JAAA vs. IBIT
JAAA (Janus Henderson AAA CLO ETF) and IBIT (iShares Bitcoin Trust ETF) are both exchange-traded funds - JAAA is a CLO fund actively managed by Janus Henderson, while IBIT is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant. JAAA is actively managed, while IBIT is passively managed. Over the past year, JAAA returned 5.01% vs -39.67% for IBIT. At a 0.11 correlation, their price movements are largely independent. JAAA charges 0.20%/yr vs 0.25%/yr for IBIT.
Performance
JAAA vs. IBIT - Performance Comparison
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Returns By Period
In the year-to-date period, JAAA achieves a 1.99% return, which is significantly higher than IBIT's -27.41% return.
JAAA
- 1D
- 0.02%
- 1M
- 0.31%
- YTD
- 1.99%
- 6M
- 2.49%
- 1Y
- 5.01%
- 3Y*
- 6.67%
- 5Y*
- 4.76%
- 10Y*
- —
IBIT
- 1D
- -0.03%
- 1M
- -21.94%
- YTD
- -27.41%
- 6M
- -29.61%
- 1Y
- -39.67%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
JAAA vs. IBIT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
JAAA Janus Henderson AAA CLO ETF | 1.99% | 5.16% | 7.19% |
IBIT iShares Bitcoin Trust ETF | -27.41% | -6.41% | 89.87% |
Correlation
The correlation between JAAA and IBIT is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024 | 0.11 |
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Return for Risk
JAAA vs. IBIT — Risk / Return Rank
JAAA
IBIT
JAAA vs. IBIT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Janus Henderson AAA CLO ETF (JAAA) and iShares Bitcoin Trust ETF (IBIT). 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 | IBIT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +6.95 | ||
| Sortino ratioReturn per unit of downside risk | +11.36 | ||
| Omega ratioGain probability vs. loss probability | 2.72 | 0.85 | +1.87 |
| Calmar ratioReturn relative to maximum drawdown | 12.91 | -0.78 | +13.70 |
| Martin ratioReturn relative to average drawdown | 69.57 | -1.37 | +70.95 |
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Drawdowns
JAAA vs. IBIT - Drawdown Comparison
The maximum JAAA drawdown since its inception was -2.64%, smaller than the maximum IBIT drawdown of -52.11%. Use the drawdown chart below to compare losses from any high point for JAAA and IBIT.
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Drawdown Indicators
| JAAA | IBIT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.64% | -52.11% | +49.47% |
Max Drawdown (1Y)Largest decline over 1 year | -0.39% | -52.11% | +51.72% |
Max Drawdown (3Y)Largest decline over 3 years | -1.46% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -2.64% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -49.45% | +49.45% |
Average DrawdownAverage peak-to-trough decline | -0.25% | -16.53% | +16.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.07% | 29.64% | -29.57% |
Volatility
JAAA vs. IBIT - Volatility Comparison
The current volatility for Janus Henderson AAA CLO ETF (JAAA) is 0.12%, while iShares Bitcoin Trust ETF (IBIT) has a volatility of 12.07%. This indicates that JAAA experiences smaller price fluctuations and is considered to be less risky than IBIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JAAA | IBIT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.12% | 12.07% | -11.95% |
Volatility (6M)Calculated over the trailing 6-month period | 0.63% | 34.45% | -33.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.83% | 44.10% | -43.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.67% | 50.26% | -48.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.64% | 50.26% | -48.62% |
JAAA vs. IBIT - Expense Ratio Comparison
JAAA has a 0.20% expense ratio, which is lower than IBIT's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
JAAA vs. IBIT - Dividend Comparison
JAAA's dividend yield for the trailing twelve months is around 4.99%, while IBIT has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
IBIT iShares Bitcoin Trust ETF | 0.00% | 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
JAAA and IBIT have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IBIT has higher volatility (12.07%) compared to JAAA (0.12%). In terms of maximum drawdown, JAAA dropped -2.64% vs IBIT's -52.11%.
On 1-year performance, JAAA leads with 5.01% vs -39.67% for IBIT. On fees, JAAA is cheaper at 0.20% per year. On volatility, JAAA has been the lower-risk option at 0.12%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, JAAA has performed better with a 5.01% return vs -39.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JAAA is cheaper with a 0.20% expense ratio, compared with 0.25% for IBIT.
JAAA has the higher dividend yield at 4.99%, compared with 0.00% for IBIT.
JAAA is categorized as CLO, while IBIT is Cryptocurrency. They also come from different issuers: Janus Henderson and iShares. Their fees differ too: 0.20% for JAAA and 0.25% for IBIT.
JAAA currently has the higher Sharpe Ratio (6.03 vs -0.92), 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.
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