CLOA vs. JAAA

Last updated Jun 23, 2026

CLOA (iShares AAA CLO Active ETF) and JAAA (Janus Henderson AAA CLO ETF) are both CLO funds. Both are actively managed. Over the past 3 years, CLOA returned 6.62%/yr vs 6.59%/yr for JAAA. At a 0.29 correlation, their price movements are largely independent. Both charge a 0.20% expense ratio.

Performance

CLOA vs. JAAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares AAA CLO Active ETF (CLOA) 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, CLOA achieves a 2.27% return, which is significantly higher than JAAA's 2.09% return.

CLOA

• 1D: 0.09%
• 1M: 0.26%
• YTD: 2.27%
• 6M: 2.47%
• 1Y: 5.23%
• 3Y*: 6.62%
• 5Y*: —
• 10Y*: —

JAAA

• 1D: 0.02%
• 1M: 0.31%
• YTD: 2.09%
• 6M: 2.37%
• 1Y: 5.12%
• 3Y*: 6.59%
• 5Y*: 4.82%
• 10Y*: —

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

CLOA vs. JAAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CLOA iShares AAA CLO Active ETF	2.27%	5.44%	7.25%	8.38%
JAAA Janus Henderson AAA CLO ETF	2.09%	5.16%	7.43%	8.37%

Correlation

The correlation between CLOA and JAAA is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (All Time) Calculated using the full available price history since Jan 12, 2023	0.29

Return for Risk

CLOA vs. JAAA — Risk / Return Rank

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

CLOA

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

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.

CLOA vs. JAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares AAA CLO Active ETF (CLOA) 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.

	CLOA	JAAA	Difference
Sharpe ratio: Return per unit of total volatility	7.58	6.19	+1.40
Sortino ratio: Return per unit of downside risk	14.27	10.34	+3.93
Omega ratio: Gain probability vs. loss probability	3.43	2.79	+0.64
Calmar ratio: Return relative to maximum drawdown	29.72	13.24	+16.49
Martin ratio: Return relative to average drawdown	151.56	71.33	+80.23

CLOA vs. JAAA - Sharpe Ratio Comparison

The current CLOA Sharpe Ratio is 7.58, which is comparable to the JAAA Sharpe Ratio of 6.19. The chart below compares the historical Sharpe Ratios of CLOA 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

CLOA vs. JAAA - Drawdown Comparison

The maximum CLOA drawdown since its inception was -1.34%, smaller than the maximum JAAA drawdown of -2.64%. Use the drawdown chart below to compare losses from any high point for CLOA and JAAA.

Drawdown Indicators

	CLOA	JAAA	Difference
Max Drawdown Largest peak-to-trough decline	-1.34%	-2.64%	+1.30%
Max Drawdown (1Y) Largest decline over 1 year	-0.18%	-0.39%	+0.21%
Max Drawdown (3Y) Largest decline over 3 years	-1.13%	-1.46%	+0.33%
Max Drawdown (5Y) Largest decline over 5 years	—	-2.64%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.05%	-0.25%	+0.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.03%	0.07%	-0.04%

Volatility

CLOA vs. JAAA - Volatility Comparison

iShares AAA CLO Active ETF (CLOA) has a higher volatility of 0.15% compared to Janus Henderson AAA CLO ETF (JAAA) at 0.12%. This indicates that CLOA'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

	CLOA	JAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.15%	0.12%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	0.49%	0.64%	-0.15%
Volatility (1Y) Calculated over the trailing 1-year period	0.69%	0.83%	-0.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.31%	1.67%	-0.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.31%	1.64%	-0.33%

CLOA vs. JAAA - Expense Ratio Comparison

Both CLOA and JAAA have an expense ratio of 0.20%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

CLOA vs. JAAA - Dividend Comparison

CLOA's dividend yield for the trailing twelve months is around 4.95%, which matches JAAA's 4.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
CLOA iShares AAA CLO Active ETF	4.95%	5.35%	6.01%	5.88%	0.00%	0.00%	0.00%
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 CLOA and JAAA in my portfolio?

CLOA and JAAA have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CLOA or JAAA?

CLOA has higher volatility (0.15%) compared to JAAA (0.12%). In terms of maximum drawdown, CLOA dropped -1.34% vs JAAA's -2.64%.

Which ETF is better, CLOA or JAAA?

On 3-year performance, CLOA leads with 6.62% vs 6.59% for JAAA. Both ETFs have the same 0.20% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CLOA or JAAA?

Over the 3-year period, CLOA has performed better with a 6.62% return vs 6.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CLOA or JAAA?

CLOA and JAAA have the same expense ratio: 0.20% per year.

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

JAAA has the higher dividend yield at 4.99%, compared with 4.95% for CLOA.

What is the main difference between CLOA and JAAA?

They also come from different issuers: BlackRock and Janus Henderson.

Which has better risk-adjusted returns?

CLOA currently has the higher Sharpe Ratio (7.58 vs 6.19), 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.