FDUS vs. JAAA

Last updated Jun 4, 2026

FDUS (Fidus Investment Corporation) is a stock, while JAAA (Janus Henderson AAA CLO ETF) is CLO fund actively managed by Janus Henderson. Over the past 5 years, FDUS returned 13.03%/yr vs 4.79%/yr for JAAA. At a 0.08 correlation, their price movements are largely independent.

Performance

FDUS vs. JAAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidus Investment Corporation (FDUS) 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, FDUS achieves a -1.84% return, which is significantly lower than JAAA's 1.87% return.

FDUS

• 1D: -2.44%
• 1M: -4.12%
• YTD: -1.84%
• 6M: -1.57%
• 1Y: 1.45%
• 3Y*: 11.73%
• 5Y*: 13.03%
• 10Y*: 13.71%

JAAA

• 1D: -0.02%
• 1M: 0.39%
• YTD: 1.87%
• 6M: 2.45%
• 1Y: 5.06%
• 3Y*: 6.71%
• 5Y*: 4.79%
• 10Y*: —

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

FDUS vs. JAAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FDUS Fidus Investment Corporation	-1.84%	2.08%	20.55%	20.02%	17.09%	50.66%	30.31%
JAAA Janus Henderson AAA CLO ETF	1.87%	5.16%	7.43%	8.59%	0.49%	1.39%	0.79%

Correlation

The correlation between FDUS and JAAA is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.15
Correlation (5Y) Calculated over the trailing 5-year period	0.08
Correlation (All Time) Calculated using the full available price history since Oct 20, 2020	0.08

The correlation between FDUS and JAAA shifts across timeframes, from 0.08 (5 years) to 0.20 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FDUS vs. JAAA — Risk / Return Rank

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

FDUS

FDUS Risk / Return Rank: 40
FDUS Sharpe Ratio Rank: 43
FDUS Sortino Ratio Rank: 35
FDUS Omega Ratio Rank: 35
FDUS Calmar Ratio Rank: 42
FDUS Martin Ratio Rank: 42

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.

FDUS vs. JAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidus Investment Corporation (FDUS) 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.

	FDUS	JAAA	Difference
Sharpe ratio: Return per unit of total volatility	0.07	5.98	-5.91
Sortino ratio: Return per unit of downside risk	0.25	10.04	-9.79
Omega ratio: Gain probability vs. loss probability	1.03	2.69	-1.66
Calmar ratio: Return relative to maximum drawdown	0.09	13.07	-12.99
Martin ratio: Return relative to average drawdown	0.19	70.18	-69.99
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FDUS vs. JAAA - Sharpe Ratio Comparison

The current FDUS Sharpe Ratio is 0.07, which is lower than the JAAA Sharpe Ratio of 5.98. The chart below compares the historical Sharpe Ratios of FDUS 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

	FDUS	JAAA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.07	5.98	-5.91
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.66	2.87	-2.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.41	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	2.77	-2.39

Drawdowns

FDUS vs. JAAA - Drawdown Comparison

The maximum FDUS drawdown since its inception was -68.76%, which is greater than JAAA's maximum drawdown of -2.64%. Use the drawdown chart below to compare losses from any high point for FDUS and JAAA.

Drawdown Indicators

	FDUS	JAAA	Difference
Max Drawdown Largest peak-to-trough decline	-68.76%	-2.64%	-66.12%
Max Drawdown (1Y) Largest decline over 1 year	-16.45%	-0.39%	-16.06%
Max Drawdown (3Y) Largest decline over 3 years	-23.94%	-1.46%	-22.48%
Max Drawdown (5Y) Largest decline over 5 years	-23.94%	-2.64%	-21.30%
Max Drawdown (10Y) Largest decline over 10 years	-68.76%	—	—
Current Drawdown Current decline from peak	-9.88%	-0.02%	-9.86%
Average Drawdown Average peak-to-trough decline	-8.91%	-0.25%	-8.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.52%	0.07%	+7.45%

Volatility

FDUS vs. JAAA - Volatility Comparison

Fidus Investment Corporation (FDUS) has a higher volatility of 10.63% compared to Janus Henderson AAA CLO ETF (JAAA) at 0.13%. This indicates that FDUS'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

	FDUS	JAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.63%	0.13%	+10.50%
Volatility (6M) Calculated over the trailing 6-month period	17.08%	0.64%	+16.44%
Volatility (1Y) Calculated over the trailing 1-year period	20.85%	0.85%	+20.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.96%	1.68%	+18.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.54%	1.64%	+31.90%

Dividends

FDUS vs. JAAA - Dividend Comparison

FDUS's dividend yield for the trailing twelve months is around 11.58%, more than JAAA's 5.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDUS Fidus Investment Corporation	11.58%	11.14%	11.51%	14.63%	10.51%	8.90%	10.15%	10.78%	13.69%	10.54%	10.17%	11.69%
JAAA Janus Henderson AAA CLO ETF	5.00%	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

Can I hold both FDUS and JAAA in my portfolio?

FDUS and JAAA have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FDUS or JAAA?

FDUS has higher volatility (10.63%) compared to JAAA (0.13%). In terms of maximum drawdown, FDUS dropped -68.76% vs JAAA's -2.64%.

Which has better risk-adjusted returns?

JAAA currently has the higher Sharpe Ratio (5.98 vs 0.07), 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.