JAAA vs. CLOX

Last updated Jun 4, 2026

JAAA (Janus Henderson AAA CLO ETF) and CLOX (Panagram AAA CLO ETF) are both CLO funds. Both are actively managed. Over the past year, JAAA returned 5.06% vs 4.96% for CLOX. At a 0.12 correlation, their price movements are largely independent. Both charge a 0.20% expense ratio.

Performance

JAAA vs. CLOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson AAA CLO ETF (JAAA) and Panagram AAA CLO ETF (CLOX). 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 CLOX's 1.97% return.

JAAA

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

CLOX

• 1D: -0.02%
• 1M: 0.47%
• YTD: 1.97%
• 6M: 2.36%
• 1Y: 4.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JAAA vs. CLOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
JAAA Janus Henderson AAA CLO ETF	1.87%	5.16%	7.43%	4.15%
CLOX Panagram AAA CLO ETF	1.97%	5.52%	7.16%	3.93%

Correlation

The correlation between JAAA and CLOX 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 Jul 20, 2023	0.12

Return for Risk

JAAA vs. CLOX — 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

CLOX

CLOX Risk / Return Rank: 96
CLOX Sharpe Ratio Rank: 95
CLOX Sortino Ratio Rank: 97
CLOX Omega Ratio Rank: 97
CLOX Calmar Ratio Rank: 94
CLOX Martin Ratio Rank: 96

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. CLOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson AAA CLO ETF (JAAA) and Panagram AAA CLO ETF (CLOX). 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	CLOX	Difference
Sharpe ratio: Return per unit of total volatility	5.98	3.81	+2.18
Sortino ratio: Return per unit of downside risk	10.04	6.32	+3.72
Omega ratio: Gain probability vs. loss probability	2.69	1.90	+0.78
Calmar ratio: Return relative to maximum drawdown	13.07	7.56	+5.52
Martin ratio: Return relative to average drawdown	70.18	38.45	+31.73
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. CLOX - Sharpe Ratio Comparison

The current JAAA Sharpe Ratio is 5.98, which is higher than the CLOX Sharpe Ratio of 3.81. The chart below compares the historical Sharpe Ratios of JAAA and CLOX, 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	CLOX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.98	3.81	+2.18
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	1.96	+0.81

Drawdowns

JAAA vs. CLOX - Drawdown Comparison

The maximum JAAA drawdown since its inception was -2.64%, smaller than the maximum CLOX drawdown of -4.13%. Use the drawdown chart below to compare losses from any high point for JAAA and CLOX.

Drawdown Indicators

	JAAA	CLOX	Difference
Max Drawdown Largest peak-to-trough decline	-2.64%	-4.13%	+1.49%
Max Drawdown (1Y) Largest decline over 1 year	-0.39%	-0.66%	+0.27%
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	-0.02%	-0.02%	0.00%
Average Drawdown Average peak-to-trough decline	-0.25%	-0.08%	-0.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.07%	0.13%	-0.06%

Volatility

JAAA vs. CLOX - Volatility Comparison

The current volatility for Janus Henderson AAA CLO ETF (JAAA) is 0.13%, while Panagram AAA CLO ETF (CLOX) has a volatility of 0.35%. This indicates that JAAA experiences smaller price fluctuations and is considered to be less risky than CLOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JAAA	CLOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.13%	0.35%	-0.22%
Volatility (6M) Calculated over the trailing 6-month period	0.64%	0.90%	-0.26%
Volatility (1Y) Calculated over the trailing 1-year period	0.85%	1.31%	-0.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.68%	3.33%	-1.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.64%	3.33%	-1.69%

JAAA vs. CLOX - Expense Ratio Comparison

Both JAAA and CLOX 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. CLOX - Dividend Comparison

JAAA's dividend yield for the trailing twelve months is around 5.00%, which matches CLOX's 4.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
CLOX Panagram AAA CLO ETF	4.98%	5.18%	6.25%	2.90%	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 CLOX in my portfolio?

JAAA and CLOX 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.

Which is riskier, JAAA or CLOX?

CLOX has higher volatility (0.35%) compared to JAAA (0.13%). In terms of maximum drawdown, JAAA dropped -2.64% vs CLOX's -4.13%.

Which ETF is better, JAAA or CLOX?

On 1-year performance, JAAA leads with 5.06% vs 4.96% for CLOX. Both ETFs have the same 0.20% expense ratio. 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.

Which ETF has performed better, JAAA or CLOX?

Over the 1-year period, JAAA has performed better with a 5.06% return vs 4.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JAAA or CLOX?

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

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

JAAA has the higher dividend yield at 5.00%, compared with 4.98% for CLOX.

What is the main difference between JAAA and CLOX?

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

Which has better risk-adjusted returns?

JAAA currently has the higher Sharpe Ratio (5.98 vs 3.81), 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.