TRPA vs. BBTBX

Last updated Jun 5, 2026

TRPA (Hartford AAA CLO ETF) and BBTBX (Bridge Builder Core Bond Fund) are both funds - TRPA is a CLO fund actively managed by Hartford, while BBTBX is a Intermediate Core Bond fund managed by Bridge Builder. Over the past year, TRPA returned 5.38% vs 4.47% for BBTBX. At a 0.06 correlation, their price movements are largely independent. TRPA charges 0.24%/yr vs 0.13%/yr for BBTBX.

Performance

TRPA vs. BBTBX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hartford AAA CLO ETF (TRPA) and Bridge Builder Core Bond Fund (BBTBX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TRPA achieves a 1.94% return, which is significantly higher than BBTBX's -0.08% return.

TRPA

• 1D: 0.04%
• 1M: 0.40%
• YTD: 1.94%
• 6M: 2.42%
• 1Y: 5.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BBTBX

• 1D: -0.22%
• 1M: 0.16%
• YTD: -0.08%
• 6M: 0.07%
• 1Y: 4.47%
• 3Y*: 4.21%
• 5Y*: 0.15%
• 10Y*: 1.79%

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

TRPA vs. BBTBX - Yearly Performance Comparison

	2026 (YTD)	2025
TRPA Hartford AAA CLO ETF	1.94%	4.84%
BBTBX Bridge Builder Core Bond Fund	-0.08%	5.80%

Correlation

The correlation between TRPA and BBTBX is 0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.05
Correlation (All Time) Calculated using the full available price history since Apr 16, 2025	0.06

Return for Risk

TRPA vs. BBTBX — Risk / Return Rank

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

TRPA

TRPA Risk / Return Rank: 86
TRPA Sharpe Ratio Rank: 72
TRPA Sortino Ratio Rank: 85
TRPA Omega Ratio Rank: 80
TRPA Calmar Ratio Rank: 96
TRPA Martin Ratio Rank: 96

BBTBX

BBTBX Risk / Return Rank: 21
BBTBX Sharpe Ratio Rank: 20
BBTBX Sortino Ratio Rank: 21
BBTBX Omega Ratio Rank: 19
BBTBX Calmar Ratio Rank: 24
BBTBX Martin Ratio Rank: 20

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.

TRPA vs. BBTBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hartford AAA CLO ETF (TRPA) and Bridge Builder Core Bond Fund (BBTBX). 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.

	TRPA	BBTBX	Difference
Sharpe ratio: Return per unit of total volatility	2.31	1.30	+1.02
Sortino ratio: Return per unit of downside risk	3.75	1.91	+1.84
Omega ratio: Gain probability vs. loss probability	1.47	1.23	+0.24
Calmar ratio: Return relative to maximum drawdown	8.84	1.80	+7.04
Martin ratio: Return relative to average drawdown	35.93	5.20	+30.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TRPA vs. BBTBX - Sharpe Ratio Comparison

The current TRPA Sharpe Ratio is 2.31, which is higher than the BBTBX Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of TRPA and BBTBX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TRPA	BBTBX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.31	1.30	+1.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.03	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.36	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.56	0.38	+2.18

Drawdowns

TRPA vs. BBTBX - Drawdown Comparison

The maximum TRPA drawdown since its inception was -0.61%, smaller than the maximum BBTBX drawdown of -18.54%. Use the drawdown chart below to compare losses from any high point for TRPA and BBTBX.

Drawdown Indicators

	TRPA	BBTBX	Difference
Max Drawdown Largest peak-to-trough decline	-0.61%	-18.54%	+17.93%
Max Drawdown (1Y) Largest decline over 1 year	-0.61%	-2.97%	+2.36%
Max Drawdown (3Y) Largest decline over 3 years	—	-6.32%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-18.54%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-18.54%	—
Current Drawdown Current decline from peak	-0.01%	-1.61%	+1.60%
Average Drawdown Average peak-to-trough decline	-0.10%	-3.91%	+3.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.15%	1.01%	-0.86%

Volatility

TRPA vs. BBTBX - Volatility Comparison

The current volatility for Hartford AAA CLO ETF (TRPA) is 0.28%, while Bridge Builder Core Bond Fund (BBTBX) has a volatility of 1.35%. This indicates that TRPA experiences smaller price fluctuations and is considered to be less risky than BBTBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TRPA	BBTBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.28%	1.35%	-1.07%
Volatility (6M) Calculated over the trailing 6-month period	1.57%	2.94%	-1.37%
Volatility (1Y) Calculated over the trailing 1-year period	2.34%	4.13%	-1.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.37%	5.97%	-3.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.37%	4.94%	-2.57%

TRPA vs. BBTBX - Expense Ratio Comparison

TRPA has a 0.24% expense ratio, which is higher than BBTBX's 0.13% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

TRPA vs. BBTBX - Dividend Comparison

TRPA's dividend yield for the trailing twelve months is around 5.19%, more than BBTBX's 4.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BBTBX Bridge Builder Core Bond Fund	4.08%	4.58%	3.92%	2.86%	2.26%	2.38%	4.73%	3.39%	3.02%	2.67%	0.95%	0.17%
TRPA Hartford AAA CLO ETF	5.19%	4.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TRPA and BBTBX in my portfolio?

TRPA and BBTBX have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TRPA or BBTBX?

BBTBX has higher volatility (1.35%) compared to TRPA (0.28%). In terms of maximum drawdown, TRPA dropped -0.61% vs BBTBX's -18.54%.

Which has better risk-adjusted returns?

TRPA currently has the higher Sharpe Ratio (2.31 vs 1.30), 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.