SEMRX vs. AAA

Last updated Apr 1, 2026

Compare and contrast key facts about Semper Short Duration Fund (SEMRX) and AAF First Priority CLO Bond ETF (AAA).

SEMRX is managed by Semper. It was launched on Dec 23, 2010. AAA is an actively managed fund by Alternative Access Funds LLC. It was launched on Sep 9, 2020.

Performance

SEMRX vs. AAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Semper Short Duration Fund (SEMRX) and AAF First Priority CLO Bond ETF (AAA). The values are adjusted to include any dividend payments, if applicable.

SEMRX vs. AAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
SEMRX Semper Short Duration Fund	0.67%	6.47%	8.21%	8.76%	-1.69%	1.93%	1.69%
AAA AAF First Priority CLO Bond ETF	0.88%	4.92%	6.85%	8.94%	0.15%	0.86%	0.32%

Returns By Period

In the year-to-date period, SEMRX achieves a 0.67% return, which is significantly lower than AAA's 0.88% return.

SEMRX

• 1D: 0.00%
• 1M: -0.52%
• YTD: 0.67%
• 6M: 1.81%
• 1Y: 5.21%
• 3Y*: 7.33%
• 5Y*: 4.63%
• 10Y*: 3.30%

AAA

• 1D: 0.37%
• 1M: -0.03%
• YTD: 0.88%
• 6M: 2.11%
• 1Y: 5.36%
• 3Y*: 6.56%
• 5Y*: 4.44%
• 10Y*: —

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

SEMRX vs. AAA - Expense Ratio Comparison

SEMRX has a 0.85% expense ratio, which is higher than AAA's 0.25% expense ratio.

SEMRX

Semper Short Duration Fund

AAA

AAF First Priority CLO Bond ETF

Return for Risk

SEMRX vs. AAA — Risk / Return Rank

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

SEMRX

SEMRX Risk / Return Rank: 99
SEMRX Sharpe Ratio Rank: 98
SEMRX Sortino Ratio Rank: 99
SEMRX Omega Ratio Rank: 99
SEMRX Calmar Ratio Rank: 99
SEMRX Martin Ratio Rank: 99

AAA

AAA Risk / Return Rank: 88
AAA Sharpe Ratio Rank: 83
AAA Sortino Ratio Rank: 87
AAA Omega Ratio Rank: 92
AAA Calmar Ratio Rank: 84
AAA Martin Ratio Rank: 96

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.

SEMRX vs. AAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Semper Short Duration Fund (SEMRX) 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.

	SEMRX	AAA	Difference
Sharpe ratio Return per unit of total volatility	2.95	1.59	+1.36
Sortino ratio Return per unit of downside risk	9.33	2.30	+7.02
Omega ratio Gain probability vs. loss probability	2.62	1.40	+1.23
Calmar ratio Return relative to maximum drawdown	9.14	2.36	+6.77
Martin ratio Return relative to average drawdown	33.11	17.19	+15.91
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SEMRX vs. AAA - Sharpe Ratio Comparison

The current SEMRX Sharpe Ratio is 2.95, which is higher than the AAA Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of SEMRX and AAA, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SEMRX	AAA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.95	1.59	+1.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.58	2.01	+0.57
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.44	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.23	1.92	-0.69

Correlation

The correlation between SEMRX and AAA is 0.05, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

SEMRX vs. AAA - Dividend Comparison

SEMRX's dividend yield for the trailing twelve months is around 5.29%, more than AAA's 5.00% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SEMRX Semper Short Duration Fund	5.29%	5.94%	6.13%	6.05%	3.22%	1.71%	1.95%	2.90%	2.70%	2.20%	3.03%	2.35%
AAA AAF First Priority CLO Bond ETF	5.00%	5.11%	6.17%	6.11%	2.78%	1.06%	0.32%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

SEMRX vs. AAA - Drawdown Comparison

The maximum SEMRX drawdown since its inception was -13.09%, which is greater than AAA's maximum drawdown of -2.63%. Use the drawdown chart below to compare losses from any high point for SEMRX and AAA.

Drawdown Indicators

	SEMRX	AAA	Difference
Max Drawdown Largest peak-to-trough decline	-13.09%	-2.63%	-10.46%
Max Drawdown (1Y) Largest decline over 1 year	-0.63%	-2.25%	+1.62%
Max Drawdown (5Y) Largest decline over 5 years	-4.05%	-2.63%	-1.42%
Max Drawdown (10Y) Largest decline over 10 years	-13.09%	—	—
Current Drawdown Current decline from peak	-0.52%	-0.07%	-0.45%
Average Drawdown Average peak-to-trough decline	-0.63%	-0.31%	-0.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.17%	0.31%	-0.14%

Volatility

SEMRX vs. AAA - Volatility Comparison

The current volatility for Semper Short Duration Fund (SEMRX) is 0.21%, while AAF First Priority CLO Bond ETF (AAA) has a volatility of 0.64%. This indicates that SEMRX experiences smaller price fluctuations and is considered to be less risky than AAA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SEMRX	AAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.21%	0.64%	-0.43%
Volatility (6M) Calculated over the trailing 6-month period	1.34%	1.51%	-0.17%
Volatility (1Y) Calculated over the trailing 1-year period	1.96%	3.40%	-1.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.80%	2.22%	-0.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.30%	2.13%	+0.17%