USHY vs. JAAA
USHY (iShares Broad USD High Yield Corporate Bond ETF) and JAAA (Janus Henderson AAA CLO ETF) are both exchange-traded funds - USHY is a High Yield Bonds fund tracking the ICE BofA US High Yield Constrained Index, while JAAA is a CLO fund actively managed by Janus Henderson. USHY is passively managed, while JAAA is actively managed. Over the past 5 years, USHY returned 4.21%/yr vs 4.76%/yr for JAAA. At a 0.12 correlation, their price movements are largely independent. USHY charges 0.15%/yr vs 0.20%/yr for JAAA.
Performance
USHY vs. JAAA - Performance Comparison
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Returns By Period
In the year-to-date period, USHY achieves a 1.75% return, which is significantly lower than JAAA's 1.99% return.
USHY
- 1D
- 0.03%
- 1M
- 0.68%
- YTD
- 1.75%
- 6M
- 2.37%
- 1Y
- 7.19%
- 3Y*
- 8.94%
- 5Y*
- 4.21%
- 10Y*
- —
JAAA
- 1D
- 0.02%
- 1M
- 0.31%
- YTD
- 1.99%
- 6M
- 2.49%
- 1Y
- 5.01%
- 3Y*
- 6.67%
- 5Y*
- 4.76%
- 10Y*
- —
USHY vs. JAAA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
USHY iShares Broad USD High Yield Corporate Bond ETF | 1.75% | 8.81% | 8.45% | 12.73% | -11.18% | 5.02% | 5.20% |
JAAA Janus Henderson AAA CLO ETF | 1.99% | 5.16% | 7.43% | 8.59% | 0.49% | 1.39% | 0.76% |
Correlation
The correlation between USHY and JAAA is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Oct 19, 2020 | 0.12 |
Over the past year, USHY and JAAA have become more correlated (0.33) than their long-term average of 0.12, meaning their price movements have been converging.
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Return for Risk
USHY vs. JAAA — Risk / Return Rank
USHY
JAAA
USHY vs. JAAA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Broad USD High Yield Corporate Bond ETF (USHY) 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.
| USHY | JAAA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.15 | ||
| Sortino ratioReturn per unit of downside risk | -7.24 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 2.72 | -1.36 |
| Calmar ratioReturn relative to maximum drawdown | 2.85 | 12.91 | -10.06 |
| Martin ratioReturn relative to average drawdown | 12.77 | 69.57 | -56.80 |
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Drawdowns
USHY vs. JAAA - Drawdown Comparison
The maximum USHY drawdown since its inception was -22.44%, which is greater than JAAA's maximum drawdown of -2.64%. Use the drawdown chart below to compare losses from any high point for USHY and JAAA.
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Drawdown Indicators
| USHY | JAAA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.44% | -2.64% | -19.80% |
Max Drawdown (1Y)Largest decline over 1 year | -2.43% | -0.39% | -2.04% |
Max Drawdown (3Y)Largest decline over 3 years | -4.66% | -1.46% | -3.20% |
Max Drawdown (5Y)Largest decline over 5 years | -15.56% | -2.64% | -12.92% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -2.66% | -0.25% | -2.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.54% | 0.07% | +0.47% |
Volatility
USHY vs. JAAA - Volatility Comparison
iShares Broad USD High Yield Corporate Bond ETF (USHY) has a higher volatility of 1.20% compared to Janus Henderson AAA CLO ETF (JAAA) at 0.12%. This indicates that USHY'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.
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Volatility by Period
| USHY | JAAA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.20% | 0.12% | +1.08% |
Volatility (6M)Calculated over the trailing 6-month period | 2.96% | 0.63% | +2.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.69% | 0.83% | +2.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.35% | 1.67% | +5.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.24% | 1.64% | +6.60% |
USHY vs. JAAA - Expense Ratio Comparison
USHY has a 0.15% 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
USHY vs. JAAA - Dividend Comparison
USHY's dividend yield for the trailing twelve months is around 6.90%, more than JAAA's 4.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
JAAA Janus Henderson AAA CLO ETF | 4.99% | 5.30% | 6.35% | 6.11% | 2.74% | 1.21% | 0.26% | 0.00% | 0.00% | 0.00% |
USHY iShares Broad USD High Yield Corporate Bond ETF | 6.90% | 6.79% | 6.89% | 6.63% | 6.08% | 5.07% | 5.30% | 5.92% | 6.30% | 0.73% |
Frequently Asked Questions
USHY and JAAA have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USHY has higher volatility (1.20%) compared to JAAA (0.12%). In terms of maximum drawdown, USHY dropped -22.44% vs JAAA's -2.64%.
On 5-year performance, JAAA leads with 4.76% vs 4.21% for USHY. On fees, USHY is cheaper at 0.15% 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.
Over the 5-year period, JAAA has performed better with a 4.76% return vs 4.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USHY is cheaper with a 0.15% expense ratio, compared with 0.20% for JAAA.
USHY has the higher dividend yield at 6.90%, compared with 4.99% for JAAA.
USHY is categorized as High Yield Bonds, while JAAA is CLO. They also come from different issuers: iShares and Janus Henderson. Their fees differ too: 0.15% for USHY and 0.20% for JAAA.
JAAA currently has the higher Sharpe Ratio (6.03 vs 1.88), 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.
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