VNLA vs. CLIP

Last updated Apr 1, 2026

Compare and contrast key facts about Janus Henderson Short Duration Income ETF (VNLA) and Global X 1-3 Month T-Bill ETF (CLIP).

VNLA and CLIP are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. VNLA is a passively managed fund by Janus Henderson that tracks the performance of the FTSE 3-Month U.S. Treasury Bill Index. It was launched on Nov 16, 2016. CLIP is a passively managed fund by Global X that tracks the performance of the Solactive 1-3 month US T-Bill Index - USD. It was launched on Jun 20, 2023. Both VNLA and CLIP are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

VNLA vs. CLIP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson Short Duration Income ETF (VNLA) and Global X 1-3 Month T-Bill ETF (CLIP). The values are adjusted to include any dividend payments, if applicable.

VNLA vs. CLIP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
VNLA Janus Henderson Short Duration Income ETF	0.59%	5.45%	6.41%	3.75%
CLIP Global X 1-3 Month T-Bill ETF	0.86%	4.23%	5.26%	2.82%

Returns By Period

In the year-to-date period, VNLA achieves a 0.59% return, which is significantly lower than CLIP's 0.86% return.

VNLA

• 1D: 0.06%
• 1M: -0.20%
• YTD: 0.59%
• 6M: 1.89%
• 1Y: 4.75%
• 3Y*: 5.73%
• 5Y*: 3.68%
• 10Y*: —

CLIP

• 1D: 0.01%
• 1M: 0.29%
• YTD: 0.86%
• 6M: 1.89%
• 1Y: 4.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

VNLA vs. CLIP - Expense Ratio Comparison

VNLA has a 0.23% expense ratio, which is higher than CLIP's 0.07% 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%.

VNLA

Janus Henderson Short Duration Income ETF

CLIP

Global X 1-3 Month T-Bill ETF

Return for Risk

VNLA vs. CLIP — Risk / Return Rank

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

VNLA

VNLA Risk / Return Rank: 99
VNLA Sharpe Ratio Rank: 99
VNLA Sortino Ratio Rank: 99
VNLA Omega Ratio Rank: 99
VNLA Calmar Ratio Rank: 99
VNLA Martin Ratio Rank: 99

CLIP

CLIP Risk / Return Rank: 100
CLIP Sharpe Ratio Rank: 100
CLIP Sortino Ratio Rank: 100
CLIP Omega Ratio Rank: 100
CLIP Calmar Ratio Rank: 100
CLIP Martin Ratio Rank: 100

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.

VNLA vs. CLIP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Short Duration Income ETF (VNLA) and Global X 1-3 Month T-Bill ETF (CLIP). 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.

	VNLA	CLIP	Difference
Sharpe ratio Return per unit of total volatility	6.59	13.56	-6.97
Sortino ratio Return per unit of downside risk	11.40	40.64	-29.24
Omega ratio Gain probability vs. loss probability	3.18	11.02	-7.85
Calmar ratio Return relative to maximum drawdown	10.02	74.34	-64.32
Martin ratio Return relative to average drawdown	45.04	595.00	-549.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VNLA vs. CLIP - Sharpe Ratio Comparison

The current VNLA Sharpe Ratio is 6.59, which is lower than the CLIP Sharpe Ratio of 13.56. The chart below compares the historical Sharpe Ratios of VNLA and CLIP, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	VNLA	CLIP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	6.59	13.56	-6.97
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	3.57	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.06	10.60	-8.54

Correlation

The correlation between VNLA and CLIP is 0.12, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

VNLA vs. CLIP - Dividend Comparison

VNLA's dividend yield for the trailing twelve months is around 5.26%, more than CLIP's 4.03% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
VNLA Janus Henderson Short Duration Income ETF	5.26%	4.84%	4.97%	3.95%	4.35%	1.67%	1.21%	3.13%	2.43%	1.79%	0.08%
CLIP Global X 1-3 Month T-Bill ETF	4.03%	4.14%	5.11%	2.75%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

VNLA vs. CLIP - Drawdown Comparison

The maximum VNLA drawdown since its inception was -4.49%, which is greater than CLIP's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for VNLA and CLIP.

Drawdown Indicators

	VNLA	CLIP	Difference
Max Drawdown Largest peak-to-trough decline	-4.49%	-0.08%	-4.41%
Max Drawdown (1Y) Largest decline over 1 year	-0.47%	-0.05%	-0.42%
Max Drawdown (5Y) Largest decline over 5 years	-1.76%	—	—
Current Drawdown Current decline from peak	-0.20%	0.00%	-0.20%
Average Drawdown Average peak-to-trough decline	-0.24%	0.00%	-0.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.10%	0.01%	+0.09%

Volatility

VNLA vs. CLIP - Volatility Comparison

Janus Henderson Short Duration Income ETF (VNLA) has a higher volatility of 0.28% compared to Global X 1-3 Month T-Bill ETF (CLIP) at 0.05%. This indicates that VNLA's price experiences larger fluctuations and is considered to be riskier than CLIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VNLA	CLIP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.28%	0.05%	+0.23%
Volatility (6M) Calculated over the trailing 6-month period	0.45%	0.15%	+0.30%
Volatility (1Y) Calculated over the trailing 1-year period	0.73%	0.30%	+0.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.04%	0.45%	+0.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.44%	0.45%	+0.99%