SVOL vs. JAAA

Last updated Jun 13, 2026

SVOL (Simplify Volatility Premium ETF) and JAAA (Janus Henderson AAA CLO ETF) are both exchange-traded funds - SVOL is a Volatility fund actively managed by Simplify, while JAAA is a CLO fund actively managed by Janus Henderson. Both are actively managed. Over the past 5 years, SVOL returned 6.22%/yr vs 4.76%/yr for JAAA. At a 0.13 correlation, their price movements are largely independent. SVOL charges 0.50%/yr vs 0.20%/yr for JAAA.

Performance

SVOL vs. JAAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Volatility Premium ETF (SVOL) 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, SVOL achieves a -0.84% return, which is significantly lower than JAAA's 1.99% return.

SVOL

• 1D: 1.14%
• 1M: 1.82%
• YTD: -0.84%
• 6M: 0.96%
• 1Y: 10.32%
• 3Y*: 5.92%
• 5Y*: 6.22%
• 10Y*: —

JAAA

• 1D: 0.02%
• 1M: 0.33%
• YTD: 1.99%
• 6M: 2.49%
• 1Y: 4.99%
• 3Y*: 6.67%
• 5Y*: 4.76%
• 10Y*: —

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

SVOL vs. JAAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SVOL Simplify Volatility Premium ETF	-0.84%	2.41%	6.77%	22.88%	-3.30%	12.70%
JAAA Janus Henderson AAA CLO ETF	1.99%	5.16%	7.43%	8.59%	0.49%	0.69%

Correlation

The correlation between SVOL and JAAA is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.18
Correlation (5Y) Calculated over the trailing 5-year period	0.12
Correlation (All Time) Calculated using the full available price history since May 13, 2021	0.13

The correlation between SVOL and JAAA shifts across timeframes, from 0.12 (5 years) to 0.26 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SVOL vs. JAAA — Risk / Return Rank

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

SVOL

SVOL Risk / Return Rank: 19
SVOL Sharpe Ratio Rank: 18
SVOL Sortino Ratio Rank: 18
SVOL Omega Ratio Rank: 19
SVOL Calmar Ratio Rank: 20
SVOL Martin Ratio Rank: 19

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.

SVOL vs. JAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Volatility Premium ETF (SVOL) 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.

	SVOL	JAAA	Difference
Sharpe ratio: Return per unit of total volatility	0.50	6.03	-5.53
Sortino ratio: Return per unit of downside risk	0.83	10.06	-9.23
Omega ratio: Gain probability vs. loss probability	1.11	2.72	-1.61
Calmar ratio: Return relative to maximum drawdown	0.80	12.91	-12.12
Martin ratio: Return relative to average drawdown	1.90	69.57	-67.67

SVOL vs. JAAA - Sharpe Ratio Comparison

The current SVOL Sharpe Ratio is 0.50, which is lower than the JAAA Sharpe Ratio of 6.03. The chart below compares the historical Sharpe Ratios of SVOL 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

SVOL vs. JAAA - Drawdown Comparison

The maximum SVOL drawdown since its inception was -33.50%, which is greater than JAAA's maximum drawdown of -2.64%. Use the drawdown chart below to compare losses from any high point for SVOL and JAAA.

Drawdown Indicators

	SVOL	JAAA	Difference
Max Drawdown Largest peak-to-trough decline	-33.50%	-2.64%	-30.86%
Max Drawdown (1Y) Largest decline over 1 year	-13.01%	-0.39%	-12.62%
Max Drawdown (3Y) Largest decline over 3 years	-33.50%	-1.46%	-32.04%
Max Drawdown (5Y) Largest decline over 5 years	-33.50%	-2.64%	-30.86%
Current Drawdown Current decline from peak	-3.40%	0.00%	-3.40%
Average Drawdown Average peak-to-trough decline	-4.76%	-0.25%	-4.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.50%	0.07%	+5.43%

Volatility

SVOL vs. JAAA - Volatility Comparison

Simplify Volatility Premium ETF (SVOL) has a higher volatility of 3.48% compared to Janus Henderson AAA CLO ETF (JAAA) at 0.12%. This indicates that SVOL'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

	SVOL	JAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.48%	0.12%	+3.36%
Volatility (6M) Calculated over the trailing 6-month period	9.95%	0.63%	+9.32%
Volatility (1Y) Calculated over the trailing 1-year period	20.81%	0.83%	+19.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.01%	1.67%	+20.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.90%	1.64%	+20.26%

SVOL vs. JAAA - Expense Ratio Comparison

SVOL has a 0.50% expense ratio, which is higher than JAAA's 0.20% expense ratio.

Dividends

SVOL vs. JAAA - Dividend Comparison

SVOL's dividend yield for the trailing twelve months is around 22.19%, more 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%
SVOL Simplify Volatility Premium ETF	22.19%	19.82%	16.79%	16.36%	18.32%	4.65%	0.00%

Frequently Asked Questions

Can I hold both SVOL and JAAA in my portfolio?

SVOL and JAAA have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SVOL or JAAA?

SVOL has higher volatility (3.48%) compared to JAAA (0.12%). In terms of maximum drawdown, SVOL dropped -33.50% vs JAAA's -2.64%.

Which ETF is better, SVOL or JAAA?

On 5-year performance, SVOL leads with 6.22% 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, SVOL or JAAA?

Over the 5-year period, SVOL has performed better with a 6.22% return vs 4.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SVOL or JAAA?

JAAA is cheaper with a 0.20% expense ratio, compared with 0.50% for SVOL.

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

SVOL has the higher dividend yield at 22.19%, compared with 4.99% for JAAA.

What is the main difference between SVOL and JAAA?

SVOL is categorized as Volatility, while JAAA is CLO. They also come from different issuers: Simplify and Janus Henderson. Their fees differ too: 0.50% for SVOL and 0.20% for JAAA.

Which has better risk-adjusted returns?

JAAA currently has the higher Sharpe Ratio (6.03 vs 0.50), 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.