FPF vs. JAAA

Last updated Aug 4, 2026

FPF (First Trust Intermediate Duration Preferred and Income Fund) and JAAA (Janus Henderson AAA CLO ETF) are both funds - FPF is a Preferred Stock fund managed by First Trust, while JAAA is a CLO fund actively managed by Janus Henderson. Over the past 5 years, FPF returned 0.84%/yr vs 4.89%/yr for JAAA. Their 0.11 correlation means their historical movements had little consistent relationship. FPF charges 0.02%/yr vs 0.20%/yr for JAAA.

Performance

FPF vs. JAAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Intermediate Duration Preferred and Income Fund (FPF) 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, FPF achieves a -0.35% return, which is significantly lower than JAAA's 2.62% return.

FPF

• 1D: 0.73%
• 1M: -1.51%
• 6M: -2.59%
• YTD: -0.35%
• 1Y: 2.57%
• 3Y*: 14.32%
• 5Y*: 0.84%
• 10Y*: 5.26%
• ALL TIME*: 5.67%

JAAA

• 1D: 0.02%
• 1M: 0.32%
• 6M: 2.03%
• YTD: 2.62%
• 1Y: 4.91%
• 3Y*: 6.18%
• 5Y*: 4.89%
• 10Y*: —
• ALL TIME*: 4.53%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FPF First Trust Intermediate Duration Preferred and Income Fund	$1.78M	$1.66M	$1.71M
JAAA Janus Henderson AAA CLO ETF	$270.67M	$249.72M	$261.40M

FPF vs. JAAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FPF First Trust Intermediate Duration Preferred and Income Fund	-0.35%	13.14%	20.90%	5.31%	-25.83%	9.12%	13.23%
JAAA Janus Henderson AAA CLO ETF	2.62%	5.16%	7.43%	8.59%	0.49%	1.39%	0.76%

Correlation

The correlation between FPF and JAAA is 0.16, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.16
Correlation (3Y) Balances recent behavior with more history.	0.15
Correlation (5Y) Shows whether the relationship held over a longer period.	0.13
Correlation (All Time) Calculated using the full available price history since Oct 19, 2020	0.11

Return for Risk

FPF vs. JAAA — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FPF

FPF Risk / Return Rank: 7
FPF Sharpe Ratio Rank: 7
FPF Sortino Ratio Rank: 7
FPF Omega Ratio Rank: 7
FPF Calmar Ratio Rank: 6
FPF Martin Ratio Rank: 7

JAAA

JAAA Risk / Return Rank: 99
JAAA Sharpe Ratio Rank: 99
JAAA Sortino Ratio Rank: 99
JAAA Omega Ratio Rank: 99
JAAA Calmar Ratio Rank: 98
JAAA Martin Ratio Rank: 99

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FPF vs. JAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Intermediate Duration Preferred and Income Fund (FPF) 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.

	FPF	JAAA	Difference
Sharpe ratio: Return per unit of total volatility	0.30	6.23	-5.93
Sortino ratio: Return per unit of downside risk	0.45	10.27	-9.82
Omega ratio: Gain probability vs. loss probability	1.06	2.86	-1.80
Calmar ratio: Return relative to maximum drawdown	0.25	12.71	-12.46
Martin ratio: Return relative to average drawdown	0.72	69.11	-68.40

FPF vs. JAAA - Sharpe Ratio Comparison

The current FPF Sharpe Ratio is 0.30, which is lower than the JAAA Sharpe Ratio of 6.23. The chart below compares the historical Sharpe Ratios of FPF 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.

Drawdowns

FPF vs. JAAA - Drawdown Comparison

The maximum FPF drawdown since its inception was -53.78%, which is greater than JAAA's maximum drawdown of -2.64%. Use the drawdown chart below to compare losses from any high point for FPF and JAAA.

Drawdown Indicators

	FPF	JAAA	Difference
Max Drawdown Largest peak-to-trough decline	-53.78%	-2.64%	-51.14%
Max Drawdown (1Y) Largest decline over 1 year	-10.13%	-0.39%	-9.74%
Max Drawdown (3Y) Largest decline over 3 years	-11.81%	-1.46%	-10.35%
Max Drawdown (5Y) Largest decline over 5 years	-37.06%	-2.64%	-34.42%
Max Drawdown (10Y) Largest decline over 10 years	-53.78%	—	—
Current Drawdown Current decline from peak	-4.45%	0.00%	-4.45%
Average Drawdown Average peak-to-trough decline	-8.36%	-0.24%	-8.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.58%	0.07%	+3.51%

Volatility

FPF vs. JAAA - Volatility Comparison

First Trust Intermediate Duration Preferred and Income Fund (FPF) has a higher volatility of 2.48% compared to Janus Henderson AAA CLO ETF (JAAA) at 0.13%. This indicates that FPF'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

	FPF	JAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.48%	0.13%	+2.35%
Volatility (6M) Calculated over the trailing 6-month period	7.55%	0.61%	+6.94%
Volatility (1Y) Calculated over the trailing 1-year period	8.69%	0.79%	+7.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.54%	1.66%	+12.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.01%	1.62%	+23.39%

FPF vs. JAAA - Expense Ratio Comparison

FPF has a 0.02% expense ratio, which is lower than JAAA's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FPF vs. JAAA - Dividend Comparison

FPF's dividend yield for the trailing twelve months is around 9.36%, more than JAAA's 4.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FPF First Trust Intermediate Duration Preferred and Income Fund	9.36%	8.85%	9.17%	8.31%	8.62%	6.75%	6.55%	7.08%	8.79%	7.63%	9.31%	9.16%
JAAA Janus Henderson AAA CLO ETF	4.93%	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 FPF and JAAA in my portfolio?

FPF and JAAA have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FPF or JAAA?

FPF has higher volatility (2.48%) compared to JAAA (0.13%). In terms of maximum drawdown, FPF dropped -53.78% vs JAAA's -2.64%.

Which has better risk-adjusted returns?

JAAA currently has the higher Sharpe Ratio (6.23 vs 0.30), 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.