JAAA vs. CLOA

Last updated Jun 4, 2026

JAAA (Janus Henderson AAA CLO ETF) and CLOA (BlackRock AAA CLO ETF) are both CLO funds. Both are actively managed. Over the past 3 years, JAAA returned 6.71%/yr vs 6.74%/yr for CLOA. At a 0.29 correlation, their price movements are largely independent. Both charge a 0.20% expense ratio.

Performance

JAAA vs. CLOA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson AAA CLO ETF (JAAA) and BlackRock AAA CLO ETF (CLOA). 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 lower than CLOA's 2.06% return.

JAAA

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

CLOA

• 1D: 0.02%
• 1M: 0.44%
• YTD: 2.06%
• 6M: 2.51%
• 1Y: 5.28%
• 3Y*: 6.74%
• 5Y*: —
• 10Y*: —

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

JAAA vs. CLOA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
JAAA Janus Henderson AAA CLO ETF	1.87%	5.16%	7.43%	8.24%
CLOA BlackRock AAA CLO ETF	2.06%	5.44%	7.25%	8.38%

Correlation

The correlation between JAAA and CLOA is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (All Time) Calculated using the full available price history since Jan 13, 2023	0.29

Return for Risk

JAAA vs. CLOA — 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

CLOA

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

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. CLOA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson AAA CLO ETF (JAAA) and BlackRock AAA CLO ETF (CLOA). 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	CLOA	Difference
Sharpe ratio: Return per unit of total volatility	5.98	7.45	-1.47
Sortino ratio: Return per unit of downside risk	10.04	13.98	-3.93
Omega ratio: Gain probability vs. loss probability	2.69	3.34	-0.66
Calmar ratio: Return relative to maximum drawdown	13.07	30.02	-16.94
Martin ratio: Return relative to average drawdown	70.18	150.47	-80.29
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. CLOA - Sharpe Ratio Comparison

The current JAAA Sharpe Ratio is 5.98, which is comparable to the CLOA Sharpe Ratio of 7.45. The chart below compares the historical Sharpe Ratios of JAAA and CLOA, 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	CLOA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.98	7.45	-1.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.87	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.77	5.22	-2.44

Drawdowns

JAAA vs. CLOA - Drawdown Comparison

The maximum JAAA drawdown since its inception was -2.64%, which is greater than CLOA's maximum drawdown of -1.34%. Use the drawdown chart below to compare losses from any high point for JAAA and CLOA.

Drawdown Indicators

	JAAA	CLOA	Difference
Max Drawdown Largest peak-to-trough decline	-2.64%	-1.34%	-1.30%
Max Drawdown (1Y) Largest decline over 1 year	-0.39%	-0.18%	-0.21%
Max Drawdown (3Y) Largest decline over 3 years	-1.46%	-1.13%	-0.33%
Max Drawdown (5Y) Largest decline over 5 years	-2.64%	—	—
Current Drawdown Current decline from peak	-0.02%	0.00%	-0.02%
Average Drawdown Average peak-to-trough decline	-0.25%	-0.05%	-0.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.07%	0.04%	+0.03%

Volatility

JAAA vs. CLOA - Volatility Comparison

The current volatility for Janus Henderson AAA CLO ETF (JAAA) is 0.13%, while BlackRock AAA CLO ETF (CLOA) has a volatility of 0.15%. This indicates that JAAA experiences smaller price fluctuations and is considered to be less risky than CLOA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JAAA	CLOA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.13%	0.15%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	0.64%	0.48%	+0.16%
Volatility (1Y) Calculated over the trailing 1-year period	0.85%	0.71%	+0.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.68%	1.32%	+0.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.64%	1.32%	+0.32%

JAAA vs. CLOA - Expense Ratio Comparison

Both JAAA and CLOA have an expense ratio of 0.20%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

JAAA vs. CLOA - Dividend Comparison

JAAA's dividend yield for the trailing twelve months is around 5.00%, which matches CLOA's 4.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
CLOA BlackRock AAA CLO ETF	4.96%	5.35%	6.01%	5.88%	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

Can I hold both JAAA and CLOA in my portfolio?

JAAA and CLOA have a correlation of 0.34, 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 CLOA?

CLOA has higher volatility (0.15%) compared to JAAA (0.13%). In terms of maximum drawdown, JAAA dropped -2.64% vs CLOA's -1.34%.

Which ETF is better, JAAA or CLOA?

On 3-year performance, CLOA leads with 6.74% vs 6.71% for JAAA. Both ETFs have the same 0.20% expense ratio. 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 CLOA?

Over the 3-year period, CLOA has performed better with a 6.74% return vs 6.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JAAA or CLOA?

JAAA and CLOA have the same expense ratio: 0.20% per year.

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

JAAA has the higher dividend yield at 5.00%, compared with 4.96% for CLOA.

What is the main difference between JAAA and CLOA?

They also come from different issuers: Janus Henderson and BlackRock.

Which has better risk-adjusted returns?

CLOA currently has the higher Sharpe Ratio (7.45 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.