FBND vs. JAAA
FBND (Fidelity Total Bond ETF) and JAAA (Janus Henderson AAA CLO ETF) are both exchange-traded funds - FBND is a Intermediate Core-Plus Bond fund actively managed by Fidelity, while JAAA is a CLO fund actively managed by Janus Henderson. Both are actively managed. Over the past 5 years, FBND returned 0.68%/yr vs 4.80%/yr for JAAA. At a 0.04 correlation, their price movements are largely independent. FBND charges 0.36%/yr vs 0.20%/yr for JAAA.
Performance
FBND vs. JAAA - Performance Comparison
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Returns By Period
In the year-to-date period, FBND achieves a 0.10% return, which is significantly lower than JAAA's 1.95% return.
FBND
- 1D
- -0.07%
- 1M
- -0.69%
- YTD
- 0.10%
- 6M
- 0.40%
- 1Y
- 5.34%
- 3Y*
- 4.60%
- 5Y*
- 0.68%
- 10Y*
- 2.47%
JAAA
- 1D
- 0.02%
- 1M
- 0.35%
- YTD
- 1.95%
- 6M
- 2.57%
- 1Y
- 5.12%
- 3Y*
- 6.67%
- 5Y*
- 4.80%
- 10Y*
- —
FBND vs. JAAA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
FBND Fidelity Total Bond ETF | 0.10% | 7.57% | 2.13% | 6.81% | -12.54% | -0.43% | 1.52% |
JAAA Janus Henderson AAA CLO ETF | 1.95% | 5.16% | 7.43% | 8.59% | 0.49% | 1.39% | 0.79% |
Correlation
The correlation between FBND 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 | 0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Oct 20, 2020 | 0.04 |
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Return for Risk
FBND vs. JAAA — Risk / Return Rank
FBND
JAAA
FBND vs. JAAA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Total Bond ETF (FBND) 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.
| FBND | JAAA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.73 | ||
| Sortino ratioReturn per unit of downside risk | -8.22 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 2.77 | -1.52 |
| Calmar ratioReturn relative to maximum drawdown | 2.01 | 13.24 | -11.23 |
| Martin ratioReturn relative to average drawdown | 5.97 | 71.21 | -65.24 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FBND | JAAA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.41 | 6.15 | -4.73 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.12 | 2.88 | -2.76 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.41 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.44 | 2.78 | -2.34 |
Drawdowns
FBND vs. JAAA - Drawdown Comparison
The maximum FBND drawdown since its inception was -17.25%, which is greater than JAAA's maximum drawdown of -2.64%. Use the drawdown chart below to compare losses from any high point for FBND and JAAA.
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Drawdown Indicators
| FBND | JAAA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.25% | -2.64% | -14.61% |
Max Drawdown (1Y)Largest decline over 1 year | -2.66% | -0.39% | -2.27% |
Max Drawdown (3Y)Largest decline over 3 years | -5.94% | -1.46% | -4.48% |
Max Drawdown (5Y)Largest decline over 5 years | -17.25% | -2.64% | -14.61% |
Max Drawdown (10Y)Largest decline over 10 years | -17.25% | — | — |
Current DrawdownCurrent decline from peak | -1.82% | 0.00% | -1.82% |
Average DrawdownAverage peak-to-trough decline | -3.35% | -0.25% | -3.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.90% | 0.07% | +0.83% |
Volatility
FBND vs. JAAA - Volatility Comparison
Fidelity Total Bond ETF (FBND) has a higher volatility of 1.23% compared to Janus Henderson AAA CLO ETF (JAAA) at 0.13%. This indicates that FBND'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
| FBND | JAAA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.23% | 0.13% | +1.10% |
Volatility (6M)Calculated over the trailing 6-month period | 2.75% | 0.64% | +2.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.80% | 0.84% | +2.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.92% | 1.68% | +4.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.10% | 1.64% | +4.46% |
FBND vs. JAAA - Expense Ratio Comparison
FBND has a 0.36% expense ratio, which is higher than JAAA's 0.20% expense ratio.
Dividends
FBND vs. JAAA - Dividend Comparison
FBND's dividend yield for the trailing twelve months is around 4.72%, less than JAAA's 4.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FBND Fidelity Total Bond ETF | 4.72% | 4.70% | 4.73% | 4.26% | 3.07% | 1.86% | 4.25% | 2.90% | 2.93% | 2.56% | 2.84% | 3.26% |
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
FBND 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.
FBND has higher volatility (1.23%) compared to JAAA (0.13%). In terms of maximum drawdown, FBND dropped -17.25% vs JAAA's -2.64%.
On 5-year performance, JAAA leads with 4.80% vs 0.68% for FBND. On fees, JAAA is cheaper at 0.20% per year. On volatility, JAAA has been the lower-risk option at 0.13%. 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 4.80% return vs 0.68%. 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 0.36% for FBND.
JAAA has the higher dividend yield at 4.99%, compared with 4.72% for FBND.
FBND is categorized as Intermediate Core-Plus Bond, while JAAA is CLO. They also come from different issuers: Fidelity and Janus Henderson. Their fees differ too: 0.36% for FBND and 0.20% for JAAA.
JAAA currently has the higher Sharpe Ratio (6.15 vs 1.41), 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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