PREF vs. JAAA
PREF (Principal Spectrum Preferred Secs Active ETF) and JAAA (Janus Henderson AAA CLO ETF) are both exchange-traded funds - PREF is a Preferred Stock/Convertible Bonds fund actively managed by Principal, while JAAA is a CLO fund actively managed by Janus Henderson. Both are actively managed. Over the past 5 years, PREF returned 3.07%/yr vs 4.79%/yr for JAAA. At a 0.14 correlation, their price movements are largely independent. PREF charges 0.55%/yr vs 0.20%/yr for JAAA.
Performance
PREF vs. JAAA - Performance Comparison
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Returns By Period
In the year-to-date period, PREF achieves a 1.65% return, which is significantly lower than JAAA's 1.87% return.
PREF
- 1D
- -0.13%
- 1M
- 0.52%
- YTD
- 1.65%
- 6M
- 2.32%
- 1Y
- 6.65%
- 3Y*
- 9.25%
- 5Y*
- 3.07%
- 10Y*
- —
JAAA
- 1D
- -0.02%
- 1M
- 0.39%
- YTD
- 1.87%
- 6M
- 2.45%
- 1Y
- 5.06%
- 3Y*
- 6.71%
- 5Y*
- 4.79%
- 10Y*
- —
PREF vs. JAAA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
PREF Principal Spectrum Preferred Secs Active ETF | 1.65% | 7.64% | 11.43% | 7.36% | -11.80% | 2.08% | 4.02% |
JAAA Janus Henderson AAA CLO ETF | 1.87% | 5.16% | 7.43% | 8.59% | 0.49% | 1.39% | 0.79% |
Correlation
The correlation between PREF and JAAA is 0.09, 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 | 0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Oct 20, 2020 | 0.14 |
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Return for Risk
PREF vs. JAAA — Risk / Return Rank
PREF
JAAA
PREF vs. JAAA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Principal Spectrum Preferred Secs Active ETF (PREF) 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.
| PREF | JAAA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.82 | ||
| Sortino ratioReturn per unit of downside risk | -6.95 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 2.69 | -1.24 |
| Calmar ratioReturn relative to maximum drawdown | 2.32 | 13.07 | -10.76 |
| Martin ratioReturn relative to average drawdown | 12.09 | 70.18 | -58.08 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PREF | JAAA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.16 | 5.98 | -3.82 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.63 | 2.87 | -2.23 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.66 | 2.77 | -2.11 |
Drawdowns
PREF vs. JAAA - Drawdown Comparison
The maximum PREF drawdown since its inception was -22.99%, which is greater than JAAA's maximum drawdown of -2.64%. Use the drawdown chart below to compare losses from any high point for PREF and JAAA.
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Drawdown Indicators
| PREF | JAAA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.99% | -2.64% | -20.35% |
Max Drawdown (1Y)Largest decline over 1 year | -2.88% | -0.39% | -2.49% |
Max Drawdown (3Y)Largest decline over 3 years | -4.39% | -1.46% | -2.93% |
Max Drawdown (5Y)Largest decline over 5 years | -16.99% | -2.64% | -14.35% |
Current DrawdownCurrent decline from peak | -0.13% | -0.02% | -0.11% |
Average DrawdownAverage peak-to-trough decline | -3.66% | -0.25% | -3.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.55% | 0.07% | +0.48% |
Volatility
PREF vs. JAAA - Volatility Comparison
Principal Spectrum Preferred Secs Active ETF (PREF) has a higher volatility of 0.69% compared to Janus Henderson AAA CLO ETF (JAAA) at 0.13%. This indicates that PREF'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
| PREF | JAAA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.69% | 0.13% | +0.56% |
Volatility (6M)Calculated over the trailing 6-month period | 2.51% | 0.64% | +1.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.09% | 0.85% | +2.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.87% | 1.68% | +3.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.30% | 1.64% | +4.66% |
PREF vs. JAAA - Expense Ratio Comparison
PREF has a 0.55% expense ratio, which is higher than JAAA's 0.20% expense ratio.
Dividends
PREF vs. JAAA - Dividend Comparison
PREF's dividend yield for the trailing twelve months is around 5.16%, more than JAAA's 5.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
PREF Principal Spectrum Preferred Secs Active ETF | 5.16% | 4.87% | 4.65% | 4.67% | 4.63% | 4.07% | 4.35% | 4.67% | 5.49% | 2.35% |
Frequently Asked Questions
PREF and JAAA have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PREF has higher volatility (0.69%) compared to JAAA (0.13%). In terms of maximum drawdown, PREF dropped -22.99% vs JAAA's -2.64%.
On 5-year performance, JAAA leads with 4.79% vs 3.07% for PREF. 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.
Over the 5-year period, JAAA has performed better with a 4.79% return vs 3.07%. 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 0.55% for PREF.
PREF has the higher dividend yield at 5.16%, compared with 5.00% for JAAA.
PREF is categorized as Preferred Stock/Convertible Bonds, while JAAA is CLO. They also come from different issuers: Principal and Janus Henderson. Their fees differ too: 0.55% for PREF and 0.20% for JAAA.
JAAA currently has the higher Sharpe Ratio (5.98 vs 2.16), 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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