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FCLO vs. JAAA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FCLO vs. JAAA

Last updated Jun 23, 2026

FCLO (Fidelity CLO ETF) and JAAA (Janus Henderson AAA CLO ETF) are both CLO funds. Both are actively managed. At a 0.10 correlation, their price movements are largely independent. FCLO charges 0.45%/yr vs 0.20%/yr for JAAA.

Performance

FCLO vs. JAAA - Performance Comparison

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

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Returns By Period

FCLO

1D
-0.02%
1M
0.40%
YTD
—
6M
—
1Y
—
3Y*
—
5Y*
—
10Y*
—

JAAA

1D
0.02%
1M
0.31%
YTD
2.09%
6M
2.37%
1Y
5.12%
3Y*
6.59%
5Y*
4.82%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

FCLO vs. JAAA - Yearly Performance Comparison

2026 (YTD)
FCLO
Fidelity CLO ETF		1.91%
JAAA
Janus Henderson AAA CLO ETF		1.50%

Correlation

The correlation between FCLO and JAAA is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (All Time)
Calculated using the full available price history since Feb 12, 2026

0.11

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Fidelity CLO ETF

Janus Henderson AAA CLO ETF

Often compared with FCLO:
FCLO vs. FAAAFCLO vs. RAAAFCLO vs. PAAAFCLO vs. ACLOFCLO vs. PCLOFCLO vs. CLOXFCLO vs. FBCG
Often compared with JAAA:
JAAA vs. PAAAJAAA vs. JBBBJAAA vs. AAAJAAA vs. CLOZJAAA vs. BINCJAAA vs. SGOVJAAA vs. BOXX

Return for Risk

FCLO vs. JAAA — Risk / Return Rank

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

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

JAAA
JAAA Risk / Return Rank: 9898
Overall Rank
JAAA Sharpe Ratio Rank: 9999
Sharpe Ratio Rank
JAAA Sortino Ratio Rank: 9999
Sortino Ratio Rank
JAAA Omega Ratio Rank: 9999
Omega Ratio Rank
JAAA Calmar Ratio Rank: 9898
Calmar Ratio Rank
JAAA Martin Ratio Rank: 9898
Martin Ratio Rank
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.

FCLO vs. JAAA - Risk-Adjusted Trends Comparison

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

FCLOJAAADifference
Sharpe ratioReturn per unit of total volatility

—

6.19

—

Sortino ratioReturn per unit of downside risk

—

10.34

—

Omega ratioGain probability vs. loss probability

—

2.79

—

Calmar ratioReturn relative to maximum drawdown

—

13.24

—

Martin ratioReturn relative to average drawdown

—

71.33

—

FCLO vs. JAAA - Sharpe Ratio Comparison

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Drawdowns

FCLO vs. JAAA - Drawdown Comparison

The maximum FCLO drawdown since its inception was -0.58%, smaller than the maximum JAAA drawdown of -2.64%. Use the drawdown chart below to compare losses from any high point for FCLO and JAAA.

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Drawdown Indicators

FCLOJAAADifference

Max Drawdown

Largest peak-to-trough decline

-0.58%

-2.64%

+2.06%

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

-0.02%

0.00%

-0.02%

Average Drawdown

Average peak-to-trough decline

-0.08%

-0.25%

+0.17%

Ulcer Index

Depth and duration of drawdowns from previous peaks

—

0.07%

—

Volatility

FCLO vs. JAAA - Volatility Comparison

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Volatility by Period

FCLOJAAADifference

Volatility (1M)

Calculated over the trailing 1-month period

—

0.12%

—

Volatility (6M)

Calculated over the trailing 6-month period

—

0.64%

—

Volatility (1Y)

Calculated over the trailing 1-year period

1.36%

0.83%

+0.53%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

1.36%

1.67%

-0.31%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

1.36%

1.64%

-0.28%

FCLO vs. JAAA - Expense Ratio Comparison

FCLO has a 0.45% expense ratio, which is higher than JAAA's 0.20% expense ratio.

Dividends

FCLO vs. JAAA - Dividend Comparison

FCLO's dividend yield for the trailing twelve months is around 1.55%, less than JAAA's 4.99% yield.

PositionTTM202520242023202220212020
FCLO
Fidelity CLO ETF		1.55%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

FCLO 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.

On fees, JAAA is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

JAAA is cheaper with a 0.20% expense ratio, compared with 0.45% for FCLO.

JAAA has the higher dividend yield at 4.99%, compared with 1.55% for FCLO.

They also come from different issuers: Fidelity and Janus Henderson. Their fees differ too: 0.45% for FCLO and 0.20% for JAAA.

Portfolio Optimizer

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