JBBB vs. RLY

Last updated Jun 9, 2026

JBBB (Janus Henderson B-BBB CLO ETF) and RLY (SPDR SSgA Multi-Asset Real Return ETF) are both exchange-traded funds - JBBB is a CLO fund actively managed by Janus Henderson, while RLY is a Hedge Fund fund actively managed by State Street. Both are actively managed. Over the past 3 years, JBBB returned 10.39%/yr vs 13.90%/yr for RLY. At a 0.05 correlation, their price movements are largely independent. JBBB charges 0.49%/yr vs 0.50%/yr for RLY.

Performance

JBBB vs. RLY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson B-BBB CLO ETF (JBBB) and SPDR SSgA Multi-Asset Real Return ETF (RLY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JBBB achieves a 1.88% return, which is significantly lower than RLY's 14.36% return.

JBBB

• 1D: 0.53%
• 1M: 0.43%
• YTD: 1.88%
• 6M: 2.28%
• 1Y: 5.34%
• 3Y*: 10.39%
• 5Y*: —
• 10Y*: —

RLY

• 1D: -0.06%
• 1M: -2.10%
• YTD: 14.36%
• 6M: 16.24%
• 1Y: 28.00%
• 3Y*: 13.90%
• 5Y*: 9.85%
• 10Y*: 8.25%

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

JBBB vs. RLY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
JBBB Janus Henderson B-BBB CLO ETF	1.88%	5.43%	12.50%	17.63%	-5.99%
RLY SPDR SSgA Multi-Asset Real Return ETF	14.36%	20.26%	2.53%	2.56%	3.86%

Correlation

The correlation between JBBB and RLY is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.07
Correlation (All Time) Calculated using the full available price history since Jan 13, 2022	0.05

JBBB vs. RLY - Sectors Allocation Comparison

Sectors	JBBB	RLY
Financial Services	4.2%	0.0%
Basic Materials	-	25.1%
Communication Services	-	-
Consumer Cyclical	-	2.6%
Consumer Defensive	-	3.6%
Energy	-	30.1%
Healthcare	-	0.8%
Industrials	-	16.5%
Real Estate	-	5.4%
Technology	-	-
Utilities	-	15.9%

Return for Risk

JBBB vs. RLY — Risk / Return Rank

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

JBBB

JBBB Risk / Return Rank: 53
JBBB Sharpe Ratio Rank: 50
JBBB Sortino Ratio Rank: 59
JBBB Omega Ratio Rank: 61
JBBB Calmar Ratio Rank: 48
JBBB Martin Ratio Rank: 48

RLY

RLY Risk / Return Rank: 91
RLY Sharpe Ratio Rank: 89
RLY Sortino Ratio Rank: 89
RLY Omega Ratio Rank: 89
RLY Calmar Ratio Rank: 95
RLY Martin Ratio Rank: 94

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. RLY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson B-BBB CLO ETF (JBBB) and SPDR SSgA Multi-Asset Real Return ETF (RLY). 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	RLY	Difference
Sharpe ratio: Return per unit of total volatility	1.57	2.73	-1.16
Sortino ratio: Return per unit of downside risk	2.51	3.69	-1.17
Omega ratio: Gain probability vs. loss probability	1.34	1.51	-0.17
Calmar ratio: Return relative to maximum drawdown	2.18	7.16	-4.98
Martin ratio: Return relative to average drawdown	7.38	25.86	-18.48
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. RLY - Sharpe Ratio Comparison

The current JBBB Sharpe Ratio is 1.57, which is lower than the RLY Sharpe Ratio of 2.73. The chart below compares the historical Sharpe Ratios of JBBB and RLY, 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	RLY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.57	2.73	-1.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.73	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.60	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.30	0.36	+0.94

Drawdowns

JBBB vs. RLY - Drawdown Comparison

The maximum JBBB drawdown since its inception was -10.57%, smaller than the maximum RLY drawdown of -37.75%. Use the drawdown chart below to compare losses from any high point for JBBB and RLY.

Drawdown Indicators

	JBBB	RLY	Difference
Max Drawdown Largest peak-to-trough decline	-10.57%	-37.75%	+27.18%
Max Drawdown (1Y) Largest decline over 1 year	-2.46%	-3.93%	+1.47%
Max Drawdown (3Y) Largest decline over 3 years	-3.82%	-10.08%	+6.26%
Max Drawdown (5Y) Largest decline over 5 years	—	-18.94%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-34.17%	—
Current Drawdown Current decline from peak	0.00%	-3.93%	+3.93%
Average Drawdown Average peak-to-trough decline	-1.58%	-9.45%	+7.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.72%	1.09%	-0.37%

Volatility

JBBB vs. RLY - Volatility Comparison

The current volatility for Janus Henderson B-BBB CLO ETF (JBBB) is 0.88%, while SPDR SSgA Multi-Asset Real Return ETF (RLY) has a volatility of 3.47%. This indicates that JBBB experiences smaller price fluctuations and is considered to be less risky than RLY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JBBB	RLY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.88%	3.47%	-2.59%
Volatility (6M) Calculated over the trailing 6-month period	2.85%	8.46%	-5.61%
Volatility (1Y) Calculated over the trailing 1-year period	3.42%	10.34%	-6.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.26%	13.57%	-8.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.26%	13.83%	-8.57%

JBBB vs. RLY - Expense Ratio Comparison

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

Dividends

JBBB vs. RLY - Dividend Comparison

JBBB's dividend yield for the trailing twelve months is around 7.12%, more than RLY's 2.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JBBB Janus Henderson B-BBB CLO ETF	7.12%	8.41%	9.24%	8.71%	5.71%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
RLY SPDR SSgA Multi-Asset Real Return ETF	2.93%	3.24%	3.31%	3.71%	5.66%	12.15%	2.16%	3.45%	2.76%	1.85%	2.07%	1.80%

Frequently Asked Questions

Can I hold both JBBB and RLY in my portfolio?

JBBB and RLY have a correlation of 0.13, 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 RLY?

RLY has higher volatility (3.47%) compared to JBBB (0.88%). In terms of maximum drawdown, JBBB dropped -10.57% vs RLY's -37.75%.

Which ETF is better, JBBB or RLY?

On 3-year performance, RLY leads with 13.90% vs 10.39% for JBBB. On fees, JBBB is cheaper at 0.49% per year. On volatility, JBBB has been the lower-risk option at 0.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JBBB or RLY?

Over the 3-year period, RLY has performed better with a 13.90% return vs 10.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JBBB or RLY?

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

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

JBBB has the higher dividend yield at 7.12%, compared with 2.93% for RLY.

What is the main difference between JBBB and RLY?

JBBB is categorized as CLO, while RLY is Hedge Fund. They also come from different issuers: Janus Henderson and State Street. Their fees differ too: 0.49% for JBBB and 0.50% for RLY.

Which has better risk-adjusted returns?

RLY currently has the higher Sharpe Ratio (2.73 vs 1.57), 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.