JCPI vs. JAAA

Last updated Jun 24, 2026

JCPI (JPMorgan Inflation Managed Bond ETF) and JAAA (Janus Henderson AAA CLO ETF) are both exchange-traded funds - JCPI is a Inflation-Protected Bonds fund actively managed by JPMorgan, while JAAA is a CLO fund actively managed by Janus Henderson. Both are actively managed. Over the past 3 years, JCPI returned 4.95%/yr vs 6.58%/yr for JAAA. At a 0.03 correlation, their price movements are largely independent. JCPI charges 0.25%/yr vs 0.20%/yr for JAAA.

Performance

JCPI vs. JAAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Inflation Managed Bond ETF (JCPI) and Janus Henderson AAA CLO ETF (JAAA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JCPI achieves a 0.71% return, which is significantly lower than JAAA's 2.07% return.

JCPI

• 1D: -0.15%
• 1M: -0.37%
• YTD: 0.71%
• 6M: 0.87%
• 1Y: 3.62%
• 3Y*: 4.95%
• 5Y*: —
• 10Y*: —

JAAA

• 1D: -0.02%
• 1M: 0.29%
• YTD: 2.07%
• 6M: 2.31%
• 1Y: 4.95%
• 3Y*: 6.58%
• 5Y*: 4.80%
• 10Y*: —

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

JCPI vs. JAAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
JCPI JPMorgan Inflation Managed Bond ETF	0.71%	7.10%	4.70%	5.04%	-5.53%
JAAA Janus Henderson AAA CLO ETF	2.07%	5.16%	7.43%	8.59%	0.39%

Correlation

The correlation between JCPI and JAAA is 0.08, 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	0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.02
Correlation (All Time) Calculated using the full available price history since Apr 11, 2022	0.03

Return for Risk

JCPI vs. JAAA — Risk / Return Rank

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

JCPI

JCPI Risk / Return Rank: 40
JCPI Sharpe Ratio Rank: 35
JCPI Sortino Ratio Rank: 36
JCPI Omega Ratio Rank: 34
JCPI Calmar Ratio Rank: 49
JCPI Martin Ratio Rank: 46

JAAA

JAAA Risk / Return Rank: 98
JAAA Sharpe Ratio Rank: 99
JAAA Sortino Ratio Rank: 99
JAAA Omega Ratio Rank: 99
JAAA Calmar Ratio Rank: 98
JAAA Martin Ratio Rank: 98

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.

JCPI vs. JAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Inflation Managed Bond ETF (JCPI) and Janus Henderson AAA CLO ETF (JAAA). 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.

	JCPI	JAAA	Difference
Sharpe ratio: Return per unit of total volatility	1.21	6.04	-4.84
Sortino ratio: Return per unit of downside risk	1.80	10.01	-8.21
Omega ratio: Gain probability vs. loss probability	1.22	2.72	-1.50
Calmar ratio: Return relative to maximum drawdown	2.27	12.81	-10.53
Martin ratio: Return relative to average drawdown	7.18	69.26	-62.08

JCPI vs. JAAA - Sharpe Ratio Comparison

The current JCPI Sharpe Ratio is 1.21, which is lower than the JAAA Sharpe Ratio of 6.04. The chart below compares the historical Sharpe Ratios of JCPI and JAAA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

JCPI vs. JAAA - Drawdown Comparison

The maximum JCPI drawdown since its inception was -7.85%, which is greater than JAAA's maximum drawdown of -2.64%. Use the drawdown chart below to compare losses from any high point for JCPI and JAAA.

Drawdown Indicators

	JCPI	JAAA	Difference
Max Drawdown Largest peak-to-trough decline	-7.85%	-2.64%	-5.21%
Max Drawdown (1Y) Largest decline over 1 year	-1.60%	-0.39%	-1.21%
Max Drawdown (3Y) Largest decline over 3 years	-2.81%	-1.46%	-1.35%
Max Drawdown (5Y) Largest decline over 5 years	—	-2.64%	—
Current Drawdown Current decline from peak	-1.35%	-0.02%	-1.33%
Average Drawdown Average peak-to-trough decline	-1.85%	-0.25%	-1.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.51%	0.07%	+0.44%

Volatility

JCPI vs. JAAA - Volatility Comparison

JPMorgan Inflation Managed Bond ETF (JCPI) has a higher volatility of 1.16% compared to Janus Henderson AAA CLO ETF (JAAA) at 0.12%. This indicates that JCPI's price experiences larger fluctuations and is considered to be riskier than JAAA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JCPI	JAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.16%	0.12%	+1.04%
Volatility (6M) Calculated over the trailing 6-month period	2.21%	0.63%	+1.58%
Volatility (1Y) Calculated over the trailing 1-year period	3.02%	0.83%	+2.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.50%	1.67%	+2.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.50%	1.64%	+2.86%

JCPI vs. JAAA - Expense Ratio Comparison

JCPI has a 0.25% expense ratio, which is higher than JAAA's 0.20% 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

JCPI vs. JAAA - Dividend Comparison

JCPI's dividend yield for the trailing twelve months is around 3.97%, less than JAAA's 4.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
JAAA Janus Henderson AAA CLO ETF	4.99%	5.30%	6.35%	6.11%	2.74%	1.21%	0.26%
JCPI JPMorgan Inflation Managed Bond ETF	3.97%	3.93%	3.98%	3.45%	3.29%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JCPI and JAAA in my portfolio?

JCPI and JAAA have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JCPI or JAAA?

JCPI has higher volatility (1.16%) compared to JAAA (0.12%). In terms of maximum drawdown, JCPI dropped -7.85% vs JAAA's -2.64%.

Which ETF is better, JCPI or JAAA?

On 3-year performance, JAAA leads with 6.58% vs 4.95% for JCPI. On fees, JAAA is cheaper at 0.20% 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.

Which ETF has performed better, JCPI or JAAA?

Over the 3-year period, JAAA has performed better with a 6.58% return vs 4.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JCPI or JAAA?

JAAA is cheaper with a 0.20% expense ratio, compared with 0.25% for JCPI.

Which ETF pays a higher dividend yield, JCPI or JAAA?

JAAA has the higher dividend yield at 4.99%, compared with 3.97% for JCPI.

What is the main difference between JCPI and JAAA?

JCPI is categorized as Inflation-Protected Bonds, while JAAA is CLO. They also come from different issuers: JPMorgan and Janus Henderson. Their fees differ too: 0.25% for JCPI and 0.20% for JAAA.

Which has better risk-adjusted returns?

JAAA currently has the higher Sharpe Ratio (6.04 vs 1.21), 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.