QIS vs. JAAA

Last updated Aug 2, 2026

QIS (Simplify Multi-Qis Alternative ETF) and JAAA (Janus Henderson AAA CLO ETF) are both exchange-traded funds - QIS is a Multistrategy fund actively managed by Simplify, while JAAA is a CLO fund actively managed by Janus Henderson. Both are actively managed. Over the past 3 years, QIS returned -24.55%/yr vs 6.20%/yr for JAAA. Their 0.11 correlation means their historical movements had little consistent relationship. QIS charges 1.00%/yr vs 0.20%/yr for JAAA.

Performance

QIS vs. JAAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Multi-Qis Alternative ETF (QIS) 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, QIS achieves a -31.94% return, which is significantly lower than JAAA's 2.60% return.

QIS

• 1D: 2.58%
• 1M: 2.94%
• 6M: -34.00%
• YTD: -31.94%
• 1Y: -48.32%
• 3Y*: -24.55%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -24.05%

JAAA

• 1D: 0.06%
• 1M: 0.30%
• 6M: 2.05%
• YTD: 2.60%
• 1Y: 4.89%
• 3Y*: 6.20%
• 5Y*: 4.88%
• 10Y*: —
• ALL TIME*: 4.53%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
JAAA Janus Henderson AAA CLO ETF	$257.93M	$255.22M	$259.12M
QIS Simplify Multi-Qis Alternative ETF	$8.01K	$6.87K	$26.74K

QIS vs. JAAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
QIS Simplify Multi-Qis Alternative ETF	-31.94%	-38.02%	0.19%	2.08%
JAAA Janus Henderson AAA CLO ETF	2.60%	5.16%	7.43%	4.59%

Correlation

The correlation between QIS and JAAA is 0.10, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.10
Correlation (3Y) Balances recent behavior with more history.	0.11
Correlation (All Time) Calculated using the full available price history since Jul 11, 2023	0.11

Return for Risk

QIS vs. JAAA — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

QIS

QIS Risk / Return Rank: 0
QIS Sharpe Ratio Rank: 0
QIS Sortino Ratio Rank: 0
QIS Omega Ratio Rank: 1
QIS Calmar Ratio Rank: 1
QIS Martin Ratio Rank: 0

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: 99

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

QIS vs. JAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Multi-Qis Alternative ETF (QIS) 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.

	QIS	JAAA	Difference
Sharpe ratio: Return per unit of total volatility	-1.26	6.19	-7.45
Sortino ratio: Return per unit of downside risk	-1.99	10.21	-12.19
Omega ratio: Gain probability vs. loss probability	0.77	2.84	-2.07
Calmar ratio: Return relative to maximum drawdown	-0.93	12.63	-13.56
Martin ratio: Return relative to average drawdown	-1.62	68.67	-70.29

QIS vs. JAAA - Sharpe Ratio Comparison

The current QIS Sharpe Ratio is -1.26, which is lower than the JAAA Sharpe Ratio of 6.19. The chart below compares the historical Sharpe Ratios of QIS 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

QIS vs. JAAA - Drawdown Comparison

The maximum QIS drawdown since its inception was -62.82%, which is greater than JAAA's maximum drawdown of -2.64%. Use the drawdown chart below to compare losses from any high point for QIS and JAAA.

Drawdown Indicators

	QIS	JAAA	Difference
Max Drawdown Largest peak-to-trough decline	-62.82%	-2.64%	-60.18%
Max Drawdown (1Y) Largest decline over 1 year	-54.47%	-0.39%	-54.08%
Max Drawdown (3Y) Largest decline over 3 years	-62.82%	-1.46%	-61.36%
Max Drawdown (5Y) Largest decline over 5 years	—	-2.64%	—
Current Drawdown Current decline from peak	-60.09%	0.00%	-60.09%
Average Drawdown Average peak-to-trough decline	-16.05%	-0.24%	-15.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.13%	0.07%	+31.06%

Volatility

QIS vs. JAAA - Volatility Comparison

Simplify Multi-Qis Alternative ETF (QIS) has a higher volatility of 14.48% compared to Janus Henderson AAA CLO ETF (JAAA) at 0.16%. This indicates that QIS'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

	QIS	JAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.48%	0.16%	+14.32%
Volatility (6M) Calculated over the trailing 6-month period	32.96%	0.62%	+32.34%
Volatility (1Y) Calculated over the trailing 1-year period	40.15%	0.79%	+39.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.10%	1.66%	+28.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.10%	1.62%	+28.48%

QIS vs. JAAA - Expense Ratio Comparison

QIS has a 1.00% expense ratio, which is higher than JAAA's 0.20% expense ratio.

Dividends

QIS vs. JAAA - Dividend Comparison

QIS's dividend yield for the trailing twelve months is around 2.00%, less than JAAA's 5.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
JAAA Janus Henderson AAA CLO ETF	4.93%	5.30%	6.35%	6.11%	2.74%	1.21%	0.26%
QIS Simplify Multi-Qis Alternative ETF	2.00%	3.37%	1.07%	3.29%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QIS and JAAA in my portfolio?

QIS and JAAA have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QIS or JAAA?

QIS has higher volatility (14.48%) compared to JAAA (0.16%). In terms of maximum drawdown, QIS dropped -62.82% vs JAAA's -2.64%.

Which ETF is better, QIS or JAAA?

On 3-year performance, JAAA leads with 6.20% vs -24.55% for QIS. On fees, JAAA is cheaper at 0.20% per year. On volatility, JAAA has been the lower-risk option at 0.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QIS or JAAA?

Over the 3-year period, JAAA has performed better with a 6.20% return vs -24.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QIS or JAAA?

JAAA is cheaper with a 0.20% expense ratio, compared with 1.00% for QIS.

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

JAAA has the higher dividend yield at 4.93%, compared with 2.00% for QIS.

What is the main difference between QIS and JAAA?

QIS is categorized as Multistrategy, while JAAA is CLO. They also come from different issuers: Simplify and Janus Henderson. Their fees differ too: 1.00% for QIS and 0.20% for JAAA.

Which has better risk-adjusted returns?

JAAA currently has the higher Sharpe Ratio (6.19 vs -1.26), 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.