ETF Comparison

JAAA vs SGOV: Extra Spread, or Just the Bills?

A head-to-head of Janus Henderson's AAA CLO ETF and the iShares 0-3 Month Treasury Bond ETF covering credit, payout, cost, and cash role.

Data updated September 18, 2026

Best for

JAAAInvestors who want higher current income (4.93% vs 3.66% for SGOV).
SGOVInvestors who want fixed-income ballast that steadies the portfolio when stocks fall.

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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 SGOV over the trailing twelve months, posting a 4.99% total return against 3.79%. The lead holds up over 5 years too: JAAA has compounded at 5.02% a year, against 3.76% for SGOV. SGOV has been the steadier holding, though — annualized volatility of 0.2% against 1.2% for JAAA. 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	5Y	Since Oct 2020	Volatility	Sharpe	Sortino	Max drawdown
JAAA	3.30%	4.99%	6.13%	5.02%	4.57%	1.2%	1.22	1.59	-1.5%
SGOV	2.58%	3.79%	4.57%	3.76%	3.18%	0.2%	-0.06	-0.09	-0.0%

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 Oct 2020” measures every fund from October 19, 2020 — 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	SGOV
Full name	Janus Henderson AAA CLO ETF	iShares 0-3 Month Treasury Bond ETF
Issuer	Janus Henderson	iShares
Underlying index	AAA-rated CLOs	ICE 0-3 Month US Treasury Securities Index
Last Close	$50.67 as of September 18, 2026	$100.59 as of September 18, 2026
Distribution rate	4.93%	3.66%
Distribution Safety Score™	84	79
Safety-Adjusted Yield	4.14%	2.89%
Expense ratio	0.20%	0.09%
AUM	$31.0B	$110B
Distribution frequency	Monthly	Monthly
Objective	Provide exposure to the fund's underlying index or strategy per issuer materials.	Seeks to track an index of U.S. Treasury obligations maturing in three months or less, investing at least 90% of assets in U.S. Treasury securities.
Asset class	Fixed Income	Fixed Income
Inception date	10/16/2020	05/26/2020
Beta	0.02	-0.0029
Last dividend	$0.208	$0.307
Ex-dividend date	08/31/2026	09/01/2026

Bottom lineChoose JAAA if you want higher current income (4.93% vs 3.66% for SGOV). Choose SGOV if you want fixed-income ballast that steadies the portfolio when stocks fall.

JAAA vs SGOV: CLO spread or T-bill cash?

JAAA takes AAA structured-credit spread. SGOV holds short T-bills. The extra yield is credit, not a safer cash park.

	JAAA	SGOV
What it holds	AAA-rated CLOs	ICE 0-3 Month US Treasury Securities Index
Credit risk	AAA CLO spread can still gap	US Treasury only
Expense ratio	0.20%	0.09%
Distribution rate	4.93%	3.66%
Closer cash substitute	No — it is credit	Yes — short bills

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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.

See our curated list of related YouTube videos on JAAA.

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iShares

ETFs466

Total AUM$4551B

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

iShares is one of the largest ETF providers globally, known for offering a broad, diversified lineup of exchange-traded funds across multiple asset classes and investment strategies. The company operates 215 funds spanning 15 distinct families, including popular offerings in dividend income, covered call strategies, bonds, equities, ESG-focused investments, and factor-based approaches, with widely-held tickers like AGG (bond), ACWI (global equity), and AOA (allocation). iShares is characterized by its comprehensive fund ecosystem that serves both core portfolio holdings and specialized investment strategies, making it a prominent player for investors seeking both traditional and alternative income-generating ETF solutions.

See our curated list of related YouTube videos on SGOV.

See all iShares ETFs

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Quick verdict

JAAA (Janus Henderson AAA CLO ETF) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both monthly-pay dividend ETFs, but they take different approaches.

JAAA offers the higher yield at 4.93% vs 3.66% for SGOV. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

SGOV is cheaper with an expense ratio of 0.09% compared to 0.20%.

They have different reference exposures: JAAA is linked to AAA-rated CLOs while SGOV is linked to ICE 0-3 Month US Treasury Securities Index, which means their performance drivers differ.

SGOV is the larger fund by assets ($110B), but assets alone do not establish trading costs or liquidity.

Who should choose each?

Choose JAAA

Janus Henderson AAA CLO ETF

Want higher current income — JAAA yields 4.93% vs 3.66% for SGOV.
Want fixed-income ballast that cushions equity drawdowns.

Choose SGOV

iShares 0-3 Month Treasury Bond ETF

Want fixed-income ballast that cushions equity drawdowns.
Want to keep costs low — a 0.09% expense ratio vs 0.20% for JAAA.

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 SGOV would produce $30.50/month, at current distribution rates. Both pay monthly distributions.

JAAA yield4.93%

SGOV yield3.66%

Monthly diff on $10K$10.58

Cost & efficiency

Over 10 years on $10,000, JAAA would cost approximately $200 in fees vs $90 for SGOV (simplified, not compounded). The $110.00 difference may be offset by yield or performance.

JAAA ER0.20%

SGOV ER0.09%

Strategy & risk

JAAA is actively managed around AAA-rated CLOs exposure with a bonds approach, while SGOV tracks ICE 0-3 Month US Treasury Securities Index with a bonds approach. Beta is 0.02 for JAAA and -0.0029 for SGOV — effectively similar market sensitivity.

JAAA beta0.02

SGOV beta-0.0029

Fund details

JAAA is managed by Janus Henderson (launched 10/16/2020) with $31.0B in assets. SGOV is managed by iShares (launched 05/26/2020) with $110B in assets.

JAAA AUM$31.0B

SGOV AUM$110B

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Frequently asked questions

What is the difference between JAAA and SGOV?

They are not the same cash job. JAAA (Janus Henderson AAA CLO ETF) holds AAA-rated CLOs — floating-rate structured credit with spread risk even at AAA. SGOV (iShares 0-3 Month Treasury Bond ETF) holds ICE 0-3 Month US Treasury Securities Index with essentially no credit risk. Cost is 0.20% versus 0.09%; distributions are 4.93% and 3.66% as of September 2026. The extra yield is CLO spread, not a safer T-bill. SGOV is the closer cash park.

What is the current distribution rate for JAAA and SGOV?

JAAA currently distributes 4.93% and SGOV 3.66%, 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 SGOV better for dividend income?

It depends on your goals. JAAA 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 SGOV?

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 SGOV safer?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — JAAA scores 84, SGOV scores 79, so JAAA's payout currently looks the more resilient of the two. No score makes an investment risk-free — treat this as a screening signal, not a guarantee.

Which has lower fees, JAAA or SGOV?

JAAA has an expense ratio of 0.20% while SGOV charges 0.09%. Lower fees mean more of your investment returns stay in your pocket over time.

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

At current rates, $10,000 in JAAA would generate roughly $41.08 per month ($493.00 annually). The same in SGOV would produce about $30.50 per month ($366.00 annually).

Which has performed better historically, JAAA or SGOV?

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JAAA vs SGOV — at a glance

Generated September 19, 2026.

Overview

JAAA and SGOV are both fixed-income ETFs paying monthly distributions, but they occupy opposite ends of the credit and duration spectrum. JAAA holds AAA-rated collateralized loan obligations (CLOs)—structured credit vehicles backed by pools of leveraged loans—while SGOV tracks U.S. Treasury securities maturing in three months or less, functioning as a quasi-cash equivalent. The fundamental tradeoff is between higher yield and structural complexity versus safety and liquidity.

How they differ

The biggest difference is credit exposure and duration risk. government debt with essentially zero credit risk and a maturity ladder capped at 90 days. JAAA's 4.93% yield substantially exceeds SGOV's 3.66%, reflecting that additional complexity and illiquidity premium. SGOV's $110B in assets under management dwarfs JAAA's $31.0B, suggesting far broader institutional and retail adoption. SGOV's 0.09% expense ratio is also lower than JAAA's 0.20%, a meaningful gap for a fund designed to be held as a core cash position.

Who each is best for

JAAA: Fits investors seeking higher income from credit-sensitive fixed-income allocations and willing to accept CLO-specific structural and liquidity risks in exchange for yield well above money-market rates.

SGOV: Designed for investors using fixed income as a portfolio anchor or cash buffer—those prioritizing capital preservation, daily liquidity, and minimal credit risk over maximum yield, including those managing near-term liability timelines.

Key risks to know

CLO structural risk: JAAA's AAA rating sits atop a waterfall structure dependent on underlying leveraged-loan performance. Economic stress or covenant violations in the loan pool can threaten principal, even if senior tranches retain their rating.

Liquidity mismatch: CLO secondary-market trading is thinner than Treasury trading.

Refinancing and extension risk: CLOs face regular refinancing windows and maturity extensions. If refinancing markets tighten, CLO valuations and distributions can compress; SGOV's rolling 0–3 month ladder eliminates this concern.

Yield premium compression: JAAA's 4.93% premium over SGOV's 3.66% reflects current credit spreads and CLO supply conditions. Widening spreads or increased CLO issuance could erode that advantage.

Rate sensitivity: Although JAAA's 0.02 beta is very low, CLO coupon resets and floating-rate underlying loans can soften rate sensitivity. SGOV's negative beta reflects its short duration and inverse correlation to rising rates.

Bottom line

JAAA offers roughly 130 basis points more yield than SGOV, but requires tolerance for structured credit risk, lower trading liquidity, and refinancing uncertainty. SGOV trades yield for near-zero credit risk, instant liquidity, and a sub-$101 price that acts as a stable store of capital. If you value maximum income from credit and can tolerate CLO complexity, JAAA stands out; if you need rock-solid safety and daily access to cash, SGOV is the clearer fit. Past performance doesn't 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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