LQDW vs. JAAA
LQDW (iShares Investment Grade Corporate Bond Buywrite Strategy ETF) and JAAA (Janus Henderson AAA CLO ETF) are both exchange-traded funds - LQDW is a Corporate Bonds fund tracking the CBOE LQD BuyWrite Index, while JAAA is a CLO fund actively managed by Janus Henderson. LQDW is passively managed, while JAAA is actively managed. Over the past 3 years, LQDW returned 3.11%/yr vs 6.46%/yr for JAAA. At a 0.07 correlation, their price movements are largely independent. LQDW charges 0.34%/yr vs 0.20%/yr for JAAA.
Performance
LQDW vs. JAAA - Performance Comparison
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Returns By Period
In the year-to-date period, LQDW achieves a 0.79% return, which is significantly lower than JAAA's 2.33% return.
LQDW
- 1D
- -0.41%
- 1M
- -0.80%
- 6M
- 0.40%
- YTD
- 0.79%
- 1Y
- 4.76%
- 3Y*
- 3.11%
- 5Y*
- —
- 10Y*
- —
JAAA
- 1D
- 0.04%
- 1M
- 0.34%
- 6M
- 2.21%
- YTD
- 2.33%
- 1Y
- 4.97%
- 3Y*
- 6.46%
- 5Y*
- 4.83%
- 10Y*
- —
LQDW vs. JAAA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
LQDW iShares Investment Grade Corporate Bond Buywrite Strategy ETF | 0.79% | 9.05% | 2.60% | 3.99% | -6.78% |
JAAA Janus Henderson AAA CLO ETF | 2.33% | 5.16% | 7.43% | 8.59% | 1.44% |
Correlation
The correlation between LQDW and JAAA is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Aug 22, 2022 | 0.07 |
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Return for Risk
LQDW vs. JAAA — Risk / Return Rank
LQDW
JAAA
LQDW vs. JAAA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Investment Grade Corporate Bond Buywrite Strategy ETF (LQDW) 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.
| LQDW | JAAA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.92 | ||
| Sortino ratioReturn per unit of downside risk | -8.50 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 2.83 | -1.58 |
| Calmar ratioReturn relative to maximum drawdown | 1.84 | 12.84 | -11.00 |
| Martin ratioReturn relative to average drawdown | 6.71 | 69.71 | -63.00 |
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Drawdowns
LQDW vs. JAAA - Drawdown Comparison
The maximum LQDW drawdown since its inception was -9.20%, which is greater than JAAA's maximum drawdown of -2.64%. Use the drawdown chart below to compare losses from any high point for LQDW and JAAA.
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Drawdown Indicators
| LQDW | JAAA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -9.20% | -2.64% | -6.56% |
Max Drawdown (1Y)Largest decline over 1 year | -2.59% | -0.39% | -2.20% |
Max Drawdown (3Y)Largest decline over 3 years | -6.74% | -1.46% | -5.28% |
Max Drawdown (5Y)Largest decline over 5 years | — | -2.64% | — |
Current DrawdownCurrent decline from peak | -1.52% | 0.00% | -1.52% |
Average DrawdownAverage peak-to-trough decline | -2.29% | -0.25% | -2.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.71% | 0.07% | +0.64% |
Volatility
LQDW vs. JAAA - Volatility Comparison
iShares Investment Grade Corporate Bond Buywrite Strategy ETF (LQDW) has a higher volatility of 1.06% compared to Janus Henderson AAA CLO ETF (JAAA) at 0.14%. This indicates that LQDW'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
| LQDW | JAAA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.06% | 0.14% | +0.92% |
Volatility (6M)Calculated over the trailing 6-month period | 3.22% | 0.63% | +2.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.70% | 0.80% | +2.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.45% | 1.67% | +3.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.45% | 1.63% | +3.82% |
LQDW vs. JAAA - Expense Ratio Comparison
LQDW has a 0.34% expense ratio, which is higher than JAAA's 0.20% expense ratio.
Dividends
LQDW vs. JAAA - Dividend Comparison
LQDW's dividend yield for the trailing twelve months is around 12.29%, more than JAAA's 4.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
JAAA Janus Henderson AAA CLO ETF | 4.95% | 5.30% | 6.35% | 6.11% | 2.74% | 1.21% | 0.26% |
LQDW iShares Investment Grade Corporate Bond Buywrite Strategy ETF | 12.29% | 16.02% | 15.74% | 19.28% | 8.85% | 0.00% | 0.00% |
Frequently Asked Questions
LQDW and JAAA have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LQDW has higher volatility (1.06%) compared to JAAA (0.14%). In terms of maximum drawdown, LQDW dropped -9.20% vs JAAA's -2.64%.
On 3-year performance, JAAA leads with 6.46% vs 3.11% for LQDW. On fees, JAAA is cheaper at 0.20% per year. On volatility, JAAA has been the lower-risk option at 0.14%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, JAAA has performed better with a 6.46% return vs 3.11%. 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 0.34% for LQDW.
LQDW has the higher dividend yield at 12.29%, compared with 4.95% for JAAA.
LQDW is categorized as Corporate Bonds, while JAAA is CLO. They also come from different issuers: iShares and Janus Henderson. Their fees differ too: 0.34% for LQDW and 0.20% for JAAA.
JAAA currently has the higher Sharpe Ratio (6.22 vs 1.30), 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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