AAA vs. JAAA

Last updated Jun 21, 2026

AAA (AAF First Priority CLO Bond ETF) and JAAA (Janus Henderson AAA CLO ETF) are both CLO funds. Both are actively managed. Over the past 5 years, AAA returned 4.63%/yr vs 4.81%/yr for JAAA. At a 0.09 correlation, their price movements are largely independent. AAA charges 0.25%/yr vs 0.20%/yr for JAAA.

Performance

AAA vs. JAAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AAF First Priority CLO Bond ETF (AAA) and Janus Henderson AAA CLO ETF (JAAA). 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 AAA having a 1.98% return and JAAA slightly higher at 2.07%.

AAA

• 1D: 0.12%
• 1M: 0.59%
• YTD: 1.98%
• 6M: 2.56%
• 1Y: 5.02%
• 3Y*: 6.38%
• 5Y*: 4.63%
• 10Y*: —

JAAA

• 1D: 0.06%
• 1M: 0.35%
• YTD: 2.07%
• 6M: 2.41%
• 1Y: 5.10%
• 3Y*: 6.64%
• 5Y*: 4.81%
• 10Y*: —

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

AAA vs. JAAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
AAA AAF First Priority CLO Bond ETF	1.98%	4.92%	6.85%	8.94%	0.15%	0.86%	0.92%
JAAA Janus Henderson AAA CLO ETF	2.07%	5.16%	7.43%	8.59%	0.49%	1.39%	0.76%

Correlation

The correlation between AAA and JAAA is -0.06, 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	-0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.06
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (All Time) Calculated using the full available price history since Oct 19, 2020	0.09

The correlation between AAA and JAAA shifts across timeframes, from -0.06 (1 year) to 0.11 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

AAA vs. JAAA — Risk / Return Rank

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

AAA

AAA Risk / Return Rank: 85
AAA Sharpe Ratio Rank: 71
AAA Sortino Ratio Rank: 86
AAA Omega Ratio Rank: 77
AAA Calmar Ratio Rank: 96
AAA Martin Ratio Rank: 94

JAAA

JAAA Risk / Return Rank: 98
JAAA Sharpe Ratio Rank: 99
JAAA Sortino Ratio Rank: 99
JAAA Omega Ratio Rank: 99
JAAA Calmar Ratio Rank: 98
JAAA Martin Ratio Rank: 98

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.

AAA vs. JAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AAF First Priority CLO Bond ETF (AAA) and Janus Henderson AAA CLO ETF (JAAA). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	AAA	JAAA	Difference
Sharpe ratio: Return per unit of total volatility	2.16	6.21	-4.05
Sortino ratio: Return per unit of downside risk	3.65	10.38	-6.74
Omega ratio: Gain probability vs. loss probability	1.42	2.80	-1.37
Calmar ratio: Return relative to maximum drawdown	8.30	13.29	-4.99
Martin ratio: Return relative to average drawdown	24.52	71.62	-47.10

AAA vs. JAAA - Sharpe Ratio Comparison

The current AAA Sharpe Ratio is 2.16, which is lower than the JAAA Sharpe Ratio of 6.21. The chart below compares the historical Sharpe Ratios of AAA and JAAA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AAA vs. JAAA - Drawdown Comparison

The maximum AAA drawdown since its inception was -2.63%, roughly equal to the maximum JAAA drawdown of -2.64%. Use the drawdown chart below to compare losses from any high point for AAA and JAAA.

Drawdown Indicators

	AAA	JAAA	Difference
Max Drawdown Largest peak-to-trough decline	-2.63%	-2.64%	+0.01%
Max Drawdown (1Y) Largest decline over 1 year	-0.60%	-0.39%	-0.21%
Max Drawdown (3Y) Largest decline over 3 years	-2.40%	-1.46%	-0.94%
Max Drawdown (5Y) Largest decline over 5 years	-2.63%	-2.64%	+0.01%
Current Drawdown Current decline from peak	-0.10%	0.00%	-0.10%
Average Drawdown Average peak-to-trough decline	-0.31%	-0.25%	-0.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.20%	0.07%	+0.13%

Volatility

AAA vs. JAAA - Volatility Comparison

AAF First Priority CLO Bond ETF (AAA) has a higher volatility of 0.77% compared to Janus Henderson AAA CLO ETF (JAAA) at 0.12%. This indicates that AAA's price experiences larger fluctuations and is considered to be riskier than JAAA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAA	JAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.77%	0.12%	+0.65%
Volatility (6M) Calculated over the trailing 6-month period	1.79%	0.64%	+1.15%
Volatility (1Y) Calculated over the trailing 1-year period	2.32%	0.83%	+1.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.29%	1.67%	+0.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.15%	1.64%	+0.51%

AAA vs. JAAA - Expense Ratio Comparison

AAA has a 0.25% expense ratio, which is higher than JAAA's 0.20% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

AAA vs. JAAA - Dividend Comparison

AAA's dividend yield for the trailing twelve months is around 4.90%, less than JAAA's 4.99% 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%
JAAA Janus Henderson AAA CLO ETF	4.99%	5.30%	6.35%	6.11%	2.74%	1.21%	0.26%

Frequently Asked Questions

Can I hold both AAA and JAAA in my portfolio?

AAA and JAAA have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AAA or JAAA?

AAA has higher volatility (0.77%) compared to JAAA (0.12%). In terms of maximum drawdown, AAA dropped -2.63% vs JAAA's -2.64%.

Which ETF is better, AAA or JAAA?

On 5-year performance, JAAA leads with 4.81% vs 4.63% for AAA. On fees, JAAA is cheaper at 0.20% per year. On volatility, JAAA has been the lower-risk option at 0.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AAA or JAAA?

Over the 5-year period, JAAA has performed better with a 4.81% return vs 4.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AAA or JAAA?

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

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

JAAA has the higher dividend yield at 4.99%, compared with 4.90% for AAA.

What is the main difference between AAA and JAAA?

They also come from different issuers: Alternative Access Funds LLC and Janus Henderson. Their fees differ too: 0.25% for AAA and 0.20% for JAAA.

Which has better risk-adjusted returns?

JAAA currently has the higher Sharpe Ratio (6.21 vs 2.16), 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.