VNLA vs. RAVI
VNLA (Janus Henderson Short Duration Income ETF) and RAVI (FlexShares Ultra-Short Income ETF) are both Ultrashort Bond funds. VNLA is passively managed, while RAVI is actively managed. Over the past 5 years, VNLA returned 3.83%/yr vs 3.52%/yr for RAVI. At a 0.25 correlation, their price movements are largely independent. VNLA charges 0.23%/yr vs 0.25%/yr for RAVI.
Performance
VNLA vs. RAVI - Performance Comparison
Loading charts...
Returns By Period
The year-to-date returns for both investments are quite close, with VNLA having a 1.59% return and RAVI slightly higher at 1.66%.
VNLA
- 1D
- 0.02%
- 1M
- 0.39%
- YTD
- 1.59%
- 6M
- 1.85%
- 1Y
- 4.77%
- 3Y*
- 5.79%
- 5Y*
- 3.83%
- 10Y*
- —
RAVI
- 1D
- 0.07%
- 1M
- 0.40%
- YTD
- 1.66%
- 6M
- 1.94%
- 1Y
- 4.50%
- 3Y*
- 5.20%
- 5Y*
- 3.52%
- 10Y*
- 2.68%
VNLA vs. RAVI - 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% |
RAVI FlexShares Ultra-Short Income ETF | 1.66% | 4.98% | 5.67% | 5.55% | 0.15% | -0.04% | 2.06% | 3.49% | 1.65% | 1.22% |
Correlation
The correlation between VNLA and RAVI is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.39 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.33 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.33 |
Correlation (All Time) Calculated using the full available price history since Nov 17, 2016 | 0.25 |
The correlation between VNLA and RAVI shifts across timeframes, from 0.25 (all time) to 0.39 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
VNLA vs. RAVI — Risk / Return Rank
VNLA
RAVI
VNLA vs. RAVI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Short Duration Income ETF (VNLA) and FlexShares Ultra-Short Income ETF (RAVI). 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 | RAVI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.65 | ||
| Sortino ratioReturn per unit of downside risk | -9.83 | ||
| Omega ratioGain probability vs. loss probability | 3.56 | 5.64 | -2.08 |
| Calmar ratioReturn relative to maximum drawdown | 11.10 | 38.65 | -27.55 |
| Martin ratioReturn relative to average drawdown | 57.09 | 231.44 | -174.35 |
Loading charts...
Drawdowns
VNLA vs. RAVI - Drawdown Comparison
The maximum VNLA drawdown since its inception was -4.49%, which is greater than RAVI's maximum drawdown of -3.72%. Use the drawdown chart below to compare losses from any high point for VNLA and RAVI.
Loading charts...
Drawdown Indicators
| VNLA | RAVI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.49% | -3.72% | -0.77% |
Max Drawdown (1Y)Largest decline over 1 year | -0.43% | -0.12% | -0.31% |
Max Drawdown (3Y)Largest decline over 3 years | -0.49% | -0.36% | -0.13% |
Max Drawdown (5Y)Largest decline over 5 years | -1.76% | -3.28% | +1.52% |
Max Drawdown (10Y)Largest decline over 10 years | — | -3.72% | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.23% | -0.17% | -0.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.08% | 0.02% | +0.06% |
Volatility
VNLA vs. RAVI - Volatility Comparison
Janus Henderson Short Duration Income ETF (VNLA) has a higher volatility of 0.15% compared to FlexShares Ultra-Short Income ETF (RAVI) at 0.10%. This indicates that VNLA's price experiences larger fluctuations and is considered to be riskier than RAVI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| VNLA | RAVI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.15% | 0.10% | +0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 0.46% | 0.30% | +0.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.63% | 0.40% | +0.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.04% | 1.41% | -0.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.42% | 1.28% | +0.14% |
VNLA vs. RAVI - Expense Ratio Comparison
VNLA has a 0.23% expense ratio, which is lower than RAVI's 0.25% 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
VNLA vs. RAVI - Dividend Comparison
VNLA's dividend yield for the trailing twelve months is around 4.77%, more than RAVI's 4.38% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
RAVI FlexShares Ultra-Short Income ETF | 4.38% | 4.59% | 5.34% | 4.55% | 1.70% | 0.90% | 1.29% | 2.53% | 2.22% | 1.28% | 0.90% |
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% |
Frequently Asked Questions
VNLA and RAVI have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VNLA has higher volatility (0.15%) compared to RAVI (0.10%). In terms of maximum drawdown, VNLA dropped -4.49% vs RAVI's -3.72%.
On 5-year performance, VNLA leads with 3.83% vs 3.52% for RAVI. On fees, VNLA is cheaper at 0.23% 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, VNLA has performed better with a 3.83% return vs 3.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VNLA is cheaper with a 0.23% expense ratio, compared with 0.25% for RAVI.
VNLA has the higher dividend yield at 4.77%, compared with 4.38% for RAVI.
They also come from different issuers: Janus Henderson and FlexShares. Their fees differ too: 0.23% for VNLA and 0.25% for RAVI.
RAVI currently has the higher Sharpe Ratio (11.19 vs 7.54), 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.
Find the right allocation for VNLA and RAVI
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer