CXSE vs. JAAA
CXSE (WisdomTree China ex-State-Owned Enterprises Fund) and JAAA (Janus Henderson AAA CLO ETF) are both exchange-traded funds - CXSE is a China Equities fund tracking the WisdomTree China ex-State-Owned Enterprises Index, while JAAA is a CLO fund actively managed by Janus Henderson. CXSE is passively managed, while JAAA is actively managed. Over the past 5 years, CXSE returned -8.60%/yr vs 4.76%/yr for JAAA. At a 0.04 correlation, their price movements are largely independent. CXSE charges 0.32%/yr vs 0.20%/yr for JAAA.
Performance
CXSE vs. JAAA - Performance Comparison
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Returns By Period
In the year-to-date period, CXSE achieves a -2.88% return, which is significantly lower than JAAA's 1.99% return.
CXSE
- 1D
- -0.05%
- 1M
- -3.10%
- YTD
- -2.88%
- 6M
- -4.37%
- 1Y
- 16.59%
- 3Y*
- 8.84%
- 5Y*
- -8.60%
- 10Y*
- 7.47%
JAAA
- 1D
- 0.02%
- 1M
- 0.33%
- YTD
- 1.99%
- 6M
- 2.49%
- 1Y
- 5.01%
- 3Y*
- 6.67%
- 5Y*
- 4.76%
- 10Y*
- —
CXSE vs. JAAA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
CXSE WisdomTree China ex-State-Owned Enterprises Fund | -2.88% | 37.00% | 8.56% | -18.02% | -29.32% | -23.67% | 10.93% |
JAAA Janus Henderson AAA CLO ETF | 1.99% | 5.16% | 7.43% | 8.59% | 0.49% | 1.39% | 0.76% |
Correlation
The correlation between CXSE and JAAA is 0.10, 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 | 0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since Oct 19, 2020 | 0.04 |
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Return for Risk
CXSE vs. JAAA — Risk / Return Rank
CXSE
JAAA
CXSE vs. JAAA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WisdomTree China ex-State-Owned Enterprises Fund (CXSE) 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.
| CXSE | JAAA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -5.37 | ||
| Sortino ratioReturn per unit of downside risk | -9.02 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 2.72 | -1.60 |
| Calmar ratioReturn relative to maximum drawdown | 0.80 | 12.91 | -12.11 |
| Martin ratioReturn relative to average drawdown | 1.63 | 69.57 | -67.94 |
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Drawdowns
CXSE vs. JAAA - Drawdown Comparison
The maximum CXSE drawdown since its inception was -70.01%, which is greater than JAAA's maximum drawdown of -2.64%. Use the drawdown chart below to compare losses from any high point for CXSE and JAAA.
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Drawdown Indicators
| CXSE | JAAA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.01% | -2.64% | -67.37% |
Max Drawdown (1Y)Largest decline over 1 year | -17.70% | -0.39% | -17.31% |
Max Drawdown (3Y)Largest decline over 3 years | -32.12% | -1.46% | -30.66% |
Max Drawdown (5Y)Largest decline over 5 years | -64.47% | -2.64% | -61.83% |
Max Drawdown (10Y)Largest decline over 10 years | -70.01% | — | — |
Current DrawdownCurrent decline from peak | -48.04% | 0.00% | -48.04% |
Average DrawdownAverage peak-to-trough decline | -27.86% | -0.25% | -27.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.70% | 0.07% | +8.63% |
Volatility
CXSE vs. JAAA - Volatility Comparison
WisdomTree China ex-State-Owned Enterprises Fund (CXSE) has a higher volatility of 7.13% compared to Janus Henderson AAA CLO ETF (JAAA) at 0.12%. This indicates that CXSE'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.
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Volatility by Period
| CXSE | JAAA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.13% | 0.12% | +7.01% |
Volatility (6M)Calculated over the trailing 6-month period | 15.04% | 0.63% | +14.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.64% | 0.83% | +20.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 32.33% | 1.67% | +30.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.69% | 1.64% | +27.05% |
CXSE vs. JAAA - Expense Ratio Comparison
CXSE has a 0.32% expense ratio, which is higher than JAAA's 0.20% expense ratio.
Dividends
CXSE vs. JAAA - Dividend Comparison
CXSE's dividend yield for the trailing twelve months is around 2.06%, less than JAAA's 4.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CXSE WisdomTree China ex-State-Owned Enterprises Fund | 2.06% | 1.95% | 1.70% | 1.71% | 1.55% | 0.86% | 0.54% | 0.96% | 1.49% | 1.24% | 1.39% | 2.50% |
JAAA Janus Henderson AAA CLO ETF | 4.99% | 5.30% | 6.35% | 6.11% | 2.74% | 1.21% | 0.26% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CXSE and JAAA have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CXSE has higher volatility (7.13%) compared to JAAA (0.12%). In terms of maximum drawdown, CXSE dropped -70.01% vs JAAA's -2.64%.
On 5-year performance, JAAA leads with 4.76% vs -8.60% for CXSE. 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.
Over the 5-year period, JAAA has performed better with a 4.76% return vs -8.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JAAA is cheaper with a 0.20% expense ratio, compared with 0.32% for CXSE.
JAAA has the higher dividend yield at 4.99%, compared with 2.06% for CXSE.
CXSE is categorized as China Equities, while JAAA is CLO. They also come from different issuers: WisdomTree and Janus Henderson. Their fees differ too: 0.32% for CXSE and 0.20% for JAAA.
JAAA currently has the higher Sharpe Ratio (6.03 vs 0.66), 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.
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