OUSM vs. JAAA

Last updated Jun 9, 2026

OUSM (OShares U.S. Small-Cap Quality Dividend ETF) and JAAA (Janus Henderson AAA CLO ETF) are both exchange-traded funds - OUSM is a Small Cap Blend Equities fund tracking the O'Shares US Small-Cap Quality Dividend Index, while JAAA is a CLO fund actively managed by Janus Henderson. OUSM is passively managed, while JAAA is actively managed. Over the past 5 years, OUSM returned 7.32%/yr vs 4.80%/yr for JAAA. At a 0.12 correlation, their price movements are largely independent. OUSM charges 0.48%/yr vs 0.20%/yr for JAAA.

Performance

OUSM vs. JAAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in OShares U.S. Small-Cap Quality Dividend ETF (OUSM) 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, OUSM achieves a 6.25% return, which is significantly higher than JAAA's 1.95% return.

OUSM

• 1D: -0.44%
• 1M: -1.28%
• YTD: 6.25%
• 6M: 7.17%
• 1Y: 10.16%
• 3Y*: 11.01%
• 5Y*: 7.32%
• 10Y*: —

JAAA

• 1D: 0.02%
• 1M: 0.35%
• YTD: 1.95%
• 6M: 2.57%
• 1Y: 5.12%
• 3Y*: 6.67%
• 5Y*: 4.80%
• 10Y*: —

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

OUSM vs. JAAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
OUSM OShares U.S. Small-Cap Quality Dividend ETF	6.25%	2.17%	13.45%	18.82%	-7.89%	21.45%	13.74%
JAAA Janus Henderson AAA CLO ETF	1.95%	5.16%	7.43%	8.59%	0.49%	1.39%	0.79%

Correlation

The correlation between OUSM and JAAA is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.17
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

Return for Risk

OUSM vs. JAAA — Risk / Return Rank

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

OUSM

OUSM Risk / Return Rank: 25
OUSM Sharpe Ratio Rank: 24
OUSM Sortino Ratio Rank: 25
OUSM Omega Ratio Rank: 23
OUSM Calmar Ratio Rank: 25
OUSM Martin Ratio Rank: 26

JAAA

JAAA Risk / Return Rank: 99
JAAA Sharpe Ratio Rank: 99
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.

OUSM vs. JAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for OShares U.S. Small-Cap Quality Dividend ETF (OUSM) 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.

	OUSM	JAAA	Difference
Sharpe ratio: Return per unit of total volatility	0.78	6.15	-5.37
Sortino ratio: Return per unit of downside risk	1.26	10.31	-9.05
Omega ratio: Gain probability vs. loss probability	1.14	2.77	-1.63
Calmar ratio: Return relative to maximum drawdown	1.11	13.24	-12.13
Martin ratio: Return relative to average drawdown	3.23	71.21	-67.98
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OUSM vs. JAAA - Sharpe Ratio Comparison

The current OUSM Sharpe Ratio is 0.78, which is lower than the JAAA Sharpe Ratio of 6.15. The chart below compares the historical Sharpe Ratios of OUSM 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

	OUSM	JAAA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.78	6.15	-5.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.45	2.88	-2.43
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	2.78	-2.31

Drawdowns

OUSM vs. JAAA - Drawdown Comparison

The maximum OUSM drawdown since its inception was -39.84%, which is greater than JAAA's maximum drawdown of -2.64%. Use the drawdown chart below to compare losses from any high point for OUSM and JAAA.

Drawdown Indicators

	OUSM	JAAA	Difference
Max Drawdown Largest peak-to-trough decline	-39.84%	-2.64%	-37.20%
Max Drawdown (1Y) Largest decline over 1 year	-9.21%	-0.39%	-8.82%
Max Drawdown (3Y) Largest decline over 3 years	-19.44%	-1.46%	-17.98%
Max Drawdown (5Y) Largest decline over 5 years	-19.44%	-2.64%	-16.80%
Current Drawdown Current decline from peak	-2.17%	0.00%	-2.17%
Average Drawdown Average peak-to-trough decline	-5.21%	-0.25%	-4.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.15%	0.07%	+3.08%

Volatility

OUSM vs. JAAA - Volatility Comparison

OShares U.S. Small-Cap Quality Dividend ETF (OUSM) has a higher volatility of 3.47% compared to Janus Henderson AAA CLO ETF (JAAA) at 0.13%. This indicates that OUSM'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

	OUSM	JAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.47%	0.13%	+3.34%
Volatility (6M) Calculated over the trailing 6-month period	9.23%	0.64%	+8.59%
Volatility (1Y) Calculated over the trailing 1-year period	13.12%	0.84%	+12.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.30%	1.68%	+14.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.93%	1.64%	+17.29%

OUSM vs. JAAA - Expense Ratio Comparison

OUSM has a 0.48% expense ratio, which is higher than JAAA's 0.20% expense ratio.

Dividends

OUSM vs. JAAA - Dividend Comparison

OUSM's dividend yield for the trailing twelve months is around 2.08%, less than JAAA's 4.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
JAAA Janus Henderson AAA CLO ETF	4.99%	5.30%	6.35%	6.11%	2.74%	1.21%	0.26%	0.00%	0.00%	0.00%
OUSM OShares U.S. Small-Cap Quality Dividend ETF	2.08%	2.09%	1.62%	1.64%	1.98%	1.55%	2.02%	1.99%	2.63%	2.17%

Frequently Asked Questions

Can I hold both OUSM and JAAA in my portfolio?

OUSM and JAAA have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OUSM or JAAA?

OUSM has higher volatility (3.47%) compared to JAAA (0.13%). In terms of maximum drawdown, OUSM dropped -39.84% vs JAAA's -2.64%.

Which ETF is better, OUSM or JAAA?

On 5-year performance, OUSM leads with 7.32% vs 4.80% 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, OUSM or JAAA?

Over the 5-year period, OUSM has performed better with a 7.32% return vs 4.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OUSM or JAAA?

JAAA is cheaper with a 0.20% expense ratio, compared with 0.48% for OUSM.

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

JAAA has the higher dividend yield at 4.99%, compared with 2.08% for OUSM.

What is the main difference between OUSM and JAAA?

OUSM is categorized as Small Cap Blend Equities, while JAAA is CLO. They also come from different issuers: O'Shares Investments and Janus Henderson. Their fees differ too: 0.48% for OUSM and 0.20% for JAAA.

Which has better risk-adjusted returns?

JAAA currently has the higher Sharpe Ratio (6.15 vs 0.78), 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.