GSY vs. JAAA

Last updated Jun 14, 2026

GSY (Invesco Ultra Short Duration ETF) and JAAA (Janus Henderson AAA CLO ETF) are both exchange-traded funds - GSY is a Ultrashort Bond fund actively managed by Invesco, while JAAA is a CLO fund actively managed by Janus Henderson. Both are actively managed. Over the past 5 years, GSY returned 3.68%/yr vs 4.76%/yr for JAAA. At a 0.14 correlation, their price movements are largely independent. GSY charges 0.22%/yr vs 0.20%/yr for JAAA.

Performance

GSY vs. JAAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Ultra Short Duration ETF (GSY) 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, GSY achieves a 1.72% return, which is significantly lower than JAAA's 1.99% return.

GSY

• 1D: 0.00%
• 1M: 0.36%
• YTD: 1.72%
• 6M: 1.96%
• 1Y: 4.49%
• 3Y*: 5.48%
• 5Y*: 3.68%
• 10Y*: 2.86%

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)

GSY vs. JAAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
GSY Invesco Ultra Short Duration ETF	1.72%	4.96%	5.95%	5.99%	0.01%	0.03%	0.27%
JAAA Janus Henderson AAA CLO ETF	1.99%	5.16%	7.43%	8.59%	0.49%	1.39%	0.76%

Correlation

The correlation between GSY and JAAA is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.08
Correlation (5Y) Calculated over the trailing 5-year period	0.16
Correlation (All Time) Calculated using the full available price history since Oct 19, 2020	0.14

Return for Risk

GSY vs. JAAA — Risk / Return Rank

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

GSY

GSY Risk / Return Rank: 99
GSY Sharpe Ratio Rank: 100
GSY Sortino Ratio Rank: 99
GSY Omega Ratio Rank: 99
GSY Calmar Ratio Rank: 100
GSY Martin Ratio Rank: 100

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.

GSY vs. JAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Ultra Short Duration ETF (GSY) 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.

	GSY	JAAA	Difference
Sharpe ratio: Return per unit of total volatility	11.20	6.03	+5.17
Sortino ratio: Return per unit of downside risk	27.35	10.06	+17.29
Omega ratio: Gain probability vs. loss probability	6.54	2.72	+3.81
Calmar ratio: Return relative to maximum drawdown	75.72	12.91	+62.80
Martin ratio: Return relative to average drawdown	373.96	69.57	+304.38

GSY vs. JAAA - Sharpe Ratio Comparison

The current GSY Sharpe Ratio is 11.20, which is higher than the JAAA Sharpe Ratio of 6.03. The chart below compares the historical Sharpe Ratios of GSY 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

GSY vs. JAAA - Drawdown Comparison

The maximum GSY drawdown since its inception was -12.14%, which is greater than JAAA's maximum drawdown of -2.64%. Use the drawdown chart below to compare losses from any high point for GSY and JAAA.

Drawdown Indicators

	GSY	JAAA	Difference
Max Drawdown Largest peak-to-trough decline	-12.14%	-2.64%	-9.50%
Max Drawdown (1Y) Largest decline over 1 year	-0.06%	-0.39%	+0.33%
Max Drawdown (3Y) Largest decline over 3 years	-0.18%	-1.46%	+1.28%
Max Drawdown (5Y) Largest decline over 5 years	-1.48%	-2.64%	+1.16%
Max Drawdown (10Y) Largest decline over 10 years	-5.25%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-2.38%	-0.25%	-2.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	0.07%	-0.06%

Volatility

GSY vs. JAAA - Volatility Comparison

Invesco Ultra Short Duration ETF (GSY) has a higher volatility of 0.15% compared to Janus Henderson AAA CLO ETF (JAAA) at 0.12%. This indicates that GSY'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

	GSY	JAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.15%	0.12%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	0.31%	0.63%	-0.32%
Volatility (1Y) Calculated over the trailing 1-year period	0.40%	0.83%	-0.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.58%	1.67%	-1.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.22%	1.64%	-0.42%

GSY vs. JAAA - Expense Ratio Comparison

GSY has a 0.22% expense ratio, which is higher than JAAA's 0.20% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

GSY vs. JAAA - Dividend Comparison

GSY's dividend yield for the trailing twelve months is around 4.34%, less than JAAA's 4.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GSY Invesco Ultra Short Duration ETF	4.34%	4.56%	5.31%	4.95%	1.70%	0.58%	1.45%	2.71%	2.30%	1.80%	1.21%	1.17%
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 GSY and JAAA in my portfolio?

GSY and JAAA have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GSY or JAAA?

GSY has higher volatility (0.15%) compared to JAAA (0.12%). In terms of maximum drawdown, GSY dropped -12.14% vs JAAA's -2.64%.

Which ETF is better, GSY or JAAA?

On 5-year performance, JAAA leads with 4.76% vs 3.68% for GSY. On fees, JAAA is cheaper at 0.20% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GSY or JAAA?

Over the 5-year period, JAAA has performed better with a 4.76% return vs 3.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GSY or JAAA?

JAAA is cheaper with a 0.20% expense ratio, compared with 0.22% for GSY.

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

JAAA has the higher dividend yield at 4.99%, compared with 4.34% for GSY.

What is the main difference between GSY and JAAA?

GSY is categorized as Ultrashort Bond, while JAAA is CLO. They also come from different issuers: Invesco and Janus Henderson. Their fees differ too: 0.22% for GSY and 0.20% for JAAA.

Which has better risk-adjusted returns?

GSY currently has the higher Sharpe Ratio (11.20 vs 6.03), 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.