FTSL vs. JAAA

Last updated Jun 14, 2026

FTSL (First Trust Senior Loan Fund) and JAAA (Janus Henderson AAA CLO ETF) are both exchange-traded funds - FTSL is a High Yield 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, FTSL returned 4.95%/yr vs 4.76%/yr for JAAA. At a 0.15 correlation, their price movements are largely independent. FTSL charges 0.86%/yr vs 0.20%/yr for JAAA.

Performance

FTSL vs. JAAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Senior Loan Fund (FTSL) 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, FTSL achieves a 0.51% return, which is significantly lower than JAAA's 1.99% return.

FTSL

• 1D: -0.04%
• 1M: -0.10%
• YTD: 0.51%
• 6M: 0.66%
• 1Y: 4.27%
• 3Y*: 7.06%
• 5Y*: 4.95%
• 10Y*: 4.44%

JAAA

• 1D: 0.02%
• 1M: 0.31%
• YTD: 1.99%
• 6M: 2.49%
• 1Y: 5.01%
• 3Y*: 6.67%
• 5Y*: 4.76%
• 10Y*: —

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

FTSL vs. JAAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FTSL First Trust Senior Loan Fund	0.51%	5.98%	8.27%	11.58%	-2.50%	3.94%	3.99%
JAAA Janus Henderson AAA CLO ETF	1.99%	5.16%	7.43%	8.59%	0.49%	1.39%	0.76%

Correlation

The correlation between FTSL and JAAA is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
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 19, 2020	0.15

Return for Risk

FTSL vs. JAAA — Risk / Return Rank

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

FTSL

FTSL Risk / Return Rank: 66
FTSL Sharpe Ratio Rank: 73
FTSL Sortino Ratio Rank: 82
FTSL Omega Ratio Rank: 87
FTSL Calmar Ratio Rank: 42
FTSL Martin Ratio Rank: 47

JAAA

JAAA Risk / Return Rank: 98
JAAA Sharpe Ratio Rank: 99
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.

FTSL vs. JAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Senior Loan Fund (FTSL) 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.

	FTSL	JAAA	Difference
Sharpe ratio: Return per unit of total volatility	2.04	6.03	-3.99
Sortino ratio: Return per unit of downside risk	3.17	10.06	-6.89
Omega ratio: Gain probability vs. loss probability	1.47	2.72	-1.25
Calmar ratio: Return relative to maximum drawdown	1.85	12.91	-11.06
Martin ratio: Return relative to average drawdown	6.88	69.57	-62.70

FTSL vs. JAAA - Sharpe Ratio Comparison

The current FTSL Sharpe Ratio is 2.04, which is lower than the JAAA Sharpe Ratio of 6.03. The chart below compares the historical Sharpe Ratios of FTSL 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

FTSL vs. JAAA - Drawdown Comparison

The maximum FTSL drawdown since its inception was -22.67%, which is greater than JAAA's maximum drawdown of -2.64%. Use the drawdown chart below to compare losses from any high point for FTSL and JAAA.

Drawdown Indicators

	FTSL	JAAA	Difference
Max Drawdown Largest peak-to-trough decline	-22.67%	-2.64%	-20.03%
Max Drawdown (1Y) Largest decline over 1 year	-2.33%	-0.39%	-1.94%
Max Drawdown (3Y) Largest decline over 3 years	-2.66%	-1.46%	-1.20%
Max Drawdown (5Y) Largest decline over 5 years	-6.96%	-2.64%	-4.32%
Max Drawdown (10Y) Largest decline over 10 years	-22.67%	—	—
Current Drawdown Current decline from peak	-0.14%	0.00%	-0.14%
Average Drawdown Average peak-to-trough decline	-0.76%	-0.25%	-0.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.63%	0.07%	+0.56%

Volatility

FTSL vs. JAAA - Volatility Comparison

First Trust Senior Loan Fund (FTSL) has a higher volatility of 0.36% compared to Janus Henderson AAA CLO ETF (JAAA) at 0.12%. This indicates that FTSL'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

	FTSL	JAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.36%	0.12%	+0.24%
Volatility (6M) Calculated over the trailing 6-month period	1.95%	0.63%	+1.32%
Volatility (1Y) Calculated over the trailing 1-year period	2.11%	0.83%	+1.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.35%	1.67%	+1.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.18%	1.64%	+3.54%

FTSL vs. JAAA - Expense Ratio Comparison

FTSL has a 0.86% expense ratio, which is higher than JAAA's 0.20% expense ratio.

Dividends

FTSL vs. JAAA - Dividend Comparison

FTSL's dividend yield for the trailing twelve months is around 6.47%, more than JAAA's 4.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FTSL First Trust Senior Loan Fund	6.47%	6.59%	7.56%	7.59%	4.77%	3.17%	3.48%	4.44%	4.29%	3.64%	3.70%	3.95%
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

Can I hold both FTSL and JAAA in my portfolio?

FTSL and JAAA have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FTSL or JAAA?

FTSL has higher volatility (0.36%) compared to JAAA (0.12%). In terms of maximum drawdown, FTSL dropped -22.67% vs JAAA's -2.64%.

Which ETF is better, FTSL or JAAA?

On 5-year performance, FTSL leads with 4.95% vs 4.76% for JAAA. On fees, JAAA is cheaper at 0.20% per year. On volatility, JAAA has been the lower-risk option at 0.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FTSL or JAAA?

Over the 5-year period, FTSL has performed better with a 4.95% return vs 4.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FTSL or JAAA?

JAAA is cheaper with a 0.20% expense ratio, compared with 0.86% for FTSL.

Which ETF pays a higher dividend yield, FTSL or JAAA?

FTSL has the higher dividend yield at 6.47%, compared with 4.99% for JAAA.

What is the main difference between FTSL and JAAA?

FTSL is categorized as High Yield Bonds, while JAAA is CLO. They also come from different issuers: First Trust and Janus Henderson. Their fees differ too: 0.86% for FTSL and 0.20% for JAAA.

Which has better risk-adjusted returns?

JAAA currently has the higher Sharpe Ratio (6.03 vs 2.04), 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.