JLQD vs. JAAA

Last updated Jun 24, 2026

JLQD (Janus Henderson Corporate Bond ETF) and JAAA (Janus Henderson AAA CLO ETF) are both exchange-traded funds - JLQD is a Corporate Bonds fund tracking the Bloomberg U.S. Corporate Bond Index, while JAAA is a CLO fund actively managed by Janus Henderson. JLQD is passively managed, while JAAA is actively managed. Over the past 3 years, JLQD returned 5.65%/yr vs 6.58%/yr for JAAA. At a 0.07 correlation, their price movements are largely independent. Both charge a 0.20% expense ratio.

Performance

JLQD vs. JAAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson Corporate Bond ETF (JLQD) 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, JLQD achieves a 0.56% return, which is significantly lower than JAAA's 2.07% return.

JLQD

• 1D: 0.02%
• 1M: 0.92%
• YTD: 0.56%
• 6M: 0.72%
• 1Y: 5.33%
• 3Y*: 5.65%
• 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)

JLQD vs. JAAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
JLQD Janus Henderson Corporate Bond ETF	0.56%	7.77%	3.21%	8.76%	-15.99%	-1.00%
JAAA Janus Henderson AAA CLO ETF	2.07%	5.16%	7.43%	8.59%	0.49%	0.24%

Correlation

The correlation between JLQD and JAAA is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (3Y) Calculated over the trailing 3-year period	0.05
Correlation (All Time) Calculated using the full available price history since Sep 9, 2021	0.07

The correlation between JLQD and JAAA shifts across timeframes, from 0.05 (3 years) to 0.16 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

JLQD vs. JAAA — Risk / Return Rank

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

JLQD

JLQD Risk / Return Rank: 43
JLQD Sharpe Ratio Rank: 44
JLQD Sortino Ratio Rank: 45
JLQD Omega Ratio Rank: 43
JLQD Calmar Ratio Rank: 40
JLQD Martin Ratio Rank: 42

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.

JLQD vs. JAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Corporate Bond ETF (JLQD) 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.

	JLQD	JAAA	Difference
Sharpe ratio: Return per unit of total volatility	1.42	6.04	-4.62
Sortino ratio: Return per unit of downside risk	2.10	10.01	-7.90
Omega ratio: Gain probability vs. loss probability	1.26	2.72	-1.46
Calmar ratio: Return relative to maximum drawdown	1.87	12.81	-10.94
Martin ratio: Return relative to average drawdown	6.33	69.26	-62.92

JLQD vs. JAAA - Sharpe Ratio Comparison

The current JLQD Sharpe Ratio is 1.42, which is lower than the JAAA Sharpe Ratio of 6.04. The chart below compares the historical Sharpe Ratios of JLQD 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

JLQD vs. JAAA - Drawdown Comparison

The maximum JLQD drawdown since its inception was -21.17%, which is greater than JAAA's maximum drawdown of -2.64%. Use the drawdown chart below to compare losses from any high point for JLQD and JAAA.

Drawdown Indicators

	JLQD	JAAA	Difference
Max Drawdown Largest peak-to-trough decline	-21.17%	-2.64%	-18.53%
Max Drawdown (1Y) Largest decline over 1 year	-2.87%	-0.39%	-2.48%
Max Drawdown (3Y) Largest decline over 3 years	-6.84%	-1.46%	-5.38%
Max Drawdown (5Y) Largest decline over 5 years	—	-2.64%	—
Current Drawdown Current decline from peak	-0.66%	-0.02%	-0.64%
Average Drawdown Average peak-to-trough decline	-8.68%	-0.25%	-8.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.84%	0.07%	+0.77%

Volatility

JLQD vs. JAAA - Volatility Comparison

Janus Henderson Corporate Bond ETF (JLQD) has a higher volatility of 0.93% compared to Janus Henderson AAA CLO ETF (JAAA) at 0.12%. This indicates that JLQD'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

	JLQD	JAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.93%	0.12%	+0.81%
Volatility (6M) Calculated over the trailing 6-month period	2.81%	0.63%	+2.18%
Volatility (1Y) Calculated over the trailing 1-year period	3.78%	0.83%	+2.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.29%	1.67%	+4.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.29%	1.64%	+4.65%

JLQD vs. JAAA - Expense Ratio Comparison

Both JLQD and JAAA have an expense ratio of 0.20%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

JLQD vs. JAAA - Dividend Comparison

JLQD's dividend yield for the trailing twelve months is around 5.43%, more 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%
JLQD Janus Henderson Corporate Bond ETF	5.43%	5.28%	5.36%	3.99%	2.77%	0.83%	0.00%

Frequently Asked Questions

Can I hold both JLQD and JAAA in my portfolio?

JLQD and JAAA have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JLQD or JAAA?

JLQD has higher volatility (0.93%) compared to JAAA (0.12%). In terms of maximum drawdown, JLQD dropped -21.17% vs JAAA's -2.64%.

Which ETF is better, JLQD or JAAA?

On 3-year performance, JAAA leads with 6.58% vs 5.65% for JLQD. Both ETFs have the same 0.20% expense ratio. 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, JLQD or JAAA?

Over the 3-year period, JAAA has performed better with a 6.58% return vs 5.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JLQD or JAAA?

JLQD and JAAA have the same expense ratio: 0.20% per year.

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

JLQD has the higher dividend yield at 5.43%, compared with 4.99% for JAAA.

What is the main difference between JLQD and JAAA?

JLQD is categorized as Corporate Bonds, while JAAA is CLO.

Which has better risk-adjusted returns?

JAAA currently has the higher Sharpe Ratio (6.04 vs 1.42), 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.