FAAA vs. JAAA

Last updated Jun 24, 2026

FAAA (Fidelity AAA CLO ETF) and JAAA (Janus Henderson AAA CLO ETF) are both CLO funds. Both are actively managed. At a 0.07 correlation, their price movements are largely independent. Both charge a 0.20% expense ratio.

Performance

FAAA vs. JAAA - Performance Comparison

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

Returns By Period

FAAA

• 1D: 0.02%
• 1M: 0.37%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

JAAA

• 1D: -0.02%
• 1M: 0.29%
• YTD: 2.07%
• 6M: 2.31%
• 1Y: 4.95%
• 3Y*: 6.58%
• 5Y*: 4.80%
• 10Y*: —

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

FAAA vs. JAAA - Yearly Performance Comparison

	2026 (YTD)
FAAA Fidelity AAA CLO ETF	1.75%
JAAA Janus Henderson AAA CLO ETF	1.48%

Correlation

The correlation between FAAA and JAAA is 0.07, 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 (All Time) Calculated using the full available price history since Feb 12, 2026	0.07

Return for Risk

FAAA vs. JAAA — Risk / Return Rank

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

FAAA

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

FAAA vs. JAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity AAA CLO ETF (FAAA) 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.

	FAAA	JAAA	Difference
Sharpe ratio: Return per unit of total volatility	—	6.04	—
Sortino ratio: Return per unit of downside risk	—	10.01	—
Omega ratio: Gain probability vs. loss probability	—	2.72	—
Calmar ratio: Return relative to maximum drawdown	—	12.81	—
Martin ratio: Return relative to average drawdown	—	69.26	—

Drawdowns

FAAA vs. JAAA - Drawdown Comparison

The maximum FAAA drawdown since its inception was -0.55%, smaller than the maximum JAAA drawdown of -2.64%. Use the drawdown chart below to compare losses from any high point for FAAA and JAAA.

Drawdown Indicators

	FAAA	JAAA	Difference
Max Drawdown Largest peak-to-trough decline	-0.55%	-2.64%	+2.09%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.39%	—
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%	-0.02%	+0.02%
Average Drawdown Average peak-to-trough decline	-0.06%	-0.25%	+0.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.07%	—

Volatility

Volatility by Period

	FAAA	JAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.12%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.63%	—
Volatility (1Y) Calculated over the trailing 1-year period	0.89%	0.83%	+0.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.89%	1.67%	-0.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.89%	1.64%	-0.75%

FAAA vs. JAAA - Expense Ratio Comparison

Both FAAA 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

FAAA vs. JAAA - Dividend Comparison

FAAA's dividend yield for the trailing twelve months is around 1.31%, less than JAAA's 4.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
FAAA Fidelity AAA CLO ETF	1.31%	0.00%	0.00%	0.00%	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 FAAA and JAAA in my portfolio?

FAAA and JAAA have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FAAA or JAAA?

Both ETFs have the same 0.20% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FAAA or JAAA?

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

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

JAAA has the higher dividend yield at 4.99%, compared with 1.31% for FAAA.

What is the main difference between FAAA and JAAA?

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