ETF Comparison

JBBB vs JAAA: Extra Spread, or the Top of the Stack?

A head-to-head of Janus Henderson's B-BBB CLO ETF and AAA CLO ETF covering credit, cost, and why the yield gap is not free.

Data updated September 18, 2026

Best for

JAAAInvestors who want fixed-income ballast that steadies the portfolio when stocks fall.
JBBBInvestors who want higher current income (6.07% vs 4.93% for JAAA).

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Visual comparison

Key metrics

Projected income on $10K

Projections assume the current yield and share price remain constant. Actual results will vary.

Total returns

100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings.

JAAA has outpaced JBBB over the trailing twelve months, posting a 4.99% total return against 4.84%. The picture flips over 3 years, though — JBBB has compounded at 7.43% a year, ahead of JAAA at 6.13%. JAAA has been the steadier holding, though — annualized volatility of 1.2% against 3.7% for JBBB. Figures are total returns: price change plus every distribution reinvested.

Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
Symbol	YTD	1Y	3Y	Since Jan 2022	Volatility	Sharpe	Sortino	Max drawdown
JAAA	3.30%	4.99%	6.13%	5.29%	1.2%	1.22	1.59	-1.5%
JBBB	3.74%	4.84%	7.43%	5.88%	3.7%	0.73	1.03	-4.3%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 18, 2026. YTD and 1Y are cumulative; windows of one year or longer are annualized. “Since Jan 2022” measures every fund from January 12, 2022 — the start of shared available history — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the trailing 3 years. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the trailing 3 years) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
Metric	JAAA	JBBB
Full name	Janus Henderson AAA CLO ETF	Janus Henderson B-BBB CLO ETF
Issuer	Janus Henderson	Janus Henderson
Last Close	$50.67 as of September 18, 2026	$47.48 as of September 18, 2026
Distribution rate	4.93%	6.07%
Distribution Safety Score™	84	84
Safety-Adjusted Yield	4.14%	5.10%
Expense ratio	0.20%	0.47%
AUM	$31.0B	$1.52B
Distribution frequency	Monthly	Monthly
Underlying index	AAA-rated CLOs	—
Objective	Provide exposure to the fund's underlying index or strategy per issuer materials.	Actively managed ETF that invests in CLO tranches rated B- to BBB+, providing floating-rate exposure to help limit interest rate risk.
Asset class	Fixed Income	Fixed Income
Inception date	10/16/2020	01/11/2022
Beta	0.02	0.19
Last dividend	$0.208	$0.2404
Ex-dividend date	08/31/2026	08/31/2026

Bottom lineChoose JAAA if you want fixed-income ballast that steadies the portfolio when stocks fall. Choose JBBB if you want higher current income (6.07% vs 4.93% for JAAA).

JAAA vs JBBB: AAA CLOs or B-BBB CLOs?

Same issuer, different credit. Extra yield in JBBB is extra credit risk, not a free upgrade.

	JAAA	JBBB
Credit band	AAA-rated CLOs	B-BBB CLOs
Expense ratio	0.20%	0.47%
Distribution rate	4.93%	6.07%

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Income calculator

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Janus Henderson

ETFs19

Total AUM$46.7B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

Janus Henderson operates a focused ETF lineup of six funds primarily concentrated in fixed-income and income-generating strategies. Their portfolio includes bond-focused funds across credit qualities (JAAA, JBBB, JMBS), an income-oriented equity fund (JSI), and specialized offerings like a Japanese equity fund (JUDO) and a non-leveraged alternatives fund (VNLA). The issuer targets investors seeking steady income streams and diversified exposure across traditional and alternative asset classes.

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Quick verdict

JAAA (Janus Henderson AAA CLO ETF) and JBBB (Janus Henderson B-BBB CLO ETF) are both monthly-pay dividend ETFs, but they take different approaches.

JBBB offers the higher yield at 6.07% vs 4.93% for JAAA. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

JAAA is cheaper with an expense ratio of 0.20% compared to 0.47%.

JAAA is the larger fund by assets ($31.0B), but assets alone do not establish trading costs or liquidity.

Who should choose each?

Choose JAAA

Janus Henderson AAA CLO ETF

Want fixed-income ballast that cushions equity drawdowns.
Want to keep costs low — a 0.20% expense ratio vs 0.47% for JBBB.
Prefer lower volatility — a beta of 0.0 vs 0.2 for JBBB.

Choose JBBB

Janus Henderson B-BBB CLO ETF

Want higher current income — JBBB yields 6.07% vs 4.93% for JAAA.
Want fixed-income ballast that cushions equity drawdowns.

Not sure? Use the income calculator and snapshot above to weigh these trade-offs against your own goals.

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Deep dive

Yield & income

On a $10,000 investment, JAAA would generate roughly $41.08/month, while JBBB would produce $50.58/month, at current distribution rates. Both pay monthly distributions.

JAAA yield4.93%

JBBB yield6.07%

Monthly diff on $10K$9.50

Cost & efficiency

Over 10 years on $10,000, JAAA would cost approximately $200 in fees vs $470 for JBBB (simplified, not compounded). The $270.00 difference may be offset by yield or performance.

JAAA ER0.20%

JBBB ER0.47%

Strategy & risk

JAAA is actively managed around AAA-rated CLOs exposure with a bonds approach, while JBBB is an actively managed ETF built around CLO exposure. Beta is 0.02 for JAAA and 0.19 for JBBB, making JAAA the less volatile of the two by this measure.

JAAA beta0.02

JBBB beta0.19

Fund details

JAAA is managed by Janus Henderson (launched 10/16/2020) with $31.0B in assets. JBBB is managed by Janus Henderson (launched 01/11/2022) with $1.52B in assets.

JAAA AUM$31.0B

JBBB AUM$1.52B

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Frequently asked questions

What is the difference between JBBB and JAAA?

Same issuer, different credit band. JBBB (Janus Henderson B-BBB CLO ETF) holds B-BBB CLOs. JAAA (Janus Henderson AAA CLO ETF) holds AAA-rated CLOs. Both pay monthly. Cost is 0.47% versus 0.20%; distributions are 6.07% and 4.93% as of September 2026. Extra yield in JBBB is extra credit risk, not a free upgrade.

What is the current distribution rate for JAAA and JBBB?

JAAA currently distributes 4.93% and JBBB 6.07%, based on fund data updated September 2026. Distribution rate moves with both the payout and the share price, so check the as-of date before relying on either figure.

Is JAAA or JBBB better for dividend income?

It depends on your goals. JBBB currently offers the higher distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.

Can I hold both JAAA and JBBB?

Yes — nothing prevents holding both. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.

Is JAAA or JBBB safer?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — they are effectively tied: JAAA scores 84, JBBB scores 84. Neither has a clear safety edge on that measure. JAAA has also shown lower price volatility (beta 0.02 vs 0.19 for JBBB). No score makes an investment risk-free — treat this as a screening signal, not a guarantee.

Which has lower fees, JAAA or JBBB?

JAAA has an expense ratio of 0.20% while JBBB charges 0.47%. Lower fees mean more of your investment returns stay in your pocket over time.

How much income does $10,000 in JAAA vs JBBB generate?

At current rates, $10,000 in JAAA would generate roughly $41.08 per month ($493.00 annually). The same in JBBB would produce about $50.58 per month ($607.00 annually).

Which has performed better historically, JAAA or JBBB?

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JAAA vs JBBB — at a glance

Generated September 19, 2026.

Overview

JAAA and JBBB are both Janus Henderson ETFs providing monthly income through exposure to collateralized loan obligations (CLOs), but they target opposite ends of the credit spectrum. JAAA focuses exclusively on AAA-rated CLO tranches, making it the defensive choice with minimal credit risk. JBBB actively manages a portfolio of B- to BBB+-rated CLO tranches and emphasizes floating-rate structures to mitigate interest rate risk—a higher-risk, higher-yield alternative.

How they differ

The fundamental distinction is credit quality: JAAA holds only AAA CLO tranches, while JBBB holds actively managed positions across B- to BBB+ rated tranches. This credit stratification drives the yield gap—JBBB offers 6.07% versus JAAA's 4.93%—and shows up in beta too: JBBB's 0.19 compares to JAAA's 0.02, indicating greater sensitivity to market moves.

JBBB also uses active management and emphasizes floating-rate exposure to hedge against rising interest rates, whereas JAAA is index-based. The two funds differ sharply in scale: JAAA commands $31.0B in assets, while JBBB holds $1.52B, a 20-fold gap. Expense ratios reflect this: JAAA charges 0.20% versus JBBB's 0.47%, though the smaller fund's higher fee still remains modest in absolute terms.

Who each is best for

JAAA: Fits investors prioritizing capital preservation within the CLO space, with a low tolerance for credit downgrades or NAV volatility. Monthly income from a highly rated tranche appeals to those seeking stable, less correlated fixed-income exposure.

JBBB: Fits investors willing to accept subordinated credit risk and market-driven NAV swings in exchange for higher current income. The active management and floating-rate orientation suits those seeking income from a rebalanced CLO portfolio rather than a static AAA bucket.

Key risks to know

CLO-specific structural risk: Both funds depend on the performance of underlying loans in CLO collateral pools. Economic slowdown or rising loan defaults could trigger losses deeper than traditional bond funds, particularly for JBBB's subordinated tranches, which absorb credit losses before senior tranches. Monitor JBBB's NAV trend against its distributions to confirm sustainability.

Interest rate sensitivity in subordinated tranches: Although JBBB's floating-rate strategy aims to dampen rate risk, subordinated B- to BBB+ CLO tranches can still experience spread widening during rate-shock scenarios or credit tightening, which would hit NAV regardless of coupon structure.

Bottom line

If you prioritize stability and low credit risk, JAAA's AAA focus and 0.02 beta offer a gentler fixed-income satellite that trades yield for predictability. If you're comfortable with subordinated CLO credit exposure and active management, JBBB's 6.07% yield reflects the added risk. Neither is a substitute for understanding CLO mechanics; both are subject to loan-pool performance and market-driven spread moves that can devalue the fund faster than traditional bond downturns. Past performance does not predict future results.

AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.

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