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EVLN vs PAAA

Eaton Vance Floating-Rate ETF

EVLNDNYSE Arca

PGIM AAA CLO ETF

PAAAANYSE Arca

Overlap

No data

Expense ratio

PAAA −0.41pt a year

EVLN0.60%PAAA0.19%

Avg volume · 30D

PAAA 22.3×the volume

EVLN110KPAAA2.44M

EVLN vs PAAA Performance

Oct 31, 2025 – Oct 30, 2026

+4.0%EVLN+4.8%PAAA

Oct 31, 2025 to Oct 30, 2026. EVLN +4.0%. PAAA +4.8%. Use the arrow keys to read each point.0%1%2%3%Oct 2025Apr 2026Oct 2026
Expense ratio
EVLN 0.60%
PAAA 0.19%, better
Fund size
EVLN $1.69B
PAAA $15.1B
1Y total return
EVLN +4.0%
PAAA +4.8%, better
Yield (12M)
EVLN 7.32%, better
PAAA 5.06%
Holdings
EVLN 474
PAAA 325
Avg volume (30D)
EVLN 110K sh
PAAA 2.44M sh, better
NAV per share
EVLN $48.10
PAAA $51.48
52W range

ETF.net Grade

EVLN: Cost 8, Risk 33, Mission not scored, Tradability 61, Holdings 66, Durability 80. PAAA: Cost 80, Risk 79, Mission not scored, Tradability 96, Holdings 75, Durability 87.
Pillar letters and Scores for EVLN, PAAA, with each pillar’s weight
PillarEVLNPAAA
Cost30% weightF8A80Higher
Mission25% weightNot scoredNot scored
Risk15% weightD33A79Higher
Tradability15% weightB61A96Higher
Holdings10% weightB66A75Higher
Durability5% weightA80A87Higher

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. EVLN 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 EVLN 27th 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 27DDSCODoubleLine Securitized Credit ETFScore 35
  6. Rank 27DEVLNEaton Vance Floating-Rate ETFScore 35
  7. Rank 30DRAARReckoner Yield Enhanced AAA CLO Reinvesting ETFScore 33

Our read on each fund

ETF.net Research

EVLNDEaton Vance Floating-Rate ETF

PAAAAPGIM AAA CLO ETF

In short

EVLN Most funds in this aisle buy AAA-rated CLO tranches. EVLN goes a layer down and picks the underlying corporate loans itself: an actively run floating-rate credit book from Eaton Vance's long-tenured loan desk.

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

EVLN The Fund seeks a high level of current income.

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

  • EVLN Holds at least 80% of assets in floating-rate credit, led by senior secured corporate loans chosen one at a time rather than a passive slice of CLO paper.aaii.com
  • Coupons reset with short-term rates, so the portfolio carries little interest-rate duration by design. This is an income mandate, not a rate call.
  • Distributions land monthly, and the fund has grown into the multi-billion-dollar range since its 2024 launch.
  • The mandate is global, covering loans to domestic and foreign borrowers rather than a US-only book.aaii.com
  • 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

  • EVLN Costs 0.60% a year against a 0.25% peer median, and the AAA CLO funds it sits beside (JAAA, CLOA, PAAA) run near 0.20%. Active loan picking is what the extra buys.
  • The mandate reaches past senior loans into CLO debt tranches, second lien and mezzanine credit, further down the capital stack than a AAA-only fund.aaii.com
  • Launched in 2024, so the record inside the ETF wrapper is still short.
  • 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 EVLN profile⁠

Full PAAA profile⁠

EVLN 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.

EVLN vs PAAA Cost

Overpaying EVLN vs PAAA

$7,865

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

  • EVLN 0.60%

    $11,817

  • PAAA 0.19%

    $3,952

$10,000
30 years

Cost over time

  • EVLN 0.60%
  • PAAA 0.19%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2.5K$5K$7.5K$10K$12.5K051015202530EVLN $11,817PAAA $3,952

Year by year

YearEVLNPAAAOverpaying
10$1,076$347$729
20$4,116$1,351$2,765
30$11,817$3,952$7,865

Expense ratio

  • 0.60%EVLN
  • 0.19%PAAA, cheaper
  • Middle half of Collateralized Loan Obligations (CLO) funds
  • Median 0.28%

PAAA 2nd cheapest of 34 funds

EVLN 31st cheapest of 34 funds

EVLN vs PAAA Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
EVLN 7.32%, better
PAAA 5.06%
Payout (12M)
EVLN $3.52
PAAA $2.60
Last payment
EVLN $0.28
PAAA $0.21
Ex-dividend
EVLN Oct 30, 2026
PAAA Oct 30, 2026
Paid on
EVLN Pays Nov 5, 2026
PAAA Pays Nov 3, 2026
Frequency
EVLN Monthly
PAAA Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

EVLNMonthly · 31 paymentsAll EVLN payments⁠
One bar per payment. 31 payments from 2023 to 2026 YTD. Apr 30, 2024 $0.37; May 31, 2024 $0.37; Jun 28, 2024 $0.37; Jul 31, 2024 $0.37; Aug 30, 2024 $0.37; Sep 30, 2024 $0.36; Oct 31, 2024 $0.35; Nov 29, 2024 $0.34; Dec 23, 2024 $0.33; Jan 31, 2025 $0.32; Feb 28, 2025 $0.31; Mar 31, 2025 $0.31; Apr 30, 2025 $0.31; May 30, 2025 $0.31; Jun 30, 2025 $0.31; Jul 31, 2025 $0.30; Aug 29, 2025 $0.29; Sep 30, 2025 $0.28; Oct 31, 2025 $0.28; Nov 28, 2025 $0.28; Dec 23, 2025 $0.29; Jan 30, 2026 $0.29; Feb 27, 2026 $0.24; Mar 31, 2026 $0.28; Apr 30, 2026 $0.26; May 29, 2026 $0.27; Jun 30, 2026 $0.26; Jul 31, 2026 $0.26; Aug 31, 2026 $0.26; Sep 30, 2026 $0.27; Oct 30, 2026 $0.28. 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

EVLN vs PAAA Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
EVLN 2.0%since Mar 2024PAAA 0.7%
Return per unit of riskSharpe ratio, 3 years
EVLN 0.68since Mar 2024PAAA 2.82
Worst fallMax drawdown, 5 years
EVLN −2.8%since Feb 2024PAAA −1.0%since Jul 2023
Market sensitivityBeta, 5 years
EVLN 0.11PAAA 0.03

EVLN and PAAA in the news

All news⁠

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