VNLA vs. SVARX

Last updated Apr 2, 2026

Compare and contrast key facts about Janus Henderson Short Duration Income ETF (VNLA) and Spectrum Low Volatility Fund (SVARX).

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. SVARX is managed by Advisors Preferred. It was launched on Dec 15, 2013.

Performance

VNLA vs. SVARX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson Short Duration Income ETF (VNLA) and Spectrum Low Volatility Fund (SVARX). The values are adjusted to include any dividend payments, if applicable.

VNLA vs. SVARX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VNLA Janus Henderson Short Duration Income ETF	0.57%	5.45%	6.41%	6.09%	-0.17%	-0.18%	3.01%	4.43%	0.02%	2.11%
SVARX Spectrum Low Volatility Fund	0.25%	6.22%	2.60%	9.67%	-4.35%	4.10%	19.50%	9.42%	-0.99%	8.25%

Returns By Period

In the year-to-date period, VNLA achieves a 0.57% return, which is significantly higher than SVARX's 0.25% return.

VNLA

• 1D: -0.02%
• 1M: -0.16%
• YTD: 0.57%
• 6M: 1.79%
• 1Y: 4.72%
• 3Y*: 5.72%
• 5Y*: 3.67%
• 10Y*: —

SVARX

• 1D: 0.04%
• 1M: -1.62%
• YTD: 0.25%
• 6M: 2.20%
• 1Y: 5.51%
• 3Y*: 6.04%
• 5Y*: 3.33%
• 10Y*: 6.49%

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

VNLA vs. SVARX - Expense Ratio Comparison

VNLA has a 0.23% expense ratio, which is lower than SVARX's 2.34% expense ratio.

SVARX

Spectrum Low Volatility Fund

VNLA

Janus Henderson Short Duration Income ETF

Return for Risk

VNLA vs. SVARX — 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

SVARX

SVARX Risk / Return Rank: 88
SVARX Sharpe Ratio Rank: 93
SVARX Sortino Ratio Rank: 92
SVARX Omega Ratio Rank: 93
SVARX Calmar Ratio Rank: 85
SVARX Martin Ratio Rank: 76

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. SVARX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Short Duration Income ETF (VNLA) and Spectrum Low Volatility Fund (SVARX). 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	SVARX	Difference
Sharpe ratio Return per unit of total volatility	6.55	2.11	+4.44
Sortino ratio Return per unit of downside risk	11.33	2.79	+8.54
Omega ratio Gain probability vs. loss probability	3.14	1.46	+1.69
Calmar ratio Return relative to maximum drawdown	10.06	2.19	+7.87
Martin ratio Return relative to average drawdown	44.83	7.48	+37.35
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. SVARX - Sharpe Ratio Comparison

The current VNLA Sharpe Ratio is 6.55, which is higher than the SVARX Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of VNLA and SVARX, 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	SVARX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	6.55	2.11	+4.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	3.56	1.09	+2.48
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.75	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.06	1.69	+0.36

Correlation

The correlation between VNLA and SVARX is 0.20, 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. SVARX - Dividend Comparison

VNLA's dividend yield for the trailing twelve months is around 4.87%, less than SVARX's 5.93% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VNLA Janus Henderson Short Duration Income ETF	4.87%	4.84%	4.97%	3.95%	4.35%	1.67%	1.21%	3.13%	2.43%	1.79%	0.08%	0.00%
SVARX Spectrum Low Volatility Fund	5.93%	5.95%	9.35%	3.35%	0.00%	5.85%	0.71%	4.91%	2.41%	6.90%	9.07%	3.02%

Drawdowns

VNLA vs. SVARX - Drawdown Comparison

The maximum VNLA drawdown since its inception was -4.49%, smaller than the maximum SVARX drawdown of -6.48%. Use the drawdown chart below to compare losses from any high point for VNLA and SVARX.

Drawdown Indicators

	VNLA	SVARX	Difference
Max Drawdown Largest peak-to-trough decline	-4.49%	-6.48%	+1.99%
Max Drawdown (1Y) Largest decline over 1 year	-0.47%	-2.55%	+2.08%
Max Drawdown (5Y) Largest decline over 5 years	-1.76%	-6.48%	+4.72%
Max Drawdown (10Y) Largest decline over 10 years	—	-6.48%	—
Current Drawdown Current decline from peak	-0.23%	-2.51%	+2.28%
Average Drawdown Average peak-to-trough decline	-0.24%	-1.21%	+0.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.11%	0.75%	-0.64%

Volatility

VNLA vs. SVARX - Volatility Comparison

The current volatility for Janus Henderson Short Duration Income ETF (VNLA) is 0.28%, while Spectrum Low Volatility Fund (SVARX) has a volatility of 1.00%. This indicates that VNLA experiences smaller price fluctuations and is considered to be less risky than SVARX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VNLA	SVARX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.28%	1.00%	-0.72%
Volatility (6M) Calculated over the trailing 6-month period	0.45%	2.09%	-1.64%
Volatility (1Y) Calculated over the trailing 1-year period	0.72%	2.66%	-1.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.04%	3.08%	-2.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.44%	3.71%	-2.27%