TUSB vs. AAA

Last updated Jun 4, 2026

TUSB (Thrivent Ultra Short Bond ETF) and AAA (AAF First Priority CLO Bond ETF) are both exchange-traded funds - TUSB is a Ultrashort Bond fund actively managed by Thrivent, while AAA is a CLO fund actively managed by Alternative Access Funds LLC. Both are actively managed. Over the past year, TUSB returned 4.62% vs 5.39% for AAA. At a correlation of -0.01, they often move in opposite directions. TUSB charges 0.20%/yr vs 0.25%/yr for AAA.

Performance

TUSB vs. AAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Thrivent Ultra Short Bond ETF (TUSB) and AAF First Priority CLO Bond ETF (AAA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with TUSB having a 1.78% return and AAA slightly higher at 1.86%.

TUSB

• 1D: -0.10%
• 1M: 0.44%
• YTD: 1.78%
• 6M: 2.09%
• 1Y: 4.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AAA

• 1D: -0.22%
• 1M: 0.67%
• YTD: 1.86%
• 6M: 2.19%
• 1Y: 5.39%
• 3Y*: 6.50%
• 5Y*: 4.64%
• 10Y*: —

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

TUSB vs. AAA - Yearly Performance Comparison

	2026 (YTD)	2025
TUSB Thrivent Ultra Short Bond ETF	1.78%	4.14%
AAA AAF First Priority CLO Bond ETF	1.86%	3.96%

Correlation

The correlation between TUSB and AAA is -0.02, 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	-0.02
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	-0.01

Return for Risk

TUSB vs. AAA — Risk / Return Rank

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

TUSB

TUSB Risk / Return Rank: 98
TUSB Sharpe Ratio Rank: 98
TUSB Sortino Ratio Rank: 98
TUSB Omega Ratio Rank: 98
TUSB Calmar Ratio Rank: 98
TUSB Martin Ratio Rank: 98

AAA

AAA Risk / Return Rank: 85
AAA Sharpe Ratio Rank: 71
AAA Sortino Ratio Rank: 87
AAA Omega Ratio Rank: 77
AAA Calmar Ratio Rank: 96
AAA Martin Ratio Rank: 94

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.

TUSB vs. AAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Thrivent Ultra Short Bond ETF (TUSB) and AAF First Priority CLO Bond ETF (AAA). 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.

	TUSB	AAA	Difference
Sharpe ratio: Return per unit of total volatility	5.03	2.36	+2.67
Sortino ratio: Return per unit of downside risk	8.97	4.06	+4.91
Omega ratio: Gain probability vs. loss probability	2.24	1.47	+0.77
Calmar ratio: Return relative to maximum drawdown	18.74	8.98	+9.76
Martin ratio: Return relative to average drawdown	79.65	27.78	+51.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TUSB vs. AAA - Sharpe Ratio Comparison

The current TUSB Sharpe Ratio is 5.03, which is higher than the AAA Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of TUSB and AAA, 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

	TUSB	AAA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.03	2.36	+2.67
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	2.05	—
Sharpe Ratio (All Time) Calculated using the full available price history	3.73	1.93	+1.80

Drawdowns

TUSB vs. AAA - Drawdown Comparison

The maximum TUSB drawdown since its inception was -0.51%, smaller than the maximum AAA drawdown of -2.63%. Use the drawdown chart below to compare losses from any high point for TUSB and AAA.

Drawdown Indicators

	TUSB	AAA	Difference
Max Drawdown Largest peak-to-trough decline	-0.51%	-2.63%	+2.12%
Max Drawdown (1Y) Largest decline over 1 year	-0.25%	-0.60%	+0.35%
Max Drawdown (3Y) Largest decline over 3 years	—	-2.40%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-2.63%	—
Current Drawdown Current decline from peak	-0.13%	-0.22%	+0.09%
Average Drawdown Average peak-to-trough decline	-0.06%	-0.30%	+0.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.06%	0.19%	-0.13%

Volatility

TUSB vs. AAA - Volatility Comparison

The current volatility for Thrivent Ultra Short Bond ETF (TUSB) is 0.33%, while AAF First Priority CLO Bond ETF (AAA) has a volatility of 0.74%. This indicates that TUSB experiences smaller price fluctuations and is considered to be less risky than AAA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TUSB	AAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.33%	0.74%	-0.41%
Volatility (6M) Calculated over the trailing 6-month period	0.66%	1.76%	-1.10%
Volatility (1Y) Calculated over the trailing 1-year period	0.92%	2.30%	-1.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.25%	2.28%	-1.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.25%	2.15%	-0.90%

TUSB vs. AAA - Expense Ratio Comparison

TUSB has a 0.20% expense ratio, which is lower than AAA's 0.25% 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%.

Dividends

TUSB vs. AAA - Dividend Comparison

TUSB's dividend yield for the trailing twelve months is around 4.26%, less than AAA's 4.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
AAA AAF First Priority CLO Bond ETF	4.90%	5.11%	6.17%	6.11%	2.78%	1.06%	0.32%
TUSB Thrivent Ultra Short Bond ETF	4.26%	3.62%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TUSB and AAA in my portfolio?

TUSB and AAA have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TUSB or AAA?

AAA has higher volatility (0.74%) compared to TUSB (0.33%). In terms of maximum drawdown, TUSB dropped -0.51% vs AAA's -2.63%.

Which ETF is better, TUSB or AAA?

On 1-year performance, AAA leads with 5.39% vs 4.62% for TUSB. On fees, TUSB is cheaper at 0.20% per year. On volatility, TUSB has been the lower-risk option at 0.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TUSB or AAA?

Over the 1-year period, AAA has performed better with a 5.39% return vs 4.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TUSB or AAA?

TUSB is cheaper with a 0.20% expense ratio, compared with 0.25% for AAA.

Which ETF pays a higher dividend yield, TUSB or AAA?

AAA has the higher dividend yield at 4.90%, compared with 4.26% for TUSB.

What is the main difference between TUSB and AAA?

TUSB is categorized as Ultrashort Bond, while AAA is CLO. They also come from different issuers: Thrivent and Alternative Access Funds LLC. Their fees differ too: 0.20% for TUSB and 0.25% for AAA.

Which has better risk-adjusted returns?

TUSB currently has the higher Sharpe Ratio (5.03 vs 2.36), 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.