IAUM vs. JAAA
IAUM (iShares Gold Trust Micro) and JAAA (Janus Henderson AAA CLO ETF) are both exchange-traded funds - IAUM is a Gold fund tracking the LBMA Gold Price PM, while JAAA is a CLO fund actively managed by Janus Henderson. IAUM is passively managed, while JAAA is actively managed. Over the past 3 years, IAUM returned 30.12%/yr vs 6.67%/yr for JAAA. At a 0.03 correlation, their price movements are largely independent. IAUM charges 0.09%/yr vs 0.20%/yr for JAAA.
Performance
IAUM vs. JAAA - Performance Comparison
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Returns By Period
In the year-to-date period, IAUM achieves a 0.28% return, which is significantly lower than JAAA's 1.95% return.
IAUM
- 1D
- 0.21%
- 1M
- -8.41%
- YTD
- 0.28%
- 6M
- 3.16%
- 1Y
- 30.56%
- 3Y*
- 30.12%
- 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*
- —
IAUM vs. JAAA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
IAUM iShares Gold Trust Micro | 0.28% | 64.27% | 27.04% | 13.12% | -0.49% | 3.87% |
JAAA Janus Henderson AAA CLO ETF | 1.95% | 5.16% | 7.43% | 8.59% | 0.49% | 0.53% |
Correlation
The correlation between IAUM 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 (All Time) Calculated using the full available price history since Jun 30, 2021 | 0.03 |
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Return for Risk
IAUM vs. JAAA — Risk / Return Rank
IAUM
JAAA
IAUM vs. JAAA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Gold Trust Micro (IAUM) 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.
| IAUM | 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 | 3.84 | 71.21 | -67.37 |
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
| IAUM | JAAA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.16 | 6.15 | -4.99 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 2.88 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.11 | 2.78 | -1.67 |
Drawdowns
IAUM vs. JAAA - Drawdown Comparison
The maximum IAUM drawdown since its inception was -20.87%, which is greater than JAAA's maximum drawdown of -2.64%. Use the drawdown chart below to compare losses from any high point for IAUM and JAAA.
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Drawdown Indicators
| IAUM | JAAA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.87% | -2.64% | -18.23% |
Max Drawdown (1Y)Largest decline over 1 year | -20.02% | -0.39% | -19.63% |
Max Drawdown (3Y)Largest decline over 3 years | -20.02% | -1.46% | -18.56% |
Max Drawdown (5Y)Largest decline over 5 years | — | -2.64% | — |
Current DrawdownCurrent decline from peak | -19.85% | 0.00% | -19.85% |
Average DrawdownAverage peak-to-trough decline | -5.33% | -0.25% | -5.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.98% | 0.07% | +7.91% |
Volatility
IAUM vs. JAAA - Volatility Comparison
iShares Gold Trust Micro (IAUM) has a higher volatility of 5.64% compared to Janus Henderson AAA CLO ETF (JAAA) at 0.13%. This indicates that IAUM'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
| IAUM | JAAA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.64% | 0.13% | +5.51% |
Volatility (6M)Calculated over the trailing 6-month period | 23.20% | 0.64% | +22.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.57% | 0.84% | +25.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.92% | 1.68% | +16.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.92% | 1.64% | +16.28% |
IAUM vs. JAAA - Expense Ratio Comparison
IAUM has a 0.09% 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
IAUM vs. JAAA - Dividend Comparison
IAUM 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 |
|---|---|---|---|---|---|---|---|
IAUM iShares Gold Trust Micro | 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
IAUM 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.
IAUM has higher volatility (5.64%) compared to JAAA (0.13%). In terms of maximum drawdown, IAUM dropped -20.87% vs JAAA's -2.64%.
On 3-year performance, IAUM leads with 30.12% vs 6.67% for JAAA. On fees, IAUM is cheaper at 0.09% 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 3-year period, IAUM has performed better with a 30.12% return vs 6.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IAUM is cheaper with a 0.09% expense ratio, compared with 0.20% for JAAA.
JAAA has the higher dividend yield at 4.99%, compared with 0.00% for IAUM.
IAUM is categorized as Gold, while JAAA is CLO. They also come from different issuers: iShares and Janus Henderson. Their fees differ too: 0.09% for IAUM and 0.20% for JAAA.
JAAA currently has the higher Sharpe Ratio (6.15 vs 1.16), 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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