USDX vs. PAAA

Last updated Jun 3, 2026

USDX (SGI Enhanced Core ETF) and PAAA (PGIM AAA CLO ETF) are both exchange-traded funds - USDX is a Intermediate Core Bond fund actively managed by Summit Global Investments, while PAAA is a CLO fund actively managed by PGIM. Both are actively managed. Over the past year, USDX returned 6.26% vs 5.22% for PAAA. At a 0.00 correlation, their price movements are largely independent. USDX charges 0.98%/yr vs 0.19%/yr for PAAA.

Performance

USDX vs. PAAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SGI Enhanced Core ETF (USDX) and PGIM AAA CLO ETF (PAAA). 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 USDX having a 1.99% return and PAAA slightly higher at 2.04%.

USDX

• 1D: -0.04%
• 1M: 0.13%
• YTD: 1.99%
• 6M: 2.41%
• 1Y: 6.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PAAA

• 1D: 0.00%
• 1M: 0.41%
• YTD: 2.04%
• 6M: 2.42%
• 1Y: 5.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

USDX vs. PAAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
USDX SGI Enhanced Core ETF	1.99%	6.25%	6.87%
PAAA PGIM AAA CLO ETF	2.04%	5.37%	5.95%

Correlation

The correlation between USDX and PAAA is -0.04, 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	-0.04
Correlation (All Time) Calculated using the full available price history since Mar 1, 2024	0.00

Return for Risk

USDX vs. PAAA — Risk / Return Rank

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

USDX

USDX Risk / Return Rank: 95
USDX Sharpe Ratio Rank: 91
USDX Sortino Ratio Rank: 95
USDX Omega Ratio Rank: 96
USDX Calmar Ratio Rank: 93
USDX Martin Ratio Rank: 97

PAAA

PAAA Risk / Return Rank: 99
PAAA Sharpe Ratio Rank: 99
PAAA Sortino Ratio Rank: 99
PAAA Omega Ratio Rank: 100
PAAA Calmar Ratio Rank: 99
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.

USDX vs. PAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SGI Enhanced Core ETF (USDX) 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.

	USDX	PAAA	Difference
Sharpe ratio Return per unit of total volatility	3.28	10.71	-7.43
Sortino ratio Return per unit of downside risk	5.11	21.40	-16.29
Omega ratio Gain probability vs. loss probability	1.82	6.51	-4.69
Calmar ratio Return relative to maximum drawdown	6.68	30.60	-23.92
Martin ratio Return relative to average drawdown	49.28	188.70	-139.42
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USDX vs. PAAA - Sharpe Ratio Comparison

The current USDX Sharpe Ratio is 3.28, which is lower than the PAAA Sharpe Ratio of 10.71. The chart below compares the historical Sharpe Ratios of USDX and PAAA, 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

	USDX	PAAA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.28	10.71	-7.43
Sharpe Ratio (All Time) Calculated using the full available price history	4.03	6.79	-2.76

Drawdowns

USDX vs. PAAA - Drawdown Comparison

The maximum USDX drawdown since its inception was -0.94%, smaller than the maximum PAAA drawdown of -1.04%. Use the drawdown chart below to compare losses from any high point for USDX and PAAA.

Drawdown Indicators

	USDX	PAAA	Difference
Max Drawdown Largest peak-to-trough decline	-0.94%	-1.04%	+0.10%
Max Drawdown (1Y) Largest decline over 1 year	-0.94%	-0.17%	-0.77%
Current Drawdown Current decline from peak	-0.45%	0.00%	-0.45%
Average Drawdown Average peak-to-trough decline	-0.06%	-0.02%	-0.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.13%	0.03%	+0.10%

Volatility

USDX vs. PAAA - Volatility Comparison

SGI Enhanced Core ETF (USDX) has a higher volatility of 1.05% compared to PGIM AAA CLO ETF (PAAA) at 0.11%. This indicates that USDX'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

	USDX	PAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.05%	0.11%	+0.94%
Volatility (6M) Calculated over the trailing 6-month period	1.72%	0.36%	+1.36%
Volatility (1Y) Calculated over the trailing 1-year period	1.91%	0.50%	+1.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.68%	0.98%	+0.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.68%	0.98%	+0.70%

USDX vs. PAAA - Expense Ratio Comparison

USDX has a 0.98% expense ratio, which is higher than PAAA's 0.19% expense ratio.

Dividends

USDX vs. PAAA - Dividend Comparison

USDX's dividend yield for the trailing twelve months is around 5.89%, more than PAAA's 4.88% yield.

Position	TTM	2025	2024	2023
PAAA PGIM AAA CLO ETF	4.88%	5.12%	5.88%	2.76%
USDX SGI Enhanced Core ETF	5.89%	5.88%	4.60%	0.00%

Frequently Asked Questions

Can I hold both USDX and PAAA in my portfolio?

USDX and PAAA have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USDX or PAAA?

USDX has higher volatility (1.05%) compared to PAAA (0.11%). In terms of maximum drawdown, USDX dropped -0.94% vs PAAA's -1.04%.

Which ETF is better, USDX or PAAA?

On 1-year performance, USDX leads with 6.26% vs 5.22% for PAAA. On fees, PAAA is cheaper at 0.19% per year. On volatility, PAAA has been the lower-risk option at 0.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USDX or PAAA?

Over the 1-year period, USDX has performed better with a 6.26% return vs 5.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USDX or PAAA?

PAAA is cheaper with a 0.19% expense ratio, compared with 0.98% for USDX.

Which ETF pays a higher dividend yield, USDX or PAAA?

USDX has the higher dividend yield at 5.89%, compared with 4.88% for PAAA.

What is the main difference between USDX and PAAA?

USDX is categorized as Intermediate Core Bond, while PAAA is CLO. They also come from different issuers: Summit Global Investments and PGIM. Their fees differ too: 0.98% for USDX and 0.19% for PAAA.

Which has better risk-adjusted returns?

PAAA currently has the higher Sharpe Ratio (10.71 vs 3.28), 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.