JAAA vs. USHY
JAAA (Janus Henderson AAA CLO ETF) and USHY (iShares Broad USD High Yield Corporate Bond ETF) are both exchange-traded funds - JAAA is a CLO fund actively managed by Janus Henderson, while USHY is a High Yield Bonds fund tracking the ICE BofA US High Yield Constrained Index. JAAA is actively managed, while USHY is passively managed. Over the past 5 years, JAAA returned 4.76%/yr vs 4.21%/yr for USHY. At a 0.12 correlation, their price movements are largely independent. JAAA charges 0.20%/yr vs 0.15%/yr for USHY.
Performance
JAAA vs. USHY - Performance Comparison
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Returns By Period
In the year-to-date period, JAAA achieves a 1.99% return, which is significantly higher than USHY's 1.75% return.
JAAA
- 1D
- 0.02%
- 1M
- 0.31%
- YTD
- 1.99%
- 6M
- 2.49%
- 1Y
- 5.01%
- 3Y*
- 6.67%
- 5Y*
- 4.76%
- 10Y*
- —
USHY
- 1D
- 0.03%
- 1M
- 0.68%
- YTD
- 1.75%
- 6M
- 2.37%
- 1Y
- 7.19%
- 3Y*
- 8.94%
- 5Y*
- 4.21%
- 10Y*
- —
JAAA vs. USHY - 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% |
USHY iShares Broad USD High Yield Corporate Bond ETF | 1.75% | 8.81% | 8.45% | 12.73% | -11.18% | 5.02% | 5.20% |
Correlation
The correlation between JAAA and USHY is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Oct 19, 2020 | 0.12 |
Over the past year, JAAA and USHY have become more correlated (0.33) than their long-term average of 0.12, meaning their price movements have been converging.
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Return for Risk
JAAA vs. USHY — Risk / Return Rank
JAAA
USHY
JAAA vs. USHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Janus Henderson AAA CLO ETF (JAAA) and iShares Broad USD High Yield Corporate Bond ETF (USHY). 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 | USHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +4.15 | ||
| Sortino ratioReturn per unit of downside risk | +7.24 | ||
| Omega ratioGain probability vs. loss probability | 2.72 | 1.36 | +1.36 |
| Calmar ratioReturn relative to maximum drawdown | 12.91 | 2.85 | +10.06 |
| Martin ratioReturn relative to average drawdown | 69.57 | 12.77 | +56.80 |
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Drawdowns
JAAA vs. USHY - Drawdown Comparison
The maximum JAAA drawdown since its inception was -2.64%, smaller than the maximum USHY drawdown of -22.44%. Use the drawdown chart below to compare losses from any high point for JAAA and USHY.
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Drawdown Indicators
| JAAA | USHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.64% | -22.44% | +19.80% |
Max Drawdown (1Y)Largest decline over 1 year | -0.39% | -2.43% | +2.04% |
Max Drawdown (3Y)Largest decline over 3 years | -1.46% | -4.66% | +3.20% |
Max Drawdown (5Y)Largest decline over 5 years | -2.64% | -15.56% | +12.92% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.25% | -2.66% | +2.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.07% | 0.54% | -0.47% |
Volatility
JAAA vs. USHY - Volatility Comparison
The current volatility for Janus Henderson AAA CLO ETF (JAAA) is 0.12%, while iShares Broad USD High Yield Corporate Bond ETF (USHY) has a volatility of 1.20%. This indicates that JAAA experiences smaller price fluctuations and is considered to be less risky than USHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JAAA | USHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.12% | 1.20% | -1.08% |
Volatility (6M)Calculated over the trailing 6-month period | 0.63% | 2.96% | -2.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.83% | 3.69% | -2.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.67% | 7.35% | -5.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.64% | 8.24% | -6.60% |
JAAA vs. USHY - Expense Ratio Comparison
JAAA has a 0.20% expense ratio, which is higher than USHY'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. USHY - Dividend Comparison
JAAA's dividend yield for the trailing twelve months is around 4.99%, less than USHY's 6.90% 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% |
USHY iShares Broad USD High Yield Corporate Bond ETF | 6.90% | 6.79% | 6.89% | 6.63% | 6.08% | 5.07% | 5.30% | 5.92% | 6.30% | 0.73% |
Frequently Asked Questions
JAAA and USHY have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USHY has higher volatility (1.20%) compared to JAAA (0.12%). In terms of maximum drawdown, JAAA dropped -2.64% vs USHY's -22.44%.
On 5-year performance, JAAA leads with 4.76% vs 4.21% for USHY. On fees, USHY is cheaper at 0.15% 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, JAAA has performed better with a 4.76% return vs 4.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USHY is cheaper with a 0.15% expense ratio, compared with 0.20% for JAAA.
USHY has the higher dividend yield at 6.90%, compared with 4.99% for JAAA.
JAAA is categorized as CLO, while USHY is High Yield Bonds. They also come from different issuers: Janus Henderson and iShares. Their fees differ too: 0.20% for JAAA and 0.15% for USHY.
JAAA currently has the higher Sharpe Ratio (6.03 vs 1.88), 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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