JAAA vs. FAAA

Last updated Jun 25, 2026

JAAA (Janus Henderson AAA CLO ETF) and FAAA (Fidelity AAA CLO ETF) are both CLO funds. Both are actively managed. At a 0.06 correlation, their price movements are largely independent. Both charge a 0.20% expense ratio.

Performance

JAAA vs. FAAA - Performance Comparison

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

Returns By Period

JAAA

• 1D: 0.00%
• 1M: 0.29%
• YTD: 2.07%
• 6M: 2.25%
• 1Y: 4.99%
• 3Y*: 6.58%
• 5Y*: 4.80%
• 10Y*: —

FAAA

• 1D: 0.05%
• 1M: 0.42%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JAAA vs. FAAA - Yearly Performance Comparison

	2026 (YTD)
JAAA Janus Henderson AAA CLO ETF	1.48%
FAAA Fidelity AAA CLO ETF	1.80%

Correlation

The correlation between JAAA and FAAA 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 (All Time) Calculated using the full available price history since Feb 12, 2026	0.06

Return for Risk

JAAA vs. FAAA — 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: 99
JAAA Sortino Ratio Rank: 99
JAAA Omega Ratio Rank: 99
JAAA Calmar Ratio Rank: 98
JAAA Martin Ratio Rank: 98

FAAA

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

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. FAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson AAA CLO ETF (JAAA) and Fidelity AAA CLO ETF (FAAA). 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.

	JAAA	FAAA	Difference
Sharpe ratio: Return per unit of total volatility	6.11	—	—
Sortino ratio: Return per unit of downside risk	10.12	—	—
Omega ratio: Gain probability vs. loss probability	2.76	—	—
Calmar ratio: Return relative to maximum drawdown	12.91	—	—
Martin ratio: Return relative to average drawdown	69.99	—	—

Drawdowns

JAAA vs. FAAA - Drawdown Comparison

The maximum JAAA drawdown since its inception was -2.64%, which is greater than FAAA's maximum drawdown of -0.55%. Use the drawdown chart below to compare losses from any high point for JAAA and FAAA.

Drawdown Indicators

	JAAA	FAAA	Difference
Max Drawdown Largest peak-to-trough decline	-2.64%	-0.55%	-2.09%
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	-0.02%	0.00%	-0.02%
Average Drawdown Average peak-to-trough decline	-0.25%	-0.06%	-0.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.07%	—	—

Volatility

Volatility by Period

	JAAA	FAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.11%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.63%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	0.82%	0.88%	-0.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.67%	0.88%	+0.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.63%	0.88%	+0.75%

JAAA vs. FAAA - Expense Ratio Comparison

Both JAAA and FAAA 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. FAAA - Dividend Comparison

JAAA's dividend yield for the trailing twelve months is around 4.99%, more than FAAA's 1.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
FAAA Fidelity AAA CLO ETF	1.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
JAAA Janus Henderson AAA CLO ETF	4.99%	5.30%	6.35%	6.11%	2.74%	1.21%	0.26%

Frequently Asked Questions

Can I hold both JAAA and FAAA in my portfolio?

JAAA and FAAA 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 ETF is better, JAAA or FAAA?

Both ETFs have the same 0.20% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, JAAA or FAAA?

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

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

JAAA has the higher dividend yield at 4.99%, compared with 1.31% for FAAA.

What is the main difference between JAAA and FAAA?

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