BKAG vs. JAAA

Last updated Jun 4, 2026

BKAG (BNY Mellon Core Bond ETF) and JAAA (Janus Henderson AAA CLO ETF) are both exchange-traded funds - BKAG is a Total Bond Market fund tracking the Bloomberg US Aggregate Total Return Index, while JAAA is a CLO fund actively managed by Janus Henderson. BKAG is passively managed, while JAAA is actively managed. Over the past 5 years, BKAG returned 0.07%/yr vs 4.79%/yr for JAAA. At a 0.02 correlation, their price movements are largely independent. BKAG charges 0.00%/yr vs 0.20%/yr for JAAA.

Performance

BKAG vs. JAAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BNY Mellon Core Bond ETF (BKAG) and Janus Henderson AAA CLO ETF (JAAA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BKAG achieves a 0.29% return, which is significantly lower than JAAA's 1.87% return.

BKAG

• 1D: -0.19%
• 1M: 0.27%
• YTD: 0.29%
• 6M: 0.12%
• 1Y: 5.10%
• 3Y*: 3.95%
• 5Y*: 0.07%
• 10Y*: —

JAAA

• 1D: -0.02%
• 1M: 0.39%
• YTD: 1.87%
• 6M: 2.45%
• 1Y: 5.06%
• 3Y*: 6.71%
• 5Y*: 4.79%
• 10Y*: —

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

BKAG vs. JAAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
BKAG BNY Mellon Core Bond ETF	0.29%	7.23%	1.17%	5.67%	-13.29%	-1.46%	0.61%
JAAA Janus Henderson AAA CLO ETF	1.87%	5.16%	7.43%	8.59%	0.49%	1.39%	0.79%

Correlation

The correlation between BKAG and JAAA is 0.09, 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	0.09
Correlation (3Y) Calculated over the trailing 3-year period	0.03
Correlation (5Y) Calculated over the trailing 5-year period	0.02
Correlation (All Time) Calculated using the full available price history since Oct 20, 2020	0.02

Return for Risk

BKAG vs. JAAA — Risk / Return Rank

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

BKAG

BKAG Risk / Return Rank: 36
BKAG Sharpe Ratio Rank: 36
BKAG Sortino Ratio Rank: 37
BKAG Omega Ratio Rank: 34
BKAG Calmar Ratio Rank: 37
BKAG Martin Ratio Rank: 35

JAAA

JAAA Risk / Return Rank: 98
JAAA Sharpe Ratio Rank: 98
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.

BKAG vs. JAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BNY Mellon Core Bond ETF (BKAG) 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.

	BKAG	JAAA	Difference
Sharpe ratio: Return per unit of total volatility	1.32	5.98	-4.66
Sortino ratio: Return per unit of downside risk	1.94	10.04	-8.10
Omega ratio: Gain probability vs. loss probability	1.23	2.69	-1.45
Calmar ratio: Return relative to maximum drawdown	1.86	13.07	-11.22
Martin ratio: Return relative to average drawdown	5.49	70.18	-64.68
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BKAG vs. JAAA - Sharpe Ratio Comparison

The current BKAG Sharpe Ratio is 1.32, which is lower than the JAAA Sharpe Ratio of 5.98. The chart below compares the historical Sharpe Ratios of BKAG 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.

Sharpe Ratios by Period

	BKAG	JAAA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.32	5.98	-4.66
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.01	2.87	-2.86
Sharpe Ratio (All Time) Calculated using the full available price history	0.01	2.77	-2.76

Drawdowns

BKAG vs. JAAA - Drawdown Comparison

The maximum BKAG drawdown since its inception was -18.53%, which is greater than JAAA's maximum drawdown of -2.64%. Use the drawdown chart below to compare losses from any high point for BKAG and JAAA.

Drawdown Indicators

	BKAG	JAAA	Difference
Max Drawdown Largest peak-to-trough decline	-18.53%	-2.64%	-15.89%
Max Drawdown (1Y) Largest decline over 1 year	-2.76%	-0.39%	-2.37%
Max Drawdown (3Y) Largest decline over 3 years	-6.04%	-1.46%	-4.58%
Max Drawdown (5Y) Largest decline over 5 years	-18.00%	-2.64%	-15.36%
Current Drawdown Current decline from peak	-2.32%	-0.02%	-2.30%
Average Drawdown Average peak-to-trough decline	-7.12%	-0.25%	-6.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.93%	0.07%	+0.86%

Volatility

BKAG vs. JAAA - Volatility Comparison

BNY Mellon Core Bond ETF (BKAG) has a higher volatility of 1.22% compared to Janus Henderson AAA CLO ETF (JAAA) at 0.13%. This indicates that BKAG'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

	BKAG	JAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.22%	0.13%	+1.09%
Volatility (6M) Calculated over the trailing 6-month period	2.74%	0.64%	+2.10%
Volatility (1Y) Calculated over the trailing 1-year period	3.87%	0.85%	+3.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.01%	1.68%	+4.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.55%	1.64%	+3.91%

BKAG vs. JAAA - Expense Ratio Comparison

BKAG has a 0.00% expense ratio, which is lower than JAAA's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

BKAG vs. JAAA - Dividend Comparison

BKAG's dividend yield for the trailing twelve months is around 4.24%, less than JAAA's 5.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
BKAG BNY Mellon Core Bond ETF	4.24%	4.17%	4.26%	3.33%	2.49%	1.55%	1.16%
JAAA Janus Henderson AAA CLO ETF	5.00%	5.30%	6.35%	6.11%	2.74%	1.21%	0.26%

Frequently Asked Questions

Can I hold both BKAG and JAAA in my portfolio?

BKAG and JAAA have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BKAG or JAAA?

BKAG has higher volatility (1.22%) compared to JAAA (0.13%). In terms of maximum drawdown, BKAG dropped -18.53% vs JAAA's -2.64%.

Which ETF is better, BKAG or JAAA?

On 5-year performance, JAAA leads with 4.79% vs 0.07% for BKAG. On fees, BKAG is cheaper at 0.00% per year. On volatility, JAAA has been the lower-risk option at 0.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BKAG or JAAA?

Over the 5-year period, JAAA has performed better with a 4.79% return vs 0.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BKAG or JAAA?

BKAG is cheaper with a 0.00% expense ratio, compared with 0.20% for JAAA.

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

JAAA has the higher dividend yield at 5.00%, compared with 4.24% for BKAG.

What is the main difference between BKAG and JAAA?

BKAG is categorized as Total Bond Market, while JAAA is CLO. They also come from different issuers: BNY Mellon and Janus Henderson. Their fees differ too: 0.00% for BKAG and 0.20% for JAAA.

Which has better risk-adjusted returns?

JAAA currently has the higher Sharpe Ratio (5.98 vs 1.32), 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.