EVSB vs. JAAA

Last updated Jun 5, 2026

EVSB (Eaton Vance Ultra-Short Income ETF) and JAAA (Janus Henderson AAA CLO ETF) are both exchange-traded funds - EVSB is a Ultrashort Bond fund actively managed by Eaton Vance, while JAAA is a CLO fund actively managed by Janus Henderson. Both are actively managed. Over the past year, EVSB returned 4.69% vs 5.10% for JAAA. At a correlation of -0.03, they often move in opposite directions. EVSB charges 0.17%/yr vs 0.20%/yr for JAAA.

Performance

EVSB vs. JAAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance Ultra-Short Income ETF (EVSB) 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, EVSB achieves a 1.73% return, which is significantly lower than JAAA's 1.89% return.

EVSB

• 1D: 0.07%
• 1M: 0.39%
• YTD: 1.73%
• 6M: 2.08%
• 1Y: 4.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —

JAAA

• 1D: 0.02%
• 1M: 0.37%
• YTD: 1.89%
• 6M: 2.47%
• 1Y: 5.10%
• 3Y*: 6.70%
• 5Y*: 4.79%
• 10Y*: —

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

EVSB vs. JAAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
EVSB Eaton Vance Ultra-Short Income ETF	1.73%	5.12%	6.04%	1.84%
JAAA Janus Henderson AAA CLO ETF	1.89%	5.16%	7.43%	2.04%

Correlation

The correlation between EVSB and JAAA is -0.11, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.11
Correlation (All Time) Calculated using the full available price history since Oct 20, 2023	-0.03

Return for Risk

EVSB vs. JAAA — Risk / Return Rank

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

EVSB

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

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.

EVSB vs. JAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Ultra-Short Income ETF (EVSB) 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.

	EVSB	JAAA	Difference
Sharpe ratio: Return per unit of total volatility	6.10	6.04	+0.06
Sortino ratio: Return per unit of downside risk	10.68	10.13	+0.54
Omega ratio: Gain probability vs. loss probability	2.75	2.71	+0.04
Calmar ratio: Return relative to maximum drawdown	18.53	13.18	+5.34
Martin ratio: Return relative to average drawdown	108.58	70.92	+37.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EVSB vs. JAAA - Sharpe Ratio Comparison

The current EVSB Sharpe Ratio is 6.10, which is comparable to the JAAA Sharpe Ratio of 6.04. The chart below compares the historical Sharpe Ratios of EVSB 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

	EVSB	JAAA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	6.10	6.04	+0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	2.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	6.97	2.78	+4.19

Drawdowns

EVSB vs. JAAA - Drawdown Comparison

The maximum EVSB drawdown since its inception was -0.31%, smaller than the maximum JAAA drawdown of -2.64%. Use the drawdown chart below to compare losses from any high point for EVSB and JAAA.

Drawdown Indicators

	EVSB	JAAA	Difference
Max Drawdown Largest peak-to-trough decline	-0.31%	-2.64%	+2.33%
Max Drawdown (1Y) Largest decline over 1 year	-0.25%	-0.39%	+0.14%
Max Drawdown (3Y) Largest decline over 3 years	—	-1.46%	—
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	-0.02%	-0.25%	+0.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.04%	0.07%	-0.03%

Volatility

EVSB vs. JAAA - Volatility Comparison

Eaton Vance Ultra-Short Income ETF (EVSB) has a higher volatility of 0.19% compared to Janus Henderson AAA CLO ETF (JAAA) at 0.13%. This indicates that EVSB'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

	EVSB	JAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.19%	0.13%	+0.06%
Volatility (6M) Calculated over the trailing 6-month period	0.51%	0.64%	-0.13%
Volatility (1Y) Calculated over the trailing 1-year period	0.78%	0.85%	-0.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.82%	1.68%	-0.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.82%	1.64%	-0.82%

EVSB vs. JAAA - Expense Ratio Comparison

EVSB has a 0.17% 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

EVSB vs. JAAA - Dividend Comparison

EVSB's dividend yield for the trailing twelve months is around 4.62%, less than JAAA's 5.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
EVSB Eaton Vance Ultra-Short Income ETF	4.62%	4.63%	5.18%	1.21%	0.00%	0.00%	0.00%
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 EVSB and JAAA in my portfolio?

EVSB and JAAA have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EVSB or JAAA?

EVSB has higher volatility (0.19%) compared to JAAA (0.13%). In terms of maximum drawdown, EVSB dropped -0.31% vs JAAA's -2.64%.

Which ETF is better, EVSB or JAAA?

On 1-year performance, JAAA leads with 5.10% vs 4.69% for EVSB. On fees, EVSB is cheaper at 0.17% 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, EVSB or JAAA?

Over the 1-year period, JAAA has performed better with a 5.10% return vs 4.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EVSB or JAAA?

EVSB is cheaper with a 0.17% expense ratio, compared with 0.20% for JAAA.

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

JAAA has the higher dividend yield at 5.00%, compared with 4.62% for EVSB.

What is the main difference between EVSB and JAAA?

EVSB is categorized as Ultrashort Bond, while JAAA is CLO. They also come from different issuers: Eaton Vance and Janus Henderson. Their fees differ too: 0.17% for EVSB and 0.20% for JAAA.

Which has better risk-adjusted returns?

EVSB currently has the higher Sharpe Ratio (6.10 vs 6.04), 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.