PYLD vs. JAAA

Last updated Jun 14, 2026

PYLD (PIMCO Multisector Bond Active Exchange-Traded Fund) and JAAA (Janus Henderson AAA CLO ETF) are both exchange-traded funds - PYLD is a Multisector Bonds fund actively managed by PIMCO, while JAAA is a CLO fund actively managed by Janus Henderson. Both are actively managed. Over the past year, PYLD returned 7.32% vs 5.01% for JAAA. At a 0.02 correlation, their price movements are largely independent. PYLD charges 0.55%/yr vs 0.20%/yr for JAAA.

Performance

PYLD vs. JAAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Multisector Bond Active Exchange-Traded Fund (PYLD) 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, PYLD achieves a 1.33% return, which is significantly lower than JAAA's 1.99% return.

PYLD

• 1D: 0.15%
• 1M: 0.84%
• YTD: 1.33%
• 6M: 1.94%
• 1Y: 7.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —

JAAA

• 1D: 0.02%
• 1M: 0.31%
• YTD: 1.99%
• 6M: 2.49%
• 1Y: 5.01%
• 3Y*: 6.67%
• 5Y*: 4.76%
• 10Y*: —

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

PYLD vs. JAAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PYLD PIMCO Multisector Bond Active Exchange-Traded Fund	1.33%	9.57%	7.69%	5.46%
JAAA Janus Henderson AAA CLO ETF	1.99%	5.16%	7.43%	4.96%

Correlation

The correlation between PYLD and JAAA is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (All Time) Calculated using the full available price history since Jun 22, 2023	0.02

The correlation between PYLD and JAAA shifts across timeframes, from 0.02 (all time) to 0.15 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PYLD vs. JAAA — Risk / Return Rank

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

PYLD

PYLD Risk / Return Rank: 73
PYLD Sharpe Ratio Rank: 83
PYLD Sortino Ratio Rank: 86
PYLD Omega Ratio Rank: 86
PYLD Calmar Ratio Rank: 49
PYLD Martin Ratio Rank: 62

JAAA

JAAA Risk / Return Rank: 98
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.

PYLD vs. JAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Multisector Bond Active Exchange-Traded Fund (PYLD) 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.

	PYLD	JAAA	Difference
Sharpe ratio: Return per unit of total volatility	2.30	6.03	-3.73
Sortino ratio: Return per unit of downside risk	3.38	10.06	-6.68
Omega ratio: Gain probability vs. loss probability	1.46	2.72	-1.27
Calmar ratio: Return relative to maximum drawdown	2.15	12.91	-10.76
Martin ratio: Return relative to average drawdown	9.76	69.57	-59.82

PYLD vs. JAAA - Sharpe Ratio Comparison

The current PYLD Sharpe Ratio is 2.30, which is lower than the JAAA Sharpe Ratio of 6.03. The chart below compares the historical Sharpe Ratios of PYLD 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.

Drawdowns

PYLD vs. JAAA - Drawdown Comparison

The maximum PYLD drawdown since its inception was -4.52%, which is greater than JAAA's maximum drawdown of -2.64%. Use the drawdown chart below to compare losses from any high point for PYLD and JAAA.

Drawdown Indicators

	PYLD	JAAA	Difference
Max Drawdown Largest peak-to-trough decline	-4.52%	-2.64%	-1.88%
Max Drawdown (1Y) Largest decline over 1 year	-3.25%	-0.39%	-2.86%
Max Drawdown (3Y) Largest decline over 3 years	—	-1.46%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-2.64%	—
Current Drawdown Current decline from peak	-0.06%	0.00%	-0.06%
Average Drawdown Average peak-to-trough decline	-0.65%	-0.25%	-0.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.71%	0.07%	+0.64%

Volatility

PYLD vs. JAAA - Volatility Comparison

PIMCO Multisector Bond Active Exchange-Traded Fund (PYLD) has a higher volatility of 1.24% compared to Janus Henderson AAA CLO ETF (JAAA) at 0.12%. This indicates that PYLD'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

	PYLD	JAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.24%	0.12%	+1.12%
Volatility (6M) Calculated over the trailing 6-month period	2.54%	0.63%	+1.91%
Volatility (1Y) Calculated over the trailing 1-year period	3.04%	0.83%	+2.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.98%	1.67%	+2.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.98%	1.64%	+2.34%

PYLD vs. JAAA - Expense Ratio Comparison

PYLD has a 0.55% expense ratio, which is higher than JAAA's 0.20% expense ratio.

Dividends

PYLD vs. JAAA - Dividend Comparison

PYLD's dividend yield for the trailing twelve months is around 6.27%, more than JAAA's 4.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
JAAA Janus Henderson AAA CLO ETF	4.99%	5.30%	6.35%	6.11%	2.74%	1.21%	0.26%
PYLD PIMCO Multisector Bond Active Exchange-Traded Fund	6.27%	6.21%	6.40%	2.72%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PYLD and JAAA in my portfolio?

PYLD and JAAA have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PYLD or JAAA?

PYLD has higher volatility (1.24%) compared to JAAA (0.12%). In terms of maximum drawdown, PYLD dropped -4.52% vs JAAA's -2.64%.

Which ETF is better, PYLD or JAAA?

On 1-year performance, PYLD leads with 7.32% vs 5.01% for JAAA. On fees, JAAA is cheaper at 0.20% per year. On volatility, JAAA has been the lower-risk option at 0.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PYLD or JAAA?

Over the 1-year period, PYLD has performed better with a 7.32% return vs 5.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PYLD or JAAA?

JAAA is cheaper with a 0.20% expense ratio, compared with 0.55% for PYLD.

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

PYLD has the higher dividend yield at 6.27%, compared with 4.99% for JAAA.

What is the main difference between PYLD and JAAA?

PYLD is categorized as Multisector Bonds, while JAAA is CLO. They also come from different issuers: PIMCO and Janus Henderson. Their fees differ too: 0.55% for PYLD and 0.20% for JAAA.

Which has better risk-adjusted returns?

JAAA currently has the higher Sharpe Ratio (6.03 vs 2.30), 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.