JPST vs. JAAA

Last updated Jun 4, 2026

JPST (JPMorgan Ultra-Short Income ETF) and JAAA (Janus Henderson AAA CLO ETF) are both exchange-traded funds - JPST is a Ultrashort Bond 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, JPST returned 3.61%/yr vs 4.79%/yr for JAAA. At a 0.13 correlation, their price movements are largely independent. JPST charges 0.18%/yr vs 0.20%/yr for JAAA.

Performance

JPST vs. JAAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Ultra-Short Income ETF (JPST) 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, JPST achieves a 1.40% return, which is significantly lower than JAAA's 1.87% return.

JPST

• 1D: 0.00%
• 1M: 0.35%
• YTD: 1.40%
• 6M: 1.74%
• 1Y: 4.31%
• 3Y*: 5.16%
• 5Y*: 3.61%
• 10Y*: —

JAAA

• 1D: -0.02%
• 1M: 0.39%
• YTD: 1.87%
• 6M: 2.45%
• 1Y: 5.06%
• 3Y*: 6.71%
• 5Y*: 4.79%
• 10Y*: —

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

JPST vs. JAAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
JPST JPMorgan Ultra-Short Income ETF	1.40%	4.99%	5.58%	5.13%	1.14%	0.11%	0.26%
JAAA Janus Henderson AAA CLO ETF	1.87%	5.16%	7.43%	8.59%	0.49%	1.39%	0.79%

Correlation

The correlation between JPST and JAAA is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.09
Correlation (5Y) Calculated over the trailing 5-year period	0.14
Correlation (All Time) Calculated using the full available price history since Oct 20, 2020	0.13

Return for Risk

JPST vs. JAAA — Risk / Return Rank

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

JPST

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

JAAA

JAAA Risk / Return Rank: 98
JAAA Sharpe Ratio Rank: 98
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.

JPST vs. JAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Ultra-Short Income ETF (JPST) 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.

	JPST	JAAA	Difference
Sharpe ratio: Return per unit of total volatility	8.09	5.98	+2.11
Sortino ratio: Return per unit of downside risk	17.60	10.04	+7.56
Omega ratio: Gain probability vs. loss probability	3.94	2.69	+1.25
Calmar ratio: Return relative to maximum drawdown	29.16	13.07	+16.09
Martin ratio: Return relative to average drawdown	144.13	70.18	+73.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JPST vs. JAAA - Sharpe Ratio Comparison

The current JPST Sharpe Ratio is 8.09, which is higher than the JAAA Sharpe Ratio of 5.98. The chart below compares the historical Sharpe Ratios of JPST 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.

Sharpe Ratios by Period

	JPST	JAAA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	8.09	5.98	+2.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	6.32	2.87	+3.45
Sharpe Ratio (All Time) Calculated using the full available price history	3.20	2.77	+0.43

Drawdowns

JPST vs. JAAA - Drawdown Comparison

The maximum JPST drawdown since its inception was -3.28%, which is greater than JAAA's maximum drawdown of -2.64%. Use the drawdown chart below to compare losses from any high point for JPST and JAAA.

Drawdown Indicators

	JPST	JAAA	Difference
Max Drawdown Largest peak-to-trough decline	-3.28%	-2.64%	-0.64%
Max Drawdown (1Y) Largest decline over 1 year	-0.15%	-0.39%	+0.24%
Max Drawdown (3Y) Largest decline over 3 years	-0.30%	-1.46%	+1.16%
Max Drawdown (5Y) Largest decline over 5 years	-0.79%	-2.64%	+1.85%
Current Drawdown Current decline from peak	-0.02%	-0.02%	0.00%
Average Drawdown Average peak-to-trough decline	-0.08%	-0.25%	+0.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.03%	0.07%	-0.04%

Volatility

JPST vs. JAAA - Volatility Comparison

JPMorgan Ultra-Short Income ETF (JPST) has a higher volatility of 0.15% compared to Janus Henderson AAA CLO ETF (JAAA) at 0.13%. This indicates that JPST'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

	JPST	JAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.15%	0.13%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	0.36%	0.64%	-0.28%
Volatility (1Y) Calculated over the trailing 1-year period	0.54%	0.85%	-0.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.58%	1.68%	-1.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.93%	1.64%	-0.71%

JPST vs. JAAA - Expense Ratio Comparison

JPST has a 0.18% 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

JPST vs. JAAA - Dividend Comparison

JPST's dividend yield for the trailing twelve months is around 4.26%, less than 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%
JPST JPMorgan Ultra-Short Income ETF	4.26%	4.43%	5.16%	4.79%	1.83%	0.73%	1.43%	2.69%	2.07%	0.96%

Frequently Asked Questions

Can I hold both JPST and JAAA in my portfolio?

JPST and JAAA have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JPST or JAAA?

JPST has higher volatility (0.15%) compared to JAAA (0.13%). In terms of maximum drawdown, JPST dropped -3.28% vs JAAA's -2.64%.

Which ETF is better, JPST or JAAA?

On 5-year performance, JAAA leads with 4.79% vs 3.61% for JPST. On fees, JPST is cheaper at 0.18% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JPST or JAAA?

Over the 5-year period, JAAA has performed better with a 4.79% return vs 3.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JPST or JAAA?

JPST is cheaper with a 0.18% expense ratio, compared with 0.20% for JAAA.

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

JAAA has the higher dividend yield at 5.00%, compared with 4.26% for JPST.

What is the main difference between JPST and JAAA?

JPST is categorized as Ultrashort Bond, while JAAA is CLO. They also come from different issuers: JPMorgan and Janus Henderson. Their fees differ too: 0.18% for JPST and 0.20% for JAAA.

Which has better risk-adjusted returns?

JPST currently has the higher Sharpe Ratio (8.09 vs 5.98), 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.