SBND vs. JAAA

Last updated Jun 5, 2026

SBND (Columbia Short Duration Bond ETF) and JAAA (Janus Henderson AAA CLO ETF) are both exchange-traded funds - SBND is a Short-Term Bond fund tracking the Bloomberg Beta Advantage Short Term Bond (-300%), while JAAA is a CLO fund actively managed by Janus Henderson. SBND is passively managed, while JAAA is actively managed. Over the past 3 years, SBND returned 6.04%/yr vs 6.70%/yr for JAAA. At a 0.09 correlation, their price movements are largely independent. SBND charges 0.25%/yr vs 0.20%/yr for JAAA.

Performance

SBND vs. JAAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Columbia Short Duration Bond ETF (SBND) 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, SBND achieves a 0.91% return, which is significantly lower than JAAA's 1.89% return.

SBND

• 1D: 0.00%
• 1M: 0.28%
• YTD: 0.91%
• 6M: 1.54%
• 1Y: 5.45%
• 3Y*: 6.04%
• 5Y*: —
• 10Y*: —

JAAA

• 1D: 0.02%
• 1M: 0.37%
• YTD: 1.89%
• 6M: 2.47%
• 1Y: 5.10%
• 3Y*: 6.70%
• 5Y*: 4.79%
• 10Y*: —

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

SBND vs. JAAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SBND Columbia Short Duration Bond ETF	0.91%	7.50%	4.83%	7.20%	-7.24%	-0.68%
JAAA Janus Henderson AAA CLO ETF	1.89%	5.16%	7.43%	8.59%	0.49%	0.22%

Correlation

The correlation between SBND and JAAA is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.06
Correlation (All Time) Calculated using the full available price history since Sep 22, 2021	0.09

Return for Risk

SBND vs. JAAA — Risk / Return Rank

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

SBND

SBND Risk / Return Rank: 73
SBND Sharpe Ratio Rank: 69
SBND Sortino Ratio Rank: 79
SBND Omega Ratio Rank: 77
SBND Calmar Ratio Rank: 65
SBND Martin Ratio Rank: 73

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.

SBND vs. JAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Columbia Short Duration Bond ETF (SBND) 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.

	SBND	JAAA	Difference
Sharpe ratio: Return per unit of total volatility	2.24	6.04	-3.80
Sortino ratio: Return per unit of downside risk	3.48	10.13	-6.66
Omega ratio: Gain probability vs. loss probability	1.45	2.71	-1.26
Calmar ratio: Return relative to maximum drawdown	3.20	13.18	-9.98
Martin ratio: Return relative to average drawdown	13.43	70.92	-57.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SBND vs. JAAA - Sharpe Ratio Comparison

The current SBND Sharpe Ratio is 2.24, which is lower than the JAAA Sharpe Ratio of 6.04. The chart below compares the historical Sharpe Ratios of SBND 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

	SBND	JAAA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.24	6.04	-3.80
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	2.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.70	2.78	-2.08

Drawdowns

SBND vs. JAAA - Drawdown Comparison

The maximum SBND drawdown since its inception was -10.78%, which is greater than JAAA's maximum drawdown of -2.64%. Use the drawdown chart below to compare losses from any high point for SBND and JAAA.

Drawdown Indicators

	SBND	JAAA	Difference
Max Drawdown Largest peak-to-trough decline	-10.78%	-2.64%	-8.14%
Max Drawdown (1Y) Largest decline over 1 year	-1.71%	-0.39%	-1.32%
Max Drawdown (3Y) Largest decline over 3 years	-1.71%	-1.46%	-0.25%
Max Drawdown (5Y) Largest decline over 5 years	—	-2.64%	—
Current Drawdown Current decline from peak	-0.14%	-0.00%	-0.14%
Average Drawdown Average peak-to-trough decline	-2.86%	-0.25%	-2.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.41%	0.07%	+0.34%

Volatility

SBND vs. JAAA - Volatility Comparison

Columbia Short Duration Bond ETF (SBND) has a higher volatility of 0.58% compared to Janus Henderson AAA CLO ETF (JAAA) at 0.13%. This indicates that SBND'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

	SBND	JAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.58%	0.13%	+0.45%
Volatility (6M) Calculated over the trailing 6-month period	1.69%	0.64%	+1.05%
Volatility (1Y) Calculated over the trailing 1-year period	2.47%	0.85%	+1.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.61%	1.68%	+1.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.61%	1.64%	+1.97%

SBND vs. JAAA - Expense Ratio Comparison

SBND has a 0.25% expense ratio, which is higher than JAAA's 0.20% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SBND vs. JAAA - Dividend Comparison

SBND's dividend yield for the trailing twelve months is around 4.53%, less 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%
SBND Columbia Short Duration Bond ETF	4.53%	4.65%	4.58%	3.90%	2.80%	0.43%	0.00%

Frequently Asked Questions

Can I hold both SBND and JAAA in my portfolio?

SBND and JAAA have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SBND or JAAA?

SBND has higher volatility (0.58%) compared to JAAA (0.13%). In terms of maximum drawdown, SBND dropped -10.78% vs JAAA's -2.64%.

Which ETF is better, SBND or JAAA?

On 3-year performance, JAAA leads with 6.70% vs 6.04% for SBND. 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.

Which ETF has performed better, SBND or JAAA?

Over the 3-year period, JAAA has performed better with a 6.70% return vs 6.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SBND or JAAA?

JAAA is cheaper with a 0.20% expense ratio, compared with 0.25% for SBND.

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

JAAA has the higher dividend yield at 5.00%, compared with 4.53% for SBND.

What is the main difference between SBND and JAAA?

SBND is categorized as Short-Term Bond, while JAAA is CLO. They also come from different issuers: Columbia and Janus Henderson. Their fees differ too: 0.25% for SBND and 0.20% for JAAA.

Which has better risk-adjusted returns?

JAAA currently has the higher Sharpe Ratio (6.04 vs 2.24), 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.