TRPA vs. VMAX

Last updated Aug 2, 2026

TRPA (Hartford AAA CLO ETF) and VMAX (Hartford US Value ETF) are both exchange-traded funds - TRPA is a CLO fund actively managed by Hartford, while VMAX is a Large Cap Value Equities fund actively managed by Hartford. Both are actively managed. Over the past year, TRPA returned 5.00% vs 30.41% for VMAX. Their 0.17 correlation means their historical movements had little consistent relationship. TRPA charges 0.24%/yr vs 0.29%/yr for VMAX.

Performance

TRPA vs. VMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hartford AAA CLO ETF (TRPA) and Hartford US Value ETF (VMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TRPA achieves a 2.73% return, which is significantly lower than VMAX's 18.06% return.

TRPA

• 1D: 0.00%
• 1M: 0.41%
• 6M: 2.45%
• YTD: 2.73%
• 1Y: 5.00%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.89%

VMAX

• 1D: 0.13%
• 1M: 2.13%
• 6M: 13.79%
• YTD: 18.06%
• 1Y: 30.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 21.42%

*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)
TRPA Hartford AAA CLO ETF	$1.14M	$859.18K	$565.69K
VMAX Hartford US Value ETF	$14.79K	$8.89K	$5.90K

TRPA vs. VMAX - Yearly Performance Comparison

	2026 (YTD)	2025
TRPA Hartford AAA CLO ETF	2.73%	4.82%
VMAX Hartford US Value ETF	18.06%	23.63%

Correlation

The correlation between TRPA and VMAX is 0.07, 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.	0.07
Correlation (All Time) Calculated using the full available price history since Apr 15, 2025	0.17

The correlation between TRPA and VMAX shifts across timeframes, from 0.07 (1 year) to 0.17 (all time), reflecting how their relationship changes across market environments.

Return for Risk

TRPA vs. VMAX — Risk / Return Rank

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

TRPA

TRPA Risk / Return Rank: 96
TRPA Sharpe Ratio Rank: 94
TRPA Sortino Ratio Rank: 96
TRPA Omega Ratio Rank: 95
TRPA Calmar Ratio Rank: 97
TRPA Martin Ratio Rank: 98

VMAX

VMAX Risk / Return Rank: 93
VMAX Sharpe Ratio Rank: 92
VMAX Sortino Ratio Rank: 91
VMAX Omega Ratio Rank: 90
VMAX Calmar Ratio Rank: 96
VMAX 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.

TRPA vs. VMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hartford AAA CLO ETF (TRPA) and Hartford US Value ETF (VMAX). 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.

	TRPA	VMAX	Difference
Sharpe ratio: Return per unit of total volatility	2.62	2.38	+0.24
Sortino ratio: Return per unit of downside risk	4.24	3.26	+0.98
Omega ratio: Gain probability vs. loss probability	1.56	1.42	+0.14
Calmar ratio: Return relative to maximum drawdown	8.55	5.82	+2.73
Martin ratio: Return relative to average drawdown	38.93	21.45	+17.48

TRPA vs. VMAX - Sharpe Ratio Comparison

The current TRPA Sharpe Ratio is 2.62, which is comparable to the VMAX Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of TRPA and VMAX, 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

TRPA vs. VMAX - Drawdown Comparison

The maximum TRPA drawdown since its inception was -0.61%, smaller than the maximum VMAX drawdown of -19.05%. Use the drawdown chart below to compare losses from any high point for TRPA and VMAX.

Drawdown Indicators

	TRPA	VMAX	Difference
Max Drawdown Largest peak-to-trough decline	-0.61%	-19.05%	+18.44%
Max Drawdown (1Y) Largest decline over 1 year	-0.61%	-4.93%	+4.32%
Current Drawdown Current decline from peak	0.00%	-0.34%	+0.34%
Average Drawdown Average peak-to-trough decline	-0.09%	-2.43%	+2.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.13%	1.34%	-1.21%

Volatility

TRPA vs. VMAX - Volatility Comparison

The current volatility for Hartford AAA CLO ETF (TRPA) is 0.22%, while Hartford US Value ETF (VMAX) has a volatility of 2.47%. This indicates that TRPA experiences smaller price fluctuations and is considered to be less risky than VMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TRPA	VMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.22%	2.47%	-2.25%
Volatility (6M) Calculated over the trailing 6-month period	1.38%	8.32%	-6.94%
Volatility (1Y) Calculated over the trailing 1-year period	2.01%	12.08%	-10.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.24%	15.18%	-12.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.24%	15.18%	-12.94%

TRPA vs. VMAX - Expense Ratio Comparison

TRPA has a 0.24% expense ratio, which is lower than VMAX's 0.29% expense ratio.

Dividends

TRPA vs. VMAX - Dividend Comparison

TRPA's dividend yield for the trailing twelve months is around 5.05%, more than VMAX's 1.83% yield.

Position	TTM	2025	2024
TRPA Hartford AAA CLO ETF	5.05%	4.14%	0.00%
VMAX Hartford US Value ETF	1.83%	2.14%	1.95%

Frequently Asked Questions

Can I hold both TRPA and VMAX in my portfolio?

TRPA and VMAX have a correlation of 0.07, 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 VMAX?

VMAX has higher volatility (2.47%) compared to TRPA (0.22%). In terms of maximum drawdown, TRPA dropped -0.61% vs VMAX's -19.05%.

Which ETF is better, TRPA or VMAX?

On 1-year performance, VMAX leads with 30.41% vs 5.00% for TRPA. On fees, TRPA is cheaper at 0.24% per year. On volatility, TRPA has been the lower-risk option at 0.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TRPA or VMAX?

Over the 1-year period, VMAX has performed better with a 30.41% return vs 5.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TRPA or VMAX?

TRPA is cheaper with a 0.24% expense ratio, compared with 0.29% for VMAX.

Which ETF pays a higher dividend yield, TRPA or VMAX?

TRPA has the higher dividend yield at 5.05%, compared with 1.83% for VMAX.

What is the main difference between TRPA and VMAX?

TRPA is categorized as CLO, while VMAX is Large Cap Value Equities. Their fees differ too: 0.24% for TRPA and 0.29% for VMAX.

Which has better risk-adjusted returns?

TRPA currently has the higher Sharpe Ratio (2.62 vs 2.38), 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.