JAAA vs. VRIG
JAAA (Janus Henderson AAA CLO ETF) and VRIG (Invesco Variable Rate Investment Grade ETF) are both exchange-traded funds - JAAA is a CLO fund actively managed by Janus Henderson, while VRIG is a Ultrashort Bond fund actively managed by Invesco. Both are actively managed. Over the past 5 years, JAAA returned 4.80%/yr vs 4.44%/yr for VRIG. At a 0.17 correlation, their price movements are largely independent. JAAA charges 0.20%/yr vs 0.30%/yr for VRIG.
Performance
JAAA vs. VRIG - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with JAAA having a 1.95% return and VRIG slightly lower at 1.87%.
JAAA
- 1D
- 0.02%
- 1M
- 0.35%
- YTD
- 1.95%
- 6M
- 2.57%
- 1Y
- 5.12%
- 3Y*
- 6.67%
- 5Y*
- 4.80%
- 10Y*
- —
VRIG
- 1D
- 0.04%
- 1M
- 0.39%
- YTD
- 1.87%
- 6M
- 2.24%
- 1Y
- 4.97%
- 3Y*
- 5.96%
- 5Y*
- 4.44%
- 10Y*
- —
JAAA vs. VRIG - 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% |
VRIG Invesco Variable Rate Investment Grade ETF | 1.87% | 5.05% | 6.81% | 7.37% | 0.99% | 1.06% | 0.61% |
Correlation
The correlation between JAAA and VRIG 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 | 0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since Oct 20, 2020 | 0.17 |
The correlation between JAAA and VRIG shifts across timeframes, from -0.03 (1 year) to 0.18 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
JAAA vs. VRIG — Risk / Return Rank
JAAA
VRIG
JAAA vs. VRIG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Janus Henderson AAA CLO ETF (JAAA) and Invesco Variable Rate Investment Grade ETF (VRIG). 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 | VRIG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.94 | ||
| Sortino ratioReturn per unit of downside risk | -14.06 | ||
| Omega ratioGain probability vs. loss probability | 2.77 | 5.29 | -2.52 |
| Calmar ratioReturn relative to maximum drawdown | 13.24 | 62.49 | -49.25 |
| Martin ratioReturn relative to average drawdown | 71.21 | 318.26 | -247.04 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| JAAA | VRIG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 6.15 | 10.08 | -3.94 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 2.88 | 3.46 | -0.58 |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.78 | 0.91 | +1.87 |
Drawdowns
JAAA vs. VRIG - Drawdown Comparison
The maximum JAAA drawdown since its inception was -2.64%, smaller than the maximum VRIG drawdown of -13.04%. Use the drawdown chart below to compare losses from any high point for JAAA and VRIG.
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Drawdown Indicators
| JAAA | VRIG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.64% | -13.04% | +10.40% |
Max Drawdown (1Y)Largest decline over 1 year | -0.39% | -0.08% | -0.31% |
Max Drawdown (3Y)Largest decline over 3 years | -1.46% | -0.78% | -0.68% |
Max Drawdown (5Y)Largest decline over 5 years | -2.64% | -2.28% | -0.36% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.25% | -0.27% | +0.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.07% | 0.02% | +0.05% |
Volatility
JAAA vs. VRIG - Volatility Comparison
Janus Henderson AAA CLO ETF (JAAA) has a higher volatility of 0.13% compared to Invesco Variable Rate Investment Grade ETF (VRIG) at 0.11%. This indicates that JAAA's price experiences larger fluctuations and is considered to be riskier than VRIG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JAAA | VRIG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.13% | 0.11% | +0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 0.64% | 0.36% | +0.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.84% | 0.50% | +0.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.68% | 1.29% | +0.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.64% | 3.80% | -2.16% |
JAAA vs. VRIG - Expense Ratio Comparison
JAAA has a 0.20% expense ratio, which is lower than VRIG's 0.30% expense ratio.
Dividends
JAAA vs. VRIG - Dividend Comparison
JAAA's dividend yield for the trailing twelve months is around 4.99%, more than VRIG's 4.79% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
VRIG Invesco Variable Rate Investment Grade ETF | 4.79% | 4.99% | 6.09% | 5.97% | 2.39% | 0.78% | 1.57% | 3.12% | 2.89% | 2.31% | 0.60% |
Frequently Asked Questions
JAAA and VRIG 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.
JAAA has higher volatility (0.13%) compared to VRIG (0.11%). In terms of maximum drawdown, JAAA dropped -2.64% vs VRIG's -13.04%.
On 5-year performance, JAAA leads with 4.80% vs 4.44% for VRIG. On fees, JAAA is cheaper at 0.20% per year. Their volatility is very similar. 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 4.80% return vs 4.44%. 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 0.30% for VRIG.
JAAA has the higher dividend yield at 4.99%, compared with 4.79% for VRIG.
JAAA is categorized as CLO, while VRIG is Ultrashort Bond. They also come from different issuers: Janus Henderson and Invesco. Their fees differ too: 0.20% for JAAA and 0.30% for VRIG.
VRIG currently has the higher Sharpe Ratio (10.08 vs 6.15), 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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