UTRE vs. JAAA

Last updated Jun 24, 2026

UTRE (US Treasury 3 Year Note ETF) and JAAA (Janus Henderson AAA CLO ETF) are both exchange-traded funds - UTRE is a Government Bonds fund tracking the ICE BofA Current 3-Year US Treasury Index - Benchmark TR Gross, while JAAA is a CLO fund actively managed by Janus Henderson. UTRE is passively managed, while JAAA is actively managed. Over the past 3 years, UTRE returned 3.77%/yr vs 6.58%/yr for JAAA. At a correlation of -0.02, they often move in opposite directions. UTRE charges 0.15%/yr vs 0.20%/yr for JAAA.

Performance

UTRE vs. JAAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in US Treasury 3 Year Note ETF (UTRE) 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, UTRE achieves a -0.11% return, which is significantly lower than JAAA's 2.07% return.

UTRE

• 1D: 0.10%
• 1M: 0.16%
• YTD: -0.11%
• 6M: 0.08%
• 1Y: 2.41%
• 3Y*: 3.77%
• 5Y*: —
• 10Y*: —

JAAA

• 1D: -0.02%
• 1M: 0.29%
• YTD: 2.07%
• 6M: 2.31%
• 1Y: 4.95%
• 3Y*: 6.58%
• 5Y*: 4.80%
• 10Y*: —

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

UTRE vs. JAAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
UTRE US Treasury 3 Year Note ETF	-0.11%	5.68%	2.96%	2.34%
JAAA Janus Henderson AAA CLO ETF	2.07%	5.16%	7.43%	7.34%

Correlation

The correlation between UTRE and JAAA is 0.02, 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	0.02
Correlation (3Y) Calculated over the trailing 3-year period	-0.04
Correlation (All Time) Calculated using the full available price history since Mar 28, 2023	-0.02

Return for Risk

UTRE vs. JAAA — Risk / Return Rank

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

UTRE

UTRE Risk / Return Rank: 35
UTRE Sharpe Ratio Rank: 36
UTRE Sortino Ratio Rank: 37
UTRE Omega Ratio Rank: 34
UTRE Calmar Ratio Rank: 36
UTRE Martin Ratio Rank: 33

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.

UTRE vs. JAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for US Treasury 3 Year Note ETF (UTRE) 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.

	UTRE	JAAA	Difference
Sharpe ratio: Return per unit of total volatility	1.19	6.04	-4.85
Sortino ratio: Return per unit of downside risk	1.82	10.01	-8.19
Omega ratio: Gain probability vs. loss probability	1.22	2.72	-1.51
Calmar ratio: Return relative to maximum drawdown	1.68	12.81	-11.12
Martin ratio: Return relative to average drawdown	4.49	69.26	-64.77

UTRE vs. JAAA - Sharpe Ratio Comparison

The current UTRE Sharpe Ratio is 1.19, which is lower than the JAAA Sharpe Ratio of 6.04. The chart below compares the historical Sharpe Ratios of UTRE 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

UTRE vs. JAAA - Drawdown Comparison

The maximum UTRE drawdown since its inception was -2.80%, which is greater than JAAA's maximum drawdown of -2.64%. Use the drawdown chart below to compare losses from any high point for UTRE and JAAA.

Drawdown Indicators

	UTRE	JAAA	Difference
Max Drawdown Largest peak-to-trough decline	-2.80%	-2.64%	-0.16%
Max Drawdown (1Y) Largest decline over 1 year	-1.44%	-0.39%	-1.05%
Max Drawdown (3Y) Largest decline over 3 years	-1.86%	-1.46%	-0.40%
Max Drawdown (5Y) Largest decline over 5 years	—	-2.64%	—
Current Drawdown Current decline from peak	-1.09%	-0.02%	-1.07%
Average Drawdown Average peak-to-trough decline	-0.78%	-0.25%	-0.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.54%	0.07%	+0.47%

Volatility

UTRE vs. JAAA - Volatility Comparison

US Treasury 3 Year Note ETF (UTRE) has a higher volatility of 0.68% compared to Janus Henderson AAA CLO ETF (JAAA) at 0.12%. This indicates that UTRE'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

	UTRE	JAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.68%	0.12%	+0.56%
Volatility (6M) Calculated over the trailing 6-month period	1.50%	0.63%	+0.87%
Volatility (1Y) Calculated over the trailing 1-year period	2.04%	0.83%	+1.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.70%	1.67%	+1.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.70%	1.64%	+1.06%

UTRE vs. JAAA - Expense Ratio Comparison

UTRE 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

UTRE vs. JAAA - Dividend Comparison

UTRE's dividend yield for the trailing twelve months is around 3.50%, 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%
UTRE US Treasury 3 Year Note ETF	3.50%	3.60%	4.01%	3.14%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UTRE and JAAA in my portfolio?

UTRE and JAAA have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UTRE or JAAA?

UTRE has higher volatility (0.68%) compared to JAAA (0.12%). In terms of maximum drawdown, UTRE dropped -2.80% vs JAAA's -2.64%.

Which ETF is better, UTRE or JAAA?

On 3-year performance, JAAA leads with 6.58% vs 3.77% for UTRE. On fees, UTRE 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.

Which ETF has performed better, UTRE or JAAA?

Over the 3-year period, JAAA has performed better with a 6.58% return vs 3.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UTRE or JAAA?

UTRE is cheaper with a 0.15% expense ratio, compared with 0.20% for JAAA.

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

JAAA has the higher dividend yield at 4.99%, compared with 3.50% for UTRE.

What is the main difference between UTRE and JAAA?

UTRE is categorized as Government Bonds, while JAAA is CLO. They also come from different issuers: US Benchmark Series and Janus Henderson. Their fees differ too: 0.15% for UTRE and 0.20% for JAAA.

Which has better risk-adjusted returns?

JAAA currently has the higher Sharpe Ratio (6.04 vs 1.19), 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.