HYGI vs. JAAA

Last updated Jun 9, 2026

HYGI (iShares Inflation Hedged High Yield Bond ETF) and JAAA (Janus Henderson AAA CLO ETF) are both exchange-traded funds - HYGI is a Inflation-Protected Bonds fund tracking the BlackRock Inflation Hedged High Yield Bond Index - Benchmark TR Gross, while JAAA is a CLO fund actively managed by Janus Henderson. HYGI is passively managed, while JAAA is actively managed. At a 0.11 correlation, their price movements are largely independent. HYGI charges 0.52%/yr vs 0.20%/yr for JAAA.

Performance

HYGI vs. JAAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Inflation Hedged High Yield Bond ETF (HYGI) and Janus Henderson AAA CLO ETF (JAAA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

HYGI

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 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)

HYGI vs. JAAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
HYGI iShares Inflation Hedged High Yield Bond ETF	0.00%	6.20%	9.16%	11.71%	0.65%
JAAA Janus Henderson AAA CLO ETF	1.95%	5.16%	7.43%	8.59%	2.69%

Correlation

The correlation between HYGI and JAAA is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (All Time) Calculated using the full available price history since Jun 24, 2022	0.11

Return for Risk

HYGI vs. JAAA — Risk / Return Rank

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

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.

HYGI vs. JAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Inflation Hedged High Yield Bond ETF (HYGI) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

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

Drawdowns

Drawdown Indicators

	HYGI	JAAA	Difference
Max Drawdown Largest peak-to-trough decline	—	-2.64%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-0.39%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-1.46%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-2.64%	—
Current Drawdown Current decline from peak	—	0.00%	—
Average Drawdown Average peak-to-trough decline	—	-0.25%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.07%	—

Volatility

Volatility by Period

	HYGI	JAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.13%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.64%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	0.84%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	1.68%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	1.64%	—

HYGI vs. JAAA - Expense Ratio Comparison

HYGI has a 0.52% expense ratio, which is higher than JAAA's 0.20% expense ratio.

Dividends

HYGI vs. JAAA - Dividend Comparison

HYGI 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
HYGI iShares Inflation Hedged High Yield Bond ETF	0.97%	3.41%	6.08%	6.22%	3.19%	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 HYGI and JAAA in my portfolio?

HYGI and JAAA have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HYGI or JAAA?

On fees, JAAA is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HYGI or JAAA?

JAAA is cheaper with a 0.20% expense ratio, compared with 0.52% for HYGI.

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

JAAA has the higher dividend yield at 4.99%, compared with 0.97% for HYGI.

What is the main difference between HYGI and JAAA?

HYGI is categorized as Inflation-Protected Bonds, while JAAA is CLO. They also come from different issuers: iShares and Janus Henderson. Their fees differ too: 0.52% for HYGI and 0.20% for JAAA.