ETF (PAAA) at 0.11%. 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 | 8.05% | 0.11% | +7.94% |
Volatility (6M)Calculated over the trailing 6-month period | 20.52% | 0.36% | +20.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.68% | 0.49% | +24.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.42% | 0.98% | +27.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.42% | 0.98% | +27.44% |
Dividends
RWAY vs. PAAA - Dividend Comparison
RWAY's dividend yield for the trailing twelve months is around 21.50%, more than PAAA's 4.88% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
PAAA PGIM AAA CLO ETF | 4.88% | 5.12% | 5.88% | 2.76% | 0.00% | 0.00% |
RWAY Runway Growth Finance Corp. | 21.50% | 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 (8.05%) compared to PAAA (0.11%). In terms of maximum drawdown, RWAY dropped -36.90% vs PAAA's -1.04%.
PAAA currently has the higher Sharpe Ratio (10.83 vs -0.97), 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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