SEMRX vs. AAA

Last updated Aug 4, 2026

SEMRX (Medalist Partners Short Duration Fund) and AAA (Alternative Access First Priority CLO Bond ETF) are both funds - SEMRX is a Ultrashort Bond fund managed by Medalist Partners, while AAA is a CLO fund actively managed by Alternative Access. Over the past 5 years, SEMRX returned 4.85%/yr vs 4.74%/yr for AAA. Their 0.05 correlation means their historical movements had little consistent relationship. SEMRX charges 0.85%/yr vs 0.25%/yr for AAA.

Performance

SEMRX vs. AAA - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with SEMRX having a 2.62% return and AAA slightly lower at 2.59%.

SEMRX

• 1D: 0.00%
• 1M: 0.00%
• 6M: 1.94%
• YTD: 2.62%
• 1Y: 4.94%
• 3Y*: 6.91%
• 5Y*: 4.85%
• 10Y*: 3.43%
• ALL TIME*: 2.57%

AAA

• 1D: 0.20%
• 1M: 0.45%
• 6M: 2.07%
• YTD: 2.59%
• 1Y: 4.65%
• 3Y*: 6.12%
• 5Y*: 4.74%
• 10Y*: —
• ALL TIME*: 4.11%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AAA Alternative Access First Priority CLO Bond ETF	$101.47K	$163.51K	$263.01K
SEMRX Medalist Partners Short Duration Fund	$0.00	$0.00	$0.00

SEMRX vs. AAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
SEMRX Medalist Partners Short Duration Fund	2.62%	6.47%	8.21%	8.76%	-1.69%	1.93%	1.69%
AAA Alternative Access First Priority CLO Bond ETF	2.59%	4.92%	6.85%	8.94%	0.15%	0.86%	0.20%

Correlation

The correlation between SEMRX and AAA is 0.08, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.08
Correlation (3Y) Balances recent behavior with more history.	0.02
Correlation (5Y) Shows whether the relationship held over a longer period.	0.06
Correlation (All Time) Calculated using the full available price history since Sep 9, 2020	0.05

Return for Risk

SEMRX vs. AAA — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SEMRX

SEMRX Risk / Return Rank: 99
SEMRX Sharpe Ratio Rank: 97
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: 91
AAA Sharpe Ratio Rank: 84
AAA Sortino Ratio Rank: 92
AAA Omega Ratio Rank: 87
AAA Calmar Ratio Rank: 97
AAA Martin Ratio Rank: 96

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SEMRX vs. AAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Medalist Partners Short Duration Fund (SEMRX) and Alternative Access 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.

	SEMRX	AAA	Difference
Sharpe ratio: Return per unit of total volatility	2.91	2.00	+0.90
Sortino ratio: Return per unit of downside risk	9.65	3.40	+6.26
Omega ratio: Gain probability vs. loss probability	2.93	1.39	+1.54
Calmar ratio: Return relative to maximum drawdown	9.91	7.75	+2.16
Martin ratio: Return relative to average drawdown	41.01	25.97	+15.04

SEMRX vs. AAA - Sharpe Ratio Comparison

The current SEMRX Sharpe Ratio is 2.91, which is higher than the AAA Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of SEMRX and AAA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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	-0.52%	-0.60%	+0.08%
Max Drawdown (3Y) Largest decline over 3 years	-0.63%	-2.40%	+1.77%
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	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.62%	-0.30%	-0.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.13%	0.18%	-0.05%

Volatility

SEMRX vs. AAA - Volatility Comparison

The current volatility for Medalist Partners Short Duration Fund (SEMRX) is 0.22%, while Alternative Access First Priority CLO Bond ETF (AAA) has a volatility of 0.67%. 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	0.22%	0.67%	-0.45%
Volatility (6M) Calculated over the trailing 6-month period	1.28%	1.74%	-0.46%
Volatility (1Y) Calculated over the trailing 1-year period	1.85%	2.33%	-0.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.84%	2.32%	-0.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.31%	2.15%	+0.16%

SEMRX vs. AAA - Expense Ratio Comparison

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

Dividends

SEMRX vs. AAA - Dividend Comparison

SEMRX's dividend yield for the trailing twelve months is around 5.13%, more than AAA's 4.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AAA Alternative Access First Priority CLO Bond ETF	4.81%	5.11%	6.17%	6.11%	2.78%	1.06%	0.32%	0.00%	0.00%	0.00%	0.00%	0.00%
SEMRX Medalist Partners Short Duration Fund	5.13%	5.94%	6.13%	6.05%	3.22%	1.71%	1.95%	2.90%	2.70%	2.20%	3.03%	2.35%

Frequently Asked Questions

Can I hold both SEMRX and AAA in my portfolio?

SEMRX and AAA have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SEMRX or AAA?

AAA has higher volatility (0.67%) compared to SEMRX (0.22%). In terms of maximum drawdown, SEMRX dropped -13.09% vs AAA's -2.63%.

Which has better risk-adjusted returns?

SEMRX currently has the higher Sharpe Ratio (2.91 vs 2.00), 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.