GLDM vs. JAAA
GLDM (SPDR Gold MiniShares Trust) and JAAA (Janus Henderson AAA CLO ETF) are both exchange-traded funds - GLDM is a Gold fund tracking the LBMA Gold Price PM, while JAAA is a CLO fund actively managed by Janus Henderson. GLDM is passively managed, while JAAA is actively managed. Over the past 5 years, GLDM returned 17.89%/yr vs 4.80%/yr for JAAA. At a 0.03 correlation, their price movements are largely independent. GLDM charges 0.10%/yr vs 0.20%/yr for JAAA.
Performance
GLDM vs. JAAA - Performance Comparison
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Returns By Period
In the year-to-date period, GLDM achieves a 0.30% return, which is significantly lower than JAAA's 1.95% return.
GLDM
- 1D
- 0.25%
- 1M
- -8.41%
- YTD
- 0.30%
- 6M
- 3.19%
- 1Y
- 30.55%
- 3Y*
- 30.08%
- 5Y*
- 17.89%
- 10Y*
- —
JAAA
- 1D
- 0.02%
- 1M
- 0.35%
- YTD
- 1.95%
- 6M
- 2.57%
- 1Y
- 5.12%
- 3Y*
- 6.67%
- 5Y*
- 4.80%
- 10Y*
- —
GLDM vs. JAAA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
GLDM SPDR Gold MiniShares Trust | 0.30% | 64.20% | 27.08% | 13.04% | -0.47% | -4.01% | 0.11% |
JAAA Janus Henderson AAA CLO ETF | 1.95% | 5.16% | 7.43% | 8.59% | 0.49% | 1.39% | 0.79% |
Correlation
The correlation between GLDM and JAAA is 0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.01 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since Oct 20, 2020 | 0.03 |
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Return for Risk
GLDM vs. JAAA — Risk / Return Rank
GLDM
JAAA
GLDM vs. JAAA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Gold MiniShares Trust (GLDM) 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.
| GLDM | JAAA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.99 | ||
| Sortino ratioReturn per unit of downside risk | -8.77 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 2.77 | -1.53 |
| Calmar ratioReturn relative to maximum drawdown | 1.53 | 13.24 | -11.70 |
| Martin ratioReturn relative to average drawdown | 3.85 | 71.21 | -67.36 |
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
| GLDM | JAAA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.15 | 6.15 | -4.99 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.00 | 2.88 | -1.88 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.99 | 2.78 | -1.79 |
Drawdowns
GLDM vs. JAAA - Drawdown Comparison
The maximum GLDM drawdown since its inception was -21.63%, which is greater than JAAA's maximum drawdown of -2.64%. Use the drawdown chart below to compare losses from any high point for GLDM and JAAA.
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Drawdown Indicators
| GLDM | JAAA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.63% | -2.64% | -18.99% |
Max Drawdown (1Y)Largest decline over 1 year | -20.00% | -0.39% | -19.61% |
Max Drawdown (3Y)Largest decline over 3 years | -20.00% | -1.46% | -18.54% |
Max Drawdown (5Y)Largest decline over 5 years | -20.92% | -2.64% | -18.28% |
Current DrawdownCurrent decline from peak | -19.80% | 0.00% | -19.80% |
Average DrawdownAverage peak-to-trough decline | -6.24% | -0.25% | -5.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.96% | 0.07% | +7.89% |
Volatility
GLDM vs. JAAA - Volatility Comparison
SPDR Gold MiniShares Trust (GLDM) has a higher volatility of 5.65% compared to Janus Henderson AAA CLO ETF (JAAA) at 0.13%. This indicates that GLDM'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
| GLDM | JAAA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.65% | 0.13% | +5.52% |
Volatility (6M)Calculated over the trailing 6-month period | 23.31% | 0.64% | +22.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.65% | 0.84% | +25.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.98% | 1.68% | +16.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.89% | 1.64% | +15.25% |
GLDM vs. JAAA - Expense Ratio Comparison
GLDM 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
GLDM vs. JAAA - Dividend Comparison
GLDM has not paid dividends to shareholders, while JAAA's dividend yield for the trailing twelve months is around 4.99%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
GLDM SPDR Gold MiniShares Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 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
GLDM and JAAA have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLDM has higher volatility (5.65%) compared to JAAA (0.13%). In terms of maximum drawdown, GLDM dropped -21.63% vs JAAA's -2.64%.
On 5-year performance, GLDM leads with 17.89% vs 4.80% for JAAA. On fees, GLDM 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.
Over the 5-year period, GLDM has performed better with a 17.89% return vs 4.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLDM is cheaper with a 0.10% expense ratio, compared with 0.20% for JAAA.
JAAA has the higher dividend yield at 4.99%, compared with 0.00% for GLDM.
GLDM is categorized as Gold, while JAAA is CLO. They also come from different issuers: State Street and Janus Henderson. Their fees differ too: 0.10% for GLDM and 0.20% for JAAA.
JAAA currently has the higher Sharpe Ratio (6.15 vs 1.15), 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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