HYIN vs. JAAA

Last updated Jun 26, 2026

HYIN (WisdomTree Alternative Income Fund) and JAAA (Janus Henderson AAA CLO ETF) are both exchange-traded funds - HYIN is a Diversified Portfolio fund tracking the Gapstow Liquid Alternative Credit Index, while JAAA is a CLO fund actively managed by Janus Henderson. HYIN is passively managed, while JAAA is actively managed. Over the past 5 years, HYIN returned -1.02%/yr vs 4.81%/yr for JAAA. At a 0.13 correlation, their price movements are largely independent. HYIN charges 3.20%/yr vs 0.20%/yr for JAAA.

Performance

HYIN vs. JAAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree Alternative Income Fund (HYIN) 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, HYIN achieves a -6.68% return, which is significantly lower than JAAA's 2.11% return.

HYIN

• 1D: 0.15%
• 1M: -1.18%
• YTD: -6.68%
• 6M: -6.42%
• 1Y: -6.91%
• 3Y*: 3.83%
• 5Y*: -1.02%
• 10Y*: —

JAAA

• 1D: 0.04%
• 1M: 0.31%
• YTD: 2.11%
• 6M: 2.29%
• 1Y: 5.12%
• 3Y*: 6.57%
• 5Y*: 4.81%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

HYIN vs. JAAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
HYIN WisdomTree Alternative Income Fund	-6.68%	-0.46%	7.39%	21.84%	-21.14%	2.73%
JAAA Janus Henderson AAA CLO ETF	2.11%	5.16%	7.43%	8.59%	0.49%	0.75%

Correlation

The correlation between HYIN and JAAA is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.18
Correlation (5Y) Calculated over the trailing 5-year period	0.13
Correlation (All Time) Calculated using the full available price history since May 6, 2021	0.13

Return for Risk

HYIN vs. JAAA — Risk / Return Rank

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

HYIN

HYIN Risk / Return Rank: 5
HYIN Sharpe Ratio Rank: 5
HYIN Sortino Ratio Rank: 5
HYIN Omega Ratio Rank: 5
HYIN Calmar Ratio Rank: 6
HYIN Martin Ratio Rank: 5

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: 99

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.

HYIN vs. JAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Alternative Income Fund (HYIN) 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.

	HYIN	JAAA	Difference
Sharpe ratio: Return per unit of total volatility	-0.54	6.30	-6.84
Sortino ratio: Return per unit of downside risk	-0.68	10.51	-11.19
Omega ratio: Gain probability vs. loss probability	0.92	2.86	-1.93
Calmar ratio: Return relative to maximum drawdown	-0.45	13.24	-13.68
Martin ratio: Return relative to average drawdown	-0.89	71.74	-72.62

HYIN vs. JAAA - Sharpe Ratio Comparison

The current HYIN Sharpe Ratio is -0.54, which is lower than the JAAA Sharpe Ratio of 6.30. The chart below compares the historical Sharpe Ratios of HYIN 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

HYIN vs. JAAA - Drawdown Comparison

The maximum HYIN drawdown since its inception was -31.10%, which is greater than JAAA's maximum drawdown of -2.64%. Use the drawdown chart below to compare losses from any high point for HYIN and JAAA.

Drawdown Indicators

	HYIN	JAAA	Difference
Max Drawdown Largest peak-to-trough decline	-31.10%	-2.64%	-28.46%
Max Drawdown (1Y) Largest decline over 1 year	-15.52%	-0.39%	-15.13%
Max Drawdown (3Y) Largest decline over 3 years	-15.85%	-1.46%	-14.39%
Max Drawdown (5Y) Largest decline over 5 years	-31.10%	-2.64%	-28.46%
Current Drawdown Current decline from peak	-12.42%	0.00%	-12.42%
Average Drawdown Average peak-to-trough decline	-9.05%	-0.25%	-8.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.81%	0.07%	+7.74%

Volatility

HYIN vs. JAAA - Volatility Comparison

WisdomTree Alternative Income Fund (HYIN) has a higher volatility of 3.28% compared to Janus Henderson AAA CLO ETF (JAAA) at 0.12%. This indicates that HYIN'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

	HYIN	JAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.28%	0.12%	+3.16%
Volatility (6M) Calculated over the trailing 6-month period	10.31%	0.63%	+9.68%
Volatility (1Y) Calculated over the trailing 1-year period	12.92%	0.82%	+12.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.77%	1.67%	+15.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.75%	1.63%	+15.12%

HYIN vs. JAAA - Expense Ratio Comparison

HYIN has a 3.20% expense ratio, which is higher than JAAA's 0.20% expense ratio.

Dividends

HYIN vs. JAAA - Dividend Comparison

HYIN's dividend yield for the trailing twelve months is around 13.53%, more than JAAA's 4.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
HYIN WisdomTree Alternative Income Fund	13.53%	12.58%	12.59%	11.71%	11.34%	4.13%	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 HYIN and JAAA in my portfolio?

HYIN and JAAA have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HYIN or JAAA?

HYIN has higher volatility (3.28%) compared to JAAA (0.12%). In terms of maximum drawdown, HYIN dropped -31.10% vs JAAA's -2.64%.

Which ETF is better, HYIN or JAAA?

On 5-year performance, JAAA leads with 4.81% vs -1.02% for HYIN. On fees, JAAA is cheaper at 0.20% per year. On volatility, JAAA has been the lower-risk option at 0.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HYIN or JAAA?

Over the 5-year period, JAAA has performed better with a 4.81% return vs -1.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HYIN or JAAA?

JAAA is cheaper with a 0.20% expense ratio, compared with 3.20% for HYIN.

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

HYIN has the higher dividend yield at 13.53%, compared with 4.99% for JAAA.

What is the main difference between HYIN and JAAA?

HYIN is categorized as Diversified Portfolio, while JAAA is CLO. They also come from different issuers: WisdomTree and Janus Henderson. Their fees differ too: 3.20% for HYIN and 0.20% for JAAA.

Which has better risk-adjusted returns?

JAAA currently has the higher Sharpe Ratio (6.30 vs -0.54), 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.