JBBB vs. CLOZ

Last updated Jun 5, 2026

JBBB (Janus Henderson B-BBB CLO ETF) and CLOZ (Panagram Bbb-B Clo ETF) are both CLO funds. Both are actively managed. Over the past 3 years, JBBB returned 10.60%/yr vs 10.65%/yr for CLOZ. At a 0.32 correlation, their price movements are largely independent. JBBB charges 0.49%/yr vs 0.50%/yr for CLOZ.

Performance

JBBB vs. CLOZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson B-BBB CLO ETF (JBBB) and Panagram Bbb-B Clo ETF (CLOZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JBBB achieves a 1.86% return, which is significantly lower than CLOZ's 2.62% return.

JBBB

• 1D: 0.00%
• 1M: 0.57%
• YTD: 1.86%
• 6M: 2.30%
• 1Y: 5.54%
• 3Y*: 10.60%
• 5Y*: —
• 10Y*: —

CLOZ

• 1D: 0.08%
• 1M: 0.67%
• YTD: 2.62%
• 6M: 3.25%
• 1Y: 6.62%
• 3Y*: 10.65%
• 5Y*: —
• 10Y*: —

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

JBBB vs. CLOZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
JBBB Janus Henderson B-BBB CLO ETF	1.86%	5.43%	12.50%	13.97%
CLOZ Panagram Bbb-B Clo ETF	2.62%	5.99%	11.85%	14.92%

Correlation

The correlation between JBBB and CLOZ is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (All Time) Calculated using the full available price history since Jan 25, 2023	0.32

Return for Risk

JBBB vs. CLOZ — Risk / Return Rank

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

JBBB

JBBB Risk / Return Rank: 52
JBBB Sharpe Ratio Rank: 49
JBBB Sortino Ratio Rank: 57
JBBB Omega Ratio Rank: 60
JBBB Calmar Ratio Rank: 46
JBBB Martin Ratio Rank: 47

CLOZ

CLOZ Risk / Return Rank: 53
CLOZ Sharpe Ratio Rank: 58
CLOZ Sortino Ratio Rank: 51
CLOZ Omega Ratio Rank: 83
CLOZ Calmar Ratio Rank: 35
CLOZ Martin Ratio Rank: 37

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.

JBBB vs. CLOZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson B-BBB CLO ETF (JBBB) and Panagram Bbb-B Clo ETF (CLOZ). 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.

	JBBB	CLOZ	Difference
Sharpe ratio: Return per unit of total volatility	1.67	1.93	-0.27
Sortino ratio: Return per unit of downside risk	2.68	2.47	+0.21
Omega ratio: Gain probability vs. loss probability	1.36	1.50	-0.13
Calmar ratio: Return relative to maximum drawdown	2.26	1.70	+0.55
Martin ratio: Return relative to average drawdown	7.66	5.66	+2.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JBBB vs. CLOZ - Sharpe Ratio Comparison

The current JBBB Sharpe Ratio is 1.67, which is comparable to the CLOZ Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of JBBB and CLOZ, 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

	JBBB	CLOZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.67	1.93	-0.27
Sharpe Ratio (All Time) Calculated using the full available price history	1.30	2.77	-1.47

Drawdowns

JBBB vs. CLOZ - Drawdown Comparison

The maximum JBBB drawdown since its inception was -10.57%, which is greater than CLOZ's maximum drawdown of -5.32%. Use the drawdown chart below to compare losses from any high point for JBBB and CLOZ.

Drawdown Indicators

	JBBB	CLOZ	Difference
Max Drawdown Largest peak-to-trough decline	-10.57%	-5.32%	-5.25%
Max Drawdown (1Y) Largest decline over 1 year	-2.46%	-3.90%	+1.44%
Max Drawdown (3Y) Largest decline over 3 years	-3.82%	-5.32%	+1.50%
Current Drawdown Current decline from peak	0.00%	-0.03%	+0.03%
Average Drawdown Average peak-to-trough decline	-1.58%	-0.38%	-1.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.72%	1.17%	-0.45%

Volatility

JBBB vs. CLOZ - Volatility Comparison

Janus Henderson B-BBB CLO ETF (JBBB) has a higher volatility of 0.45% compared to Panagram Bbb-B Clo ETF (CLOZ) at 0.42%. This indicates that JBBB's price experiences larger fluctuations and is considered to be riskier than CLOZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JBBB	CLOZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.45%	0.42%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	2.76%	3.13%	-0.37%
Volatility (1Y) Calculated over the trailing 1-year period	3.34%	3.45%	-0.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.26%	3.80%	+1.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.26%	3.80%	+1.46%

JBBB vs. CLOZ - Expense Ratio Comparison

JBBB has a 0.49% expense ratio, which is lower than CLOZ's 0.50% expense ratio.

Dividends

JBBB vs. CLOZ - Dividend Comparison

JBBB's dividend yield for the trailing twelve months is around 7.13%, less than CLOZ's 7.38% yield.

Position	TTM	2025	2024	2023	2022
CLOZ Panagram Bbb-B Clo ETF	7.38%	7.63%	9.09%	8.81%	0.00%
JBBB Janus Henderson B-BBB CLO ETF	7.13%	8.41%	9.24%	8.71%	5.71%

Frequently Asked Questions

Can I hold both JBBB and CLOZ in my portfolio?

JBBB and CLOZ have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JBBB or CLOZ?

JBBB has higher volatility (0.45%) compared to CLOZ (0.42%). In terms of maximum drawdown, JBBB dropped -10.57% vs CLOZ's -5.32%.

Which ETF is better, JBBB or CLOZ?

On 3-year performance, CLOZ leads with 10.65% vs 10.60% for JBBB. On fees, JBBB is cheaper at 0.49% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JBBB or CLOZ?

Over the 3-year period, CLOZ has performed better with a 10.65% return vs 10.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JBBB or CLOZ?

JBBB is cheaper with a 0.49% expense ratio, compared with 0.50% for CLOZ.

Which ETF pays a higher dividend yield, JBBB or CLOZ?

CLOZ has the higher dividend yield at 7.38%, compared with 7.13% for JBBB.

What is the main difference between JBBB and CLOZ?

They also come from different issuers: Janus Henderson and Panagram. Their fees differ too: 0.49% for JBBB and 0.50% for CLOZ.

Which has better risk-adjusted returns?

CLOZ currently has the higher Sharpe Ratio (1.93 vs 1.67), 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.