GABF vs. JAAA

Last updated Jun 9, 2026

GABF (Gabelli Financial Services Opportunities ETF) and JAAA (Janus Henderson AAA CLO ETF) are both exchange-traded funds - GABF is a Financials Equities fund actively managed by Gabelli, while JAAA is a CLO fund actively managed by Janus Henderson. Both are actively managed. Over the past 3 years, GABF returned 20.42%/yr vs 6.67%/yr for JAAA. At a 0.15 correlation, their price movements are largely independent. GABF charges 0.10%/yr vs 0.20%/yr for JAAA.

Performance

GABF vs. JAAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Gabelli Financial Services Opportunities ETF (GABF) 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, GABF achieves a -6.04% return, which is significantly lower than JAAA's 1.95% return.

GABF

• 1D: -0.80%
• 1M: -1.27%
• YTD: -6.04%
• 6M: -4.66%
• 1Y: -3.63%
• 3Y*: 20.42%
• 5Y*: —
• 10Y*: —

JAAA

• 1D: 0.02%
• 1M: 0.35%
• YTD: 1.95%
• 6M: 2.57%
• 1Y: 5.12%
• 3Y*: 6.67%
• 5Y*: 4.80%
• 10Y*: —

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

GABF vs. JAAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
GABF Gabelli Financial Services Opportunities ETF	-6.04%	3.60%	44.38%	38.92%	0.40%
JAAA Janus Henderson AAA CLO ETF	1.95%	5.16%	7.43%	8.59%	1.25%

Correlation

The correlation between GABF 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	0.16
Correlation (All Time) Calculated using the full available price history since May 11, 2022	0.15

Return for Risk

GABF vs. JAAA — Risk / Return Rank

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

GABF

GABF Risk / Return Rank: 7
GABF Sharpe Ratio Rank: 7
GABF Sortino Ratio Rank: 7
GABF Omega Ratio Rank: 7
GABF Calmar Ratio Rank: 7
GABF 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: 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.

GABF vs. JAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gabelli Financial Services Opportunities ETF (GABF) 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.

	GABF	JAAA	Difference
Sharpe ratio: Return per unit of total volatility	-0.21	6.15	-6.36
Sortino ratio: Return per unit of downside risk	-0.17	10.31	-10.47
Omega ratio: Gain probability vs. loss probability	0.98	2.77	-1.79
Calmar ratio: Return relative to maximum drawdown	-0.21	13.24	-13.45
Martin ratio: Return relative to average drawdown	-0.50	71.21	-71.71
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GABF vs. JAAA - Sharpe Ratio Comparison

The current GABF Sharpe Ratio is -0.21, which is lower than the JAAA Sharpe Ratio of 6.15. The chart below compares the historical Sharpe Ratios of GABF 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

	GABF	JAAA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.21	6.15	-6.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	2.88	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.88	2.78	-1.90

Drawdowns

GABF vs. JAAA - Drawdown Comparison

The maximum GABF drawdown since its inception was -20.86%, which is greater than JAAA's maximum drawdown of -2.64%. Use the drawdown chart below to compare losses from any high point for GABF and JAAA.

Drawdown Indicators

	GABF	JAAA	Difference
Max Drawdown Largest peak-to-trough decline	-20.86%	-2.64%	-18.22%
Max Drawdown (1Y) Largest decline over 1 year	-17.16%	-0.39%	-16.77%
Max Drawdown (3Y) Largest decline over 3 years	-20.86%	-1.46%	-19.40%
Max Drawdown (5Y) Largest decline over 5 years	—	-2.64%	—
Current Drawdown Current decline from peak	-10.66%	0.00%	-10.66%
Average Drawdown Average peak-to-trough decline	-4.87%	-0.25%	-4.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.35%	0.07%	+7.28%

Volatility

GABF vs. JAAA - Volatility Comparison

Gabelli Financial Services Opportunities ETF (GABF) has a higher volatility of 4.72% compared to Janus Henderson AAA CLO ETF (JAAA) at 0.13%. This indicates that GABF'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

	GABF	JAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.72%	0.13%	+4.59%
Volatility (6M) Calculated over the trailing 6-month period	13.26%	0.64%	+12.62%
Volatility (1Y) Calculated over the trailing 1-year period	17.51%	0.84%	+16.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.55%	1.68%	+18.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.55%	1.64%	+18.91%

GABF vs. JAAA - Expense Ratio Comparison

GABF has a 0.10% 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

GABF vs. JAAA - Dividend Comparison

GABF's dividend yield for the trailing twelve months is around 2.09%, less than JAAA's 4.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
GABF Gabelli Financial Services Opportunities ETF	2.09%	1.96%	4.19%	4.95%	1.31%	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

Can I hold both GABF and JAAA in my portfolio?

GABF 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, GABF or JAAA?

GABF has higher volatility (4.72%) compared to JAAA (0.13%). In terms of maximum drawdown, GABF dropped -20.86% vs JAAA's -2.64%.

Which ETF is better, GABF or JAAA?

On 3-year performance, GABF leads with 20.42% vs 6.67% for JAAA. On fees, GABF is cheaper at 0.10% 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.

Which ETF has performed better, GABF or JAAA?

Over the 3-year period, GABF has performed better with a 20.42% return vs 6.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GABF or JAAA?

GABF is cheaper with a 0.10% expense ratio, compared with 0.20% for JAAA.

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

JAAA has the higher dividend yield at 4.99%, compared with 2.09% for GABF.

What is the main difference between GABF and JAAA?

GABF is categorized as Financials Equities, while JAAA is CLO. They also come from different issuers: Gabelli and Janus Henderson. Their fees differ too: 0.10% for GABF and 0.20% for JAAA.

Which has better risk-adjusted returns?

JAAA currently has the higher Sharpe Ratio (6.15 vs -0.21), 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.