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MAAA.TO vs. JAAA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MAAA.TO vs. JAAA

Last updated Jun 5, 2026

MAAA.TO (Mackenzie AAA CLO ETF) and JAAA (Janus Henderson AAA CLO ETF) are both CLO funds. MAAA.TO is passively managed, while JAAA is actively managed. Over the past year, MAAA.TO returned 3.16% vs 6.88% for JAAA. At a 0.04 correlation, their price movements are largely independent. MAAA.TO charges 0.18%/yr vs 0.20%/yr for JAAA.

Performance

MAAA.TO vs. JAAA - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Mackenzie AAA CLO ETF (MAAA.TO) and Janus Henderson AAA CLO ETF (JAAA). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Different Trading Currencies

MAAA.TO is traded in CAD, while JAAA is traded in USD. To make them comparable, the JAAA values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, MAAA.TO achieves a 1.25% return, which is significantly lower than JAAA's 3.29% return.

MAAA.TO

1D
0.04%
1M
0.34%
YTD
1.25%
6M
1.66%
1Y
3.16%
3Y*
—
5Y*
—
10Y*
—

JAAA

1D
0.12%
1M
2.52%
YTD
3.29%
6M
2.12%
1Y
6.88%
3Y*
7.92%
5Y*
7.81%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

MAAA.TO vs. JAAA - Yearly Performance Comparison

2026 (YTD)2025
MAAA.TO
Mackenzie AAA CLO ETF		1.25%2.83%
JAAA
Janus Henderson AAA CLO ETF		3.29%2.98%

Correlation

The correlation between MAAA.TO and JAAA is 0.03, 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

0.03

Correlation (All Time)
Calculated using the full available price history since May 2, 2025

0.04

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Mackenzie AAA CLO ETF

Janus Henderson AAA CLO ETF

Often compared with MAAA.TO:
MAAA.TO vs. MGRW.TOMAAA.TO vs. QTIP.NEOMAAA.TO vs. QUU.TOMAAA.TO vs. QQQQ.TOMAAA.TO vs. QDX.TOMAAA.TO vs. WSHR.NEOMAAA.TO vs. QDXH.TO
Often compared with JAAA:
JAAA vs. PAAAJAAA vs. JBBBJAAA vs. AAAJAAA vs. CLOZJAAA vs. BINCJAAA vs. BOXXJAAA vs. ICLO

Return for Risk

MAAA.TO vs. JAAA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MAAA.TO
MAAA.TO Risk / Return Rank: 8282
Overall Rank
MAAA.TO Sharpe Ratio Rank: 6565
Sharpe Ratio Rank
MAAA.TO Sortino Ratio Rank: 7272
Sortino Ratio Rank
MAAA.TO Omega Ratio Rank: 9191
Omega Ratio Rank
MAAA.TO Calmar Ratio Rank: 9292
Calmar Ratio Rank
MAAA.TO Martin Ratio Rank: 9292
Martin Ratio Rank
JAAA
JAAA Risk / Return Rank: 9898
Overall Rank
JAAA Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
JAAA Sortino Ratio Rank: 9999
Sortino Ratio Rank
JAAA Omega Ratio Rank: 9999
Omega Ratio Rank
JAAA Calmar Ratio Rank: 9898
Calmar Ratio Rank
JAAA Martin Ratio Rank: 9898
Martin Ratio Rank
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.

MAAA.TO vs. JAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Mackenzie AAA CLO ETF (MAAA.TO) 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.

MAAA.TOJAAADifference
Sharpe ratioReturn per unit of total volatility
2.11
1.46

+0.65

Sortino ratioReturn per unit of downside risk
3.19
2.02

+1.17

Omega ratioGain probability vs. loss probability

1.59

1.27

+0.32

Calmar ratioReturn relative to maximum drawdown

6.22

2.11

+4.11

Martin ratioReturn relative to average drawdown

22.97

5.78

+17.19

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MAAA.TO vs. JAAA - Sharpe Ratio Comparison

The current MAAA.TO Sharpe Ratio is 2.11, which is higher than the JAAA Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of MAAA.TO 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.

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Sharpe Ratios by Period

MAAA.TOJAAADifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.11

1.46

+0.65

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

1.19

—

Sharpe Ratio (All Time)

Calculated using the full available price history

2.56

0.85

+1.71

Drawdowns

MAAA.TO vs. JAAA - Drawdown Comparison

The maximum MAAA.TO drawdown since its inception was -0.51%, smaller than the maximum JAAA drawdown of -8.16%. Use the drawdown chart below to compare losses from any high point for MAAA.TO and JAAA.

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Drawdown Indicators

MAAA.TOJAAADifference

Max Drawdown

Largest peak-to-trough decline

-0.51%

-8.16%

+7.65%

Max Drawdown (1Y)

Largest decline over 1 year

-0.51%

-3.27%

+2.76%

Max Drawdown (3Y)

Largest decline over 3 years

—

-5.56%

—

Max Drawdown (5Y)

Largest decline over 5 years

—

-5.56%

—

Current Drawdown

Current decline from peak

-0.32%

0.00%

-0.32%

Average Drawdown

Average peak-to-trough decline

-0.07%

-1.96%

+1.89%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.14%

1.19%

-1.05%

Volatility

MAAA.TO vs. JAAA - Volatility Comparison

The current volatility for Mackenzie AAA CLO ETF (MAAA.TO) is 0.65%, while Janus Henderson AAA CLO ETF (JAAA) has a volatility of 0.80%. This indicates that MAAA.TO experiences smaller price fluctuations and is considered to be less risky 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

MAAA.TOJAAADifference

Volatility (1M)

Calculated over the trailing 1-month period

0.65%

0.80%

-0.15%

Volatility (6M)

Calculated over the trailing 6-month period

1.08%

3.52%

-2.44%

Volatility (1Y)

Calculated over the trailing 1-year period

1.50%

4.75%

-3.25%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

1.48%

6.59%

-5.11%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

1.48%

6.57%

-5.09%

MAAA.TO vs. JAAA - Expense Ratio Comparison

MAAA.TO 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

MAAA.TO vs. JAAA - Dividend Comparison

MAAA.TO's dividend yield for the trailing twelve months is around 5.08%, more than JAAA's 5.00% yield.

PositionTTM202520242023202220212020
JAAA
Janus Henderson AAA CLO ETF		5.00%5.30%6.35%6.11%2.74%1.21%0.26%
MAAA.TO
Mackenzie AAA CLO ETF		5.08%3.01%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

MAAA.TO and JAAA have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, MAAA.TO is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

They also come from different issuers: Mackenzie and Janus Henderson. Their fees differ too: 0.18% for MAAA.TO and 0.20% for JAAA.

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