JAAA vs. HYGI

Last updated Jun 9, 2026

JAAA (Janus Henderson AAA CLO ETF) and HYGI (iShares Inflation Hedged High Yield Bond ETF) are both exchange-traded funds - JAAA is a CLO fund actively managed by Janus Henderson, while HYGI is a Inflation-Protected Bonds fund tracking the BlackRock Inflation Hedged High Yield Bond Index - Benchmark TR Gross. JAAA is actively managed, while HYGI is passively managed. At a 0.11 correlation, their price movements are largely independent. JAAA charges 0.20%/yr vs 0.52%/yr for HYGI.

Performance

JAAA vs. HYGI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson AAA CLO ETF (JAAA) and iShares Inflation Hedged High Yield Bond ETF (HYGI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

JAAA

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

HYGI

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

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

JAAA vs. HYGI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
JAAA Janus Henderson AAA CLO ETF	1.95%	5.16%	7.43%	8.59%	2.69%
HYGI iShares Inflation Hedged High Yield Bond ETF	0.00%	6.20%	9.16%	11.71%	0.65%

Correlation

The correlation between JAAA and HYGI 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	0.11
Correlation (All Time) Calculated using the full available price history since Jun 24, 2022	0.11

Return for Risk

JAAA vs. HYGI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

JAAA

JAAA Risk / Return Rank: 99
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

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. HYGI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson AAA CLO ETF (JAAA) and iShares Inflation Hedged High Yield Bond ETF (HYGI). 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	HYGI	Difference
Sharpe ratio: Return per unit of total volatility	6.15	—	—
Sortino ratio: Return per unit of downside risk	10.31	—	—
Omega ratio: Gain probability vs. loss probability	2.77	—	—
Calmar ratio: Return relative to maximum drawdown	13.24	—	—
Martin ratio: Return relative to average drawdown	71.21	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	JAAA	HYGI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	6.15	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.88	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.78	—	—

Drawdowns

Drawdown Indicators

	JAAA	HYGI	Difference
Max Drawdown Largest peak-to-trough decline	-2.64%	—	—
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	0.00%	—	—
Average Drawdown Average peak-to-trough decline	-0.25%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	0.07%	—	—

Volatility

Volatility by Period

	JAAA	HYGI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.13%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.64%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	0.84%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.68%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.64%	—	—

JAAA vs. HYGI - Expense Ratio Comparison

JAAA has a 0.20% expense ratio, which is lower than HYGI's 0.52% expense ratio.

Dividends

JAAA vs. HYGI - Dividend Comparison

JAAA's dividend yield for the trailing twelve months is around 4.99%, while HYGI has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020
HYGI iShares Inflation Hedged High Yield Bond ETF	0.97%	3.41%	6.08%	6.22%	3.19%	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 HYGI in my portfolio?

JAAA and HYGI 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.

Which ETF is better, JAAA or HYGI?

On fees, JAAA is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, JAAA or HYGI?

JAAA is cheaper with a 0.20% expense ratio, compared with 0.52% for HYGI.

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

JAAA has the higher dividend yield at 4.99%, compared with 0.97% for HYGI.

What is the main difference between JAAA and HYGI?

JAAA is categorized as CLO, while HYGI is Inflation-Protected Bonds. They also come from different issuers: Janus Henderson and iShares. Their fees differ too: 0.20% for JAAA and 0.52% for HYGI.