JAAA vs. OUSM

Last updated Jun 9, 2026

JAAA (Janus Henderson AAA CLO ETF) and OUSM (OShares U.S. Small-Cap Quality Dividend ETF) are both exchange-traded funds - JAAA is a CLO fund actively managed by Janus Henderson, while OUSM is a Small Cap Blend Equities fund tracking the O'Shares US Small-Cap Quality Dividend Index. JAAA is actively managed, while OUSM is passively managed. Over the past 5 years, JAAA returned 4.80%/yr vs 7.32%/yr for OUSM. At a 0.12 correlation, their price movements are largely independent. JAAA charges 0.20%/yr vs 0.48%/yr for OUSM.

Performance

JAAA vs. OUSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson AAA CLO ETF (JAAA) and OShares U.S. Small-Cap Quality Dividend ETF (OUSM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JAAA achieves a 1.95% return, which is significantly lower than OUSM's 6.25% return.

JAAA

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

OUSM

• 1D: -0.44%
• 1M: -1.28%
• YTD: 6.25%
• 6M: 7.17%
• 1Y: 10.16%
• 3Y*: 11.01%
• 5Y*: 7.32%
• 10Y*: —

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

JAAA vs. OUSM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
JAAA Janus Henderson AAA CLO ETF	1.95%	5.16%	7.43%	8.59%	0.49%	1.39%	0.79%
OUSM OShares U.S. Small-Cap Quality Dividend ETF	6.25%	2.17%	13.45%	18.82%	-7.89%	21.45%	13.74%

Correlation

The correlation between JAAA and OUSM is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (5Y) Calculated over the trailing 5-year period	0.13
Correlation (All Time) Calculated using the full available price history since Oct 20, 2020	0.12

Return for Risk

JAAA vs. OUSM — 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

OUSM

OUSM Risk / Return Rank: 25
OUSM Sharpe Ratio Rank: 24
OUSM Sortino Ratio Rank: 25
OUSM Omega Ratio Rank: 23
OUSM Calmar Ratio Rank: 25
OUSM Martin Ratio Rank: 26

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. OUSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson AAA CLO ETF (JAAA) and OShares U.S. Small-Cap Quality Dividend ETF (OUSM). 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	OUSM	Difference
Sharpe ratio: Return per unit of total volatility	6.15	0.78	+5.37
Sortino ratio: Return per unit of downside risk	10.31	1.26	+9.05
Omega ratio: Gain probability vs. loss probability	2.77	1.14	+1.63
Calmar ratio: Return relative to maximum drawdown	13.24	1.11	+12.13
Martin ratio: Return relative to average drawdown	71.21	3.23	+67.98
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. OUSM - Sharpe Ratio Comparison

The current JAAA Sharpe Ratio is 6.15, which is higher than the OUSM Sharpe Ratio of 0.78. The chart below compares the historical Sharpe Ratios of JAAA and OUSM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	JAAA	OUSM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	6.15	0.78	+5.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.88	0.45	+2.43
Sharpe Ratio (All Time) Calculated using the full available price history	2.78	0.47	+2.31

Drawdowns

JAAA vs. OUSM - Drawdown Comparison

The maximum JAAA drawdown since its inception was -2.64%, smaller than the maximum OUSM drawdown of -39.84%. Use the drawdown chart below to compare losses from any high point for JAAA and OUSM.

Drawdown Indicators

	JAAA	OUSM	Difference
Max Drawdown Largest peak-to-trough decline	-2.64%	-39.84%	+37.20%
Max Drawdown (1Y) Largest decline over 1 year	-0.39%	-9.21%	+8.82%
Max Drawdown (3Y) Largest decline over 3 years	-1.46%	-19.44%	+17.98%
Max Drawdown (5Y) Largest decline over 5 years	-2.64%	-19.44%	+16.80%
Current Drawdown Current decline from peak	0.00%	-2.17%	+2.17%
Average Drawdown Average peak-to-trough decline	-0.25%	-5.21%	+4.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.07%	3.15%	-3.08%

Volatility

JAAA vs. OUSM - Volatility Comparison

The current volatility for Janus Henderson AAA CLO ETF (JAAA) is 0.13%, while OShares U.S. Small-Cap Quality Dividend ETF (OUSM) has a volatility of 3.47%. This indicates that JAAA experiences smaller price fluctuations and is considered to be less risky than OUSM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JAAA	OUSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.13%	3.47%	-3.34%
Volatility (6M) Calculated over the trailing 6-month period	0.64%	9.23%	-8.59%
Volatility (1Y) Calculated over the trailing 1-year period	0.84%	13.12%	-12.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.68%	16.30%	-14.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.64%	18.93%	-17.29%

JAAA vs. OUSM - Expense Ratio Comparison

JAAA has a 0.20% expense ratio, which is lower than OUSM's 0.48% expense ratio.

Dividends

JAAA vs. OUSM - Dividend Comparison

JAAA's dividend yield for the trailing twelve months is around 4.99%, more than OUSM's 2.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
OUSM OShares U.S. Small-Cap Quality Dividend ETF	2.08%	2.09%	1.62%	1.64%	1.98%	1.55%	2.02%	1.99%	2.63%	2.17%

Frequently Asked Questions

Can I hold both JAAA and OUSM in my portfolio?

JAAA and OUSM have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JAAA or OUSM?

OUSM has higher volatility (3.47%) compared to JAAA (0.13%). In terms of maximum drawdown, JAAA dropped -2.64% vs OUSM's -39.84%.

Which ETF is better, JAAA or OUSM?

On 5-year performance, OUSM leads with 7.32% vs 4.80% for JAAA. On fees, JAAA is cheaper at 0.20% per year. On volatility, JAAA has been the lower-risk option at 0.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JAAA or OUSM?

Over the 5-year period, OUSM has performed better with a 7.32% return vs 4.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JAAA or OUSM?

JAAA is cheaper with a 0.20% expense ratio, compared with 0.48% for OUSM.

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

JAAA has the higher dividend yield at 4.99%, compared with 2.08% for OUSM.

What is the main difference between JAAA and OUSM?

JAAA is categorized as CLO, while OUSM is Small Cap Blend Equities. They also come from different issuers: Janus Henderson and O'Shares Investments. Their fees differ too: 0.20% for JAAA and 0.48% for OUSM.

Which has better risk-adjusted returns?

JAAA currently has the higher Sharpe Ratio (6.15 vs 0.78), 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.