FPE vs. JAAA
FPE (First Trust Preferred Securities & Income ETF) and JAAA (Janus Henderson AAA CLO ETF) are both exchange-traded funds - FPE is a Preferred Stock/Convertible Bonds fund actively managed by First Trust, while JAAA is a CLO fund actively managed by Janus Henderson. Both are actively managed. Over the past 5 years, FPE returned 3.08%/yr vs 4.79%/yr for JAAA. At a 0.14 correlation, their price movements are largely independent. FPE charges 0.85%/yr vs 0.21%/yr for JAAA.
Performance
FPE vs. JAAA - Performance Comparison
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Returns By Period
In the year-to-date period, FPE achieves a 0.97% return, which is significantly lower than JAAA's 1.87% return.
FPE
- 1D
- -0.11%
- 1M
- 0.16%
- YTD
- 0.97%
- 6M
- 1.26%
- 1Y
- 8.50%
- 3Y*
- 10.04%
- 5Y*
- 3.08%
- 10Y*
- 5.04%
JAAA
- 1D
- -0.02%
- 1M
- 0.39%
- YTD
- 1.87%
- 6M
- 2.45%
- 1Y
- 5.06%
- 3Y*
- 6.71%
- 5Y*
- 4.79%
- 10Y*
- —
FPE vs. JAAA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
FPE First Trust Preferred Securities & Income ETF | 0.97% | 9.21% | 11.17% | 6.84% | -12.77% | 5.24% | 5.58% |
JAAA Janus Henderson AAA CLO ETF | 1.87% | 5.16% | 7.43% | 8.59% | 0.49% | 1.39% | 0.79% |
Correlation
The correlation between FPE and JAAA is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since Oct 20, 2020 | 0.14 |
The correlation between FPE and JAAA shifts across timeframes, from 0.14 (all time) to 0.25 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FPE vs. JAAA — Risk / Return Rank
FPE
JAAA
FPE vs. JAAA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Preferred Securities & Income ETF (FPE) 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.
| FPE | JAAA | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.22 | 5.98 | -3.77 |
Sortino ratioReturn per unit of downside risk | 3.15 | 10.04 | -6.89 |
Omega ratioGain probability vs. loss probability | 1.47 | 2.69 | -1.22 |
Calmar ratioReturn relative to maximum drawdown | 2.09 | 13.07 | -10.99 |
Martin ratioReturn relative to average drawdown | 9.47 | 70.18 | -60.71 |
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
| FPE | JAAA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.22 | 5.98 | -3.77 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.47 | 2.87 | -2.40 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.50 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.53 | 2.77 | -2.25 |
Drawdowns
FPE vs. JAAA - Drawdown Comparison
The maximum FPE drawdown since its inception was -33.35%, which is greater than JAAA's maximum drawdown of -2.64%. Use the drawdown chart below to compare losses from any high point for FPE and JAAA.
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Drawdown Indicators
| FPE | JAAA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.35% | -2.64% | -30.71% |
Max Drawdown (1Y)Largest decline over 1 year | -4.08% | -0.39% | -3.69% |
Max Drawdown (3Y)Largest decline over 3 years | -4.66% | -1.46% | -3.20% |
Max Drawdown (5Y)Largest decline over 5 years | -19.65% | -2.64% | -17.01% |
Max Drawdown (10Y)Largest decline over 10 years | -33.35% | — | — |
Current DrawdownCurrent decline from peak | -0.84% | -0.02% | -0.82% |
Average DrawdownAverage peak-to-trough decline | -3.33% | -0.25% | -3.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.90% | 0.07% | +0.83% |
Volatility
FPE vs. JAAA - Volatility Comparison
First Trust Preferred Securities & Income ETF (FPE) has a higher volatility of 1.10% compared to Janus Henderson AAA CLO ETF (JAAA) at 0.13%. This indicates that FPE'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
| FPE | JAAA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.10% | 0.13% | +0.97% |
Volatility (6M)Calculated over the trailing 6-month period | 3.09% | 0.64% | +2.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.85% | 0.85% | +3.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.61% | 1.68% | +4.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.17% | 1.64% | +8.53% |
FPE vs. JAAA - Expense Ratio Comparison
FPE has a 0.85% expense ratio, which is higher than JAAA's 0.21% expense ratio.
Dividends
FPE vs. JAAA - Dividend Comparison
FPE's dividend yield for the trailing twelve months is around 5.84%, more than JAAA's 5.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FPE First Trust Preferred Securities & Income ETF | 5.84% | 5.81% | 5.68% | 6.03% | 5.67% | 4.48% | 4.88% | 5.32% | 6.14% | 5.39% | 5.97% | 5.49% |
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
FPE and JAAA have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FPE has higher volatility (1.10%) compared to JAAA (0.13%). In terms of maximum drawdown, FPE dropped -33.35% vs JAAA's -2.64%.
On 5-year performance, JAAA leads with 4.79% vs 3.08% for FPE. On fees, JAAA is cheaper at 0.21% 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 4.79% return vs 3.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JAAA is cheaper with a 0.21% expense ratio, compared with 0.85% for FPE.
FPE has the higher dividend yield at 5.84%, compared with 5.00% for JAAA.
FPE is categorized as Preferred Stock/Convertible Bonds, while JAAA is CLO. They also come from different issuers: First Trust and Janus Henderson. Their fees differ too: 0.85% for FPE and 0.21% for JAAA.
JAAA currently has the higher Sharpe Ratio (5.98 vs 2.22), 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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