JLS vs. JAAA

Last updated Jun 24, 2026

JLS (Nuveen Mortgage and Income Fund) and JAAA (Janus Henderson AAA CLO ETF) are both funds - JLS is a Mortgage Backed Securities fund managed by Nuveen, while JAAA is a CLO fund actively managed by Janus Henderson. Over the past 5 years, JLS returned 5.12%/yr vs 4.80%/yr for JAAA. At a 0.08 correlation, their price movements are largely independent. JLS charges 0.04%/yr vs 0.20%/yr for JAAA.

Performance

JLS vs. JAAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen Mortgage and Income Fund (JLS) 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, JLS achieves a 0.42% return, which is significantly lower than JAAA's 2.07% return.

JLS

• 1D: 0.12%
• 1M: -4.37%
• YTD: 0.42%
• 6M: -0.02%
• 1Y: 4.61%
• 3Y*: 13.65%
• 5Y*: 5.12%
• 10Y*: 5.63%

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)

JLS vs. JAAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
JLS Nuveen Mortgage and Income Fund	0.42%	11.60%	17.86%	14.88%	-17.88%	11.02%	5.13%
JAAA Janus Henderson AAA CLO ETF	2.07%	5.16%	7.43%	8.59%	0.49%	1.39%	0.76%

Correlation

The correlation between JLS and JAAA is 0.09, 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	0.09
Correlation (3Y) Calculated over the trailing 3-year period	0.06
Correlation (5Y) Calculated over the trailing 5-year period	0.08
Correlation (All Time) Calculated using the full available price history since Oct 19, 2020	0.08

Return for Risk

JLS vs. JAAA — Risk / Return Rank

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

JLS

JLS Risk / Return Rank: 8
JLS Sharpe Ratio Rank: 7
JLS Sortino Ratio Rank: 7
JLS Omega Ratio Rank: 7
JLS Calmar Ratio Rank: 9
JLS Martin Ratio Rank: 10

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.

JLS vs. JAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Mortgage and Income Fund (JLS) 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.

	JLS	JAAA	Difference
Sharpe ratio: Return per unit of total volatility	0.54	6.04	-5.51
Sortino ratio: Return per unit of downside risk	0.84	10.01	-9.17
Omega ratio: Gain probability vs. loss probability	1.11	2.72	-1.62
Calmar ratio: Return relative to maximum drawdown	0.86	12.81	-11.95
Martin ratio: Return relative to average drawdown	2.68	69.26	-66.57

JLS vs. JAAA - Sharpe Ratio Comparison

The current JLS Sharpe Ratio is 0.54, which is lower than the JAAA Sharpe Ratio of 6.04. The chart below compares the historical Sharpe Ratios of JLS 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

JLS vs. JAAA - Drawdown Comparison

The maximum JLS drawdown since its inception was -35.18%, which is greater than JAAA's maximum drawdown of -2.64%. Use the drawdown chart below to compare losses from any high point for JLS and JAAA.

Drawdown Indicators

	JLS	JAAA	Difference
Max Drawdown Largest peak-to-trough decline	-35.18%	-2.64%	-32.54%
Max Drawdown (1Y) Largest decline over 1 year	-5.41%	-0.39%	-5.02%
Max Drawdown (3Y) Largest decline over 3 years	-9.28%	-1.46%	-7.82%
Max Drawdown (5Y) Largest decline over 5 years	-23.53%	-2.64%	-20.89%
Max Drawdown (10Y) Largest decline over 10 years	-35.18%	—	—
Current Drawdown Current decline from peak	-5.30%	-0.02%	-5.28%
Average Drawdown Average peak-to-trough decline	-5.81%	-0.25%	-5.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.72%	0.07%	+1.65%

Volatility

JLS vs. JAAA - Volatility Comparison

Nuveen Mortgage and Income Fund (JLS) has a higher volatility of 2.59% compared to Janus Henderson AAA CLO ETF (JAAA) at 0.12%. This indicates that JLS'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

	JLS	JAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.59%	0.12%	+2.47%
Volatility (6M) Calculated over the trailing 6-month period	7.22%	0.63%	+6.59%
Volatility (1Y) Calculated over the trailing 1-year period	8.63%	0.83%	+7.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.60%	1.67%	+8.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.41%	1.64%	+10.77%

JLS vs. JAAA - Expense Ratio Comparison

JLS has a 0.04% expense ratio, which is lower than JAAA's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

JLS vs. JAAA - Dividend Comparison

JLS's dividend yield for the trailing twelve months is around 10.60%, more than JAAA's 4.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JAAA Janus Henderson AAA CLO ETF	4.99%	5.30%	6.35%	6.11%	2.74%	1.21%	0.26%	0.00%	0.00%	0.00%	0.00%	0.00%
JLS Nuveen Mortgage and Income Fund	10.60%	10.13%	9.91%	9.29%	6.56%	4.61%	4.94%	6.20%	9.31%	13.44%	7.11%	6.68%

Frequently Asked Questions

Can I hold both JLS and JAAA in my portfolio?

JLS and JAAA have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JLS or JAAA?

JLS has higher volatility (2.59%) compared to JAAA (0.12%). In terms of maximum drawdown, JLS dropped -35.18% vs JAAA's -2.64%.

Which has better risk-adjusted returns?

JAAA currently has the higher Sharpe Ratio (6.04 vs 0.54), 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.