JAAA vs. BIL

Last updated Jun 4, 2026

JAAA (Janus Henderson AAA CLO ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - JAAA is a CLO fund actively managed by Janus Henderson, while BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index. JAAA is actively managed, while BIL is passively managed. Over the past 5 years, JAAA returned 4.79%/yr vs 3.41%/yr for BIL. At a 0.16 correlation, their price movements are largely independent. JAAA charges 0.21%/yr vs 0.14%/yr for BIL.

Performance

JAAA vs. BIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson AAA CLO ETF (JAAA) and SPDR Bloomberg 1-3 Month T-Bill ETF (BIL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JAAA achieves a 1.87% return, which is significantly higher than BIL's 1.49% return.

JAAA

• 1D: -0.02%
• 1M: 0.39%
• YTD: 1.87%
• 6M: 2.45%
• 1Y: 5.06%
• 3Y*: 6.71%
• 5Y*: 4.79%
• 10Y*: —

BIL

• 1D: 0.02%
• 1M: 0.28%
• YTD: 1.49%
• 6M: 1.77%
• 1Y: 3.87%
• 3Y*: 4.64%
• 5Y*: 3.41%
• 10Y*: 2.18%

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

JAAA vs. BIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
JAAA Janus Henderson AAA CLO ETF	1.87%	5.16%	7.43%	8.59%	0.49%	1.39%	0.79%
BIL SPDR Bloomberg 1-3 Month T-Bill ETF	1.49%	4.15%	5.19%	4.94%	1.40%	-0.10%	-0.01%

Correlation

The correlation between JAAA and BIL is 0.09, 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	0.09
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (5Y) Calculated over the trailing 5-year period	0.17
Correlation (All Time) Calculated using the full available price history since Oct 20, 2020	0.16

Return for Risk

JAAA vs. BIL — Risk / Return Rank

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

JAAA

JAAA Risk / Return Rank: 98
JAAA Sharpe Ratio Rank: 98
JAAA Sortino Ratio Rank: 99
JAAA Omega Ratio Rank: 99
JAAA Calmar Ratio Rank: 98
JAAA Martin Ratio Rank: 98

BIL

BIL Risk / Return Rank: 100
BIL Sharpe Ratio Rank: 100
BIL Sortino Ratio Rank: 100
BIL Omega Ratio Rank: 100
BIL Calmar Ratio Rank: 100
BIL Martin Ratio Rank: 100

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.

JAAA vs. BIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson AAA CLO ETF (JAAA) and SPDR Bloomberg 1-3 Month T-Bill ETF (BIL). 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.

	JAAA	BIL	Difference
Sharpe ratio Return per unit of total volatility	5.98	19.71	-13.73
Sortino ratio Return per unit of downside risk	10.04	174.16	-164.12
Omega ratio Gain probability vs. loss probability	2.69	87.91	-85.22
Calmar ratio Return relative to maximum drawdown	13.07	355.35	-342.28
Martin ratio Return relative to average drawdown	70.18	2,817.77	-2,747.60
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JAAA vs. BIL - Sharpe Ratio Comparison

The current JAAA Sharpe Ratio is 5.98, which is lower than the BIL Sharpe Ratio of 19.71. The chart below compares the historical Sharpe Ratios of JAAA and BIL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	JAAA	BIL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.98	19.71	-13.73
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.87	13.16	-10.29
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	8.52	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.77	2.78	0.00

Drawdowns

JAAA vs. BIL - Drawdown Comparison

The maximum JAAA drawdown since its inception was -2.64%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for JAAA and BIL.

Drawdown Indicators

	JAAA	BIL	Difference
Max Drawdown Largest peak-to-trough decline	-2.64%	-0.78%	-1.86%
Max Drawdown (1Y) Largest decline over 1 year	-0.39%	-0.01%	-0.38%
Max Drawdown (3Y) Largest decline over 3 years	-1.46%	-0.01%	-1.45%
Max Drawdown (5Y) Largest decline over 5 years	-2.64%	-0.10%	-2.54%
Max Drawdown (10Y) Largest decline over 10 years	—	-0.21%	—
Current Drawdown Current decline from peak	-0.02%	0.00%	-0.02%
Average Drawdown Average peak-to-trough decline	-0.25%	-0.26%	+0.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.07%	0.00%	+0.07%

Volatility

JAAA vs. BIL - Volatility Comparison

Janus Henderson AAA CLO ETF (JAAA) has a higher volatility of 0.13% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.05%. This indicates that JAAA's price experiences larger fluctuations and is considered to be riskier than BIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JAAA	BIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.13%	0.05%	+0.08%
Volatility (6M) Calculated over the trailing 6-month period	0.64%	0.13%	+0.51%
Volatility (1Y) Calculated over the trailing 1-year period	0.85%	0.20%	+0.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.68%	0.26%	+1.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.64%	0.26%	+1.38%

JAAA vs. BIL - Expense Ratio Comparison

JAAA has a 0.21% expense ratio, which is higher than BIL's 0.14% 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

JAAA vs. BIL - Dividend Comparison

JAAA's dividend yield for the trailing twelve months is around 5.00%, more than BIL's 3.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
BIL SPDR Bloomberg 1-3 Month T-Bill ETF	3.86%	4.13%	5.03%	4.92%	1.35%	0.00%	0.30%	2.05%	1.66%	0.68%	0.07%
JAAA Janus Henderson AAA CLO ETF	5.00%	5.30%	6.35%	6.11%	2.74%	1.21%	0.26%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JAAA and BIL in my portfolio?

JAAA and BIL have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JAAA or BIL?

JAAA has higher volatility (0.13%) compared to BIL (0.05%). In terms of maximum drawdown, JAAA dropped -2.64% vs BIL's -0.78%.

Which ETF is better, JAAA or BIL?

On 5-year performance, JAAA leads with 4.79% vs 3.41% for BIL. On fees, BIL is cheaper at 0.14% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JAAA or BIL?

Over the 5-year period, JAAA has performed better with a 4.79% return vs 3.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JAAA or BIL?

BIL is cheaper with a 0.14% expense ratio, compared with 0.21% for JAAA.

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

JAAA has the higher dividend yield at 5.00%, compared with 3.86% for BIL.

What is the main difference between JAAA and BIL?

JAAA is categorized as CLO, while BIL is Government Bonds. They also come from different issuers: Janus Henderson and State Street. Their fees differ too: 0.21% for JAAA and 0.14% for BIL.

Which has better risk-adjusted returns?

BIL currently has the higher Sharpe Ratio (19.71 vs 5.98), 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.