ICLU.L vs. JAAA
ICLU.L (Invesco USD AAA CLO UCITS ETF Acc) and JAAA (Janus Henderson AAA CLO ETF) are both CLO funds. Both are actively managed. Over the past year, ICLU.L returned 5.17% vs 5.10% for JAAA. At a correlation of -0.04, they often move in opposite directions. ICLU.L charges 0.25%/yr vs 0.20%/yr for JAAA.
Performance
ICLU.L vs. JAAA - Performance Comparison
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Returns By Period
In the year-to-date period, ICLU.L achieves a 2.18% return, which is significantly higher than JAAA's 1.89% return.
ICLU.L
- 1D
- 0.01%
- 1M
- 0.45%
- YTD
- 2.18%
- 6M
- 2.53%
- 1Y
- 5.17%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
JAAA
- 1D
- 0.02%
- 1M
- 0.37%
- YTD
- 1.89%
- 6M
- 2.47%
- 1Y
- 5.10%
- 3Y*
- 6.70%
- 5Y*
- 4.79%
- 10Y*
- —
ICLU.L vs. JAAA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ICLU.L Invesco USD AAA CLO UCITS ETF Acc | 2.18% | 4.23% |
JAAA Janus Henderson AAA CLO ETF | 1.89% | 4.32% |
Correlation
The correlation between ICLU.L and JAAA is -0.06, 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 | -0.06 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2025 | -0.04 |
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Return for Risk
ICLU.L vs. JAAA — Risk / Return Rank
ICLU.L
JAAA
ICLU.L vs. JAAA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco USD AAA CLO UCITS ETF Acc (ICLU.L) 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.
| ICLU.L | JAAA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.92 | ||
| Sortino ratioReturn per unit of downside risk | -3.99 | ||
| Omega ratioGain probability vs. loss probability | 2.23 | 2.71 | -0.48 |
| Calmar ratioReturn relative to maximum drawdown | 8.20 | 13.18 | -4.98 |
| Martin ratioReturn relative to average drawdown | 38.46 | 70.92 | -32.46 |
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
| ICLU.L | JAAA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 4.12 | 6.04 | -1.92 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 2.87 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 3.37 | 2.78 | +0.59 |
Drawdowns
ICLU.L vs. JAAA - Drawdown Comparison
The maximum ICLU.L drawdown since its inception was -0.91%, smaller than the maximum JAAA drawdown of -2.64%. Use the drawdown chart below to compare losses from any high point for ICLU.L and JAAA.
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Drawdown Indicators
| ICLU.L | JAAA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.91% | -2.64% | +1.73% |
Max Drawdown (1Y)Largest decline over 1 year | -0.63% | -0.39% | -0.24% |
Max Drawdown (3Y)Largest decline over 3 years | — | -1.46% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -2.64% | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.08% | -0.25% | +0.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.13% | 0.07% | +0.06% |
Volatility
ICLU.L vs. JAAA - Volatility Comparison
Invesco USD AAA CLO UCITS ETF Acc (ICLU.L) has a higher volatility of 0.19% compared to Janus Henderson AAA CLO ETF (JAAA) at 0.13%. This indicates that ICLU.L'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
| ICLU.L | JAAA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.19% | 0.13% | +0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 0.82% | 0.64% | +0.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.26% | 0.85% | +0.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.46% | 1.68% | -0.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.46% | 1.64% | -0.18% |
ICLU.L vs. JAAA - Expense Ratio Comparison
ICLU.L has a 0.25% 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
ICLU.L vs. JAAA - Dividend Comparison
ICLU.L has not paid dividends to shareholders, while JAAA's dividend yield for the trailing twelve months is around 5.00%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
ICLU.L Invesco USD AAA CLO UCITS ETF Acc | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
JAAA Janus Henderson AAA CLO ETF | 5.00% | 5.30% | 6.35% | 6.11% | 2.74% | 1.21% | 0.26% |
Frequently Asked Questions
ICLU.L and JAAA have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
JAAA is cheaper with a 0.20% expense ratio, compared with 0.25% for ICLU.L.
They also come from different issuers: Invesco and Janus Henderson. Their fees differ too: 0.25% for ICLU.L and 0.20% for JAAA.
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