SCFZX vs. JAAA

Last updated Jun 3, 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 5.28%/yr vs 4.80%/yr for JAAA. At a 0.09 correlation, their price movements are largely independent. SCFZX charges 0.65%/yr vs 0.21%/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

In the year-to-date period, SCFZX achieves a 2.28% return, which is significantly higher than JAAA's 1.89% return.

SCFZX

• 1D: 0.00%
• 1M: 0.52%
• YTD: 2.28%
• 6M: 2.84%
• 1Y: 6.11%
• 3Y*: 7.69%
• 5Y*: 5.28%
• 10Y*: —

JAAA

• 1D: 0.02%
• 1M: 0.47%
• YTD: 1.89%
• 6M: 2.49%
• 1Y: 5.14%
• 3Y*: 6.72%
• 5Y*: 4.80%
• 10Y*: —

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

SCFZX vs. JAAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
SCFZX PGIM Securitized Credit Fund	2.28%	5.75%	9.41%	8.67%	-0.84%	5.27%	2.07%
JAAA Janus Henderson AAA CLO ETF	1.89%	5.16%	7.43%	8.59%	0.49%	1.39%	0.79%

Correlation

The correlation between SCFZX and JAAA is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.03
Correlation (5Y) Calculated over the trailing 5-year period	0.09
Correlation (All Time) Calculated using the full available price history since Oct 20, 2020	0.09

Return for Risk

SCFZX vs. JAAA — Risk / Return Rank

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

SCFZX

SCFZX Risk / Return Rank: 99
SCFZX Sharpe Ratio Rank: 98
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: 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.

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.

	SCFZX	JAAA	Difference
Sharpe ratio Return per unit of total volatility	4.09	6.08	-1.99
Sortino ratio Return per unit of downside risk	17.53	10.21	+7.32
Omega ratio Gain probability vs. loss probability	6.28	2.72	+3.55
Calmar ratio Return relative to maximum drawdown	21.49	13.29	+8.20
Martin ratio Return relative to average drawdown	75.24	71.37	+3.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SCFZX vs. JAAA - Sharpe Ratio Comparison

The current SCFZX Sharpe Ratio is 4.09, which is lower than the JAAA Sharpe Ratio of 6.08. 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.

Sharpe Ratios by Period

	SCFZX	JAAA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.09	6.08	-1.99
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.78	2.88	-0.10
Sharpe Ratio (All Time) Calculated using the full available price history	1.37	2.78	-1.41

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	-1.06%	-0.25%	-0.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.09%	0.07%	+0.02%

Volatility

SCFZX vs. JAAA - Volatility Comparison

PGIM Securitized Credit Fund (SCFZX) has a higher volatility of 0.42% compared to Janus Henderson AAA CLO ETF (JAAA) at 0.13%. This indicates that SCFZX'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

	SCFZX	JAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.42%	0.13%	+0.29%
Volatility (6M) Calculated over the trailing 6-month period	1.10%	0.64%	+0.46%
Volatility (1Y) Calculated over the trailing 1-year period	1.50%	0.85%	+0.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.91%	1.68%	+0.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.35%	1.64%	+1.71%

SCFZX vs. JAAA - Expense Ratio Comparison

SCFZX has a 0.65% expense ratio, which is higher than JAAA's 0.21% expense ratio.

Dividends

SCFZX vs. JAAA - Dividend Comparison

SCFZX's dividend yield for the trailing twelve months is around 5.08%, more than JAAA's 5.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
JAAA Janus Henderson AAA CLO ETF	5.00%	5.30%	6.35%	6.11%	2.74%	1.21%	0.26%	0.00%
SCFZX PGIM Securitized Credit Fund	5.08%	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 0.07, 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?

SCFZX has higher volatility (0.42%) compared to JAAA (0.13%). 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 (6.08 vs 4.09), 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.