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GBDC vs. JAAA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GBDC vs. JAAA

Last updated Jun 5, 2026

GBDC (Golub Capital BDC, Inc.) is a stock, while JAAA (Janus Henderson AAA CLO ETF) is CLO fund actively managed by Janus Henderson. Over the past 5 years, GBDC returned 6.41%/yr vs 4.79%/yr for JAAA. At a 0.07 correlation, their price movements are largely independent.

Performance

GBDC vs. JAAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Golub Capital BDC, Inc. (GBDC) and Janus Henderson AAA CLO ETF (JAAA). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, GBDC achieves a -0.08% return, which is significantly lower than JAAA's 1.89% return.

GBDC

1D
2.25%
1M
-1.57%
YTD
-0.08%
6M
-1.96%
1Y
-2.02%
3Y*
10.72%
5Y*
6.41%
10Y*
6.58%

JAAA

1D
0.02%
1M
0.37%
YTD
1.89%
6M
2.47%
1Y
5.10%
3Y*
6.70%
5Y*
4.79%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

GBDC vs. JAAA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
GBDC
Golub Capital BDC, Inc.		-0.08%-0.50%13.57%27.69%-6.99%17.78%9.39%
JAAA
Janus Henderson AAA CLO ETF		1.89%5.16%7.43%8.59%0.49%1.39%0.79%

Correlation

The correlation between GBDC and JAAA is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.11

Correlation (3Y)
Calculated over the trailing 3-year period

0.10

Correlation (5Y)
Calculated over the trailing 5-year period

0.07

Correlation (All Time)
Calculated using the full available price history since Oct 20, 2020

0.07

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Golub Capital BDC, Inc.

Janus Henderson AAA CLO ETF

Often compared with GBDC:
GBDC vs. ARCCGBDC vs. GSBDGBDC vs. MAINGBDC vs. CGBDGBDC vs. MFICGBDC vs. KMIGBDC vs. PPC
Often compared with JAAA:
JAAA vs. PAAAJAAA vs. JBBBJAAA vs. AAAJAAA vs. CLOZJAAA vs. BINCJAAA vs. BOXXJAAA vs. ICLO

Return for Risk

GBDC vs. JAAA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GBDC
GBDC Risk / Return Rank: 3535
Overall Rank
GBDC Sharpe Ratio Rank: 3737
Sharpe Ratio Rank
GBDC Sortino Ratio Rank: 3131
Sortino Ratio Rank
GBDC Omega Ratio Rank: 3030
Omega Ratio Rank
GBDC Calmar Ratio Rank: 3838
Calmar Ratio Rank
GBDC Martin Ratio Rank: 3737
Martin Ratio Rank
JAAA
JAAA Risk / Return Rank: 9898
Overall Rank
JAAA Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
JAAA Sortino Ratio Rank: 9999
Sortino Ratio Rank
JAAA Omega Ratio Rank: 9999
Omega Ratio Rank
JAAA Calmar Ratio Rank: 9898
Calmar Ratio Rank
JAAA Martin Ratio Rank: 9898
Martin Ratio Rank
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.

GBDC vs. JAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Golub Capital BDC, Inc. (GBDC) 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.

GBDCJAAADifference
Sharpe ratioReturn per unit of total volatility
-0.11
6.04

-6.15

Sortino ratioReturn per unit of downside risk
-0.02
10.13

-10.15

Omega ratioGain probability vs. loss probability

1.00

2.71

-1.71

Calmar ratioReturn relative to maximum drawdown

-0.11

13.18

-13.29

Martin ratioReturn relative to average drawdown

-0.24

70.92

-71.16

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GBDC vs. JAAA - Sharpe Ratio Comparison

The current GBDC Sharpe Ratio is -0.11, which is lower than the JAAA Sharpe Ratio of 6.04. The chart below compares the historical Sharpe Ratios of GBDC 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.

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Sharpe Ratios by Period

GBDCJAAADifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.11

6.04

-6.15

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.37

2.87

-2.49

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.31

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.39

2.78

-2.38

Drawdowns

GBDC vs. JAAA - Drawdown Comparison

The maximum GBDC drawdown since its inception was -47.30%, which is greater than JAAA's maximum drawdown of -2.64%. Use the drawdown chart below to compare losses from any high point for GBDC and JAAA.

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Drawdown Indicators

GBDCJAAADifference

Max Drawdown

Largest peak-to-trough decline

-47.30%

-2.64%

-44.66%

Max Drawdown (1Y)

Largest decline over 1 year

-18.20%

-0.39%

-17.81%

Max Drawdown (3Y)

Largest decline over 3 years

-18.20%

-1.46%

-16.74%

Max Drawdown (5Y)

Largest decline over 5 years

-19.28%

-2.64%

-16.64%

Max Drawdown (10Y)

Largest decline over 10 years

-47.30%

—

—

Current Drawdown

Current decline from peak

-7.50%

-0.00%

-7.50%

Average Drawdown

Average peak-to-trough decline

-6.13%

-0.25%

-5.88%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.48%

0.07%

+8.41%

Volatility

GBDC vs. JAAA - Volatility Comparison

Golub Capital BDC, Inc. (GBDC) has a higher volatility of 5.95% compared to Janus Henderson AAA CLO ETF (JAAA) at 0.13%. This indicates that GBDC'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

GBDCJAAADifference

Volatility (1M)

Calculated over the trailing 1-month period

5.95%

0.13%

+5.82%

Volatility (6M)

Calculated over the trailing 6-month period

15.78%

0.64%

+15.14%

Volatility (1Y)

Calculated over the trailing 1-year period

19.09%

0.85%

+18.24%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.20%

1.68%

+15.52%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.55%

1.64%

+19.91%

Dividends

GBDC vs. JAAA - Dividend Comparison

GBDC's dividend yield for the trailing twelve months is around 11.37%, more than JAAA's 5.00% yield.

PositionTTM20252024202320222021202020192018201720162015
GBDC
Golub Capital BDC, Inc.		11.37%11.50%12.73%10.00%9.35%7.58%8.44%7.70%8.49%7.47%8.32%7.70%
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

GBDC and JAAA have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

GBDC has higher volatility (5.95%) compared to JAAA (0.13%). In terms of maximum drawdown, GBDC dropped -47.30% vs JAAA's -2.64%.

JAAA currently has the higher Sharpe Ratio (6.04 vs -0.11), 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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