OXLCN vs. JAAA

Last updated Jun 4, 2026

OXLCN (Oxford Lane Capital Corp. 7.125% Series 2029 Term Preferred Stock) is a stock, while JAAA (Janus Henderson AAA CLO ETF) is CLO fund actively managed by Janus Henderson. Over the past 3 years, OXLCN returned 10.87%/yr vs 6.71%/yr for JAAA. At a 0.10 correlation, their price movements are largely independent.

Performance

OXLCN vs. JAAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Oxford Lane Capital Corp. 7.125% Series 2029 Term Preferred Stock (OXLCN) 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, OXLCN achieves a 5.87% return, which is significantly higher than JAAA's 1.87% return.

OXLCN

• 1D: 0.08%
• 1M: 1.04%
• YTD: 5.87%
• 6M: 6.29%
• 1Y: 12.07%
• 3Y*: 10.87%
• 5Y*: —
• 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)

OXLCN vs. JAAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
OXLCN Oxford Lane Capital Corp. 7.125% Series 2029 Term Preferred Stock	5.87%	7.77%	12.69%	10.55%	-3.33%
JAAA Janus Henderson AAA CLO ETF	1.87%	5.16%	7.43%	8.59%	2.71%

Correlation

The correlation between OXLCN and JAAA is -0.01, 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	-0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.05
Correlation (All Time) Calculated using the full available price history since Jun 22, 2022	0.10

The correlation between OXLCN and JAAA shifts across timeframes, from -0.01 (1 year) to 0.10 (all time), reflecting how their relationship changes across market environments.

Return for Risk

OXLCN vs. JAAA — Risk / Return Rank

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

OXLCN

OXLCN Risk / Return Rank: 88
OXLCN Sharpe Ratio Rank: 85
OXLCN Sortino Ratio Rank: 83
OXLCN Omega Ratio Rank: 86
OXLCN Calmar Ratio Rank: 93
OXLCN Martin Ratio Rank: 94

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.

OXLCN vs. JAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Oxford Lane Capital Corp. 7.125% Series 2029 Term Preferred Stock (OXLCN) 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.

	OXLCN	JAAA	Difference
Sharpe ratio: Return per unit of total volatility	1.78	5.98	-4.20
Sortino ratio: Return per unit of downside risk	2.54	10.04	-7.51
Omega ratio: Gain probability vs. loss probability	1.37	2.69	-1.31
Calmar ratio: Return relative to maximum drawdown	5.86	13.07	-7.22
Martin ratio: Return relative to average drawdown	17.19	70.18	-52.99
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OXLCN vs. JAAA - Sharpe Ratio Comparison

The current OXLCN Sharpe Ratio is 1.78, which is lower than the JAAA Sharpe Ratio of 5.98. The chart below compares the historical Sharpe Ratios of OXLCN 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

	OXLCN	JAAA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.78	5.98	-4.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	2.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.85	2.77	-1.92

Drawdowns

OXLCN vs. JAAA - Drawdown Comparison

The maximum OXLCN drawdown since its inception was -12.23%, which is greater than JAAA's maximum drawdown of -2.64%. Use the drawdown chart below to compare losses from any high point for OXLCN and JAAA.

Drawdown Indicators

	OXLCN	JAAA	Difference
Max Drawdown Largest peak-to-trough decline	-12.23%	-2.64%	-9.59%
Max Drawdown (1Y) Largest decline over 1 year	-2.07%	-0.39%	-1.68%
Max Drawdown (3Y) Largest decline over 3 years	-4.58%	-1.46%	-3.12%
Max Drawdown (5Y) Largest decline over 5 years	—	-2.64%	—
Current Drawdown Current decline from peak	-0.56%	-0.02%	-0.54%
Average Drawdown Average peak-to-trough decline	-1.64%	-0.25%	-1.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.70%	0.07%	+0.63%

Volatility

OXLCN vs. JAAA - Volatility Comparison

Oxford Lane Capital Corp. 7.125% Series 2029 Term Preferred Stock (OXLCN) has a higher volatility of 2.87% compared to Janus Henderson AAA CLO ETF (JAAA) at 0.13%. This indicates that OXLCN'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

	OXLCN	JAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.87%	0.13%	+2.74%
Volatility (6M) Calculated over the trailing 6-month period	5.64%	0.64%	+5.00%
Volatility (1Y) Calculated over the trailing 1-year period	6.79%	0.85%	+5.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.90%	1.68%	+8.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.90%	1.64%	+8.26%

Dividends

OXLCN vs. JAAA - Dividend Comparison

OXLCN's dividend yield for the trailing twelve months is around 7.14%, more than JAAA's 5.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
JAAA Janus Henderson AAA CLO ETF	5.00%	5.30%	6.35%	6.11%	2.74%	1.21%	0.26%
OXLCN Oxford Lane Capital Corp. 7.125% Series 2029 Term Preferred Stock	7.14%	7.33%	7.34%	7.68%	4.21%	0.00%	0.00%

Frequently Asked Questions

Can I hold both OXLCN and JAAA in my portfolio?

OXLCN and JAAA have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OXLCN or JAAA?

OXLCN has higher volatility (2.87%) compared to JAAA (0.13%). In terms of maximum drawdown, OXLCN dropped -12.23% vs JAAA's -2.64%.

Which has better risk-adjusted returns?

JAAA currently has the higher Sharpe Ratio (5.98 vs 1.78), 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.