PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
JAAA vs. FISMX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

JAAA vs. FISMX

Last updated Jun 13, 2026

JAAA (Janus Henderson AAA CLO ETF) and FISMX (Fidelity International Small Cap Fund) are both funds - JAAA is a CLO fund actively managed by Janus Henderson, while FISMX is a Foreign Small & Mid Cap Equities fund managed by Fidelity. Over the past 5 years, JAAA returned 4.76%/yr vs 5.98%/yr for FISMX. At a 0.11 correlation, their price movements are largely independent. JAAA charges 0.20%/yr vs 1.01%/yr for FISMX.

Performance

JAAA vs. FISMX - Performance Comparison

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

Loading charts...

Returns By Period

In the year-to-date period, JAAA achieves a 1.99% return, which is significantly lower than FISMX's 8.75% return.

JAAA

1D
0.02%
1M
0.33%
YTD
1.99%
6M
2.49%
1Y
4.99%
3Y*
6.67%
5Y*
4.76%
10Y*
—

FISMX

1D
2.56%
1M
-1.31%
YTD
8.75%
6M
10.42%
1Y
15.32%
3Y*
13.58%
5Y*
5.98%
10Y*
9.03%
*Multi-year figures are annualized to reflect compound growth (CAGR)

JAAA vs. FISMX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
JAAA
Janus Henderson AAA CLO ETF		1.99%5.16%7.43%8.59%0.49%1.39%0.76%
FISMX
Fidelity International Small Cap Fund		8.75%24.73%0.05%19.62%-16.66%13.44%17.59%

Correlation

The correlation between JAAA and FISMX is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.17

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

0.10

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

0.11

Correlation (All Time)
Calculated using the full available price history since Oct 19, 2020

0.11

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

Fidelity International Small Cap Fund

Often compared with JAAA:
JAAA vs. PAAAJAAA vs. JBBBJAAA vs. AAAJAAA vs. CLOZJAAA vs. BINCJAAA vs. BOXXJAAA vs. SGOV
Often compared with FISMX:
FISMX vs. FSPSXFISMX vs. FISVXFISMX vs. FSSNXFISMX vs. VSSFISMX vs. FOSFXFISMX vs. FDLSXFISMX vs. FJACX

Return for Risk

JAAA vs. FISMX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
JAAA
JAAA Risk / Return Rank: 9898
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
FISMX
FISMX Risk / Return Rank: 2929
Overall Rank
FISMX Sharpe Ratio Rank: 3030
Sharpe Ratio Rank
FISMX Sortino Ratio Rank: 3030
Sortino Ratio Rank
FISMX Omega Ratio Rank: 3232
Omega Ratio Rank
FISMX Calmar Ratio Rank: 2525
Calmar Ratio Rank
FISMX Martin Ratio Rank: 2727
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. FISMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson AAA CLO ETF (JAAA) and Fidelity International Small Cap Fund (FISMX). 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.

JAAAFISMXDifference
Sharpe ratioReturn per unit of total volatility
6.03
1.24

+4.79

Sortino ratioReturn per unit of downside risk
10.06
1.82

+8.24

Omega ratioGain probability vs. loss probability

2.72

1.23

+1.49

Calmar ratioReturn relative to maximum drawdown

12.91

1.48

+11.44

Martin ratioReturn relative to average drawdown

69.57

5.19

+64.38

JAAA vs. FISMX - Sharpe Ratio Comparison

The current JAAA Sharpe Ratio is 6.03, which is higher than the FISMX Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of JAAA and FISMX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Drawdowns

JAAA vs. FISMX - Drawdown Comparison

The maximum JAAA drawdown since its inception was -2.64%, smaller than the maximum FISMX drawdown of -60.94%. Use the drawdown chart below to compare losses from any high point for JAAA and FISMX.

Loading charts...

Drawdown Indicators

JAAAFISMXDifference

Max Drawdown

Largest peak-to-trough decline

-2.64%

-60.94%

+58.30%

Max Drawdown (1Y)

Largest decline over 1 year

-0.39%

-10.71%

+10.32%

Max Drawdown (3Y)

Largest decline over 3 years

-1.46%

-12.70%

+11.24%

Max Drawdown (5Y)

Largest decline over 5 years

-2.64%

-31.07%

+28.43%

Max Drawdown (10Y)

Largest decline over 10 years

—

-38.80%

—

Current Drawdown

Current decline from peak

0.00%

-2.37%

+2.37%

Average Drawdown

Average peak-to-trough decline

-0.25%

-10.63%

+10.38%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.07%

3.04%

-2.97%

Volatility

JAAA vs. FISMX - Volatility Comparison

The current volatility for Janus Henderson AAA CLO ETF (JAAA) is 0.12%, while Fidelity International Small Cap Fund (FISMX) has a volatility of 4.94%. This indicates that JAAA experiences smaller price fluctuations and is considered to be less risky than FISMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

JAAAFISMXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.12%

4.94%

-4.82%

Volatility (6M)

Calculated over the trailing 6-month period

0.63%

10.81%

-10.18%

Volatility (1Y)

Calculated over the trailing 1-year period

0.83%

12.78%

-11.95%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

1.67%

13.67%

-12.00%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

1.64%

14.08%

-12.44%

JAAA vs. FISMX - Expense Ratio Comparison

JAAA has a 0.20% expense ratio, which is lower than FISMX's 1.01% expense ratio.

Dividends

JAAA vs. FISMX - Dividend Comparison

JAAA's dividend yield for the trailing twelve months is around 4.99%, more than FISMX's 3.29% yield.

PositionTTM20252024202320222021202020192018201720162015
FISMX
Fidelity International Small Cap Fund		3.29%3.58%2.64%1.87%0.70%7.28%0.83%2.32%6.14%2.46%2.70%2.80%
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 FISMX have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FISMX has higher volatility (4.94%) compared to JAAA (0.12%). In terms of maximum drawdown, JAAA dropped -2.64% vs FISMX's -60.94%.

JAAA currently has the higher Sharpe Ratio (6.03 vs 1.24), 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

Find the right allocation for JAAA and FISMX

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer