JAAA vs SPY
JAAA vs SPY
Janus Henderson AAA CLO ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | JAAA | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.20% | 0.09% | |
| AUM | $27.2B | $789.1B | |
| Dividend Yield | 5.53% | 1.01% | |
| Holdings | 551 | 505 | |
| YTD Return | +2.58% | +13.28% | |
| 1Y Return | +4.87% | +23.94% | |
| 3Y Return (annualized) | +6.21% | +21.07% | |
| 5Y Return (annualized) | +4.88% | +13.27% | |
| Volatility (annualized) | 1.6% | 15.3% | |
| Max Drawdown | -2.6% | -56.5% | |
| Fund Family | Janus Henderson Investors | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | Oct 16, 2020 | Jan 22, 1993 |
JAAA vs SPY Performance
Janus Henderson AAA CLO ETF (JAAA) is a ETF from Janus Henderson Investors and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year JAAA returned +4.87% while SPY returned +23.94%. Year to date, JAAA is up 2.58% versus a gain of 13.28% for SPY.
Over three years, JAAA compounded at +6.21% per year against +21.07% for SPY; over five years the annualized figures are +4.88% and +13.27% respectively. Across the full 6-year window we track, SPY has the edge at +8.84% annualized vs +4.49%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 1.6% for JAAA. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -2.6% for JAAA and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.32. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
JAAA charges 0.20% per year while SPY charges 0.09%. On a $10,000 position that is $20 vs $9 annually, a gap of $11 per year that compounds over a long holding period. On income, JAAA currently yields 5.53% against 1.01% for SPY.
Holdings Overlap
JAAA and SPY share 0 holdings out of 541 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, JAAA or SPY?
JAAA has an expense ratio of 0.20% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $11 per year of difference.
Which performed better, JAAA or SPY?
Over the past year JAAA returned +4.87% vs +23.94% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (6 years), JAAA annualized +4.49% vs +8.84% for SPY. Past performance does not guarantee future results.
Which is riskier, JAAA or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 1.6% for JAAA. Worst drawdown: JAAA -2.6% vs SPY -56.5%.
Should I hold both JAAA and SPY?
JAAA and SPY have a monthly-return correlation of 0.32, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between JAAA and SPY?
JAAA and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 541 unique securities.
Which pays a higher dividend, JAAA or SPY?
JAAA yields 5.53% while SPY yields 1.01%, so JAAA currently pays the higher dividend yield.
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