HYDB vs. JAAA
HYDB (iShares High Yield Bond Factor ETF) and JAAA (Janus Henderson AAA CLO ETF) are both exchange-traded funds - HYDB is a High Yield Bonds fund tracking the BlackRock High Yield Defensive Bond Index, while JAAA is a CLO fund actively managed by Janus Henderson. HYDB is passively managed, while JAAA is actively managed. Over the past 5 years, HYDB returned 4.57%/yr vs 4.80%/yr for JAAA. At a 0.12 correlation, their price movements are largely independent. HYDB charges 0.35%/yr vs 0.20%/yr for JAAA.
Performance
HYDB vs. JAAA - Performance Comparison
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Returns By Period
In the year-to-date period, HYDB achieves a 1.01% return, which is significantly lower than JAAA's 1.95% return.
HYDB
- 1D
- 0.04%
- 1M
- -0.30%
- YTD
- 1.01%
- 6M
- 1.80%
- 1Y
- 6.90%
- 3Y*
- 8.94%
- 5Y*
- 4.57%
- 10Y*
- —
JAAA
- 1D
- 0.02%
- 1M
- 0.35%
- YTD
- 1.95%
- 6M
- 2.57%
- 1Y
- 5.12%
- 3Y*
- 6.67%
- 5Y*
- 4.80%
- 10Y*
- —
HYDB vs. JAAA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
HYDB iShares High Yield Bond Factor ETF | 1.01% | 8.10% | 9.11% | 14.02% | -9.99% | 5.14% | 5.80% |
JAAA Janus Henderson AAA CLO ETF | 1.95% | 5.16% | 7.43% | 8.59% | 0.49% | 1.39% | 0.79% |
Correlation
The correlation between HYDB and JAAA is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Oct 20, 2020 | 0.12 |
Over the past year, HYDB and JAAA have become more correlated (0.32) than their long-term average of 0.12, meaning their price movements have been converging.
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Return for Risk
HYDB vs. JAAA — Risk / Return Rank
HYDB
JAAA
HYDB vs. JAAA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares High Yield Bond Factor ETF (HYDB) 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.
| HYDB | JAAA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.32 | ||
| Sortino ratioReturn per unit of downside risk | -7.57 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 2.77 | -1.41 |
| Calmar ratioReturn relative to maximum drawdown | 2.45 | 13.24 | -10.79 |
| Martin ratioReturn relative to average drawdown | 10.80 | 71.21 | -60.41 |
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
| HYDB | JAAA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.82 | 6.15 | -4.32 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.65 | 2.88 | -2.23 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.71 | 2.78 | -2.07 |
Drawdowns
HYDB vs. JAAA - Drawdown Comparison
The maximum HYDB drawdown since its inception was -21.58%, which is greater than JAAA's maximum drawdown of -2.64%. Use the drawdown chart below to compare losses from any high point for HYDB and JAAA.
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Drawdown Indicators
| HYDB | JAAA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.58% | -2.64% | -18.94% |
Max Drawdown (1Y)Largest decline over 1 year | -2.83% | -0.39% | -2.44% |
Max Drawdown (3Y)Largest decline over 3 years | -5.58% | -1.46% | -4.12% |
Max Drawdown (5Y)Largest decline over 5 years | -14.28% | -2.64% | -11.64% |
Current DrawdownCurrent decline from peak | -0.51% | 0.00% | -0.51% |
Average DrawdownAverage peak-to-trough decline | -2.39% | -0.25% | -2.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.64% | 0.07% | +0.57% |
Volatility
HYDB vs. JAAA - Volatility Comparison
iShares High Yield Bond Factor ETF (HYDB) has a higher volatility of 1.09% compared to Janus Henderson AAA CLO ETF (JAAA) at 0.13%. This indicates that HYDB'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
| HYDB | JAAA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.09% | 0.13% | +0.96% |
Volatility (6M)Calculated over the trailing 6-month period | 2.96% | 0.64% | +2.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.81% | 0.84% | +2.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.04% | 1.68% | +5.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.76% | 1.64% | +6.12% |
HYDB vs. JAAA - Expense Ratio Comparison
HYDB has a 0.35% expense ratio, which is higher than JAAA's 0.20% expense ratio.
Dividends
HYDB vs. JAAA - Dividend Comparison
HYDB's dividend yield for the trailing twelve months is around 7.02%, more than JAAA's 4.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
HYDB iShares High Yield Bond Factor ETF | 7.02% | 7.04% | 6.95% | 7.00% | 6.30% | 4.70% | 5.81% | 5.68% | 6.16% | 2.70% |
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% |
Frequently Asked Questions
HYDB and JAAA have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HYDB has higher volatility (1.09%) compared to JAAA (0.13%). In terms of maximum drawdown, HYDB dropped -21.58% vs JAAA's -2.64%.
On 5-year performance, JAAA leads with 4.80% vs 4.57% for HYDB. On fees, JAAA is cheaper at 0.20% 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, JAAA has performed better with a 4.80% return vs 4.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JAAA is cheaper with a 0.20% expense ratio, compared with 0.35% for HYDB.
HYDB has the higher dividend yield at 7.02%, compared with 4.99% for JAAA.
HYDB is categorized as High Yield Bonds, while JAAA is CLO. They also come from different issuers: iShares and Janus Henderson. Their fees differ too: 0.35% for HYDB and 0.20% for JAAA.
JAAA currently has the higher Sharpe Ratio (6.15 vs 1.82), 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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