JPIB vs. JAAA
JPIB (JPMorgan International Bond Opportunities ETF) and JAAA (Janus Henderson AAA CLO ETF) are both exchange-traded funds - JPIB is a Global Bonds fund actively managed by JPMorgan, while JAAA is a CLO fund actively managed by Janus Henderson. Both are actively managed. Over the past 5 years, JPIB returned 2.83%/yr vs 4.79%/yr for JAAA. At a 0.12 correlation, their price movements are largely independent. JPIB charges 0.50%/yr vs 0.20%/yr for JAAA.
Performance
JPIB vs. JAAA - Performance Comparison
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Returns By Period
In the year-to-date period, JPIB achieves a 0.74% return, which is significantly lower than JAAA's 1.87% return.
JPIB
- 1D
- -0.25%
- 1M
- 0.81%
- YTD
- 0.74%
- 6M
- 0.71%
- 1Y
- 5.13%
- 3Y*
- 5.79%
- 5Y*
- 2.83%
- 10Y*
- —
JAAA
- 1D
- -0.02%
- 1M
- 0.39%
- YTD
- 1.87%
- 6M
- 2.45%
- 1Y
- 5.06%
- 3Y*
- 6.71%
- 5Y*
- 4.79%
- 10Y*
- —
JPIB vs. JAAA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
JPIB JPMorgan International Bond Opportunities ETF | 0.74% | 8.19% | 3.48% | 8.68% | -6.38% | 0.14% | 3.73% |
JAAA Janus Henderson AAA CLO ETF | 1.87% | 5.16% | 7.43% | 8.59% | 0.49% | 1.39% | 0.79% |
Correlation
The correlation between JPIB and JAAA is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Oct 20, 2020 | 0.12 |
The correlation between JPIB and JAAA shifts across timeframes, from 0.07 (3 years) to 0.22 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
JPIB vs. JAAA — Risk / Return Rank
JPIB
JAAA
JPIB vs. JAAA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPMorgan International Bond Opportunities ETF (JPIB) 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.
| JPIB | JAAA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.52 | ||
| Sortino ratioReturn per unit of downside risk | -7.98 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 2.69 | -1.40 |
| Calmar ratioReturn relative to maximum drawdown | 1.37 | 13.07 | -11.70 |
| Martin ratioReturn relative to average drawdown | 4.78 | 70.18 | -65.39 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| JPIB | JAAA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.46 | 5.98 | -4.52 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.69 | 2.87 | -2.18 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.82 | 2.77 | -1.95 |
Drawdowns
JPIB vs. JAAA - Drawdown Comparison
The maximum JPIB drawdown since its inception was -13.13%, which is greater than JAAA's maximum drawdown of -2.64%. Use the drawdown chart below to compare losses from any high point for JPIB and JAAA.
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Drawdown Indicators
| JPIB | JAAA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.13% | -2.64% | -10.49% |
Max Drawdown (1Y)Largest decline over 1 year | -3.75% | -0.39% | -3.36% |
Max Drawdown (3Y)Largest decline over 3 years | -3.75% | -1.46% | -2.29% |
Max Drawdown (5Y)Largest decline over 5 years | -11.83% | -2.64% | -9.19% |
Current DrawdownCurrent decline from peak | -1.12% | -0.02% | -1.10% |
Average DrawdownAverage peak-to-trough decline | -1.93% | -0.25% | -1.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.07% | 0.07% | +1.00% |
Volatility
JPIB vs. JAAA - Volatility Comparison
JPMorgan International Bond Opportunities ETF (JPIB) has a higher volatility of 1.08% compared to Janus Henderson AAA CLO ETF (JAAA) at 0.13%. This indicates that JPIB'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.
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Volatility by Period
| JPIB | JAAA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.08% | 0.13% | +0.95% |
Volatility (6M)Calculated over the trailing 6-month period | 3.00% | 0.64% | +2.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.53% | 0.85% | +2.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.11% | 1.68% | +2.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.44% | 1.64% | +2.80% |
JPIB vs. JAAA - Expense Ratio Comparison
JPIB has a 0.50% expense ratio, which is higher than JAAA's 0.20% expense ratio.
Dividends
JPIB vs. JAAA - Dividend Comparison
JPIB's dividend yield for the trailing twelve months is around 5.02%, which matches JAAA's 5.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
JAAA Janus Henderson AAA CLO ETF | 5.00% | 5.30% | 6.35% | 6.11% | 2.74% | 1.21% | 0.26% | 0.00% | 0.00% | 0.00% |
JPIB JPMorgan International Bond Opportunities ETF | 5.02% | 4.85% | 4.57% | 4.35% | 3.10% | 2.59% | 3.14% | 4.66% | 5.83% | 1.81% |
Frequently Asked Questions
JPIB and JAAA have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
JPIB has higher volatility (1.08%) compared to JAAA (0.13%). In terms of maximum drawdown, JPIB dropped -13.13% vs JAAA's -2.64%.
On 5-year performance, JAAA leads with 4.79% vs 2.83% for JPIB. On fees, JAAA is cheaper at 0.20% per year. On volatility, JAAA has been the lower-risk option at 0.13%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, JAAA has performed better with a 4.79% return vs 2.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JAAA is cheaper with a 0.20% expense ratio, compared with 0.50% for JPIB.
JPIB has the higher dividend yield at 5.02%, compared with 5.00% for JAAA.
JPIB is categorized as Global Bonds, while JAAA is CLO. They also come from different issuers: JPMorgan and Janus Henderson. Their fees differ too: 0.50% for JPIB and 0.20% for JAAA.
JAAA currently has the higher Sharpe Ratio (5.98 vs 1.46), 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.
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