VNLA vs. FLRN
VNLA (Janus Henderson Short Duration Income ETF) and FLRN (SPDR Bloomberg Barclays Investment Grade Floating Rate ETF) are both exchange-traded funds - VNLA is a Ultrashort Bond fund tracking the FTSE 3-Month U.S. Treasury Bill Index, while FLRN is a Corporate Bonds fund tracking the Bloomberg US Floating Rate Notes (<5 Y). Both are passively managed. Over the past 5 years, VNLA returned 3.83%/yr vs 4.20%/yr for FLRN. At a 0.09 correlation, their price movements are largely independent. VNLA charges 0.23%/yr vs 0.15%/yr for FLRN.
Performance
VNLA vs. FLRN - Performance Comparison
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Returns By Period
In the year-to-date period, VNLA achieves a 1.59% return, which is significantly lower than FLRN's 1.93% return.
VNLA
- 1D
- 0.02%
- 1M
- 0.41%
- YTD
- 1.59%
- 6M
- 1.85%
- 1Y
- 4.72%
- 3Y*
- 5.79%
- 5Y*
- 3.83%
- 10Y*
- —
FLRN
- 1D
- 0.00%
- 1M
- 0.38%
- YTD
- 1.93%
- 6M
- 2.15%
- 1Y
- 4.81%
- 3Y*
- 5.60%
- 5Y*
- 4.20%
- 10Y*
- 3.03%
VNLA vs. FLRN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VNLA Janus Henderson Short Duration Income ETF | 1.59% | 5.45% | 6.41% | 6.09% | -0.17% | -0.18% | 3.01% | 4.43% | 0.02% | 2.11% |
FLRN SPDR Bloomberg Barclays Investment Grade Floating Rate ETF | 1.93% | 5.01% | 6.32% | 6.54% | 1.31% | 0.39% | 0.77% | 4.02% | 1.39% | 1.81% |
Correlation
The correlation between VNLA and FLRN is 0.07, 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 | 0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Nov 17, 2016 | 0.09 |
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Return for Risk
VNLA vs. FLRN — Risk / Return Rank
VNLA
FLRN
VNLA vs. FLRN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Short Duration Income ETF (VNLA) and SPDR Bloomberg Barclays Investment Grade Floating Rate ETF (FLRN). 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.
| VNLA | FLRN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.51 | ||
| Sortino ratioReturn per unit of downside risk | +2.69 | ||
| Omega ratioGain probability vs. loss probability | 3.56 | 3.33 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 11.10 | 21.24 | -10.14 |
| Martin ratioReturn relative to average drawdown | 57.09 | 127.12 | -70.03 |
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Drawdowns
VNLA vs. FLRN - Drawdown Comparison
The maximum VNLA drawdown since its inception was -4.49%, smaller than the maximum FLRN drawdown of -14.64%. Use the drawdown chart below to compare losses from any high point for VNLA and FLRN.
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Drawdown Indicators
| VNLA | FLRN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.49% | -14.64% | +10.15% |
Max Drawdown (1Y)Largest decline over 1 year | -0.43% | -0.23% | -0.20% |
Max Drawdown (3Y)Largest decline over 3 years | -0.49% | -1.43% | +0.94% |
Max Drawdown (5Y)Largest decline over 5 years | -1.76% | -2.16% | +0.40% |
Max Drawdown (10Y)Largest decline over 10 years | — | -14.64% | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.23% | -1.82% | +1.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.08% | 0.04% | +0.04% |
Volatility
VNLA vs. FLRN - Volatility Comparison
The current volatility for Janus Henderson Short Duration Income ETF (VNLA) is 0.15%, while SPDR Bloomberg Barclays Investment Grade Floating Rate ETF (FLRN) has a volatility of 0.16%. This indicates that VNLA experiences smaller price fluctuations and is considered to be less risky than FLRN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VNLA | FLRN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.15% | 0.16% | -0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 0.46% | 0.53% | -0.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.63% | 0.69% | -0.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.04% | 1.69% | -0.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.42% | 4.20% | -2.78% |
VNLA vs. FLRN - Expense Ratio Comparison
VNLA has a 0.23% expense ratio, which is higher than FLRN's 0.15% 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
VNLA vs. FLRN - Dividend Comparison
VNLA's dividend yield for the trailing twelve months is around 4.77%, more than FLRN's 4.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FLRN SPDR Bloomberg Barclays Investment Grade Floating Rate ETF | 4.50% | 4.89% | 5.67% | 5.68% | 1.95% | 0.39% | 1.22% | 2.76% | 2.39% | 1.64% | 1.06% | 0.63% |
VNLA Janus Henderson Short Duration Income ETF | 4.77% | 4.84% | 4.97% | 3.95% | 4.35% | 1.67% | 1.21% | 3.13% | 2.43% | 1.79% | 0.08% | 0.00% |
Frequently Asked Questions
VNLA and FLRN have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FLRN has higher volatility (0.16%) compared to VNLA (0.15%). In terms of maximum drawdown, VNLA dropped -4.49% vs FLRN's -14.64%.
On 5-year performance, FLRN leads with 4.20% vs 3.83% for VNLA. On fees, FLRN is cheaper at 0.15% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FLRN has performed better with a 4.20% return vs 3.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FLRN is cheaper with a 0.15% expense ratio, compared with 0.23% for VNLA.
VNLA has the higher dividend yield at 4.77%, compared with 4.50% for FLRN.
VNLA is categorized as Ultrashort Bond, while FLRN is Corporate Bonds. VNLA tracks FTSE 3-Month U.S. Treasury Bill Index, while FLRN tracks Bloomberg US Floating Rate Notes (<5 Y). They also come from different issuers: Janus Henderson and State Street. Their fees differ too: 0.23% for VNLA and 0.15% for FLRN.
VNLA currently has the higher Sharpe Ratio (7.54 vs 7.03), 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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