SCFZX vs. JAAA

Last updated Aug 1, 2026

SCFZX (PGIM Securitized Credit Fund) and JAAA (Janus Henderson AAA CLO ETF) are both funds - SCFZX is a Nontraditional Bonds fund managed by PGIM, while JAAA is a CLO fund actively managed by Janus Henderson. Over the past 5 years, SCFZX returned 5.23%/yr vs 4.88%/yr for JAAA. Their 0.09 correlation means their historical movements had little consistent relationship. SCFZX charges 0.65%/yr vs 0.20%/yr for JAAA.

Performance

SCFZX vs. JAAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Securitized Credit Fund (SCFZX) and Janus Henderson AAA CLO ETF (JAAA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with SCFZX having a 2.71% return and JAAA slightly lower at 2.60%.

SCFZX

• 1D: 0.10%
• 1M: 0.00%
• 6M: 2.07%
• YTD: 2.71%
• 1Y: 5.38%
• 3Y*: 7.05%
• 5Y*: 5.23%
• 10Y*: —
• ALL TIME*: 4.51%

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
SCFZX PGIM Securitized Credit Fund	$0.00	$0.00	$0.00

SCFZX vs. JAAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
SCFZX PGIM Securitized Credit Fund	2.71%	5.75%	9.41%	8.67%	-0.84%	5.27%	2.07%
JAAA Janus Henderson AAA CLO ETF	2.60%	5.16%	7.43%	8.59%	0.49%	1.39%	0.76%

Correlation

The correlation between SCFZX 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.	0.03
Correlation (5Y) Shows whether the relationship held over a longer period.	0.10
Correlation (All Time) Calculated using the full available price history since Oct 19, 2020	0.09

Return for Risk

SCFZX vs. JAAA — Risk / Return Rank

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

SCFZX

SCFZX Risk / Return Rank: 100
SCFZX Sharpe Ratio Rank: 99
SCFZX Sortino Ratio Rank: 100
SCFZX Omega Ratio Rank: 100
SCFZX Calmar Ratio Rank: 100
SCFZX Martin Ratio Rank: 99

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.

SCFZX vs. JAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Securitized Credit Fund (SCFZX) 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.

	SCFZX	JAAA	Difference
Sharpe ratio: Return per unit of total volatility	4.00	6.19	-2.19
Sortino ratio: Return per unit of downside risk	18.60	10.21	+8.39
Omega ratio: Gain probability vs. loss probability	7.19	2.84	+4.35
Calmar ratio: Return relative to maximum drawdown	19.16	12.63	+6.53
Martin ratio: Return relative to average drawdown	67.68	68.67	-0.99

SCFZX vs. JAAA - Sharpe Ratio Comparison

The current SCFZX Sharpe Ratio is 4.00, which is lower than the JAAA Sharpe Ratio of 6.19. The chart below compares the historical Sharpe Ratios of SCFZX 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

SCFZX vs. JAAA - Drawdown Comparison

The maximum SCFZX drawdown since its inception was -17.20%, which is greater than JAAA's maximum drawdown of -2.64%. Use the drawdown chart below to compare losses from any high point for SCFZX and JAAA.

Drawdown Indicators

	SCFZX	JAAA	Difference
Max Drawdown Largest peak-to-trough decline	-17.20%	-2.64%	-14.56%
Max Drawdown (1Y) Largest decline over 1 year	-0.31%	-0.39%	+0.08%
Max Drawdown (3Y) Largest decline over 3 years	-0.93%	-1.46%	+0.53%
Max Drawdown (5Y) Largest decline over 5 years	-4.13%	-2.64%	-1.49%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.04%	-0.24%	-0.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.09%	0.07%	+0.02%

Volatility

SCFZX vs. JAAA - Volatility Comparison

The current volatility for PGIM Securitized Credit Fund (SCFZX) is 0.15%, while Janus Henderson AAA CLO ETF (JAAA) has a volatility of 0.16%. This indicates that SCFZX experiences smaller price fluctuations and is considered to be less risky than JAAA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SCFZX	JAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.15%	0.16%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	1.02%	0.62%	+0.40%
Volatility (1Y) Calculated over the trailing 1-year period	1.47%	0.79%	+0.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.91%	1.66%	+0.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.31%	1.62%	+1.69%

SCFZX vs. JAAA - Expense Ratio Comparison

SCFZX has a 0.65% expense ratio, which is higher than JAAA's 0.20% expense ratio.

Dividends

SCFZX vs. JAAA - Dividend Comparison

SCFZX's dividend yield for the trailing twelve months is around 4.61%, less than JAAA's 5.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
JAAA Janus Henderson AAA CLO ETF	4.93%	5.30%	6.35%	6.11%	2.74%	1.21%	0.26%	0.00%
SCFZX PGIM Securitized Credit Fund	4.61%	5.25%	6.55%	5.58%	4.97%	2.56%	3.08%	2.43%

Frequently Asked Questions

Can I hold both SCFZX and JAAA in my portfolio?

SCFZX 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, SCFZX or JAAA?

JAAA has higher volatility (0.16%) compared to SCFZX (0.15%). In terms of maximum drawdown, SCFZX dropped -17.20% vs JAAA's -2.64%.

Which has better risk-adjusted returns?

JAAA currently has the higher Sharpe Ratio (6.19 vs 4.00), 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.