SWVXX vs. JAAA

Last updated Jun 14, 2026

SWVXX (Schwab Prime Advantage Money Fund Investor Shares) and JAAA (Janus Henderson AAA CLO ETF) are both funds - SWVXX is a Money Market fund actively managed by Charles Schwab, while JAAA is a CLO fund actively managed by Janus Henderson. Both are actively managed. Over the past 5 years, SWVXX returned 3.14%/yr vs 4.76%/yr for JAAA. At a 0.04 correlation, their price movements are largely independent. SWVXX charges 0.34%/yr vs 0.20%/yr for JAAA.

Performance

SWVXX vs. JAAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Prime Advantage Money Fund Investor Shares (SWVXX) 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, SWVXX achieves a 1.45% return, which is significantly lower than JAAA's 1.99% return.

SWVXX

• 1D: 0.00%
• 1M: 0.29%
• YTD: 1.45%
• 6M: 1.77%
• 1Y: 3.85%
• 3Y*: 4.71%
• 5Y*: 3.14%
• 10Y*: —

JAAA

• 1D: 0.02%
• 1M: 0.31%
• 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)

SWVXX vs. JAAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SWVXX Schwab Prime Advantage Money Fund Investor Shares	1.45%	4.15%	5.16%	5.04%	0.00%	0.00%
JAAA Janus Henderson AAA CLO ETF	1.99%	5.16%	7.43%	8.59%	0.49%	0.94%

Correlation

The correlation between SWVXX 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	0.03
Correlation (5Y) Calculated over the trailing 5-year period	0.04
Correlation (All Time) Calculated using the full available price history since May 25, 2021	0.04

Return for Risk

SWVXX vs. JAAA — Risk / Return Rank

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

SWVXX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

SWVXX vs. JAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Prime Advantage Money Fund Investor Shares (SWVXX) 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.

	SWVXX	JAAA	Difference
Sharpe ratio: Return per unit of total volatility	3.71	6.03	-2.32
Sortino ratio: Return per unit of downside risk	—	10.06	—
Omega ratio: Gain probability vs. loss probability	—	2.72	—
Calmar ratio: Return relative to maximum drawdown	—	12.91	—
Martin ratio: Return relative to average drawdown	—	69.57	—

SWVXX vs. JAAA - Sharpe Ratio Comparison

The current SWVXX Sharpe Ratio is 3.71, which is lower than the JAAA Sharpe Ratio of 6.03. The chart below compares the historical Sharpe Ratios of SWVXX 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

SWVXX vs. JAAA - Drawdown Comparison

The maximum SWVXX drawdown since its inception was 0.00%, smaller than the maximum JAAA drawdown of -2.64%. Use the drawdown chart below to compare losses from any high point for SWVXX and JAAA.

Drawdown Indicators

	SWVXX	JAAA	Difference
Max Drawdown Largest peak-to-trough decline	0.00%	-2.64%	+2.64%
Max Drawdown (1Y) Largest decline over 1 year	0.00%	-0.39%	+0.39%
Max Drawdown (3Y) Largest decline over 3 years	0.00%	-1.46%	+1.46%
Max Drawdown (5Y) Largest decline over 5 years	0.00%	-2.64%	+2.64%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	0.00%	-0.25%	+0.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	0.07%	-0.07%

Volatility

SWVXX vs. JAAA - Volatility Comparison

Schwab Prime Advantage Money Fund Investor Shares (SWVXX) has a higher volatility of 0.29% compared to Janus Henderson AAA CLO ETF (JAAA) at 0.12%. This indicates that SWVXX'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

	SWVXX	JAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.29%	0.12%	+0.17%
Volatility (6M) Calculated over the trailing 6-month period	0.76%	0.63%	+0.13%
Volatility (1Y) Calculated over the trailing 1-year period	1.10%	0.83%	+0.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.09%	1.67%	-0.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.09%	1.64%	-0.55%

SWVXX vs. JAAA - Expense Ratio Comparison

SWVXX has a 0.34% expense ratio, which is higher than JAAA's 0.20% expense ratio.

Dividends

SWVXX vs. JAAA - Dividend Comparison

SWVXX's dividend yield for the trailing twelve months is around 3.77%, 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%
SWVXX Schwab Prime Advantage Money Fund Investor Shares	3.77%	4.06%	5.02%	4.91%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SWVXX and JAAA in my portfolio?

SWVXX 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, SWVXX or JAAA?

SWVXX has higher volatility (0.29%) compared to JAAA (0.12%). In terms of maximum drawdown, SWVXX dropped 0.00% vs JAAA's -2.64%.

Which has better risk-adjusted returns?

JAAA currently has the higher Sharpe Ratio (6.03 vs 3.71), 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.