SDMF vs. AAA

Last updated Jun 24, 2026

SDMF (Simplify DBi CTA Managed Futures Index ETF) and AAA (AAF First Priority CLO Bond ETF) are both exchange-traded funds - SDMF is a Systematic Trend fund tracking the DBi CTA Managed Futures Index, while AAA is a CLO fund actively managed by Alternative Access Funds LLC. SDMF is passively managed, while AAA is actively managed. At a correlation of -0.09, they often move in opposite directions. SDMF charges 0.35%/yr vs 0.25%/yr for AAA.

Performance

SDMF vs. AAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify DBi CTA Managed Futures Index ETF (SDMF) and AAF First Priority CLO Bond ETF (AAA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SDMF

• 1D: -1.31%
• 1M: -1.80%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

AAA

• 1D: -0.07%
• 1M: 0.55%
• YTD: 1.98%
• 6M: 2.06%
• 1Y: 4.96%
• 3Y*: 6.34%
• 5Y*: 4.64%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

SDMF vs. AAA - Yearly Performance Comparison

	2026 (YTD)
SDMF Simplify DBi CTA Managed Futures Index ETF	0.56%
AAA AAF First Priority CLO Bond ETF	1.51%

Correlation

The correlation between SDMF 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 (All Time) Calculated using the full available price history since Feb 19, 2026	-0.09

Return for Risk

SDMF vs. AAA — Risk / Return Rank

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

SDMF

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

AAA

AAA Risk / Return Rank: 84
AAA Sharpe Ratio Rank: 70
AAA Sortino Ratio Rank: 86
AAA Omega Ratio Rank: 76
AAA Calmar Ratio Rank: 96
AAA Martin Ratio Rank: 93

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.

SDMF vs. AAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify DBi CTA Managed Futures Index ETF (SDMF) 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.

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.

	SDMF	AAA	Difference
Sharpe ratio: Return per unit of total volatility	—	2.15	—
Sortino ratio: Return per unit of downside risk	—	3.63	—
Omega ratio: Gain probability vs. loss probability	—	1.42	—
Calmar ratio: Return relative to maximum drawdown	—	8.26	—
Martin ratio: Return relative to average drawdown	—	24.40	—

Drawdowns

SDMF vs. AAA - Drawdown Comparison

The maximum SDMF drawdown since its inception was -6.23%, which is greater than AAA's maximum drawdown of -2.63%. Use the drawdown chart below to compare losses from any high point for SDMF and AAA.

Drawdown Indicators

	SDMF	AAA	Difference
Max Drawdown Largest peak-to-trough decline	-6.23%	-2.63%	-3.60%
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	-2.72%	-0.10%	-2.62%
Average Drawdown Average peak-to-trough decline	-2.18%	-0.31%	-1.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.20%	—

Volatility

Volatility by Period

	SDMF	AAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.77%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.78%	—
Volatility (1Y) Calculated over the trailing 1-year period	13.16%	2.32%	+10.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.16%	2.29%	+10.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.16%	2.15%	+11.01%

SDMF vs. AAA - Expense Ratio Comparison

SDMF has a 0.35% expense ratio, which is higher than AAA's 0.25% expense ratio.

Dividends

SDMF vs. AAA - Dividend Comparison

SDMF 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%
SDMF Simplify DBi CTA Managed Futures Index ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SDMF and AAA in my portfolio?

SDMF 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.

Which ETF is better, SDMF 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, SDMF or AAA?

AAA is cheaper with a 0.25% expense ratio, compared with 0.35% for SDMF.

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

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

What is the main difference between SDMF and AAA?

SDMF is categorized as Systematic Trend, while AAA is CLO. They also come from different issuers: Simplify and Alternative Access Funds LLC. Their fees differ too: 0.35% for SDMF and 0.25% for AAA.