INDF vs. JAAA

Last updated Aug 2, 2026

INDF (Nifty India Financials ETF) and JAAA (Janus Henderson AAA CLO ETF) are both exchange-traded funds - INDF is a Financials Equities fund tracking the Nifty Financial Services 25/50 Index, while JAAA is a CLO fund actively managed by Janus Henderson. INDF is passively managed, while JAAA is actively managed. Their 0.05 correlation means their historical movements had little consistent relationship. INDF charges 0.75%/yr vs 0.20%/yr for JAAA.

Performance

INDF vs. JAAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nifty India Financials ETF (INDF) and Janus Henderson AAA CLO ETF (JAAA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

INDF

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

JAAA

• 1D: 0.06%
• 1M: 0.30%
• 6M: 2.05%
• YTD: 2.60%
• 1Y: 4.89%
• 3Y*: 6.20%
• 5Y*: 4.88%
• 10Y*: —
• ALL TIME*: 4.53%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
JAAA Janus Henderson AAA CLO ETF	$257.93M	$255.22M	$259.12M

INDF vs. JAAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
INDF Nifty India Financials ETF	0.00%	8.17%	6.32%	19.86%	-5.28%	11.95%	24.44%
JAAA Janus Henderson AAA CLO ETF	2.60%	5.16%	7.43%	8.59%	0.49%	1.39%	0.87%

Correlation

The correlation between INDF and JAAA is -0.15, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.15
Correlation (3Y) Balances recent behavior with more history.	0.02
Correlation (5Y) Shows whether the relationship held over a longer period.	0.05
Correlation (All Time) Calculated using the full available price history since Oct 21, 2020	0.05

The correlation between INDF and JAAA shifts across timeframes, from -0.15 (1 year) to 0.05 (all time), reflecting how their relationship changes across market environments.

Return for Risk

INDF vs. JAAA — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

INDF

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

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) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

INDF vs. JAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nifty India Financials ETF (INDF) 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.

	INDF	JAAA	Difference
Sharpe ratio: Return per unit of total volatility	—	6.19	—
Sortino ratio: Return per unit of downside risk	—	10.21	—
Omega ratio: Gain probability vs. loss probability	—	2.84	—
Calmar ratio: Return relative to maximum drawdown	—	12.63	—
Martin ratio: Return relative to average drawdown	—	68.67	—

Drawdowns

Drawdown Indicators

	INDF	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	—	-0.24%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.07%	—

Volatility

Volatility by Period

	INDF	JAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.16%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.62%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	0.79%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	1.66%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	1.62%	—

INDF vs. JAAA - Expense Ratio Comparison

INDF has a 0.75% expense ratio, which is higher than JAAA's 0.20% expense ratio.

Dividends

INDF vs. JAAA - Dividend Comparison

INDF has not paid dividends to shareholders, while JAAA's dividend yield for the trailing twelve months is around 5.35%.

Position	TTM	2025	2024	2023	2022	2021	2020
INDF Nifty India Financials ETF	21.29%	21.29%	6.15%	8.84%	3.12%	1.58%	0.00%
JAAA Janus Henderson AAA CLO ETF	4.93%	5.30%	6.35%	6.11%	2.74%	1.21%	0.26%

Frequently Asked Questions

Can I hold both INDF and JAAA in my portfolio?

INDF 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, INDF 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, INDF or JAAA?

JAAA is cheaper with a 0.20% expense ratio, compared with 0.75% for INDF.

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

INDF has the higher dividend yield at 21.29%, compared with 4.93% for JAAA.

What is the main difference between INDF and JAAA?

INDF is categorized as Financials Equities, while JAAA is CLO. They also come from different issuers: Exchange Traded Concepts and Janus Henderson. Their fees differ too: 0.75% for INDF and 0.20% for JAAA.