UCLA.DE vs. JAAA
UCLA.DE (Invesco USD AAA CLO UCITS ETF Acc) and JAAA (Janus Henderson AAA CLO ETF) are both CLO funds. Both are actively managed. Over the past year, UCLA.DE returned 3.38% vs 4.52% for JAAA. A 0.74 correlation means they provide meaningful diversification when combined. UCLA.DE charges 0.25%/yr vs 0.20%/yr for JAAA.
Performance
UCLA.DE vs. JAAA - Performance Comparison
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Different Trading Currencies
UCLA.DE is traded in EUR, while JAAA is traded in USD. To make them comparable, the JAAA values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, UCLA.DE achieves a 3.34% return, which is significantly lower than JAAA's 3.93% return.
UCLA.DE
- 1D
- -0.13%
- 1M
- 1.12%
- YTD
- 3.34%
- 6M
- 2.79%
- 1Y
- 3.38%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
JAAA
- 1D
- 0.84%
- 1M
- 2.39%
- YTD
- 3.93%
- 6M
- 3.58%
- 1Y
- 4.52%
- 3Y*
- 4.09%
- 5Y*
- 5.95%
- 10Y*
- —
UCLA.DE vs. JAAA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
UCLA.DE Invesco USD AAA CLO UCITS ETF Acc | 3.34% | -7.62% |
JAAA Janus Henderson AAA CLO ETF | 3.93% | -7.00% |
Correlation
The correlation between UCLA.DE and JAAA is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.76 |
Correlation (All Time) Calculated using the full available price history since Feb 14, 2025 | 0.74 |
The correlation between UCLA.DE and JAAA has been stable across timeframes, ranging from 0.74 to 0.76 - a consistent structural relationship.
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Return for Risk
UCLA.DE vs. JAAA — Risk / Return Rank
UCLA.DE
JAAA
UCLA.DE vs. JAAA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco USD AAA CLO UCITS ETF Acc (UCLA.DE) 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.
| UCLA.DE | JAAA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.16 | ||
| Sortino ratioReturn per unit of downside risk | -0.23 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.13 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.13 | 1.25 | -0.12 |
| Martin ratioReturn relative to average drawdown | 2.34 | 3.01 | -0.67 |
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
| UCLA.DE | JAAA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.55 | 0.71 | -0.16 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.75 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.49 | 0.64 | -1.13 |
Drawdowns
UCLA.DE vs. JAAA - Drawdown Comparison
The maximum UCLA.DE drawdown since its inception was -10.36%, smaller than the maximum JAAA drawdown of -11.35%. Use the drawdown chart below to compare losses from any high point for UCLA.DE and JAAA.
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Drawdown Indicators
| UCLA.DE | JAAA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -10.36% | -11.35% | +0.99% |
Max Drawdown (1Y)Largest decline over 1 year | -2.99% | -3.64% | +0.65% |
Max Drawdown (3Y)Largest decline over 3 years | — | -11.35% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -11.35% | — |
Current DrawdownCurrent decline from peak | -4.89% | -4.91% | +0.02% |
Average DrawdownAverage peak-to-trough decline | -7.06% | -3.90% | -3.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.44% | 1.51% | -0.07% |
Volatility
UCLA.DE vs. JAAA - Volatility Comparison
Invesco USD AAA CLO UCITS ETF Acc (UCLA.DE) and Janus Henderson AAA CLO ETF (JAAA) have volatilities of 1.32% and 1.34%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UCLA.DE | JAAA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.32% | 1.34% | -0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 4.27% | 4.35% | -0.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.08% | 6.37% | -0.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.15% | 7.93% | -0.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.15% | 7.74% | -0.59% |
UCLA.DE vs. JAAA - Expense Ratio Comparison
UCLA.DE has a 0.25% expense ratio, which is higher than JAAA's 0.20% 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
UCLA.DE vs. JAAA - Dividend Comparison
UCLA.DE has not paid dividends to shareholders, while JAAA's dividend yield for the trailing twelve months is around 5.00%.
| 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% |
UCLA.DE Invesco USD AAA CLO UCITS ETF Acc | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
UCLA.DE and JAAA have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, JAAA is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
JAAA is cheaper with a 0.20% expense ratio, compared with 0.25% for UCLA.DE.
They also come from different issuers: Invesco and Janus Henderson. Their fees differ too: 0.25% for UCLA.DE and 0.20% for JAAA.
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