JBBB vs. TFLR

Last updated Jun 4, 2026

JBBB (Janus Henderson B-BBB CLO ETF) and TFLR (T. Rowe Price Floating Rate ETF) are both exchange-traded funds - JBBB is a CLO fund actively managed by Janus Henderson, while TFLR is a Bank Loan fund actively managed by T. Rowe Price. Both are actively managed. Over the past 3 years, JBBB returned 10.60%/yr vs 8.12%/yr for TFLR. At a 0.14 correlation, their price movements are largely independent. JBBB charges 0.49%/yr vs 0.60%/yr for TFLR.

Performance

JBBB vs. TFLR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson B-BBB CLO ETF (JBBB) and T. Rowe Price Floating Rate ETF (TFLR). 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 higher than TFLR's 1.39% return.

JBBB

• 1D: 0.02%
• 1M: 0.62%
• YTD: 1.86%
• 6M: 2.34%
• 1Y: 5.67%
• 3Y*: 10.60%
• 5Y*: —
• 10Y*: —

TFLR

• 1D: -0.06%
• 1M: 0.34%
• YTD: 1.39%
• 6M: 2.07%
• 1Y: 5.72%
• 3Y*: 8.12%
• 5Y*: —
• 10Y*: —

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

JBBB vs. TFLR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
JBBB Janus Henderson B-BBB CLO ETF	1.86%	5.43%	12.50%	17.63%	0.92%
TFLR T. Rowe Price Floating Rate ETF	1.39%	6.57%	8.77%	12.05%	-0.41%

Correlation

The correlation between JBBB and TFLR is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (All Time) Calculated using the full available price history since Nov 18, 2022	0.14

Over the past year, JBBB and TFLR have become more correlated (0.38) than their long-term average of 0.14, meaning their price movements have been converging.

Return for Risk

JBBB vs. TFLR — Risk / Return Rank

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

JBBB

JBBB Risk / Return Rank: 51
JBBB Sharpe Ratio Rank: 48
JBBB Sortino Ratio Rank: 56
JBBB Omega Ratio Rank: 59
JBBB Calmar Ratio Rank: 46
JBBB Martin Ratio Rank: 47

TFLR

TFLR Risk / Return Rank: 78
TFLR Sharpe Ratio Rank: 86
TFLR Sortino Ratio Rank: 90
TFLR Omega Ratio Rank: 94
TFLR Calmar Ratio Rank: 53
TFLR Martin Ratio Rank: 65

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. TFLR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson B-BBB CLO ETF (JBBB) and T. Rowe Price Floating Rate ETF (TFLR). 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	TFLR	Difference
Sharpe ratio: Return per unit of total volatility	1.70	2.91	-1.20
Sortino ratio: Return per unit of downside risk	2.74	4.33	-1.58
Omega ratio: Gain probability vs. loss probability	1.37	1.68	-0.31
Calmar ratio: Return relative to maximum drawdown	2.31	2.64	-0.33
Martin ratio: Return relative to average drawdown	7.84	12.12	-4.27
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. TFLR - Sharpe Ratio Comparison

The current JBBB Sharpe Ratio is 1.70, which is lower than the TFLR Sharpe Ratio of 2.91. The chart below compares the historical Sharpe Ratios of JBBB and TFLR, 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	TFLR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.70	2.91	-1.20
Sharpe Ratio (All Time) Calculated using the full available price history	1.31	2.18	-0.88

Drawdowns

JBBB vs. TFLR - Drawdown Comparison

The maximum JBBB drawdown since its inception was -10.57%, which is greater than TFLR's maximum drawdown of -4.01%. Use the drawdown chart below to compare losses from any high point for JBBB and TFLR.

Drawdown Indicators

	JBBB	TFLR	Difference
Max Drawdown Largest peak-to-trough decline	-10.57%	-4.01%	-6.56%
Max Drawdown (1Y) Largest decline over 1 year	-2.46%	-2.18%	-0.28%
Max Drawdown (3Y) Largest decline over 3 years	-3.82%	-4.01%	+0.19%
Current Drawdown Current decline from peak	0.00%	-0.08%	+0.08%
Average Drawdown Average peak-to-trough decline	-1.58%	-0.21%	-1.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.72%	0.47%	+0.25%

Volatility

JBBB vs. TFLR - Volatility Comparison

Janus Henderson B-BBB CLO ETF (JBBB) has a higher volatility of 0.45% compared to T. Rowe Price Floating Rate ETF (TFLR) at 0.41%. This indicates that JBBB's price experiences larger fluctuations and is considered to be riskier than TFLR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JBBB	TFLR	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.45%	0.41%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	2.76%	1.73%	+1.03%
Volatility (1Y) Calculated over the trailing 1-year period	3.34%	1.98%	+1.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.26%	3.68%	+1.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.26%	3.68%	+1.58%

JBBB vs. TFLR - Expense Ratio Comparison

JBBB has a 0.49% expense ratio, which is lower than TFLR's 0.60% expense ratio.

Dividends

JBBB vs. TFLR - Dividend Comparison

JBBB's dividend yield for the trailing twelve months is around 7.13%, more than TFLR's 6.77% yield.

Position	TTM	2025	2024	2023	2022
JBBB Janus Henderson B-BBB CLO ETF	7.13%	8.41%	9.24%	8.71%	5.71%
TFLR T. Rowe Price Floating Rate ETF	6.77%	6.93%	8.18%	7.76%	0.58%

Frequently Asked Questions

Can I hold both JBBB and TFLR in my portfolio?

JBBB and TFLR have a correlation of 0.38, 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 TFLR?

JBBB has higher volatility (0.45%) compared to TFLR (0.41%). In terms of maximum drawdown, JBBB dropped -10.57% vs TFLR's -4.01%.

Which ETF is better, JBBB or TFLR?

On 3-year performance, JBBB leads with 10.60% vs 8.12% for TFLR. 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 TFLR?

Over the 3-year period, JBBB has performed better with a 10.60% return vs 8.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JBBB or TFLR?

JBBB is cheaper with a 0.49% expense ratio, compared with 0.60% for TFLR.

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

JBBB has the higher dividend yield at 7.13%, compared with 6.77% for TFLR.

What is the main difference between JBBB and TFLR?

JBBB is categorized as CLO, while TFLR is Bank Loan. They also come from different issuers: Janus Henderson and T. Rowe Price. Their fees differ too: 0.49% for JBBB and 0.60% for TFLR.

Which has better risk-adjusted returns?

TFLR currently has the higher Sharpe Ratio (2.91 vs 1.70), 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.