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JAAA vs. BIZD
Performance
Return for Risk
Drawdowns
Volatility
Dividends

JAAA vs. BIZD

Last updated Jun 9, 2026

JAAA (Janus Henderson AAA CLO ETF) and BIZD (VanEck BDC Income ETF) are both exchange-traded funds - JAAA is a CLO fund actively managed by Janus Henderson, while BIZD is a Financials Equities fund tracking the MVIS US Business Development Companies Index. JAAA is actively managed, while BIZD is passively managed. Over the past 5 years, JAAA returned 4.80%/yr vs 3.86%/yr for BIZD. At a 0.07 correlation, their price movements are largely independent. JAAA charges 0.20%/yr vs 12.86%/yr for BIZD.

Performance

JAAA vs. BIZD - Performance Comparison

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

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Returns By Period

In the year-to-date period, JAAA achieves a 1.95% return, which is significantly higher than BIZD's -8.77% return.

JAAA

1D
0.02%
1M
0.35%
YTD
1.95%
6M
2.57%
1Y
5.12%
3Y*
6.67%
5Y*
4.80%
10Y*
—

BIZD

1D
-0.32%
1M
-3.49%
YTD
-8.77%
6M
-11.00%
1Y
-13.11%
3Y*
4.91%
5Y*
3.86%
10Y*
7.80%
*Multi-year figures are annualized to reflect compound growth (CAGR)

JAAA vs. BIZD - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
JAAA
Janus Henderson AAA CLO ETF		1.95%5.16%7.43%8.59%0.49%1.39%0.79%
BIZD
VanEck BDC Income ETF		-8.77%-4.96%15.63%27.02%-8.51%36.25%20.35%

Correlation

The correlation between JAAA and BIZD is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.15

Correlation (3Y)
Calculated over the trailing 3-year period

0.12

Correlation (5Y)
Calculated over the trailing 5-year period

0.08

Correlation (All Time)
Calculated using the full available price history since Oct 20, 2020

0.07

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Janus Henderson AAA CLO ETF

VanEck BDC Income ETF

Often compared with JAAA:
JAAA vs. PAAAJAAA vs. JBBBJAAA vs. AAAJAAA vs. CLOZJAAA vs. BINCJAAA vs. BOXXJAAA vs. ICLO
Often compared with BIZD:
BIZD vs. PBDCBIZD vs. ARCCBIZD vs. CEFSBIZD vs. PSPBIZD vs. PEXBIZD vs. PFLTBIZD vs. SCHD

Return for Risk

JAAA vs. BIZD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
JAAA
JAAA Risk / Return Rank: 9999
Overall Rank
JAAA Sharpe Ratio Rank: 9999
Sharpe Ratio Rank
JAAA Sortino Ratio Rank: 9999
Sortino Ratio Rank
JAAA Omega Ratio Rank: 9999
Omega Ratio Rank
JAAA Calmar Ratio Rank: 9898
Calmar Ratio Rank
JAAA Martin Ratio Rank: 9898
Martin Ratio Rank
BIZD
BIZD Risk / Return Rank: 44
Overall Rank
BIZD Sharpe Ratio Rank: 44
Sharpe Ratio Rank
BIZD Sortino Ratio Rank: 44
Sortino Ratio Rank
BIZD Omega Ratio Rank: 44
Omega Ratio Rank
BIZD Calmar Ratio Rank: 44
Calmar Ratio Rank
BIZD Martin Ratio Rank: 55
Martin Ratio Rank
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. BIZD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson AAA CLO ETF (JAAA) and VanEck BDC Income ETF (BIZD). 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.

JAAABIZDDifference
Sharpe ratioReturn per unit of total volatility
6.15
-0.72

+6.87

Sortino ratioReturn per unit of downside risk
10.31
-0.94

+11.24

Omega ratioGain probability vs. loss probability

2.77

0.90

+1.87

Calmar ratioReturn relative to maximum drawdown

13.24

-0.59

+13.83

Martin ratioReturn relative to average drawdown

71.21

-1.03

+72.24

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. BIZD - Sharpe Ratio Comparison

The current JAAA Sharpe Ratio is 6.15, which is higher than the BIZD Sharpe Ratio of -0.72. The chart below compares the historical Sharpe Ratios of JAAA and BIZD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

JAAABIZDDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

6.15

-0.72

+6.87

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

2.88

0.22

+2.66

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.36

—

Sharpe Ratio (All Time)

Calculated using the full available price history

2.78

0.30

+2.48

Drawdowns

JAAA vs. BIZD - Drawdown Comparison

The maximum JAAA drawdown since its inception was -2.64%, smaller than the maximum BIZD drawdown of -55.44%. Use the drawdown chart below to compare losses from any high point for JAAA and BIZD.

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Drawdown Indicators

JAAABIZDDifference

Max Drawdown

Largest peak-to-trough decline

-2.64%

-55.44%

+52.80%

Max Drawdown (1Y)

Largest decline over 1 year

-0.39%

-22.22%

+21.83%

Max Drawdown (3Y)

Largest decline over 3 years

-1.46%

-22.56%

+21.10%

Max Drawdown (5Y)

Largest decline over 5 years

-2.64%

-22.91%

+20.27%

Max Drawdown (10Y)

Largest decline over 10 years

—

-55.44%

—

Current Drawdown

Current decline from peak

0.00%

-19.08%

+19.08%

Average Drawdown

Average peak-to-trough decline

-0.25%

-6.73%

+6.48%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.07%

12.79%

-12.72%

Volatility

JAAA vs. BIZD - Volatility Comparison

The current volatility for Janus Henderson AAA CLO ETF (JAAA) is 0.13%, while VanEck BDC Income ETF (BIZD) has a volatility of 5.32%. This indicates that JAAA experiences smaller price fluctuations and is considered to be less risky than BIZD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

JAAABIZDDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.13%

5.32%

-5.19%

Volatility (6M)

Calculated over the trailing 6-month period

0.64%

14.92%

-14.28%

Volatility (1Y)

Calculated over the trailing 1-year period

0.84%

18.31%

-17.47%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

1.68%

17.44%

-15.76%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

1.64%

21.76%

-20.12%

JAAA vs. BIZD - Expense Ratio Comparison

JAAA has a 0.20% expense ratio, which is lower than BIZD's 12.86% expense ratio.

Dividends

JAAA vs. BIZD - Dividend Comparison

JAAA's dividend yield for the trailing twelve months is around 4.99%, less than BIZD's 13.84% yield.

PositionTTM20252024202320222021202020192018201720162015
BIZD
VanEck BDC Income ETF		13.84%11.78%10.94%10.96%11.21%8.14%10.39%9.13%10.88%9.13%8.51%9.12%
JAAA
Janus Henderson AAA CLO ETF		4.99%5.30%6.35%6.11%2.74%1.21%0.26%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

JAAA and BIZD 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.

BIZD has higher volatility (5.32%) compared to JAAA (0.13%). In terms of maximum drawdown, JAAA dropped -2.64% vs BIZD's -55.44%.

On 5-year performance, JAAA leads with 4.80% vs 3.86% for BIZD. On fees, JAAA is cheaper at 0.20% 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 5-year period, JAAA has performed better with a 4.80% return vs 3.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

JAAA is cheaper with a 0.20% expense ratio, compared with 12.86% for BIZD.

BIZD has the higher dividend yield at 13.84%, compared with 4.99% for JAAA.

JAAA is categorized as CLO, while BIZD is Financials Equities. They also come from different issuers: Janus Henderson and VanEck. Their fees differ too: 0.20% for JAAA and 12.86% for BIZD.

JAAA currently has the higher Sharpe Ratio (6.15 vs -0.72), 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.

Portfolio Optimizer

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