JAAA vs. USFR

Last updated Apr 11, 2026

JAAA (Janus Henderson AAA CLO ETF) and USFR (WisdomTree Bloomberg Floating Rate Treasury Fund) are both exchange-traded funds — JAAA is a CLO fund actively managed by Janus Henderson, while USFR is a Government Bonds fund tracking the Bloomberg U.S. Treasury Floating Rate Bond Index. JAAA is actively managed, while USFR is passively managed. Over the past 5 years, JAAA returned 4.65%/yr vs 3.56%/yr for USFR. At 0.12, their price movements are largely independent. JAAA charges 0.21%/yr vs 0.15%/yr for USFR.

Performance

JAAA vs. USFR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson AAA CLO ETF (JAAA) and WisdomTree Bloomberg Floating Rate Treasury Fund (USFR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with JAAA having a 0.99% return and USFR slightly higher at 1.03%.

JAAA

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

USFR

• 1D: 0.04%
• 1M: 0.27%
• YTD: 1.03%
• 6M: 2.00%
• 1Y: 4.12%
• 3Y*: 4.87%
• 5Y*: 3.56%
• 10Y*: 2.41%

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

JAAA vs. USFR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
JAAA Janus Henderson AAA CLO ETF	0.99%	5.16%	7.43%	8.59%	0.49%	1.39%	0.79%
USFR WisdomTree Bloomberg Floating Rate Treasury Fund	1.03%	4.23%	5.47%	5.18%	1.98%	-0.03%	0.03%

Correlation

The correlation between JAAA and USFR is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (5Y) Calculated over the trailing 5-year period	0.15
Correlation (All Time) Calculated using the full available price history since Oct 20, 2020	0.12

Return for Risk

JAAA vs. USFR — Risk / Return Rank

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

JAAA

JAAA Risk / Return Rank: 96
JAAA Sharpe Ratio Rank: 99
JAAA Sortino Ratio Rank: 99
JAAA Omega Ratio Rank: 99
JAAA Calmar Ratio Rank: 87
JAAA Martin Ratio Rank: 98

USFR

USFR Risk / Return Rank: 100
USFR Sharpe Ratio Rank: 100
USFR Sortino Ratio Rank: 100
USFR Omega Ratio Rank: 100
USFR Calmar Ratio Rank: 100
USFR Martin Ratio Rank: 100

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. USFR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson AAA CLO ETF (JAAA) and WisdomTree Bloomberg Floating Rate Treasury Fund (USFR). 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	USFR	Difference
Sharpe ratio Return per unit of total volatility	6.26	14.38	-8.12
Sortino ratio Return per unit of downside risk	12.86	43.06	-30.21
Omega ratio Gain probability vs. loss probability	3.09	10.69	-7.59
Calmar ratio Return relative to maximum drawdown	5.74	104.77	-99.04
Martin ratio Return relative to average drawdown	49.50	682.43	-632.92
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. USFR - Sharpe Ratio Comparison

The current JAAA Sharpe Ratio is 6.26, which is lower than the USFR Sharpe Ratio of 14.38. The chart below compares the historical Sharpe Ratios of JAAA and USFR, 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	USFR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	6.26	14.38	-8.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.76	8.77	-6.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	3.00	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.72	1.57	+1.14

Drawdowns

JAAA vs. USFR - Drawdown Comparison

The maximum JAAA drawdown since its inception was -2.64%, which is greater than USFR's maximum drawdown of -1.36%. Use the drawdown chart below to compare losses from any high point for JAAA and USFR.

Drawdown Indicators

	JAAA	USFR	Difference
Max Drawdown Largest peak-to-trough decline	-2.64%	-1.36%	-1.28%
Max Drawdown (1Y) Largest decline over 1 year	-0.39%	-0.04%	-0.35%
Max Drawdown (5Y) Largest decline over 5 years	-2.64%	-0.18%	-2.46%
Max Drawdown (10Y) Largest decline over 10 years	—	-0.80%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.26%	-0.16%	-0.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.12%	0.01%	+0.11%

Volatility

JAAA vs. USFR - Volatility Comparison

Janus Henderson AAA CLO ETF (JAAA) has a higher volatility of 0.36% compared to WisdomTree Bloomberg Floating Rate Treasury Fund (USFR) at 0.08%. This indicates that JAAA's price experiences larger fluctuations and is considered to be riskier than USFR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JAAA	USFR	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.36%	0.08%	+0.28%
Volatility (6M) Calculated over the trailing 6-month period	0.68%	0.20%	+0.48%
Volatility (1Y) Calculated over the trailing 1-year period	1.52%	0.29%	+1.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.69%	0.41%	+1.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.66%	0.81%	+0.85%

JAAA vs. USFR - Expense Ratio Comparison

JAAA has a 0.21% expense ratio, which is higher than USFR's 0.15% 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. USFR - Dividend Comparison

JAAA's dividend yield for the trailing twelve months is around 5.13%, more than USFR's 4.00% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
USFR WisdomTree Bloomberg Floating Rate Treasury Fund	4.00%	4.15%	5.17%	5.12%	1.78%	0.01%	0.40%	2.08%	1.67%	1.03%	0.29%