AAAvsMBBETF Comparison
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AXS First Priority CLO Bond ETF (AAA) belongs to the US Corporate IG Bonds segment. iShares MBS ETF (MBB) is part of the MBS & ABS segment. AAA's top 2 sector exposures are Industrials and Finance. In contrast, MBB's top sector exposures are Industrials, Non-Corporate and Finance. AAA is more expensive with a Total Expense Ratio (TER) of 0.25%, versus 0.04% for MBB. AAA is up 3.67% year-to-date (YTD) with +$30M in YTD flows. MBB performs worse with -1.7% YTD performance, and -$1.54B in YTD flows. Run a side-by-side ETF comparison of AAA and MBB below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
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AAA vs MBB performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/14/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | AAA MBB | +0.28%-0.27% | +1.15%-2.36% | +3.67%-1.70% | +4.74%-0.99% | +18.61%+17.12% | +26.63%-0.37% |
| Flows | AAA MBB | +$5M-$3.07B | +$27M-$2.41B | +$30M-$1.54B | +$30M-$4.81B | +$65M+$9.21B | +$63M+$14.30B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | AAA MBB | +0.34%+5.70% | +0.47%+4.62% | +1.12%+5.73% | +1.42%+6.66% |
| Max drawdown | AAA MBB | -0.04%-4.27% | -0.06%-5.38% | -0.86%-5.38% | -2.37%-16.94% |
| Max drawdown duration | AAA MBB | 4d51d | 3d228d | 26d228d | 375d1405d |
Trading data
AAA | MBB | |
Last sale 10/15/2026 at 1:30 PM | $24.83 | $90.59 |
| Previous close 10/15/2026 | $24.86 | $90.00 |
| Consolidated volume 10/15/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of September 30, 2026
1-year trailing difference
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AAA
is actively managed and doesn’t replicate an indexAAA | MBB | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 10/15/2026 at 1:30 PM
Live
Closed
AAA | MBB | |
|---|---|---|
| Last price | $24.83 | $90.59 |
| 1D performance | -0.14% | +0.66% |
| AuM | $72.49 M | $35.54 B |
| E/R | 0.25% | 0.04% |
Characteristics
AAA | MBB | |
|---|---|---|
| Management strategy | Active | Passive |
| Provider | AXS Investments | iShares |
| Benchmark | - | Bloomberg U.S. MBS Index |
| N° of holdings | 8 | 1237 |
| Asset class | - | Bonds |
| Trailing 12m distribution yield | Join | Join |
| Inception date | September 9, 2020 | March 13, 2007 |
| ESG | No | No |
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Exposure
Countries
AAA
USA
22.83%
Other
77.17%
MBB
USA
28.44%
Other
71.56%
Sectors
AAA
Industrials
18.19%
Other
81.81%
MBB
Industrials
20.61%
Non-Corporate
7.6%
Other
71.79%
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Diversification
AAA
Total weight of top 15 holdings out of 15
60.18%
MBB
Total weight of top 15 holdings out of 15
16.82%
Top 15 holdings
Data as of August 31, 2026
AAA
Fortress Credit BSL 2025-2A, FRN 15oct2038, USD (ABS, A)
4.64%
LCM 38A, FRN 4nov2038, USD (ABS, AR2)
4.64%
US482937AJ80
4.63%
US55819MBC91
4.63%
Carlyle US CLO 2019-4A, FRN 22jun2039, USD (ABS, A12)
4.63%
US03768UAG40
4.63%
US73052VAN55
4.63%
US83013NAC48
4.62%
US64130TBJ34
4.62%
US03766HAQ39
3.09%
Fortress Credit BSL 2024-4A, FRN 15jan2038, USD (ABS, A)
3.09%
US03166GAA67
3.09%
US15032EAY59
3.09%
US149791BG90
3.09%
US92919AAN46
3.08%
MBB
BlackRock Cash Funds - Institutional
7.60%
US01F0526982
1.26%
US21H0526945
1.05%
FR SD8146, 2% 1may2051, USD (ABS)
0.98%
US01F0506927
0.87%
US21H0606978
0.63%
G2 MB0025, 5% 20nov2054, USD (ABS)
0.55%
US21H0506988
0.55%
G2 MA7648, 2% 20oct2051, USD (ABS)
0.51%
US36179WTX64
0.50%
FN MA4492, 2% 1dec2051, USD (ABS)
0.49%
US36179WJR07
0.48%
US21H0426955
0.48%
FR SD8140, 2% 1apr2051, USD (ABS)
0.47%
FN MA4465, 2% 1nov2051, USD (ABS)
0.42%
Frequently asked questions about AAA and MBB
How have the AAA and MBB ETFs performed in 2026?
As of October 14, 2026, AAA is up 3.67% year-to-date (YTD), while MBB has lost -1.7%. That puts AAA better performer ahead so far this year.
Which ETF is attracting more investor money: AAA or MBB?
Year-to-date, the AAA ETF saw +$30M in flows, compared to -$1.54B for MBB.
Which ETF is more volatile: AAA or MBB?
Over the past year, AAA had a volatility of 0.47%, while MBB experienced 4.62%.
Which ETF is bigger: AAA or MBB?
As of October 14, 2026, AAA holds $72.49 M in assets under management (AUM), while MBB manages $35.54 B.
What sectors do the AAA and MBB ETFs invest in?
AAA leans toward sectors like Industrials. Meanwhile, MBB focuses on Industrials and Non-Corporate.
What are the top holdings of the AAA ETF and MBB ETF?
AAA top holdings include Fortress Credit BSL 2025-2A, FRN 15oct2038, USD (ABS, A), LCM 38A, FRN 4nov2038, USD (ABS, AR2) and US482937AJ80. MBB holds in its top three: BlackRock Cash Funds - Institutional, US01F0526982 and US21H0526945.
Which ETF is more diversified: AAA or MBB?
AAA holds 35 securities with 60.18% of its assets in the top 15. MBB has 9405 securities and a top 15 weight of 16.82%.
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Latest news about AAA & MBB
The Weekly ETF Market Monitor (September 28-October 2, 2026)
October 2, 2026
MBB
NYSE x ETF Central ETF Education Series
March 5, 2024
MBB
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