VPMCX vs. JAAA

Last updated Jul 21, 2026

VPMCX (Vanguard PRIMECAP Fund Investor Shares) and JAAA (Janus Henderson AAA CLO ETF) are both funds - VPMCX is a Large Cap Growth Equities fund actively managed by Vanguard, while JAAA is a CLO fund actively managed by Janus Henderson. Both are actively managed. Over the past 5 years, VPMCX returned 15.20%/yr vs 4.84%/yr for JAAA. At a 0.10 correlation, their price movements are largely independent. VPMCX charges 0.35%/yr vs 0.20%/yr for JAAA.

Performance

VPMCX vs. JAAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard PRIMECAP Fund Investor Shares (VPMCX) and Janus Henderson AAA CLO ETF (JAAA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VPMCX achieves a 20.44% return, which is significantly higher than JAAA's 2.37% return.

VPMCX

• 1D: -1.07%
• 1M: -5.99%
• 6M: 15.34%
• YTD: 20.44%
• 1Y: 43.30%
• 3Y*: 23.81%
• 5Y*: 15.20%
• 10Y*: 16.88%
• ALL TIME*: 15.26%

JAAA

• 1D: 0.00%
• 1M: 0.30%
• 6M: 2.03%
• YTD: 2.37%
• 1Y: 4.95%
• 3Y*: 6.30%
• 5Y*: 4.84%
• 10Y*: —
• ALL TIME*: 4.52%

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

VPMCX vs. JAAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
VPMCX Vanguard PRIMECAP Fund Investor Shares	20.44%	29.60%	13.23%	28.16%	-15.22%	21.64%	10.58%
JAAA Janus Henderson AAA CLO ETF	2.37%	5.16%	7.43%	8.59%	0.49%	1.39%	0.76%

Correlation

The correlation between VPMCX and JAAA is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.12
Correlation (All Time) Calculated using the full available price history since Oct 19, 2020	0.10

The correlation between VPMCX and JAAA shifts across timeframes, from 0.10 (all time) to 0.25 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

VPMCX vs. JAAA — Risk / Return Rank

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

VPMCX

VPMCX Risk / Return Rank: 86
VPMCX Sharpe Ratio Rank: 86
VPMCX Sortino Ratio Rank: 82
VPMCX Omega Ratio Rank: 81
VPMCX Calmar Ratio Rank: 90
VPMCX Martin Ratio Rank: 93

JAAA

JAAA Risk / Return Rank: 99
JAAA Sharpe Ratio Rank: 99
JAAA Sortino Ratio Rank: 99
JAAA Omega Ratio Rank: 99
JAAA Calmar Ratio Rank: 98
JAAA 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.

VPMCX vs. JAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard PRIMECAP Fund Investor Shares (VPMCX) and Janus Henderson AAA CLO ETF (JAAA). 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.

	VPMCX	JAAA	Difference
Sharpe ratio: Return per unit of total volatility	2.35	6.19	-3.84
Sortino ratio: Return per unit of downside risk	3.19	10.23	-7.04
Omega ratio: Gain probability vs. loss probability	1.42	2.81	-1.39
Calmar ratio: Return relative to maximum drawdown	3.72	12.79	-9.07
Martin ratio: Return relative to average drawdown	15.43	69.42	-53.99

VPMCX vs. JAAA - Sharpe Ratio Comparison

The current VPMCX Sharpe Ratio is 2.35, which is lower than the JAAA Sharpe Ratio of 6.19. The chart below compares the historical Sharpe Ratios of VPMCX and JAAA, 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

VPMCX vs. JAAA - Drawdown Comparison

The maximum VPMCX drawdown since its inception was -50.45%, which is greater than JAAA's maximum drawdown of -2.64%. Use the drawdown chart below to compare losses from any high point for VPMCX and JAAA.

Drawdown Indicators

	VPMCX	JAAA	Difference
Max Drawdown Largest peak-to-trough decline	-50.45%	-2.64%	-47.81%
Max Drawdown (1Y) Largest decline over 1 year	-11.73%	-0.39%	-11.34%
Max Drawdown (3Y) Largest decline over 3 years	-20.56%	-1.46%	-19.10%
Max Drawdown (5Y) Largest decline over 5 years	-25.25%	-2.64%	-22.61%
Max Drawdown (10Y) Largest decline over 10 years	-32.65%	—	—
Current Drawdown Current decline from peak	-7.69%	0.00%	-7.69%
Average Drawdown Average peak-to-trough decline	-7.39%	-0.25%	-7.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.82%	0.07%	+2.75%

Volatility

VPMCX vs. JAAA - Volatility Comparison

Vanguard PRIMECAP Fund Investor Shares (VPMCX) has a higher volatility of 7.08% compared to Janus Henderson AAA CLO ETF (JAAA) at 0.16%. This indicates that VPMCX's price experiences larger fluctuations and is considered to be riskier than JAAA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VPMCX	JAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.08%	0.16%	+6.92%
Volatility (6M) Calculated over the trailing 6-month period	15.78%	0.64%	+15.14%
Volatility (1Y) Calculated over the trailing 1-year period	18.53%	0.80%	+17.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.72%	1.66%	+17.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.33%	1.63%	+17.70%

VPMCX vs. JAAA - Expense Ratio Comparison

VPMCX has a 0.35% expense ratio, which is higher than JAAA's 0.20% expense ratio.

Dividends

VPMCX vs. JAAA - Dividend Comparison

VPMCX's dividend yield for the trailing twelve months is around 13.58%, more than JAAA's 4.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JAAA Janus Henderson AAA CLO ETF	4.95%	5.30%	6.35%	6.11%	2.74%	1.21%	0.26%	0.00%	0.00%	0.00%	0.00%	0.00%
VPMCX Vanguard PRIMECAP Fund Investor Shares	13.58%	16.36%	6.62%	7.16%	9.85%	10.08%	9.74%	7.15%	8.32%	4.53%	5.05%	5.91%

Frequently Asked Questions

Can I hold both VPMCX and JAAA in my portfolio?

VPMCX and JAAA have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VPMCX or JAAA?

VPMCX has higher volatility (7.08%) compared to JAAA (0.16%). In terms of maximum drawdown, VPMCX dropped -50.45% vs JAAA's -2.64%.

Which has better risk-adjusted returns?

JAAA currently has the higher Sharpe Ratio (6.19 vs 2.35), 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.