SCHP vs. JAAA
SCHP (Schwab U.S. TIPS ETF) and JAAA (Janus Henderson AAA CLO ETF) are both exchange-traded funds - SCHP is a Inflation-Protected Bonds fund tracking the Bloomberg US Treasury Inflation-Linked Bond Index (Series-L), while JAAA is a CLO fund actively managed by Janus Henderson. SCHP is passively managed, while JAAA is actively managed. Over the past 5 years, SCHP returned 1.06%/yr vs 4.76%/yr for JAAA. At a 0.02 correlation, their price movements are largely independent. SCHP charges 0.03%/yr vs 0.20%/yr for JAAA.
Performance
SCHP vs. JAAA - Performance Comparison
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Returns By Period
In the year-to-date period, SCHP achieves a 1.42% return, which is significantly lower than JAAA's 1.99% return.
SCHP
- 1D
- 0.04%
- 1M
- 0.31%
- YTD
- 1.42%
- 6M
- 1.48%
- 1Y
- 4.83%
- 3Y*
- 4.14%
- 5Y*
- 1.06%
- 10Y*
- 2.60%
JAAA
- 1D
- 0.02%
- 1M
- 0.33%
- YTD
- 1.99%
- 6M
- 2.49%
- 1Y
- 5.01%
- 3Y*
- 6.67%
- 5Y*
- 4.76%
- 10Y*
- —
SCHP vs. JAAA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
SCHP Schwab U.S. TIPS ETF | 1.42% | 6.76% | 1.95% | 3.91% | -12.02% | 5.87% | 1.50% |
JAAA Janus Henderson AAA CLO ETF | 1.99% | 5.16% | 7.43% | 8.59% | 0.49% | 1.39% | 0.76% |
Correlation
The correlation between SCHP and JAAA is 0.04, 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 | 0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Oct 19, 2020 | 0.02 |
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Return for Risk
SCHP vs. JAAA — Risk / Return Rank
SCHP
JAAA
SCHP vs. JAAA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Schwab U.S. TIPS ETF (SCHP) 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.
| SCHP | JAAA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.59 | ||
| Sortino ratioReturn per unit of downside risk | -7.88 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 2.72 | -1.47 |
| Calmar ratioReturn relative to maximum drawdown | 2.45 | 12.91 | -10.46 |
| Martin ratioReturn relative to average drawdown | 7.41 | 69.57 | -62.17 |
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Drawdowns
SCHP vs. JAAA - Drawdown Comparison
The maximum SCHP drawdown since its inception was -14.26%, which is greater than JAAA's maximum drawdown of -2.64%. Use the drawdown chart below to compare losses from any high point for SCHP and JAAA.
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Drawdown Indicators
| SCHP | JAAA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.26% | -2.64% | -11.62% |
Max Drawdown (1Y)Largest decline over 1 year | -1.93% | -0.39% | -1.54% |
Max Drawdown (3Y)Largest decline over 3 years | -4.48% | -1.46% | -3.02% |
Max Drawdown (5Y)Largest decline over 5 years | -14.26% | -2.64% | -11.62% |
Max Drawdown (10Y)Largest decline over 10 years | -14.26% | — | — |
Current DrawdownCurrent decline from peak | -0.44% | 0.00% | -0.44% |
Average DrawdownAverage peak-to-trough decline | -3.93% | -0.25% | -3.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.64% | 0.07% | +0.57% |
Volatility
SCHP vs. JAAA - Volatility Comparison
Schwab U.S. TIPS ETF (SCHP) has a higher volatility of 1.02% compared to Janus Henderson AAA CLO ETF (JAAA) at 0.12%. This indicates that SCHP'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.
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Volatility by Period
| SCHP | JAAA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.02% | 0.12% | +0.90% |
Volatility (6M)Calculated over the trailing 6-month period | 2.24% | 0.63% | +1.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.30% | 0.83% | +2.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.12% | 1.67% | +4.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.59% | 1.64% | +3.95% |
SCHP vs. JAAA - Expense Ratio Comparison
SCHP has a 0.03% expense ratio, which is lower than JAAA's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
SCHP vs. JAAA - Dividend Comparison
SCHP's dividend yield for the trailing twelve months is around 3.99%, 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% |
SCHP Schwab U.S. TIPS ETF | 3.99% | 4.06% | 2.99% | 3.02% | 7.19% | 4.39% | 1.11% | 2.02% | 2.26% | 1.90% | 1.38% | 0.28% |
Frequently Asked Questions
SCHP and JAAA have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SCHP has higher volatility (1.02%) compared to JAAA (0.12%). In terms of maximum drawdown, SCHP dropped -14.26% vs JAAA's -2.64%.
On 5-year performance, JAAA leads with 4.76% vs 1.06% for SCHP. On fees, SCHP is cheaper at 0.03% 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.
Over the 5-year period, JAAA has performed better with a 4.76% return vs 1.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SCHP is cheaper with a 0.03% expense ratio, compared with 0.20% for JAAA.
JAAA has the higher dividend yield at 4.99%, compared with 3.99% for SCHP.
SCHP is categorized as Inflation-Protected Bonds, while JAAA is CLO. They also come from different issuers: Charles Schwab and Janus Henderson. Their fees differ too: 0.03% for SCHP and 0.20% for JAAA.
JAAA currently has the higher Sharpe Ratio (6.03 vs 1.44), 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.
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