SGOV vs. JAAA
SGOV (iShares 0-3 Month Treasury Bond ETF) and JAAA (Janus Henderson AAA CLO ETF) are both exchange-traded funds - SGOV is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index, while JAAA is a CLO fund actively managed by Janus Henderson. SGOV is passively managed, while JAAA is actively managed. Over the past 5 years, SGOV returned 3.56%/yr vs 4.76%/yr for JAAA. At a 0.13 correlation, their price movements are largely independent. SGOV charges 0.09%/yr vs 0.20%/yr for JAAA.
Performance
SGOV vs. JAAA - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SGOV achieves a 1.61% return, which is significantly lower than JAAA's 1.99% return.
SGOV
- 1D
- 0.02%
- 1M
- 0.30%
- YTD
- 1.61%
- 6M
- 1.78%
- 1Y
- 3.95%
- 3Y*
- 4.71%
- 5Y*
- 3.56%
- 10Y*
- —
JAAA
- 1D
- 0.02%
- 1M
- 0.33%
- YTD
- 1.99%
- 6M
- 2.49%
- 1Y
- 4.99%
- 3Y*
- 6.67%
- 5Y*
- 4.76%
- 10Y*
- —
SGOV vs. JAAA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
SGOV iShares 0-3 Month Treasury Bond ETF | 1.61% | 4.24% | 5.27% | 5.12% | 1.58% | 0.04% | 0.02% |
JAAA Janus Henderson AAA CLO ETF | 1.99% | 5.16% | 7.43% | 8.59% | 0.49% | 1.39% | 0.76% |
Correlation
The correlation between SGOV and JAAA is 0.03, 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 | 0.03 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Oct 19, 2020 | 0.13 |
The correlation between SGOV and JAAA shifts across timeframes, from 0.03 (1 year) to 0.13 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
SGOV vs. JAAA — Risk / Return Rank
SGOV
JAAA
SGOV vs. JAAA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 0-3 Month Treasury Bond ETF (SGOV) 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.
| SGOV | JAAA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +14.25 | ||
| Sortino ratioReturn per unit of downside risk | +265.62 | ||
| Omega ratioGain probability vs. loss probability | 195.55 | 2.72 | +192.83 |
| Calmar ratioReturn relative to maximum drawdown | 398.20 | 12.91 | +385.28 |
| Martin ratioReturn relative to average drawdown | 4,461.98 | 69.57 | +4,392.40 |
Loading charts...
Drawdowns
SGOV vs. JAAA - Drawdown Comparison
The maximum SGOV drawdown since its inception was -0.03%, smaller than the maximum JAAA drawdown of -2.64%. Use the drawdown chart below to compare losses from any high point for SGOV and JAAA.
Loading charts...
Drawdown Indicators
| SGOV | JAAA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.03% | -2.64% | +2.61% |
Max Drawdown (1Y)Largest decline over 1 year | -0.01% | -0.39% | +0.38% |
Max Drawdown (3Y)Largest decline over 3 years | -0.01% | -1.46% | +1.45% |
Max Drawdown (5Y)Largest decline over 5 years | -0.03% | -2.64% | +2.61% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.00% | -0.25% | +0.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 0.07% | -0.07% |
Volatility
SGOV vs. JAAA - Volatility Comparison
The current volatility for iShares 0-3 Month Treasury Bond ETF (SGOV) is 0.05%, while Janus Henderson AAA CLO ETF (JAAA) has a volatility of 0.12%. This indicates that SGOV 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.
Loading charts...
Volatility by Period
| SGOV | JAAA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.05% | 0.12% | -0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 0.13% | 0.63% | -0.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.20% | 0.83% | -0.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.24% | 1.67% | -1.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.24% | 1.64% | -1.40% |
SGOV vs. JAAA - Expense Ratio Comparison
SGOV has a 0.09% 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
SGOV vs. JAAA - Dividend Comparison
SGOV's dividend yield for the trailing twelve months is around 3.85%, less than JAAA's 4.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
JAAA Janus Henderson AAA CLO ETF | 4.99% | 5.30% | 6.35% | 6.11% | 2.74% | 1.21% | 0.26% |
SGOV iShares 0-3 Month Treasury Bond ETF | 3.85% | 4.10% | 5.10% | 4.87% | 1.45% | 0.03% | 0.05% |
Frequently Asked Questions
SGOV and JAAA have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
JAAA has higher volatility (0.12%) compared to SGOV (0.05%). In terms of maximum drawdown, SGOV dropped -0.03% vs JAAA's -2.64%.
On 5-year performance, JAAA leads with 4.76% vs 3.56% for SGOV. On fees, SGOV is cheaper at 0.09% per year. Their volatility is very similar. 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 3.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SGOV is cheaper with a 0.09% expense ratio, compared with 0.20% for JAAA.
JAAA has the higher dividend yield at 4.99%, compared with 3.85% for SGOV.
SGOV is categorized as Ultrashort Bond, while JAAA is CLO. They also come from different issuers: iShares and Janus Henderson. Their fees differ too: 0.09% for SGOV and 0.20% for JAAA.
SGOV currently has the higher Sharpe Ratio (20.28 vs 6.03), 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.
Find the right allocation for SGOV and JAAA
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer