PortfoliosLab logoPortfoliosLab logo

Documentation

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

JAAA vs. JSML

Last updated Apr 11, 2026

JAAA (Janus Henderson AAA CLO ETF) and JSML (Janus Henderson Small Cap Growth Alpha ETF) are both exchange-traded funds — JAAA is a CLO fund actively managed by Janus Henderson, while JSML is a Small Cap Growth Equities fund tracking the Janus Small Cap Growth Alpha Index. JAAA is actively managed, while JSML is passively managed. Over the past 5 years, JAAA returned 4.65%/yr vs 2.62%/yr for JSML. At 0.11, their price movements are largely independent. JAAA charges 0.21%/yr vs 0.30%/yr for JSML.

Performance

JAAA vs. JSML - Performance Comparison

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

Loading graphics...

Returns By Period

In the year-to-date period, JAAA achieves a 0.99% return, which is significantly lower than JSML's 2.48% return.

JAAA

1D
0.00%
1M
0.52%
YTD
0.99%
6M
2.38%
1Y
6.76%
3Y*
6.75%
5Y*
4.65%
10Y*
—

JSML

1D
0.15%
1M
4.56%
YTD
2.48%
6M
5.11%
1Y
34.36%
3Y*
16.04%
5Y*
2.62%
10Y*
11.87%
*Multi-year figures are annualized to reflect compound growth (CAGR)

JAAA vs. JSML - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
JAAA
Janus Henderson AAA CLO ETF		0.99%5.16%7.43%8.59%0.49%1.39%0.79%
JSML
Janus Henderson Small Cap Growth Alpha ETF		2.48%13.41%12.45%30.09%-29.40%3.08%24.98%

Correlation

The correlation between JAAA and JSML is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.22

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

0.15

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

0.11

Correlation (All Time)
Calculated using the full available price history since Oct 20, 2020

0.11

The correlation between JAAA and JSML shifts across timeframes, from 0.11 (all time) to 0.22 (1 year), reflecting how their relationship changes across market environments.

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

Janus Henderson Small Cap Growth Alpha ETF

Often compared with JAAA:
JAAA vs. PAAAJAAA vs. JBBBJAAA vs. AAAJAAA vs. CLOZJAAA vs. BINCJAAA vs. ICLOJAAA vs. BOXX
Often compared with JSML:
JSML vs. OMFSJSML vs. PSCTJSML vs. FRTYJSML vs. TMFXJSML vs. IJRJSML vs. IWMJSML vs. OBMCX

Return for Risk

JAAA vs. JSML — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
JAAA
JAAA Risk / Return Rank: 9696
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: 8787
Calmar Ratio Rank
JAAA Martin Ratio Rank: 9898
Martin Ratio Rank
JSML
JSML Risk / Return Rank: 3636
Overall Rank
JSML Sharpe Ratio Rank: 3434
Sharpe Ratio Rank
JSML Sortino Ratio Rank: 3333
Sortino Ratio Rank
JSML Omega Ratio Rank: 3131
Omega Ratio Rank
JSML Calmar Ratio Rank: 4040
Calmar Ratio Rank
JSML Martin Ratio Rank: 4141
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. JSML - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson AAA CLO ETF (JAAA) and Janus Henderson Small Cap Growth Alpha ETF (JSML). 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.

JAAAJSMLDifference

Sharpe ratio

Return per unit of total volatility

6.26

1.62

+4.64

Sortino ratio

Return per unit of downside risk

12.86

2.27

+10.59

Omega ratio

Gain probability vs. loss probability

3.09

1.28

+1.81

Calmar ratio

Return relative to maximum drawdown

5.74

2.72

+3.01

Martin ratio

Return relative to average drawdown

49.50

9.71

+39.79

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. JSML - Sharpe Ratio Comparison

The current JAAA Sharpe Ratio is 6.26, which is higher than the JSML Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of JAAA and JSML, 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 graphics...

Sharpe Ratios by Period

JAAAJSMLDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

6.26

1.62

+4.64

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

2.76

0.11

+2.65

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.49

—

Sharpe Ratio (All Time)

Calculated using the full available price history

2.72

0.50

+2.21

Drawdowns

JAAA vs. JSML - Drawdown Comparison

The maximum JAAA drawdown since its inception was -2.64%, smaller than the maximum JSML drawdown of -39.65%. Use the drawdown chart below to compare losses from any high point for JAAA and JSML.

Loading graphics...

Drawdown Indicators

JAAAJSMLDifference

Max Drawdown

Largest peak-to-trough decline

-2.64%

-39.65%

+37.01%

Max Drawdown (1Y)

Largest decline over 1 year

-0.39%

-14.84%

+14.45%

Max Drawdown (5Y)

Largest decline over 5 years

-2.64%

-37.91%

+35.27%

Max Drawdown (10Y)

Largest decline over 10 years

—

-39.65%

—

Current Drawdown

Current decline from peak

0.00%

-4.49%

+4.49%

Average Drawdown

Average peak-to-trough decline

-0.26%

-11.01%

+10.75%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.12%

4.16%

-4.04%

Volatility

JAAA vs. JSML - Volatility Comparison

The current volatility for Janus Henderson AAA CLO ETF (JAAA) is 0.36%, while Janus Henderson Small Cap Growth Alpha ETF (JSML) has a volatility of 8.94%. This indicates that JAAA experiences smaller price fluctuations and is considered to be less risky than JSML based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading graphics...

Volatility by Period

JAAAJSMLDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.36%

8.94%

-8.58%

Volatility (6M)

Calculated over the trailing 6-month period

0.68%

16.76%

-16.08%

Volatility (1Y)

Calculated over the trailing 1-year period

1.52%

21.75%

-20.23%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

1.69%

24.22%

-22.53%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

1.66%

24.18%

-22.52%

JAAA vs. JSML - Expense Ratio Comparison

JAAA has a 0.21% expense ratio, which is lower than JSML's 0.30% expense ratio.

Dividends

JAAA vs. JSML - Dividend Comparison

JAAA's dividend yield for the trailing twelve months is around 5.13%, more than JSML's 0.61% yield.

TTM2025202420232022202120202019201820172016
JAAA
Janus Henderson AAA CLO ETF		5.13%5.30%6.35%6.11%2.74%1.21%0.26%0.00%0.00%0.00%0.00%
JSML
Janus Henderson Small Cap Growth Alpha ETF		0.61%0.94%1.19%0.49%0.67%0.46%0.30%0.27%0.76%0.42%0.52%