JSML vs. JAAA

Last updated Jun 4, 2026

JSML (Janus Henderson Small Cap Growth Alpha ETF) and JAAA (Janus Henderson AAA CLO ETF) are both exchange-traded funds - JSML is a Small Cap Growth Equities fund tracking the Janus Small Cap Growth Alpha Index, while JAAA is a CLO fund actively managed by Janus Henderson. JSML is passively managed, while JAAA is actively managed. Over the past 5 years, JSML returned 6.09%/yr vs 4.79%/yr for JAAA. At a 0.11 correlation, their price movements are largely independent. JSML charges 0.30%/yr vs 0.20%/yr for JAAA.

Performance

JSML vs. JAAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson Small Cap Growth Alpha ETF (JSML) 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, JSML achieves a 19.06% return, which is significantly higher than JAAA's 1.87% return.

JSML

• 1D: -0.84%
• 1M: 7.59%
• YTD: 19.06%
• 6M: 17.83%
• 1Y: 33.64%
• 3Y*: 18.71%
• 5Y*: 6.09%
• 10Y*: 12.88%

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)

JSML vs. JAAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
JSML Janus Henderson Small Cap Growth Alpha ETF	19.06%	13.41%	12.45%	30.09%	-29.40%	3.08%	24.98%
JAAA Janus Henderson AAA CLO ETF	1.87%	5.16%	7.43%	8.59%	0.49%	1.39%	0.79%

Correlation

The correlation between JSML and JAAA is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.12
Correlation (All Time) Calculated using the full available price history since Oct 20, 2020	0.11

Return for Risk

JSML vs. JAAA — Risk / Return Rank

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

JSML

JSML Risk / Return Rank: 45
JSML Sharpe Ratio Rank: 45
JSML Sortino Ratio Rank: 44
JSML Omega Ratio Rank: 42
JSML Calmar Ratio Rank: 46
JSML Martin Ratio Rank: 48

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.

JSML vs. JAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Small Cap Growth Alpha ETF (JSML) 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.

	JSML	JAAA	Difference
Sharpe ratio: Return per unit of total volatility	1.57	5.98	-4.41
Sortino ratio: Return per unit of downside risk	2.21	10.04	-7.84
Omega ratio: Gain probability vs. loss probability	1.27	2.69	-1.41
Calmar ratio: Return relative to maximum drawdown	2.28	13.07	-10.80
Martin ratio: Return relative to average drawdown	8.08	70.18	-62.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JSML vs. JAAA - Sharpe Ratio Comparison

The current JSML Sharpe Ratio is 1.57, which is lower than the JAAA Sharpe Ratio of 5.98. The chart below compares the historical Sharpe Ratios of JSML 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

	JSML	JAAA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.57	5.98	-4.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.25	2.87	-2.62
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	2.77	-2.21

Drawdowns

JSML vs. JAAA - Drawdown Comparison

The maximum JSML drawdown since its inception was -39.65%, which is greater than JAAA's maximum drawdown of -2.64%. Use the drawdown chart below to compare losses from any high point for JSML and JAAA.

Drawdown Indicators

	JSML	JAAA	Difference
Max Drawdown Largest peak-to-trough decline	-39.65%	-2.64%	-37.01%
Max Drawdown (1Y) Largest decline over 1 year	-14.84%	-0.39%	-14.45%
Max Drawdown (3Y) Largest decline over 3 years	-25.60%	-1.46%	-24.14%
Max Drawdown (5Y) Largest decline over 5 years	-37.91%	-2.64%	-35.27%
Max Drawdown (10Y) Largest decline over 10 years	-39.65%	—	—
Current Drawdown Current decline from peak	-0.84%	-0.02%	-0.82%
Average Drawdown Average peak-to-trough decline	-10.86%	-0.25%	-10.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.17%	0.07%	+4.10%

Volatility

JSML vs. JAAA - Volatility Comparison

Janus Henderson Small Cap Growth Alpha ETF (JSML) has a higher volatility of 7.49% compared to Janus Henderson AAA CLO ETF (JAAA) at 0.13%. This indicates that JSML'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

	JSML	JAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.49%	0.13%	+7.36%
Volatility (6M) Calculated over the trailing 6-month period	15.94%	0.64%	+15.30%
Volatility (1Y) Calculated over the trailing 1-year period	21.56%	0.85%	+20.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.34%	1.68%	+22.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.27%	1.64%	+22.63%

JSML vs. JAAA - Expense Ratio Comparison

JSML has a 0.30% expense ratio, which is higher than JAAA's 0.20% expense ratio.

Dividends

JSML vs. JAAA - Dividend Comparison

JSML's dividend yield for the trailing twelve months is around 0.80%, less than JAAA's 5.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%	0.00%
JSML Janus Henderson Small Cap Growth Alpha ETF	0.80%	0.94%	1.19%	0.49%	0.67%	0.46%	0.30%	0.27%	0.76%	0.42%	0.52%

Frequently Asked Questions

Can I hold both JSML and JAAA in my portfolio?

JSML and JAAA have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JSML or JAAA?

JSML has higher volatility (7.49%) compared to JAAA (0.13%). In terms of maximum drawdown, JSML dropped -39.65% vs JAAA's -2.64%.

Which ETF is better, JSML or JAAA?

On 5-year performance, JSML leads with 6.09% vs 4.79% for JAAA. 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.

Which ETF has performed better, JSML or JAAA?

Over the 5-year period, JSML has performed better with a 6.09% return vs 4.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JSML or JAAA?

JAAA is cheaper with a 0.20% expense ratio, compared with 0.30% for JSML.

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

JAAA has the higher dividend yield at 5.00%, compared with 0.80% for JSML.

What is the main difference between JSML and JAAA?

JSML is categorized as Small Cap Growth Equities, while JAAA is CLO. Their fees differ too: 0.30% for JSML and 0.20% for JAAA.

Which has better risk-adjusted returns?

JAAA currently has the higher Sharpe Ratio (5.98 vs 1.57), 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.