JIII vs. CARY

Last updated Aug 2, 2026

JIII (Janus Henderson Income ETF) and CARY (Angel Oak Income ETF) are both Multisector Bonds funds. Both are actively managed. Over the past year, JIII returned 4.50% vs 5.10% for CARY. Their 0.59 correlation means they have sometimes moved together and sometimes differently. JIII charges 0.54%/yr vs 0.80%/yr for CARY.

Performance

JIII vs. CARY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson Income ETF (JIII) and Angel Oak Income ETF (CARY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JIII achieves a 1.19% return, which is significantly lower than CARY's 2.09% return.

JIII

• 1D: -0.24%
• 1M: -0.68%
• 6M: 0.79%
• YTD: 1.19%
• 1Y: 4.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.82%

CARY

• 1D: -0.11%
• 1M: -0.26%
• 6M: 1.41%
• YTD: 2.09%
• 1Y: 5.10%
• 3Y*: 6.97%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.93%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CARY Angel Oak Income ETF	$6.55M	$9.29M	$7.97M
JIII Janus Henderson Income ETF	$478.34K	$580.04K	$761.47K

JIII vs. CARY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
JIII Janus Henderson Income ETF	1.19%	8.28%	0.54%
CARY Angel Oak Income ETF	2.09%	7.54%	0.13%

Correlation

The correlation between JIII and CARY is 0.66, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.66
Correlation (All Time) Calculated using the full available price history since Nov 13, 2024	0.59

The correlation between JIII and CARY has been stable across timeframes, ranging from 0.59 to 0.66 - a consistent structural relationship.

Return for Risk

JIII vs. CARY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

JIII

JIII Risk / Return Rank: 61
JIII Sharpe Ratio Rank: 57
JIII Sortino Ratio Rank: 58
JIII Omega Ratio Rank: 61
JIII Calmar Ratio Rank: 62
JIII Martin Ratio Rank: 66

CARY

CARY Risk / Return Rank: 95
CARY Sharpe Ratio Rank: 96
CARY Sortino Ratio Rank: 96
CARY Omega Ratio Rank: 96
CARY Calmar Ratio Rank: 92
CARY Martin Ratio Rank: 94

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

JIII vs. CARY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Income ETF (JIII) and Angel Oak Income ETF (CARY). 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.

	JIII	CARY	Difference
Sharpe ratio: Return per unit of total volatility	1.36	3.02	-1.66
Sortino ratio: Return per unit of downside risk	1.99	4.58	-2.59
Omega ratio: Gain probability vs. loss probability	1.27	1.64	-0.37
Calmar ratio: Return relative to maximum drawdown	2.20	4.28	-2.08
Martin ratio: Return relative to average drawdown	7.99	17.77	-9.78

JIII vs. CARY - Sharpe Ratio Comparison

The current JIII Sharpe Ratio is 1.36, which is lower than the CARY Sharpe Ratio of 3.02. The chart below compares the historical Sharpe Ratios of JIII and CARY, 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

JIII vs. CARY - Drawdown Comparison

The maximum JIII drawdown since its inception was -3.55%, which is greater than CARY's maximum drawdown of -1.96%. Use the drawdown chart below to compare losses from any high point for JIII and CARY.

Drawdown Indicators

	JIII	CARY	Difference
Max Drawdown Largest peak-to-trough decline	-3.55%	-1.96%	-1.59%
Max Drawdown (1Y) Largest decline over 1 year	-2.27%	-1.28%	-0.99%
Max Drawdown (3Y) Largest decline over 3 years	—	-1.96%	—
Current Drawdown Current decline from peak	-0.85%	-0.41%	-0.44%
Average Drawdown Average peak-to-trough decline	-0.49%	-0.32%	-0.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.62%	0.31%	+0.31%

Volatility

JIII vs. CARY - Volatility Comparison

Janus Henderson Income ETF (JIII) has a higher volatility of 0.83% compared to Angel Oak Income ETF (CARY) at 0.57%. This indicates that JIII's price experiences larger fluctuations and is considered to be riskier than CARY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JIII	CARY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.83%	0.57%	+0.26%
Volatility (6M) Calculated over the trailing 6-month period	2.96%	1.46%	+1.50%
Volatility (1Y) Calculated over the trailing 1-year period	3.66%	1.81%	+1.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.93%	2.71%	+1.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.93%	2.71%	+1.22%

JIII vs. CARY - Expense Ratio Comparison

JIII has a 0.54% expense ratio, which is lower than CARY's 0.80% expense ratio.

Dividends

JIII vs. CARY - Dividend Comparison

JIII's dividend yield for the trailing twelve months is around 7.92%, more than CARY's 5.94% yield.

Position	TTM	2025	2024	2023	2022
CARY Angel Oak Income ETF	5.94%	6.13%	6.10%	6.38%	0.48%
JIII Janus Henderson Income ETF	7.35%	7.33%	0.44%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JIII and CARY in my portfolio?

JIII and CARY have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JIII or CARY?

JIII has higher volatility (0.83%) compared to CARY (0.57%). In terms of maximum drawdown, JIII dropped -3.55% vs CARY's -1.96%.

Which ETF is better, JIII or CARY?

On 1-year performance, CARY leads with 5.10% vs 4.50% for JIII. On fees, JIII is cheaper at 0.54% per year. On volatility, CARY has been the lower-risk option at 0.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JIII or CARY?

Over the 1-year period, CARY has performed better with a 5.10% return vs 4.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JIII or CARY?

JIII is cheaper with a 0.54% expense ratio, compared with 0.80% for CARY.

Which ETF pays a higher dividend yield, JIII or CARY?

JIII has the higher dividend yield at 7.35%, compared with 5.94% for CARY.

What is the main difference between JIII and CARY?

They also come from different issuers: Janus Henderson and Angel Oak. Their fees differ too: 0.54% for JIII and 0.80% for CARY.

Which has better risk-adjusted returns?

CARY currently has the higher Sharpe Ratio (3.02 vs 1.36), 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.