VNLA vs. TBUX

Last updated Jun 14, 2026

VNLA (Janus Henderson Short Duration Income ETF) and TBUX (T. Rowe Price Ultra Short-Term Bond ETF) are both Ultrashort Bond funds. VNLA is passively managed, while TBUX is actively managed. Over the past 3 years, VNLA returned 5.79%/yr vs 5.89%/yr for TBUX. At a 0.42 correlation, their price movements are largely independent. VNLA charges 0.23%/yr vs 0.17%/yr for TBUX.

Performance

VNLA vs. TBUX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson Short Duration Income ETF (VNLA) and T. Rowe Price Ultra Short-Term Bond ETF (TBUX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VNLA achieves a 1.59% return, which is significantly lower than TBUX's 1.83% return.

VNLA

• 1D: 0.02%
• 1M: 0.39%
• YTD: 1.59%
• 6M: 1.85%
• 1Y: 4.77%
• 3Y*: 5.79%
• 5Y*: 3.83%
• 10Y*: —

TBUX

• 1D: 0.00%
• 1M: 0.41%
• YTD: 1.83%
• 6M: 2.14%
• 1Y: 4.79%
• 3Y*: 5.89%
• 5Y*: —
• 10Y*: —

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

VNLA vs. TBUX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
VNLA Janus Henderson Short Duration Income ETF	1.59%	5.45%	6.41%	6.09%	-0.17%	-0.22%
TBUX T. Rowe Price Ultra Short-Term Bond ETF	1.83%	5.37%	6.38%	6.39%	-0.13%	-0.25%

Correlation

The correlation between VNLA and TBUX is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (All Time) Calculated using the full available price history since Sep 29, 2021	0.42

Return for Risk

VNLA vs. TBUX — 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: 98
VNLA Martin Ratio Rank: 98

TBUX

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

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. TBUX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Short Duration Income ETF (VNLA) and T. Rowe Price Ultra Short-Term Bond ETF (TBUX). 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	TBUX	Difference
Sharpe ratio: Return per unit of total volatility	7.54	7.19	+0.35
Sortino ratio: Return per unit of downside risk	15.49	14.51	+0.98
Omega ratio: Gain probability vs. loss probability	3.56	3.12	+0.44
Calmar ratio: Return relative to maximum drawdown	11.10	48.17	-37.06
Martin ratio: Return relative to average drawdown	57.09	182.82	-125.74

VNLA vs. TBUX - Sharpe Ratio Comparison

The current VNLA Sharpe Ratio is 7.54, which is comparable to the TBUX Sharpe Ratio of 7.19. The chart below compares the historical Sharpe Ratios of VNLA and TBUX, 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

VNLA vs. TBUX - Drawdown Comparison

The maximum VNLA drawdown since its inception was -4.49%, which is greater than TBUX's maximum drawdown of -1.82%. Use the drawdown chart below to compare losses from any high point for VNLA and TBUX.

Drawdown Indicators

	VNLA	TBUX	Difference
Max Drawdown Largest peak-to-trough decline	-4.49%	-1.82%	-2.67%
Max Drawdown (1Y) Largest decline over 1 year	-0.43%	-0.10%	-0.33%
Max Drawdown (3Y) Largest decline over 3 years	-0.49%	-0.33%	-0.16%
Max Drawdown (5Y) Largest decline over 5 years	-1.76%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.23%	-0.28%	+0.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.08%	0.03%	+0.05%

Volatility

VNLA vs. TBUX - Volatility Comparison

The current volatility for Janus Henderson Short Duration Income ETF (VNLA) is 0.15%, while T. Rowe Price Ultra Short-Term Bond ETF (TBUX) has a volatility of 0.22%. This indicates that VNLA experiences smaller price fluctuations and is considered to be less risky than TBUX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VNLA	TBUX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.15%	0.22%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	0.46%	0.46%	0.00%
Volatility (1Y) Calculated over the trailing 1-year period	0.63%	0.67%	-0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.04%	1.07%	-0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.42%	1.07%	+0.35%

VNLA vs. TBUX - Expense Ratio Comparison

VNLA has a 0.23% expense ratio, which is higher than TBUX's 0.17% 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. TBUX - Dividend Comparison

VNLA's dividend yield for the trailing twelve months is around 4.77%, more than TBUX's 4.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
TBUX T. Rowe Price Ultra Short-Term Bond ETF	4.48%	4.67%	5.39%	4.66%	2.58%	0.27%	0.00%	0.00%	0.00%	0.00%	0.00%
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

Can I hold both VNLA and TBUX in my portfolio?

VNLA and TBUX have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VNLA or TBUX?

TBUX has higher volatility (0.22%) compared to VNLA (0.15%). In terms of maximum drawdown, VNLA dropped -4.49% vs TBUX's -1.82%.

Which ETF is better, VNLA or TBUX?

On 3-year performance, TBUX leads with 5.89% vs 5.79% for VNLA. On fees, TBUX is cheaper at 0.17% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VNLA or TBUX?

Over the 3-year period, TBUX has performed better with a 5.89% return vs 5.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VNLA or TBUX?

TBUX is cheaper with a 0.17% expense ratio, compared with 0.23% for VNLA.

Which ETF pays a higher dividend yield, VNLA or TBUX?

VNLA has the higher dividend yield at 4.77%, compared with 4.48% for TBUX.

What is the main difference between VNLA and TBUX?

They also come from different issuers: Janus Henderson and T. Rowe Price. Their fees differ too: 0.23% for VNLA and 0.17% for TBUX.

Which has better risk-adjusted returns?

VNLA currently has the higher Sharpe Ratio (7.54 vs 7.19), 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.