TBUX vs. PAAA

Last updated Apr 2, 2026

Compare and contrast key facts about T. Rowe Price Ultra Short-Term Bond ETF (TBUX) and PGIM AAA CLO ETF (PAAA).

TBUX and PAAA are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TBUX is an actively managed fund by T. Rowe Price. It was launched on Sep 28, 2021. PAAA is an actively managed fund by PGIM. It was launched on Jul 19, 2023.

Performance

TBUX vs. PAAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Ultra Short-Term Bond ETF (TBUX) and PGIM AAA CLO ETF (PAAA). The values are adjusted to include any dividend payments, if applicable.

TBUX vs. PAAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TBUX T. Rowe Price Ultra Short-Term Bond ETF	0.81%	5.37%	6.38%	3.11%
PAAA PGIM AAA CLO ETF	1.03%	5.37%	7.47%	3.83%

Returns By Period

In the year-to-date period, TBUX achieves a 0.81% return, which is significantly lower than PAAA's 1.03% return.

TBUX

• 1D: -0.02%
• 1M: 0.17%
• YTD: 0.81%
• 6M: 1.96%
• 1Y: 4.82%
• 3Y*: 5.86%
• 5Y*: —
• 10Y*: —

PAAA

• 1D: 0.04%
• 1M: 0.24%
• YTD: 1.03%
• 6M: 2.23%
• 1Y: 5.31%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TBUX vs. PAAA - Expense Ratio Comparison

TBUX has a 0.17% expense ratio, which is lower than PAAA's 0.19% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

PAAA

PGIM AAA CLO ETF

TBUX

T. Rowe Price Ultra Short-Term Bond ETF

Return for Risk

TBUX vs. PAAA — Risk / Return Rank

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

TBUX

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

PAAA

PAAA Risk / Return Rank: 98
PAAA Sharpe Ratio Rank: 98
PAAA Sortino Ratio Rank: 98
PAAA Omega Ratio Rank: 99
PAAA Calmar Ratio Rank: 97
PAAA Martin Ratio Rank: 99

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.

TBUX vs. PAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Ultra Short-Term Bond ETF (TBUX) 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.

	TBUX	PAAA	Difference
Sharpe ratio Return per unit of total volatility	5.76	4.00	+1.76
Sortino ratio Return per unit of downside risk	9.93	4.83	+5.10
Omega ratio Gain probability vs. loss probability	2.61	2.92	-0.31
Calmar ratio Return relative to maximum drawdown	14.61	5.20	+9.41
Martin ratio Return relative to average drawdown	99.09	43.22	+55.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TBUX vs. PAAA - Sharpe Ratio Comparison

The current TBUX Sharpe Ratio is 5.76, which is higher than the PAAA Sharpe Ratio of 4.00. The chart below compares the historical Sharpe Ratios of TBUX and PAAA, 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

	TBUX	PAAA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.76	4.00	+1.76
Sharpe Ratio (All Time) Calculated using the full available price history	3.81	6.65	-2.83

Correlation

The correlation between TBUX and PAAA is -0.04. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

TBUX vs. PAAA - Dividend Comparison

TBUX's dividend yield for the trailing twelve months is around 4.55%, less than PAAA's 5.03% yield.

	TTM	2025	2024	2023	2022	2021
TBUX T. Rowe Price Ultra Short-Term Bond ETF	4.55%	4.67%	5.39%	4.66%	2.58%	0.27%
PAAA PGIM AAA CLO ETF	5.03%	5.12%	5.88%	2.76%	0.00%	0.00%

Drawdowns

TBUX vs. PAAA - Drawdown Comparison

The maximum TBUX drawdown since its inception was -1.79%, which is greater than PAAA's maximum drawdown of -1.04%. Use the drawdown chart below to compare losses from any high point for TBUX and PAAA.

Drawdown Indicators

	TBUX	PAAA	Difference
Max Drawdown Largest peak-to-trough decline	-1.79%	-1.04%	-0.75%
Max Drawdown (1Y) Largest decline over 1 year	-0.33%	-1.04%	+0.71%
Current Drawdown Current decline from peak	-0.02%	0.00%	-0.02%
Average Drawdown Average peak-to-trough decline	-0.29%	-0.02%	-0.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.05%	0.12%	-0.07%

Volatility

TBUX vs. PAAA - Volatility Comparison

T. Rowe Price Ultra Short-Term Bond ETF (TBUX) has a higher volatility of 0.25% compared to PGIM AAA CLO ETF (PAAA) at 0.21%. This indicates that TBUX'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.

Volatility by Period

	TBUX	PAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.25%	0.21%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	0.44%	0.39%	+0.05%
Volatility (1Y) Calculated over the trailing 1-year period	0.84%	1.33%	-0.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.08%	1.00%	+0.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.08%	1.00%	+0.08%