ZSC vs. JAAA

Last updated Jun 4, 2026

ZSC (USCF Sustainable Commodity Strategy Fund) and JAAA (Janus Henderson AAA CLO ETF) are both exchange-traded funds - ZSC is a Commodities fund actively managed by USCF, while JAAA is a CLO fund actively managed by Janus Henderson. Both are actively managed. Over the past year, ZSC returned 36.39% vs 5.06% for JAAA. At a correlation of -0.03, they often move in opposite directions. ZSC charges 0.59%/yr vs 0.21%/yr for JAAA.

Performance

ZSC vs. JAAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USCF Sustainable Commodity Strategy Fund (ZSC) 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, ZSC achieves a 9.47% return, which is significantly higher than JAAA's 1.87% return.

ZSC

• 1D: -0.63%
• 1M: 0.21%
• YTD: 9.47%
• 6M: 15.02%
• 1Y: 36.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —

JAAA

• 1D: -0.02%
• 1M: 0.39%
• YTD: 1.87%
• 6M: 2.45%
• 1Y: 5.06%
• 3Y*: 6.71%
• 5Y*: 4.79%
• 10Y*: —

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

ZSC vs. JAAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ZSC USCF Sustainable Commodity Strategy Fund	9.47%	28.43%	-14.39%	-10.63%
JAAA Janus Henderson AAA CLO ETF	1.87%	5.16%	7.43%	3.25%

Correlation

The correlation between ZSC and JAAA is -0.16, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.16
Correlation (All Time) Calculated using the full available price history since Aug 10, 2023	-0.03

The correlation between ZSC and JAAA shifts across timeframes, from -0.16 (1 year) to -0.03 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ZSC vs. JAAA — Risk / Return Rank

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

ZSC

ZSC Risk / Return Rank: 84
ZSC Sharpe Ratio Rank: 87
ZSC Sortino Ratio Rank: 83
ZSC Omega Ratio Rank: 87
ZSC Calmar Ratio Rank: 86
ZSC Martin Ratio Rank: 77

JAAA

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

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.

ZSC vs. JAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USCF Sustainable Commodity Strategy Fund (ZSC) 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.

	ZSC	JAAA	Difference
Sharpe ratio Return per unit of total volatility	2.88	5.98	-3.10
Sortino ratio Return per unit of downside risk	3.73	10.04	-6.32
Omega ratio Gain probability vs. loss probability	1.54	2.69	-1.14
Calmar ratio Return relative to maximum drawdown	4.76	13.07	-8.32
Martin ratio Return relative to average drawdown	14.69	70.18	-55.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZSC vs. JAAA - Sharpe Ratio Comparison

The current ZSC Sharpe Ratio is 2.88, which is lower than the JAAA Sharpe Ratio of 5.98. The chart below compares the historical Sharpe Ratios of ZSC 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.

Sharpe Ratios by Period

	ZSC	JAAA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.88	5.98	-3.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	2.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	2.77	-2.56

Drawdowns

ZSC vs. JAAA - Drawdown Comparison

The maximum ZSC drawdown since its inception was -26.49%, which is greater than JAAA's maximum drawdown of -2.64%. Use the drawdown chart below to compare losses from any high point for ZSC and JAAA.

Drawdown Indicators

	ZSC	JAAA	Difference
Max Drawdown Largest peak-to-trough decline	-26.49%	-2.64%	-23.85%
Max Drawdown (1Y) Largest decline over 1 year	-7.69%	-0.39%	-7.30%
Max Drawdown (3Y) Largest decline over 3 years	—	-1.46%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-2.64%	—
Current Drawdown Current decline from peak	-2.71%	-0.02%	-2.69%
Average Drawdown Average peak-to-trough decline	-14.74%	-0.25%	-14.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.48%	0.07%	+2.41%

Volatility

ZSC vs. JAAA - Volatility Comparison

USCF Sustainable Commodity Strategy Fund (ZSC) has a higher volatility of 3.19% compared to Janus Henderson AAA CLO ETF (JAAA) at 0.13%. This indicates that ZSC'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

	ZSC	JAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.19%	0.13%	+3.06%
Volatility (6M) Calculated over the trailing 6-month period	9.09%	0.64%	+8.45%
Volatility (1Y) Calculated over the trailing 1-year period	12.70%	0.85%	+11.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.24%	1.68%	+10.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.24%	1.64%	+10.60%

ZSC vs. JAAA - Expense Ratio Comparison

ZSC has a 0.59% expense ratio, which is higher than JAAA's 0.21% expense ratio.

Dividends

ZSC vs. JAAA - Dividend Comparison

ZSC's dividend yield for the trailing twelve months is around 1.60%, less than JAAA's 5.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
JAAA Janus Henderson AAA CLO ETF	5.00%	5.30%	6.35%	6.11%	2.74%	1.21%	0.26%
ZSC USCF Sustainable Commodity Strategy Fund	1.60%	1.75%	2.18%	1.40%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZSC and JAAA in my portfolio?

ZSC and JAAA have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ZSC or JAAA?

ZSC has higher volatility (3.19%) compared to JAAA (0.13%). In terms of maximum drawdown, ZSC dropped -26.49% vs JAAA's -2.64%.

Which ETF is better, ZSC or JAAA?

On 1-year performance, ZSC leads with 36.39% vs 5.06% for JAAA. On fees, JAAA is cheaper at 0.21% per year. On volatility, JAAA has been the lower-risk option at 0.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZSC or JAAA?

Over the 1-year period, ZSC has performed better with a 36.39% return vs 5.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZSC or JAAA?

JAAA is cheaper with a 0.21% expense ratio, compared with 0.59% for ZSC.

Which ETF pays a higher dividend yield, ZSC or JAAA?

JAAA has the higher dividend yield at 5.00%, compared with 1.60% for ZSC.

What is the main difference between ZSC and JAAA?

ZSC is categorized as Commodities, while JAAA is CLO. They also come from different issuers: USCF and Janus Henderson. Their fees differ too: 0.59% for ZSC and 0.21% for JAAA.

Which has better risk-adjusted returns?

JAAA currently has the higher Sharpe Ratio (5.98 vs 2.88), 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.