TLTP vs. PAAA

Last updated Apr 1, 2026

Compare and contrast key facts about Amplify Bloomberg U.S. Treasury Target High Income ETF (TLTP) and PGIM AAA CLO ETF (PAAA).

TLTP and PAAA are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TLTP is a passively managed fund by Amplify that tracks the performance of the Bloomberg U.S. Treasury 20+ Year 12% Premium Covered Call 2.0 Index. It was launched on Oct 28, 2024. PAAA is an actively managed fund by PGIM. It was launched on Jul 19, 2023.

Performance

TLTP vs. PAAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amplify Bloomberg U.S. Treasury Target High Income ETF (TLTP) and PGIM AAA CLO ETF (PAAA). The values are adjusted to include any dividend payments, if applicable.

TLTP vs. PAAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TLTP Amplify Bloomberg U.S. Treasury Target High Income ETF	0.20%	5.39%	-3.95%
PAAA PGIM AAA CLO ETF	0.99%	5.37%	1.19%

Returns By Period

In the year-to-date period, TLTP achieves a 0.20% return, which is significantly lower than PAAA's 0.99% return.

TLTP

• 1D: 0.00%
• 1M: -3.16%
• YTD: 0.20%
• 6M: 0.53%
• 1Y: 1.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PAAA

• 1D: 0.04%
• 1M: 0.20%
• YTD: 0.99%
• 6M: 2.21%
• 1Y: 5.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TLTP vs. PAAA - Expense Ratio Comparison

TLTP has a 0.38% expense ratio, which is higher than PAAA's 0.19% expense ratio.

TLTP

Amplify Bloomberg U.S. Treasury Target High Income ETF

PAAA

PGIM AAA CLO ETF

Return for Risk

TLTP vs. PAAA — Risk / Return Rank

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

TLTP

TLTP Risk / Return Rank: 15
TLTP Sharpe Ratio Rank: 15
TLTP Sortino Ratio Rank: 14
TLTP Omega Ratio Rank: 14
TLTP Calmar Ratio Rank: 17
TLTP Martin Ratio Rank: 16

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: 98
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.

TLTP vs. PAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amplify Bloomberg U.S. Treasury Target High Income ETF (TLTP) 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.

	TLTP	PAAA	Difference
Sharpe ratio Return per unit of total volatility	0.13	4.03	-3.90
Sortino ratio Return per unit of downside risk	0.24	4.87	-4.63
Omega ratio Gain probability vs. loss probability	1.03	2.94	-1.91
Calmar ratio Return relative to maximum drawdown	0.23	5.26	-5.03
Martin ratio Return relative to average drawdown	0.54	43.72	-43.18
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TLTP vs. PAAA - Sharpe Ratio Comparison

The current TLTP Sharpe Ratio is 0.13, which is lower than the PAAA Sharpe Ratio of 4.03. The chart below compares the historical Sharpe Ratios of TLTP 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

	TLTP	PAAA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.13	4.03	-3.90
Sharpe Ratio (All Time) Calculated using the full available price history	0.10	6.64	-6.53

Correlation

The correlation between TLTP 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

TLTP vs. PAAA - Dividend Comparison

TLTP's dividend yield for the trailing twelve months is around 12.78%, more than PAAA's 5.48% yield.

	TTM	2025	2024	2023
TLTP Amplify Bloomberg U.S. Treasury Target High Income ETF	12.78%	12.53%	2.08%	0.00%
PAAA PGIM AAA CLO ETF	5.48%	5.12%	5.88%	2.76%

Drawdowns

TLTP vs. PAAA - Drawdown Comparison

The maximum TLTP drawdown since its inception was -8.54%, which is greater than PAAA's maximum drawdown of -1.04%. Use the drawdown chart below to compare losses from any high point for TLTP and PAAA.

Drawdown Indicators

	TLTP	PAAA	Difference
Max Drawdown Largest peak-to-trough decline	-8.54%	-1.04%	-7.50%
Max Drawdown (1Y) Largest decline over 1 year	-8.52%	-1.04%	-7.48%
Current Drawdown Current decline from peak	-3.20%	0.00%	-3.20%
Average Drawdown Average peak-to-trough decline	-3.25%	-0.02%	-3.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.72%	0.12%	+3.60%

Volatility

TLTP vs. PAAA - Volatility Comparison

Amplify Bloomberg U.S. Treasury Target High Income ETF (TLTP) has a higher volatility of 3.19% compared to PGIM AAA CLO ETF (PAAA) at 0.27%. This indicates that TLTP'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

	TLTP	PAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.19%	0.27%	+2.92%
Volatility (6M) Calculated over the trailing 6-month period	5.15%	0.39%	+4.76%
Volatility (1Y) Calculated over the trailing 1-year period	9.37%	1.34%	+8.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.18%	1.00%	+9.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.18%	1.00%	+9.18%