JAAA vs. TBUX

Last updated Jun 14, 2026

JAAA (Janus Henderson AAA CLO ETF) and TBUX (T. Rowe Price Ultra Short-Term Bond ETF) are both exchange-traded funds - JAAA is a CLO fund actively managed by Janus Henderson, while TBUX is a Ultrashort Bond fund actively managed by T. Rowe Price. Both are actively managed. Over the past 3 years, JAAA returned 6.67%/yr vs 5.89%/yr for TBUX. At a 0.07 correlation, their price movements are largely independent. JAAA charges 0.20%/yr vs 0.17%/yr for TBUX.

Performance

JAAA vs. TBUX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson AAA CLO ETF (JAAA) and T. Rowe Price Ultra Short-Term Bond ETF (TBUX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JAAA achieves a 1.99% return, which is significantly higher than TBUX's 1.83% return.

JAAA

• 1D: 0.02%
• 1M: 0.31%
• YTD: 1.99%
• 6M: 2.49%
• 1Y: 5.01%
• 3Y*: 6.67%
• 5Y*: 4.76%
• 10Y*: —

TBUX

• 1D: 0.00%
• 1M: 0.41%
• YTD: 1.83%
• 6M: 2.14%
• 1Y: 4.79%
• 3Y*: 5.89%
• 5Y*: —
• 10Y*: —

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

JAAA vs. TBUX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
JAAA Janus Henderson AAA CLO ETF	1.99%	5.16%	7.43%	8.59%	0.49%	0.17%
TBUX T. Rowe Price Ultra Short-Term Bond ETF	1.83%	5.37%	6.38%	6.39%	-0.13%	-0.25%

Correlation

The correlation between JAAA and TBUX is 0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.03
Correlation (3Y) Calculated over the trailing 3-year period	0.00
Correlation (All Time) Calculated using the full available price history since Sep 29, 2021	0.07

Return for Risk

JAAA vs. TBUX — Risk / Return Rank

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

JAAA

JAAA Risk / Return Rank: 98
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

TBUX

TBUX Risk / Return Rank: 99
TBUX Sharpe Ratio Rank: 99
TBUX Sortino Ratio Rank: 99
TBUX Omega Ratio Rank: 99
TBUX Calmar Ratio Rank: 99
TBUX Martin Ratio Rank: 99

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. TBUX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson AAA CLO ETF (JAAA) and T. Rowe Price Ultra Short-Term Bond ETF (TBUX). 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	TBUX	Difference
Sharpe ratio: Return per unit of total volatility	6.03	7.19	-1.16
Sortino ratio: Return per unit of downside risk	10.06	14.51	-4.45
Omega ratio: Gain probability vs. loss probability	2.72	3.12	-0.40
Calmar ratio: Return relative to maximum drawdown	12.91	48.17	-35.25
Martin ratio: Return relative to average drawdown	69.57	182.82	-113.25

JAAA vs. TBUX - Sharpe Ratio Comparison

The current JAAA Sharpe Ratio is 6.03, which is comparable to the TBUX Sharpe Ratio of 7.19. The chart below compares the historical Sharpe Ratios of JAAA and TBUX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

JAAA vs. TBUX - Drawdown Comparison

The maximum JAAA drawdown since its inception was -2.64%, which is greater than TBUX's maximum drawdown of -1.82%. Use the drawdown chart below to compare losses from any high point for JAAA and TBUX.

Drawdown Indicators

	JAAA	TBUX	Difference
Max Drawdown Largest peak-to-trough decline	-2.64%	-1.82%	-0.82%
Max Drawdown (1Y) Largest decline over 1 year	-0.39%	-0.10%	-0.29%
Max Drawdown (3Y) Largest decline over 3 years	-1.46%	-0.33%	-1.13%
Max Drawdown (5Y) Largest decline over 5 years	-2.64%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.25%	-0.28%	+0.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.07%	0.03%	+0.04%

Volatility

JAAA vs. TBUX - Volatility Comparison

The current volatility for Janus Henderson AAA CLO ETF (JAAA) is 0.12%, while T. Rowe Price Ultra Short-Term Bond ETF (TBUX) has a volatility of 0.22%. This indicates that JAAA experiences smaller price fluctuations and is considered to be less risky than TBUX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JAAA	TBUX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.12%	0.22%	-0.10%
Volatility (6M) Calculated over the trailing 6-month period	0.63%	0.46%	+0.17%
Volatility (1Y) Calculated over the trailing 1-year period	0.83%	0.67%	+0.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.67%	1.07%	+0.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.64%	1.07%	+0.57%

JAAA vs. TBUX - Expense Ratio Comparison

JAAA has a 0.20% expense ratio, which is higher than TBUX's 0.17% expense ratio. However, 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. TBUX - Dividend Comparison

JAAA's dividend yield for the trailing twelve months is around 4.99%, more than TBUX's 4.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
JAAA Janus Henderson AAA CLO ETF	4.99%	5.30%	6.35%	6.11%	2.74%	1.21%	0.26%
TBUX T. Rowe Price Ultra Short-Term Bond ETF	4.48%	4.67%	5.39%	4.66%	2.58%	0.27%	0.00%

Frequently Asked Questions

Can I hold both JAAA and TBUX in my portfolio?

JAAA and TBUX have a correlation of 0.03, 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 TBUX?

TBUX has higher volatility (0.22%) compared to JAAA (0.12%). In terms of maximum drawdown, JAAA dropped -2.64% vs TBUX's -1.82%.

Which ETF is better, JAAA or TBUX?

On 3-year performance, JAAA leads with 6.67% vs 5.89% for TBUX. On fees, TBUX is cheaper at 0.17% 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.

Which ETF has performed better, JAAA or TBUX?

Over the 3-year period, JAAA has performed better with a 6.67% return vs 5.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JAAA or TBUX?

TBUX is cheaper with a 0.17% expense ratio, compared with 0.20% for JAAA.

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

JAAA has the higher dividend yield at 4.99%, compared with 4.48% for TBUX.

What is the main difference between JAAA and TBUX?

JAAA is categorized as CLO, while TBUX is Ultrashort Bond. They also come from different issuers: Janus Henderson and T. Rowe Price. Their fees differ too: 0.20% for JAAA and 0.17% for TBUX.

Which has better risk-adjusted returns?

TBUX currently has the higher Sharpe Ratio (7.19 vs 6.03), 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.