SPGP vs. JAAA

Last updated Jun 14, 2026

SPGP (Invesco S&P 500 GARP ETF) and JAAA (Janus Henderson AAA CLO ETF) are both exchange-traded funds - SPGP is a Multi-factor fund tracking the S&P 500 GARP Index, while JAAA is a CLO fund actively managed by Janus Henderson. SPGP is passively managed, while JAAA is actively managed. Over the past 5 years, SPGP returned 7.97%/yr vs 4.76%/yr for JAAA. At a 0.12 correlation, their price movements are largely independent. SPGP charges 0.36%/yr vs 0.20%/yr for JAAA.

Performance

SPGP vs. JAAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 GARP ETF (SPGP) 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, SPGP achieves a 6.06% return, which is significantly higher than JAAA's 1.99% return.

SPGP

• 1D: 0.84%
• 1M: 3.81%
• YTD: 6.06%
• 6M: 5.64%
• 1Y: 16.85%
• 3Y*: 11.97%
• 5Y*: 7.97%
• 10Y*: 15.11%

JAAA

• 1D: 0.02%
• 1M: 0.33%
• YTD: 1.99%
• 6M: 2.49%
• 1Y: 5.01%
• 3Y*: 6.67%
• 5Y*: 4.76%
• 10Y*: —

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

SPGP vs. JAAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
SPGP Invesco S&P 500 GARP ETF	6.06%	9.80%	8.48%	20.29%	-13.83%	35.72%	14.82%
JAAA Janus Henderson AAA CLO ETF	1.99%	5.16%	7.43%	8.59%	0.49%	1.39%	0.76%

Correlation

The correlation between SPGP and JAAA is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.18
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	0.12

The correlation between SPGP and JAAA shifts across timeframes, from 0.12 (all time) to 0.23 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SPGP vs. JAAA — Risk / Return Rank

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

SPGP

SPGP Risk / Return Rank: 34
SPGP Sharpe Ratio Rank: 33
SPGP Sortino Ratio Rank: 33
SPGP Omega Ratio Rank: 30
SPGP Calmar Ratio Rank: 33
SPGP Martin Ratio Rank: 39

JAAA

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

SPGP vs. JAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 GARP ETF (SPGP) 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.

	SPGP	JAAA	Difference
Sharpe ratio: Return per unit of total volatility	1.04	6.03	-4.99
Sortino ratio: Return per unit of downside risk	1.57	10.06	-8.50
Omega ratio: Gain probability vs. loss probability	1.19	2.72	-1.54
Calmar ratio: Return relative to maximum drawdown	1.45	12.91	-11.46
Martin ratio: Return relative to average drawdown	5.54	69.57	-64.04

SPGP vs. JAAA - Sharpe Ratio Comparison

The current SPGP Sharpe Ratio is 1.04, which is lower than the JAAA Sharpe Ratio of 6.03. The chart below compares the historical Sharpe Ratios of SPGP 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

SPGP vs. JAAA - Drawdown Comparison

The maximum SPGP drawdown since its inception was -42.08%, which is greater than JAAA's maximum drawdown of -2.64%. Use the drawdown chart below to compare losses from any high point for SPGP and JAAA.

Drawdown Indicators

	SPGP	JAAA	Difference
Max Drawdown Largest peak-to-trough decline	-42.08%	-2.64%	-39.44%
Max Drawdown (1Y) Largest decline over 1 year	-11.15%	-0.39%	-10.76%
Max Drawdown (3Y) Largest decline over 3 years	-22.87%	-1.46%	-21.41%
Max Drawdown (5Y) Largest decline over 5 years	-22.87%	-2.64%	-20.23%
Max Drawdown (10Y) Largest decline over 10 years	-42.08%	—	—
Current Drawdown Current decline from peak	-1.05%	0.00%	-1.05%
Average Drawdown Average peak-to-trough decline	-4.35%	-0.25%	-4.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.92%	0.07%	+2.85%

Volatility

SPGP vs. JAAA - Volatility Comparison

Invesco S&P 500 GARP ETF (SPGP) has a higher volatility of 5.43% compared to Janus Henderson AAA CLO ETF (JAAA) at 0.12%. This indicates that SPGP'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

	SPGP	JAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.43%	0.12%	+5.31%
Volatility (6M) Calculated over the trailing 6-month period	12.24%	0.63%	+11.61%
Volatility (1Y) Calculated over the trailing 1-year period	15.63%	0.83%	+14.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.60%	1.67%	+16.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.23%	1.64%	+19.59%

SPGP vs. JAAA - Expense Ratio Comparison

SPGP has a 0.36% expense ratio, which is higher than JAAA's 0.20% expense ratio.

Dividends

SPGP vs. JAAA - Dividend Comparison

SPGP's dividend yield for the trailing twelve months is around 0.88%, 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%
SPGP Invesco S&P 500 GARP ETF	0.88%	1.04%	1.38%	1.24%	1.22%	0.69%	1.10%	0.86%	0.95%	0.68%	0.89%	1.12%

Frequently Asked Questions

Can I hold both SPGP and JAAA in my portfolio?

SPGP and JAAA have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPGP or JAAA?

SPGP has higher volatility (5.43%) compared to JAAA (0.12%). In terms of maximum drawdown, SPGP dropped -42.08% vs JAAA's -2.64%.

Which ETF is better, SPGP or JAAA?

On 5-year performance, SPGP leads with 7.97% vs 4.76% for JAAA. On fees, JAAA is cheaper at 0.20% 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.

Which ETF has performed better, SPGP or JAAA?

Over the 5-year period, SPGP has performed better with a 7.97% return vs 4.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPGP or JAAA?

JAAA is cheaper with a 0.20% expense ratio, compared with 0.36% for SPGP.

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

JAAA has the higher dividend yield at 4.99%, compared with 0.88% for SPGP.

What is the main difference between SPGP and JAAA?

SPGP is categorized as Multi-factor, while JAAA is CLO. They also come from different issuers: Invesco and Janus Henderson. Their fees differ too: 0.36% for SPGP and 0.20% for JAAA.

Which has better risk-adjusted returns?

JAAA currently has the higher Sharpe Ratio (6.03 vs 1.04), 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.