JAAA vs. USCI
JAAA (Janus Henderson AAA CLO ETF) and USCI (United States Commodity Index Fund) are both exchange-traded funds - JAAA is a CLO fund actively managed by Janus Henderson, while USCI is a Commodities fund tracking the SummerHaven Dynamic Commodity (TR). JAAA is actively managed, while USCI is passively managed. Over the past 5 years, JAAA returned 4.76%/yr vs 18.23%/yr for USCI. At a 0.05 correlation, their price movements are largely independent. JAAA charges 0.20%/yr vs 1.03%/yr for USCI.
Performance
JAAA vs. USCI - Performance Comparison
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Returns By Period
In the year-to-date period, JAAA achieves a 1.99% return, which is significantly lower than USCI's 22.58% return.
JAAA
- 1D
- 0.02%
- 1M
- 0.33%
- YTD
- 1.99%
- 6M
- 2.49%
- 1Y
- 4.99%
- 3Y*
- 6.67%
- 5Y*
- 4.76%
- 10Y*
- —
USCI
- 1D
- -0.94%
- 1M
- -6.82%
- YTD
- 22.58%
- 6M
- 20.76%
- 1Y
- 29.04%
- 3Y*
- 21.04%
- 5Y*
- 18.23%
- 10Y*
- 8.19%
JAAA vs. USCI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
JAAA Janus Henderson AAA CLO ETF | 1.99% | 5.16% | 7.43% | 8.59% | 0.49% | 1.39% | 0.76% |
USCI United States Commodity Index Fund | 22.58% | 17.63% | 17.24% | -0.00% | 29.47% | 33.07% | 8.41% |
Correlation
The correlation between JAAA and USCI is -0.06, 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 | -0.06 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Oct 19, 2020 | 0.05 |
The correlation between JAAA and USCI shifts across timeframes, from -0.06 (1 year) to 0.05 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
JAAA vs. USCI — Risk / Return Rank
JAAA
USCI
JAAA vs. USCI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Janus Henderson AAA CLO ETF (JAAA) and United States Commodity Index Fund (USCI). 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 | USCI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +4.29 | ||
| Sortino ratioReturn per unit of downside risk | +7.75 | ||
| Omega ratioGain probability vs. loss probability | 2.72 | 1.30 | +1.43 |
| Calmar ratioReturn relative to maximum drawdown | 12.91 | 3.34 | +9.57 |
| Martin ratioReturn relative to average drawdown | 69.57 | 10.82 | +58.75 |
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Drawdowns
JAAA vs. USCI - Drawdown Comparison
The maximum JAAA drawdown since its inception was -2.64%, smaller than the maximum USCI drawdown of -66.41%. Use the drawdown chart below to compare losses from any high point for JAAA and USCI.
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Drawdown Indicators
| JAAA | USCI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.64% | -66.41% | +63.77% |
Max Drawdown (1Y)Largest decline over 1 year | -0.39% | -8.73% | +8.34% |
Max Drawdown (3Y)Largest decline over 3 years | -1.46% | -12.01% | +10.55% |
Max Drawdown (5Y)Largest decline over 5 years | -2.64% | -18.84% | +16.20% |
Max Drawdown (10Y)Largest decline over 10 years | — | -45.82% | — |
Current DrawdownCurrent decline from peak | 0.00% | -7.36% | +7.36% |
Average DrawdownAverage peak-to-trough decline | -0.25% | -29.46% | +29.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.07% | 2.69% | -2.62% |
Volatility
JAAA vs. USCI - Volatility Comparison
The current volatility for Janus Henderson AAA CLO ETF (JAAA) is 0.12%, while United States Commodity Index Fund (USCI) has a volatility of 3.42%. This indicates that JAAA experiences smaller price fluctuations and is considered to be less risky than USCI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JAAA | USCI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.12% | 3.42% | -3.30% |
Volatility (6M)Calculated over the trailing 6-month period | 0.63% | 14.11% | -13.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.83% | 16.78% | -15.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.67% | 18.45% | -16.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.64% | 15.85% | -14.21% |
JAAA vs. USCI - Expense Ratio Comparison
JAAA has a 0.20% expense ratio, which is lower than USCI's 1.03% expense ratio.
Dividends
JAAA vs. USCI - Dividend Comparison
JAAA's dividend yield for the trailing twelve months is around 4.99%, while USCI has not paid dividends to shareholders.
| 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% |
USCI United States Commodity Index Fund | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
JAAA and USCI have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USCI has higher volatility (3.42%) compared to JAAA (0.12%). In terms of maximum drawdown, JAAA dropped -2.64% vs USCI's -66.41%.
On 5-year performance, USCI leads with 18.23% vs 4.76% for JAAA. 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 5-year period, USCI has performed better with a 18.23% return vs 4.76%. 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 1.03% for USCI.
JAAA has the higher dividend yield at 4.99%, compared with 0.00% for USCI.
JAAA is categorized as CLO, while USCI is Commodities. They also come from different issuers: Janus Henderson and Concierge Technologies. Their fees differ too: 0.20% for JAAA and 1.03% for USCI.
JAAA currently has the higher Sharpe Ratio (6.03 vs 1.74), 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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