RPV vs. JAAA

Last updated Jun 13, 2026

RPV (Invesco S&P 500® Pure Value ETF) and JAAA (Janus Henderson AAA CLO ETF) are both exchange-traded funds - RPV is a Large Cap Value Equities fund tracking the S&P 500/Citigroup Pure Value Index, while JAAA is a CLO fund actively managed by Janus Henderson. RPV is passively managed, while JAAA is actively managed. Over the past 5 years, RPV returned 10.40%/yr vs 4.76%/yr for JAAA. At a 0.10 correlation, their price movements are largely independent. RPV charges 0.35%/yr vs 0.20%/yr for JAAA.

Performance

RPV vs. JAAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500® Pure Value ETF (RPV) 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, RPV achieves a 14.08% return, which is significantly higher than JAAA's 1.99% return.

RPV

• 1D: 1.37%
• 1M: 5.27%
• YTD: 14.08%
• 6M: 12.72%
• 1Y: 30.18%
• 3Y*: 17.75%
• 5Y*: 10.40%
• 10Y*: 11.35%

JAAA

• 1D: 0.02%
• 1M: 0.33%
• YTD: 1.99%
• 6M: 2.49%
• 1Y: 4.99%
• 3Y*: 6.67%
• 5Y*: 4.76%
• 10Y*: —

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

RPV vs. JAAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
RPV Invesco S&P 500® Pure Value ETF	14.08%	17.70%	12.41%	7.98%	-1.27%	34.22%	18.60%
JAAA Janus Henderson AAA CLO ETF	1.99%	5.16%	7.43%	8.59%	0.49%	1.39%	0.76%

Correlation

The correlation between RPV and JAAA is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.12
Correlation (All Time) Calculated using the full available price history since Oct 19, 2020	0.10

Return for Risk

RPV vs. JAAA — Risk / Return Rank

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

RPV

RPV Risk / Return Rank: 83
RPV Sharpe Ratio Rank: 85
RPV Sortino Ratio Rank: 87
RPV Omega Ratio Rank: 81
RPV Calmar Ratio Rank: 83
RPV Martin Ratio Rank: 80

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.

RPV vs. JAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500® Pure Value ETF (RPV) 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.

	RPV	JAAA	Difference
Sharpe ratio: Return per unit of total volatility	2.40	6.03	-3.63
Sortino ratio: Return per unit of downside risk	3.46	10.06	-6.61
Omega ratio: Gain probability vs. loss probability	1.41	2.72	-1.31
Calmar ratio: Return relative to maximum drawdown	3.92	12.91	-9.00
Martin ratio: Return relative to average drawdown	13.71	69.57	-55.86

RPV vs. JAAA - Sharpe Ratio Comparison

The current RPV Sharpe Ratio is 2.40, which is lower than the JAAA Sharpe Ratio of 6.03. The chart below compares the historical Sharpe Ratios of RPV 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

RPV vs. JAAA - Drawdown Comparison

The maximum RPV drawdown since its inception was -75.32%, which is greater than JAAA's maximum drawdown of -2.64%. Use the drawdown chart below to compare losses from any high point for RPV and JAAA.

Drawdown Indicators

	RPV	JAAA	Difference
Max Drawdown Largest peak-to-trough decline	-75.32%	-2.64%	-72.68%
Max Drawdown (1Y) Largest decline over 1 year	-7.74%	-0.39%	-7.35%
Max Drawdown (3Y) Largest decline over 3 years	-15.50%	-1.46%	-14.04%
Max Drawdown (5Y) Largest decline over 5 years	-22.64%	-2.64%	-20.00%
Max Drawdown (10Y) Largest decline over 10 years	-50.67%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-10.67%	-0.25%	-10.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.21%	0.07%	+2.14%

Volatility

RPV vs. JAAA - Volatility Comparison

Invesco S&P 500® Pure Value ETF (RPV) has a higher volatility of 2.88% compared to Janus Henderson AAA CLO ETF (JAAA) at 0.12%. This indicates that RPV'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

	RPV	JAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.88%	0.12%	+2.76%
Volatility (6M) Calculated over the trailing 6-month period	8.56%	0.63%	+7.93%
Volatility (1Y) Calculated over the trailing 1-year period	12.66%	0.83%	+11.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.88%	1.67%	+16.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.91%	1.64%	+20.27%

RPV vs. JAAA - Expense Ratio Comparison

RPV has a 0.35% expense ratio, which is higher than JAAA's 0.20% expense ratio.

Dividends

RPV vs. JAAA - Dividend Comparison

RPV's dividend yield for the trailing twelve months is around 2.21%, less than JAAA's 4.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
RPV Invesco S&P 500® Pure Value ETF	2.21%	2.50%	2.16%	2.38%	2.29%	1.92%	2.11%	2.28%	2.49%	1.73%	1.73%	2.39%

Frequently Asked Questions

Can I hold both RPV and JAAA in my portfolio?

RPV and JAAA have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RPV or JAAA?

RPV has higher volatility (2.88%) compared to JAAA (0.12%). In terms of maximum drawdown, RPV dropped -75.32% vs JAAA's -2.64%.

Which ETF is better, RPV or JAAA?

On 5-year performance, RPV leads with 10.40% vs 4.76% 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, RPV or JAAA?

Over the 5-year period, RPV has performed better with a 10.40% return vs 4.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RPV or JAAA?

JAAA is cheaper with a 0.20% expense ratio, compared with 0.35% for RPV.

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

JAAA has the higher dividend yield at 4.99%, compared with 2.21% for RPV.

What is the main difference between RPV and JAAA?

RPV is categorized as Large Cap Value Equities, while JAAA is CLO. They also come from different issuers: Invesco and Janus Henderson. Their fees differ too: 0.35% for RPV and 0.20% for JAAA.

Which has better risk-adjusted returns?

JAAA currently has the higher Sharpe Ratio (6.03 vs 2.40), 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.