TOTL vs. CAAA

Last updated Jun 24, 2026

TOTL (State Street DoubleLine Total Return Tactical ETF) and CAAA (First Trust Commercial Mortgage Opportunities ETF) are both Intermediate Core-Plus Bond funds. Both are actively managed. Over the past year, TOTL returned 3.57% vs 4.50% for CAAA. A 0.73 correlation means they provide meaningful diversification when combined. Both charge a 0.55% expense ratio.

Performance

TOTL vs. CAAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street DoubleLine Total Return Tactical ETF (TOTL) and First Trust Commercial Mortgage Opportunities ETF (CAAA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TOTL achieves a -0.54% return, which is significantly lower than CAAA's 0.74% return.

TOTL

• 1D: -0.15%
• 1M: 0.18%
• YTD: -0.54%
• 6M: -0.42%
• 1Y: 3.57%
• 3Y*: 4.13%
• 5Y*: 0.58%
• 10Y*: 1.57%

CAAA

• 1D: -0.22%
• 1M: 0.55%
• YTD: 0.74%
• 6M: 0.86%
• 1Y: 4.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TOTL vs. CAAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TOTL State Street DoubleLine Total Return Tactical ETF	-0.54%	7.68%	4.59%
CAAA First Trust Commercial Mortgage Opportunities ETF	0.74%	8.03%	4.65%

Correlation

The correlation between TOTL and CAAA is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.70
Correlation (All Time) Calculated using the full available price history since Feb 28, 2024	0.73

The correlation between TOTL and CAAA has been stable across timeframes, ranging from 0.70 to 0.73 - a consistent structural relationship.

Return for Risk

TOTL vs. CAAA — Risk / Return Rank

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

TOTL

TOTL Risk / Return Rank: 28
TOTL Sharpe Ratio Rank: 30
TOTL Sortino Ratio Rank: 29
TOTL Omega Ratio Rank: 29
TOTL Calmar Ratio Rank: 25
TOTL Martin Ratio Rank: 26

CAAA

CAAA Risk / Return Rank: 45
CAAA Sharpe Ratio Rank: 45
CAAA Sortino Ratio Rank: 47
CAAA Omega Ratio Rank: 44
CAAA Calmar Ratio Rank: 47
CAAA Martin Ratio Rank: 42

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.

TOTL vs. CAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street DoubleLine Total Return Tactical ETF (TOTL) and First Trust Commercial Mortgage Opportunities ETF (CAAA). 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.

	TOTL	CAAA	Difference
Sharpe ratio: Return per unit of total volatility	1.04	1.47	-0.42
Sortino ratio: Return per unit of downside risk	1.53	2.20	-0.67
Omega ratio: Gain probability vs. loss probability	1.19	1.27	-0.08
Calmar ratio: Return relative to maximum drawdown	1.18	2.17	-0.99
Martin ratio: Return relative to average drawdown	3.30	6.45	-3.16

TOTL vs. CAAA - Sharpe Ratio Comparison

The current TOTL Sharpe Ratio is 1.04, which is comparable to the CAAA Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of TOTL and CAAA, 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

TOTL vs. CAAA - Drawdown Comparison

The maximum TOTL drawdown since its inception was -16.48%, which is greater than CAAA's maximum drawdown of -2.24%. Use the drawdown chart below to compare losses from any high point for TOTL and CAAA.

Drawdown Indicators

	TOTL	CAAA	Difference
Max Drawdown Largest peak-to-trough decline	-16.48%	-2.24%	-14.24%
Max Drawdown (1Y) Largest decline over 1 year	-3.04%	-2.08%	-0.96%
Max Drawdown (3Y) Largest decline over 3 years	-6.60%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-16.48%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-16.48%	—	—
Current Drawdown Current decline from peak	-2.16%	-0.87%	-1.29%
Average Drawdown Average peak-to-trough decline	-3.12%	-0.56%	-2.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.09%	0.70%	+0.39%

Volatility

TOTL vs. CAAA - Volatility Comparison

State Street DoubleLine Total Return Tactical ETF (TOTL) has a higher volatility of 1.12% compared to First Trust Commercial Mortgage Opportunities ETF (CAAA) at 1.01%. This indicates that TOTL's price experiences larger fluctuations and is considered to be riskier than CAAA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TOTL	CAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.12%	1.01%	+0.11%
Volatility (6M) Calculated over the trailing 6-month period	2.57%	2.25%	+0.32%
Volatility (1Y) Calculated over the trailing 1-year period	3.45%	3.10%	+0.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.60%	3.21%	+2.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.79%	3.21%	+1.58%

TOTL vs. CAAA - Expense Ratio Comparison

Both TOTL and CAAA have an expense ratio of 0.55%.

Dividends

TOTL vs. CAAA - Dividend Comparison

TOTL's dividend yield for the trailing twelve months is around 5.30%, which matches CAAA's 5.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CAAA First Trust Commercial Mortgage Opportunities ETF	5.29%	6.09%	4.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TOTL State Street DoubleLine Total Return Tactical ETF	5.30%	5.23%	5.35%	4.85%	4.68%	3.07%	2.91%	3.31%	3.41%	3.00%	3.25%	2.67%

Frequently Asked Questions

Can I hold both TOTL and CAAA in my portfolio?

TOTL and CAAA have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TOTL or CAAA?

TOTL has higher volatility (1.12%) compared to CAAA (1.01%). In terms of maximum drawdown, TOTL dropped -16.48% vs CAAA's -2.24%.

Which ETF is better, TOTL or CAAA?

On 1-year performance, CAAA leads with 4.50% vs 3.57% for TOTL. Both ETFs have the same 0.55% expense ratio. On volatility, CAAA has been the lower-risk option at 1.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TOTL or CAAA?

Over the 1-year period, CAAA has performed better with a 4.50% return vs 3.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TOTL or CAAA?

TOTL and CAAA have the same expense ratio: 0.55% per year.

Which ETF pays a higher dividend yield, TOTL or CAAA?

TOTL and CAAA have nearly identical dividend yields, around 5.30%.

What is the main difference between TOTL and CAAA?

They also come from different issuers: State Street and First Trust.

Which has better risk-adjusted returns?

CAAA currently has the higher Sharpe Ratio (1.47 vs 1.04), 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.