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ACLO vs PAAA

TCW AAA CLO ETF

ACLOANYSE

PGIM AAA CLO ETF

PAAAANYSE Arca

Overlap

No data

Expense ratio

PAAA −0.01pt a year

ACLO0.20%PAAA0.19%

Avg volume · 30D

PAAA 66.5×the volume

ACLO36.8KPAAA2.44M

ACLO vs PAAA Performance

Oct 31, 2025 – Oct 30, 2026

+5.0%ACLO+4.8%PAAA

Oct 31, 2025 to Oct 30, 2026. ACLO +5.0%. PAAA +4.8%. Use the arrow keys to read each point.0%1%2%3%Oct 2025Apr 2026Oct 2026
Expense ratio
ACLO 0.20%
PAAA 0.19%, better
Fund size
ACLO $596M
PAAA $15.1B
1Y total return
ACLO +5.0%, better
PAAA +4.8%
Yield (12M)
ACLO 4.89%
PAAA 5.06%, better
Holdings
ACLO 368
PAAA 325
Avg volume (30D)
ACLO 36.8K sh
PAAA 2.44M sh, better
NAV per share
ACLO $50.53
PAAA $51.48
52W range

ETF.net Grade

ACLO: Cost 80, Risk 64, Mission not scored, Tradability 70, Holdings 84, Durability 64. PAAA: Cost 80, Risk 79, Mission not scored, Tradability 96, Holdings 75, Durability 87.
Pillar letters and Scores for ACLO, PAAA, with each pillar’s weight
PillarACLOPAAA
Cost30% weightA80A80
Mission25% weightNot scoredNot scored
Risk15% weightB64A79Higher
Tradability15% weightA70A96Higher
Holdings10% weightA84HigherA75
Durability5% weightB64A87Higher

Rank among Collateralized Loan Obligations (CLO) funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. ACLO and PAAA are both graded against the same 34 Collateralized Loan Obligations (CLO) funds, so their Grades compare head to head.

Collateralized Loan Obligations (CLO)⁠

Category · 34 funds
See all 34 ›

PAAA ranks 3rd and ACLO 4th of 34 funds in the Collateralized Loan Obligations (CLO) Category.

  1. Rank 1ACLOAiShares AAA CLO Active ETFScore 83
  2. Rank 1AJAAAJanus Henderson AAA CLO ETFScore 83
  3. Rank 3APAAAPGIM AAA CLO ETFScore 82
  4. Rank 4AACLOTCW AAA CLO ETFScore 74
  5. Rank 5AFAAAFIDELITY AAA CLO ETFScore 73

Our read on each fund

ETF.net Research

ACLOATCW AAA CLO ETF

PAAAAPGIM AAA CLO ETF

In short

ACLO A 2024 arrival in the crowded AAA CLO aisle. TCW runs it actively, holding roughly 300 of the highest-rated slices of leveraged-loan pools, paying income monthly, at a fee matching the category's cheapest tier.

PAAA PGIM's entry in the AAA CLO race: an actively run book of the senior-most slice of collateralized loan obligations, floating-rate, priced at 0.19%, paid out monthly. Same playbook as the category's biggest names, a hair cheaper.

Stated mandate

ACLO The fund seeks capital preservation and current income through principal investment in U.S. dollar-denominated AAA-rated collateralized loan obligations.

PAAA The Fund seeks to maximize total return through current income and capital appreciation. It invests primarily in U.S. dollar-denominated AAA-rated CLOs and is actively managed rather than designed to replicate a specific index.

Why people hold it

  • ACLO At 0.20% it undercuts the AAA CLO cohort median of 0.25% and matches the cheapest names in the group, including JAAA and CLOA.
  • The mandate is stated narrowly: capital preservation and current income from US dollar AAA-rated CLOs, the top-rated tranches of the structure.tcw.com
  • Roughly 300 positions, chosen deal by deal rather than tracked, so no single CLO carries the portfolio.
  • Pays monthly, and the portfolio itself grades out as one of the stronger books among AAA CLO funds.
  • PAAA At 0.19%, one of the cheapest tickets into AAA CLOs, undercutting the 0.20% charged by CLOA, JAAA, FAAA and ACLO and sitting well below the category median.
  • Keeps at least 80% of investable assets in US dollar CLOs rated AAA at purchase, the tranche that stands first in line for cash from the underlying loan pool.mutualfunds.compgim.com
  • CLO coupons float, so the income stream resets with short-term rates rather than locking to a fixed coupon. Cash goes out monthly.pgim.com
  • A multi-billion-dollar fund that trades actively, with spread and execution behavior among the strongest in its peer group.

Worth knowing

  • ACLO It trades lightly next to the giants of the category, so spreads can run wider. Limit orders earn their keep here.
  • Launched in late 2024, so the record is short and has not spanned a full credit cycle.
  • Active with no declared index, so there is no tracking figure to hold it to. Results ride on TCW's deal selection.
  • PAAA Actively managed against the JP Morgan CLOIE AAA Index, not built to match it. Holdings and results can diverge from the benchmark by design.
  • The AAA stamp sits atop a pool of leveraged loans to below-investment-grade borrowers, and up to 20% of investable assets can go outside AAA-rated CLOs.mutualfunds.com
  • Launched in 2023, so the track record is short and does not yet span a full credit cycle.

Full ACLO profile⁠

Full PAAA profile⁠

ACLO vs PAAA Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

ACLO vs PAAA Cost

Overpaying ACLO vs PAAA

$203

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • ACLO 0.20%

    $4,155

  • PAAA 0.19%

    $3,952

$10,000
30 years

Cost over time

  • ACLO 0.20%
  • PAAA 0.19%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$1K$2K$3K$4K$5K051015202530ACLO $4,155PAAA $3,952

Year by year

YearACLOPAAAOverpaying
10$365$347$18
20$1,421$1,351$70
30$4,155$3,952$203

Expense ratio

  • 0.20%ACLO
  • 0.19%PAAA, cheaper
  • Middle half of Collateralized Loan Obligations (CLO) funds
  • Median 0.28%

PAAA 2nd cheapest of 34 funds

ACLO 8th cheapest of 34 funds

ACLO vs PAAA Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
ACLO 4.89%
PAAA 5.06%, better
Payout (12M)
ACLO $2.47
PAAA $2.60
Last payment
ACLO $0.19
PAAA $0.21
Ex-dividend
ACLO Oct 1, 2026
PAAA Oct 30, 2026
Paid on
ACLO Oct 5, 2026
PAAA Pays Nov 3, 2026
Frequency
ACLO Monthly
PAAA Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

ACLOMonthly · 24 paymentsAll ACLO payments⁠
One bar per payment. 24 payments from 2023 to 2026 YTD. Dec 2, 2024 $0.06; Dec 18, 2024 $0.22; Dec 30, 2024 $0.01; Feb 3, 2025 $0.22; Mar 3, 2025 $0.21; Apr 1, 2025 $0.21; May 1, 2025 $0.20; Jun 2, 2025 $0.19; Jul 1, 2025 $0.19; Aug 1, 2025 $0.20; Sep 2, 2025 $0.19; Oct 1, 2025 $0.18; Nov 3, 2025 $0.22; Dec 1, 2025 $0.22; Dec 17, 2025 $0.22; Feb 2, 2026 $0.21; Mar 2, 2026 $0.21; Apr 1, 2026 $0.21; May 1, 2026 $0.21; Jun 1, 2026 $0.21; Jul 1, 2026 $0.19; Aug 3, 2026 $0.19; Sep 1, 2026 $0.19; Oct 1, 2026 $0.19. Use the arrow keys to read each point.$0$0.2520232026YTD
PAAAMonthly · 39 paymentsAll PAAA payments⁠
One bar per payment. 39 payments from 2023 to 2026 YTD. Sep 1, 2023 $0.29; Oct 2, 2023 $0.23; Nov 1, 2023 $0.29; Dec 1, 2023 $0.28; Dec 27, 2023 $0.31; Feb 1, 2024 $0.28; Mar 1, 2024 $0.27; Apr 1, 2024 $0.30; May 1, 2024 $0.27; Jun 3, 2024 $0.28; Jul 1, 2024 $0.22; Aug 1, 2024 $0.24; Sep 3, 2024 $0.24; Oct 1, 2024 $0.25; Nov 1, 2024 $0.20; Dec 2, 2024 $0.20; Dec 27, 2024 $0.25; Feb 3, 2025 $0.21; Mar 3, 2025 $0.19; Apr 1, 2025 $0.23; May 1, 2025 $0.22; Jun 2, 2025 $0.23; Jul 1, 2025 $0.22; Aug 1, 2025 $0.22; Sep 2, 2025 $0.23; Oct 1, 2025 $0.22; Nov 3, 2025 $0.22; Dec 1, 2025 $0.21; Dec 19, 2025 $0.21; Feb 2, 2026 $0.19; Mar 2, 2026 $0.19; Mar 31, 2026 $0.20; Apr 30, 2026 $0.19; May 29, 2026 $0.19; Jun 30, 2026 $0.20; Jul 31, 2026 $0.20; Aug 31, 2026 $0.20; Sep 30, 2026 $0.19; Oct 30, 2026 $0.21. Use the arrow keys to read each point.$0$0.2520232026YTD

ACLO vs PAAA Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
ACLO 0.6%since Dec 2024PAAA 0.7%
Return per unit of riskSharpe ratio, 3 years
ACLO 1.74since Dec 2024PAAA 2.82
Worst fallMax drawdown, 5 years
ACLO −1.0%since Nov 2024PAAA −1.0%since Jul 2023Same figure. Both funds show the same value, so neither comes out ahead.
Market sensitivityBeta, 5 years
ACLO 0.04PAAA 0.03

ACLO and PAAA in the news

All news⁠

Popular comparisons

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