CLOA vs. JPST

Last updated Jun 4, 2026

CLOA (BlackRock AAA CLO ETF) and JPST (JPMorgan Ultra-Short Income ETF) are both exchange-traded funds - CLOA is a CLO fund actively managed by BlackRock, while JPST is a Ultrashort Bond fund actively managed by JPMorgan. Both are actively managed. Over the past 3 years, CLOA returned 6.74%/yr vs 5.16%/yr for JPST. At a 0.03 correlation, their price movements are largely independent. CLOA charges 0.20%/yr vs 0.18%/yr for JPST.

Performance

CLOA vs. JPST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock AAA CLO ETF (CLOA) and JPMorgan Ultra-Short Income ETF (JPST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CLOA achieves a 2.06% return, which is significantly higher than JPST's 1.40% return.

CLOA

• 1D: 0.02%
• 1M: 0.44%
• YTD: 2.06%
• 6M: 2.51%
• 1Y: 5.28%
• 3Y*: 6.74%
• 5Y*: —
• 10Y*: —

JPST

• 1D: 0.00%
• 1M: 0.35%
• YTD: 1.40%
• 6M: 1.74%
• 1Y: 4.31%
• 3Y*: 5.16%
• 5Y*: 3.61%
• 10Y*: —

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

CLOA vs. JPST - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CLOA BlackRock AAA CLO ETF	2.06%	5.44%	7.25%	8.38%
JPST JPMorgan Ultra-Short Income ETF	1.40%	4.99%	5.58%	4.94%

Correlation

The correlation between CLOA and JPST is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.04
Correlation (All Time) Calculated using the full available price history since Jan 13, 2023	0.03

The correlation between CLOA and JPST shifts across timeframes, from 0.03 (all time) to 0.14 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

CLOA vs. JPST — 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

JPST

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

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. JPST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock AAA CLO ETF (CLOA) and JPMorgan Ultra-Short Income ETF (JPST). 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.

	CLOA	JPST	Difference
Sharpe ratio: Return per unit of total volatility	7.45	8.09	-0.64
Sortino ratio: Return per unit of downside risk	13.98	17.60	-3.62
Omega ratio: Gain probability vs. loss probability	3.34	3.94	-0.60
Calmar ratio: Return relative to maximum drawdown	30.02	29.16	+0.85
Martin ratio: Return relative to average drawdown	150.47	144.13	+6.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CLOA vs. JPST - Sharpe Ratio Comparison

The current CLOA Sharpe Ratio is 7.45, which is comparable to the JPST Sharpe Ratio of 8.09. The chart below compares the historical Sharpe Ratios of CLOA and JPST, 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

	CLOA	JPST	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	7.45	8.09	-0.64
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	6.32	—
Sharpe Ratio (All Time) Calculated using the full available price history	5.22	3.20	+2.02

Drawdowns

CLOA vs. JPST - Drawdown Comparison

The maximum CLOA drawdown since its inception was -1.34%, smaller than the maximum JPST drawdown of -3.28%. Use the drawdown chart below to compare losses from any high point for CLOA and JPST.

Drawdown Indicators

	CLOA	JPST	Difference
Max Drawdown Largest peak-to-trough decline	-1.34%	-3.28%	+1.94%
Max Drawdown (1Y) Largest decline over 1 year	-0.18%	-0.15%	-0.03%
Max Drawdown (3Y) Largest decline over 3 years	-1.13%	-0.30%	-0.83%
Max Drawdown (5Y) Largest decline over 5 years	—	-0.79%	—
Current Drawdown Current decline from peak	0.00%	-0.02%	+0.02%
Average Drawdown Average peak-to-trough decline	-0.05%	-0.08%	+0.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.04%	0.03%	+0.01%

Volatility

CLOA vs. JPST - Volatility Comparison

BlackRock AAA CLO ETF (CLOA) and JPMorgan Ultra-Short Income ETF (JPST) have volatilities of 0.15% and 0.15%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CLOA	JPST	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.15%	0.15%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	0.48%	0.36%	+0.12%
Volatility (1Y) Calculated over the trailing 1-year period	0.71%	0.54%	+0.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.32%	0.58%	+0.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.32%	0.93%	+0.39%

CLOA vs. JPST - Expense Ratio Comparison

CLOA has a 0.20% expense ratio, which is higher than JPST's 0.18% 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

CLOA vs. JPST - Dividend Comparison

CLOA's dividend yield for the trailing twelve months is around 4.96%, more than JPST's 4.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CLOA BlackRock AAA CLO ETF	4.96%	5.35%	6.01%	5.88%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
JPST JPMorgan Ultra-Short Income ETF	4.26%	4.43%	5.16%	4.79%	1.83%	0.73%	1.43%	2.69%	2.07%	0.96%

Frequently Asked Questions

Can I hold both CLOA and JPST in my portfolio?

CLOA and JPST have a correlation of 0.14, 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 JPST?

JPST has higher volatility (0.15%) compared to CLOA (0.15%). In terms of maximum drawdown, CLOA dropped -1.34% vs JPST's -3.28%.

Which ETF is better, CLOA or JPST?

On 3-year performance, CLOA leads with 6.74% vs 5.16% for JPST. On fees, JPST is cheaper at 0.18% per year. 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 JPST?

Over the 3-year period, CLOA has performed better with a 6.74% return vs 5.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CLOA or JPST?

JPST is cheaper with a 0.18% expense ratio, compared with 0.20% for CLOA.

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

CLOA has the higher dividend yield at 4.96%, compared with 4.26% for JPST.

What is the main difference between CLOA and JPST?

CLOA is categorized as CLO, while JPST is Ultrashort Bond. They also come from different issuers: BlackRock and JPMorgan. Their fees differ too: 0.20% for CLOA and 0.18% for JPST.

Which has better risk-adjusted returns?

JPST currently has the higher Sharpe Ratio (8.09 vs 7.45), 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.