SPTI vs. JAAA
SPTI (SPDR Portfolio Intermediate Term Treasury ETF) and JAAA (Janus Henderson AAA CLO ETF) are both exchange-traded funds - SPTI is a Government Bonds fund tracking the Bloomberg 3-10 Year U.S. Treasury Bond Index, while JAAA is a CLO fund actively managed by Janus Henderson. SPTI is passively managed, while JAAA is actively managed. Over the past 5 years, SPTI returned 0.04%/yr vs 4.79%/yr for JAAA. At a 0.01 correlation, their price movements are largely independent. SPTI charges 0.06%/yr vs 0.21%/yr for JAAA.
Performance
SPTI vs. JAAA - Performance Comparison
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Returns By Period
In the year-to-date period, SPTI achieves a -0.41% return, which is significantly lower than JAAA's 1.87% return.
SPTI
- 1D
- -0.18%
- 1M
- -0.13%
- YTD
- -0.41%
- 6M
- -0.57%
- 1Y
- 3.61%
- 3Y*
- 3.44%
- 5Y*
- 0.04%
- 10Y*
- 1.33%
JAAA
- 1D
- -0.02%
- 1M
- 0.39%
- YTD
- 1.87%
- 6M
- 2.45%
- 1Y
- 5.06%
- 3Y*
- 6.71%
- 5Y*
- 4.79%
- 10Y*
- —
SPTI vs. JAAA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
SPTI SPDR Portfolio Intermediate Term Treasury ETF | -0.41% | 7.46% | 1.32% | 4.24% | -10.65% | -2.55% | -0.13% |
JAAA Janus Henderson AAA CLO ETF | 1.87% | 5.16% | 7.43% | 8.59% | 0.49% | 1.39% | 0.79% |
Correlation
The correlation between SPTI 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 | -0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Oct 20, 2020 | 0.01 |
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Return for Risk
SPTI vs. JAAA — Risk / Return Rank
SPTI
JAAA
SPTI vs. JAAA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Intermediate Term Treasury ETF (SPTI) 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.
| SPTI | JAAA | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.06 | 5.98 | -4.92 |
Sortino ratioReturn per unit of downside risk | 1.61 | 10.04 | -8.43 |
Omega ratioGain probability vs. loss probability | 1.19 | 2.69 | -1.50 |
Calmar ratioReturn relative to maximum drawdown | 1.30 | 13.07 | -11.78 |
Martin ratioReturn relative to average drawdown | 3.90 | 70.18 | -66.27 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPTI | JAAA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.06 | 5.98 | -4.92 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.01 | 2.87 | -2.86 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.31 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.55 | 2.77 | -2.23 |
Drawdowns
SPTI vs. JAAA - Drawdown Comparison
The maximum SPTI drawdown since its inception was -16.12%, which is greater than JAAA's maximum drawdown of -2.64%. Use the drawdown chart below to compare losses from any high point for SPTI and JAAA.
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Drawdown Indicators
| SPTI | JAAA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.12% | -2.64% | -13.48% |
Max Drawdown (1Y)Largest decline over 1 year | -2.80% | -0.39% | -2.41% |
Max Drawdown (3Y)Largest decline over 3 years | -4.35% | -1.46% | -2.89% |
Max Drawdown (5Y)Largest decline over 5 years | -15.06% | -2.64% | -12.42% |
Max Drawdown (10Y)Largest decline over 10 years | -16.12% | — | — |
Current DrawdownCurrent decline from peak | -2.39% | -0.02% | -2.37% |
Average DrawdownAverage peak-to-trough decline | -2.92% | -0.25% | -2.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.93% | 0.07% | +0.86% |
Volatility
SPTI vs. JAAA - Volatility Comparison
SPDR Portfolio Intermediate Term Treasury ETF (SPTI) has a higher volatility of 1.05% compared to Janus Henderson AAA CLO ETF (JAAA) at 0.13%. This indicates that SPTI'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
| SPTI | JAAA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.05% | 0.13% | +0.92% |
Volatility (6M)Calculated over the trailing 6-month period | 2.33% | 0.64% | +1.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.41% | 0.85% | +2.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.35% | 1.68% | +3.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.37% | 1.64% | +2.73% |
SPTI vs. JAAA - Expense Ratio Comparison
SPTI has a 0.06% expense ratio, which is lower than JAAA's 0.21% 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
SPTI vs. JAAA - Dividend Comparison
SPTI's dividend yield for the trailing twelve months is around 3.86%, less than JAAA's 5.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
JAAA Janus Henderson AAA CLO ETF | 5.00% | 5.30% | 6.35% | 6.11% | 2.74% | 1.21% | 0.26% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPTI SPDR Portfolio Intermediate Term Treasury ETF | 3.86% | 3.79% | 3.77% | 2.99% | 1.45% | 0.53% | 0.75% | 2.02% | 1.97% | 1.46% | 1.23% | 1.18% |
Frequently Asked Questions
SPTI 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.
SPTI has higher volatility (1.05%) compared to JAAA (0.13%). In terms of maximum drawdown, SPTI dropped -16.12% vs JAAA's -2.64%.
On 5-year performance, JAAA leads with 4.79% vs 0.04% for SPTI. On fees, SPTI is cheaper at 0.06% per year. On volatility, JAAA has been the lower-risk option at 0.13%. 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 4.79% return vs 0.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPTI is cheaper with a 0.06% expense ratio, compared with 0.21% for JAAA.
JAAA has the higher dividend yield at 5.00%, compared with 3.86% for SPTI.
SPTI is categorized as Government Bonds, while JAAA is CLO. They also come from different issuers: State Street and Janus Henderson. Their fees differ too: 0.06% for SPTI and 0.21% for JAAA.
JAAA currently has the higher Sharpe Ratio (5.98 vs 1.06), 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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