SUB vs. JAAA

Last updated Jul 12, 2026

SUB (iShares Short-Term National Muni Bond ETF) and JAAA (Janus Henderson AAA CLO ETF) are both exchange-traded funds - SUB is a Municipal Bonds fund tracking the ICE Short Maturity AMT-Free US National Municipal Index, while JAAA is a CLO fund actively managed by Janus Henderson. SUB is passively managed, while JAAA is actively managed. Over the past 5 years, SUB returned 1.46%/yr vs 4.83%/yr for JAAA. At a 0.05 correlation, their price movements are largely independent. SUB charges 0.07%/yr vs 0.20%/yr for JAAA.

Performance

SUB vs. JAAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Short-Term National Muni Bond ETF (SUB) 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, SUB achieves a 0.92% return, which is significantly lower than JAAA's 2.29% return.

SUB

• 1D: 0.08%
• 1M: 0.13%
• 6M: 0.68%
• YTD: 0.92%
• 1Y: 2.44%
• 3Y*: 3.05%
• 5Y*: 1.46%
• 10Y*: 1.46%

JAAA

• 1D: 0.00%
• 1M: 0.32%
• 6M: 2.17%
• YTD: 2.29%
• 1Y: 4.93%
• 3Y*: 6.51%
• 5Y*: 4.83%
• 10Y*: —

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

SUB vs. JAAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
SUB iShares Short-Term National Muni Bond ETF	0.92%	3.64%	2.17%	2.91%	-2.05%	0.03%	0.44%
JAAA Janus Henderson AAA CLO ETF	2.29%	5.16%	7.43%	8.59%	0.49%	1.39%	0.76%

Correlation

The correlation between SUB and JAAA is 0.10, 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	0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.05
Correlation (5Y) Calculated over the trailing 5-year period	0.07
Correlation (All Time) Calculated using the full available price history since Oct 19, 2020	0.05

Return for Risk

SUB vs. JAAA — Risk / Return Rank

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

SUB

SUB Risk / Return Rank: 82
SUB Sharpe Ratio Rank: 90
SUB Sortino Ratio Rank: 91
SUB Omega Ratio Rank: 92
SUB Calmar Ratio Rank: 75
SUB Martin Ratio Rank: 61

JAAA

JAAA Risk / Return Rank: 99
JAAA Sharpe Ratio Rank: 99
JAAA Sortino Ratio Rank: 99
JAAA Omega Ratio Rank: 99
JAAA Calmar Ratio Rank: 98
JAAA Martin Ratio Rank: 99

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.

SUB vs. JAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Short-Term National Muni Bond ETF (SUB) 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.

	SUB	JAAA	Difference
Sharpe ratio: Return per unit of total volatility	2.39	6.19	-3.81
Sortino ratio: Return per unit of downside risk	3.41	10.27	-6.86
Omega ratio: Gain probability vs. loss probability	1.50	2.82	-1.33
Calmar ratio: Return relative to maximum drawdown	3.04	12.79	-9.75
Martin ratio: Return relative to average drawdown	8.57	69.42	-60.85

SUB vs. JAAA - Sharpe Ratio Comparison

The current SUB Sharpe Ratio is 2.39, which is lower than the JAAA Sharpe Ratio of 6.19. The chart below compares the historical Sharpe Ratios of SUB 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

SUB vs. JAAA - Drawdown Comparison

The maximum SUB drawdown since its inception was -9.46%, which is greater than JAAA's maximum drawdown of -2.64%. Use the drawdown chart below to compare losses from any high point for SUB and JAAA.

Drawdown Indicators

	SUB	JAAA	Difference
Max Drawdown Largest peak-to-trough decline	-9.46%	-2.64%	-6.82%
Max Drawdown (1Y) Largest decline over 1 year	-0.81%	-0.39%	-0.42%
Max Drawdown (3Y) Largest decline over 3 years	-1.23%	-1.46%	+0.23%
Max Drawdown (5Y) Largest decline over 5 years	-4.35%	-2.64%	-1.71%
Max Drawdown (10Y) Largest decline over 10 years	-9.46%	—	—
Current Drawdown Current decline from peak	-0.04%	0.00%	-0.04%
Average Drawdown Average peak-to-trough decline	-0.91%	-0.25%	-0.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.29%	0.07%	+0.22%

Volatility

SUB vs. JAAA - Volatility Comparison

iShares Short-Term National Muni Bond ETF (SUB) has a higher volatility of 0.30% compared to Janus Henderson AAA CLO ETF (JAAA) at 0.14%. This indicates that SUB'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

	SUB	JAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.30%	0.14%	+0.16%
Volatility (6M) Calculated over the trailing 6-month period	0.82%	0.63%	+0.19%
Volatility (1Y) Calculated over the trailing 1-year period	1.03%	0.80%	+0.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.64%	1.67%	-0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.59%	1.63%	+0.96%

SUB vs. JAAA - Expense Ratio Comparison

SUB has a 0.07% 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

SUB vs. JAAA - Dividend Comparison

SUB's dividend yield for the trailing twelve months is around 2.54%, less than JAAA's 4.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JAAA Janus Henderson AAA CLO ETF	4.95%	5.30%	6.35%	6.11%	2.74%	1.21%	0.26%	0.00%	0.00%	0.00%	0.00%	0.00%
SUB iShares Short-Term National Muni Bond ETF	2.54%	2.42%	2.10%	1.73%	0.86%	0.72%	1.23%	1.58%	1.32%	0.95%	0.75%	0.77%

Frequently Asked Questions

Can I hold both SUB and JAAA in my portfolio?

SUB and JAAA have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SUB or JAAA?

SUB has higher volatility (0.30%) compared to JAAA (0.14%). In terms of maximum drawdown, SUB dropped -9.46% vs JAAA's -2.64%.

Which ETF is better, SUB or JAAA?

On 5-year performance, JAAA leads with 4.83% vs 1.46% for SUB. On fees, SUB is cheaper at 0.07% per year. On volatility, JAAA has been the lower-risk option at 0.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SUB or JAAA?

Over the 5-year period, JAAA has performed better with a 4.83% return vs 1.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SUB or JAAA?

SUB is cheaper with a 0.07% expense ratio, compared with 0.20% for JAAA.

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

JAAA has the higher dividend yield at 4.95%, compared with 2.54% for SUB.

What is the main difference between SUB and JAAA?

SUB is categorized as Municipal Bonds, while JAAA is CLO. They also come from different issuers: iShares and Janus Henderson. Their fees differ too: 0.07% for SUB and 0.20% for JAAA.

Which has better risk-adjusted returns?

JAAA currently has the higher Sharpe Ratio (6.19 vs 2.39), 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.