TRPA vs. JAAA

Last updated Jun 4, 2026

TRPA (Hartford AAA CLO ETF) and JAAA (Janus Henderson AAA CLO ETF) are both CLO funds. Both are actively managed. Over the past year, TRPA returned 5.26% vs 5.06% for JAAA. At a 0.09 correlation, their price movements are largely independent. TRPA charges 0.24%/yr vs 0.21%/yr for JAAA.

Performance

TRPA vs. JAAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hartford AAA CLO ETF (TRPA) and Janus Henderson AAA CLO ETF (JAAA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with TRPA having a 1.90% return and JAAA slightly lower at 1.87%.

TRPA

• 1D: -0.01%
• 1M: 0.42%
• YTD: 1.90%
• 6M: 2.43%
• 1Y: 5.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —

JAAA

• 1D: -0.02%
• 1M: 0.39%
• YTD: 1.87%
• 6M: 2.45%
• 1Y: 5.06%
• 3Y*: 6.71%
• 5Y*: 4.79%
• 10Y*: —

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

TRPA vs. JAAA - Yearly Performance Comparison

	2026 (YTD)	2025
TRPA Hartford AAA CLO ETF	1.90%	4.84%
JAAA Janus Henderson AAA CLO ETF	1.87%	4.72%

Correlation

The correlation between TRPA and JAAA is 0.05, 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	0.05
Correlation (All Time) Calculated using the full available price history since Apr 16, 2025	0.09

Return for Risk

TRPA vs. JAAA — Risk / Return Rank

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

TRPA

TRPA Risk / Return Rank: 84
TRPA Sharpe Ratio Rank: 70
TRPA Sortino Ratio Rank: 83
TRPA Omega Ratio Rank: 78
TRPA Calmar Ratio Rank: 96
TRPA Martin Ratio Rank: 96

JAAA

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

TRPA vs. JAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hartford AAA CLO ETF (TRPA) 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.

	TRPA	JAAA	Difference
Sharpe ratio Return per unit of total volatility	2.26	5.98	-3.72
Sortino ratio Return per unit of downside risk	3.67	10.04	-6.38
Omega ratio Gain probability vs. loss probability	1.46	2.69	-1.23
Calmar ratio Return relative to maximum drawdown	8.66	13.07	-4.42
Martin ratio Return relative to average drawdown	35.17	70.18	-35.00
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TRPA vs. JAAA - Sharpe Ratio Comparison

The current TRPA Sharpe Ratio is 2.26, which is lower than the JAAA Sharpe Ratio of 5.98. The chart below compares the historical Sharpe Ratios of TRPA 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.

Sharpe Ratios by Period

	TRPA	JAAA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.26	5.98	-3.72
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	2.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.55	2.77	-0.23

Drawdowns

TRPA vs. JAAA - Drawdown Comparison

The maximum TRPA drawdown since its inception was -0.61%, smaller than the maximum JAAA drawdown of -2.64%. Use the drawdown chart below to compare losses from any high point for TRPA and JAAA.

Drawdown Indicators

	TRPA	JAAA	Difference
Max Drawdown Largest peak-to-trough decline	-0.61%	-2.64%	+2.03%
Max Drawdown (1Y) Largest decline over 1 year	-0.61%	-0.39%	-0.22%
Max Drawdown (3Y) Largest decline over 3 years	—	-1.46%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-2.64%	—
Current Drawdown Current decline from peak	-0.05%	-0.02%	-0.03%
Average Drawdown Average peak-to-trough decline	-0.10%	-0.25%	+0.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.15%	0.07%	+0.08%

Volatility

TRPA vs. JAAA - Volatility Comparison

Hartford AAA CLO ETF (TRPA) has a higher volatility of 0.28% compared to Janus Henderson AAA CLO ETF (JAAA) at 0.13%. This indicates that TRPA'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

	TRPA	JAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.28%	0.13%	+0.15%
Volatility (6M) Calculated over the trailing 6-month period	1.57%	0.64%	+0.93%
Volatility (1Y) Calculated over the trailing 1-year period	2.34%	0.85%	+1.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.38%	1.68%	+0.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.38%	1.64%	+0.74%

TRPA vs. JAAA - Expense Ratio Comparison

TRPA has a 0.24% expense ratio, which is higher than JAAA's 0.21% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

TRPA vs. JAAA - Dividend Comparison

TRPA's dividend yield for the trailing twelve months is around 5.19%, more than JAAA's 5.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
JAAA Janus Henderson AAA CLO ETF	5.00%	5.30%	6.35%	6.11%	2.74%	1.21%	0.26%
TRPA Hartford AAA CLO ETF	5.19%	4.14%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TRPA and JAAA in my portfolio?

TRPA and JAAA have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TRPA or JAAA?

TRPA has higher volatility (0.28%) compared to JAAA (0.13%). In terms of maximum drawdown, TRPA dropped -0.61% vs JAAA's -2.64%.

Which ETF is better, TRPA or JAAA?

On 1-year performance, TRPA leads with 5.26% vs 5.06% for JAAA. On fees, JAAA is cheaper at 0.21% 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.

Which ETF has performed better, TRPA or JAAA?

Over the 1-year period, TRPA has performed better with a 5.26% return vs 5.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TRPA or JAAA?

JAAA is cheaper with a 0.21% expense ratio, compared with 0.24% for TRPA.

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

TRPA has the higher dividend yield at 5.19%, compared with 5.00% for JAAA.

What is the main difference between TRPA and JAAA?

They also come from different issuers: Hartford and Janus Henderson. Their fees differ too: 0.24% for TRPA and 0.21% for JAAA.

Which has better risk-adjusted returns?

JAAA currently has the higher Sharpe Ratio (5.98 vs 2.26), 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.