JAAA
Safe
High confidence
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.
Updated November 4, 2026
How these figures are calculated: methodology.
Best for
- JAAAInvestors who want higher current income (4.90% vs 3.93% for SGOV).
- SGOVInvestors who want fixed-income ballast that steadies the portfolio when stocks fall.
Price and total return
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Distribution Safety Score
An estimate of distribution reliability, not price or principal safety, a probability, or a guarantee. Score methodology.
SGOV
Generally safe
High confidence
Score snapshot as of . Method 1.11.
Side-by-side snapshot
| Metric |  JAAA |  SGOV |
|---|---|---|
| Full name | Janus Henderson AAA CLO ETF | iShares 0-3 Month Treasury Bond ETF |
| Issuer | Janus Henderson | iShares |
| Underlying index | Actively managed (no tracked index recorded) | ICE 0-3 Month US Treasury Securities Index (USD) |
| Last Close | $50.50 as of November 4, 2026 | $100.45 as of November 4, 2026 |
| Distribution rate | 4.90% | 3.93% |
| Trailing 12-month yield | 4.82% | 3.63% |
| Distribution Safety Score™ | 82 | 79 |
| Safety-Adjusted Yield | 4.02% | 3.10% |
| Expense ratio | 0.20% | 0.09% |
| AUM | $32.4B | $117B |
| 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 | 0.03 | -0.0029 |
| Last dividend | $0.206 declared, pays 11/05/2026 | $0.32858 declared, pays 11/05/2026 |
| Ex-dividend date | 10/30/2026 | 11/02/2026 |
Total returns
100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year.
JAAA has outpaced SGOV over the trailing twelve months, posting a 4.80% total return against 3.75%. The lead holds up over 5 years too: JAAA has compounded at 5.08% a year, against 3.86% for SGOV. SGOV has been the steadier holding, though — annualized volatility of 0.3% against 1.2% for JAAA. Figures are total returns: price change plus every distribution reinvested.
| Symbol | YTD cumulative | 1Y cumulative | 3Y annualized | 5Y annualized | Since Oct 2020 | Volatility | Sharpe | Sortino | Max drawdown |
|---|---|---|---|---|---|---|---|---|---|
| JAAA | 3.85% | 4.80% | 6.06% | 5.08% | 4.55% | 1.2% | 1.48 | 1.95 | -1.5% |
| SGOV | 3.11% | 3.75% | 4.49% | 3.86% | 3.19% | 0.3% | 0.84 | 1.30 | -0.3% |
Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of November 4, 2026. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year. “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.
Short T-bill ETFs, from our catalog
SGOV tracks ICE 0-3 Month US Treasury Securities Index and pays monthly at a forward distribution rate of 3.93% with an expense ratio of 0.09%.
BIL, another short Treasury ETF in this catalog, tracks Bloomberg 1-3 Month U.S. Treasury Bill Index at a forward distribution rate of 4.05% (Monthly) with an expense ratio of 0.1352%.
These are interest-like cash rates, not equity dividends. A covered-call or dividend ETF can pay more, and it can also lose principal.
Visual comparison
Key metrics
Projected income on $10K
Projections assume the current yield and share price remain constant. Actual results will vary.
Bottom lineChoose JAAA if you want higher current income (4.90% vs 3.93% 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 | 4.90% | 3.93% |
| Closer cash substitute | No — it is credit | Yes — short bills |
Income calculator
See how much monthly income a hypothetical investment would generate in each ETF at current yields.
ETFs18
Total AUM$48.3B
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
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.
ETFs468
Total AUM$4.63T
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
iShares, operated by BlackRock, is one of the largest and most established ETF providers globally, known for offering broad, liquid index-tracking funds across nearly all asset classes and investment styles. The lineup encompasses a comprehensive range of strategies including core equity and bond exposure, dividend and income-focused funds, covered call strategies, ESG and thematic investments, factor-based approaches, alternatives, commodities, and municipal bonds, serving both individual and institutional investors. With numerous popular ticker symbols and extensive diversification across geographies, sectors, and investment objectives, iShares provides one of the market's widest selections of ETFs for building diversified portfolios.
See our curated list of related YouTube videos on SGOV.
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 4.90% vs 3.93% 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 ($117B), 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 4.90% vs 3.93% 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.
Top-holdings overlap
Positions that appear in every fund's top 10. Issuers disclose only the largest weights, so this captures the overlap of the concentrated end of each book — not the full portfolios.
0 shared positions
JAAA 0.0% of its top-10 weight
SGOV 0.0% of its top-10 weight
No overlap among the top-10 disclosed holdings of JAAA, SGOV. These funds draw from largely different positions at the top of their books.
Deep dive
Yield & income
On a $10,000 investment at current distribution rates, JAAA would pay about $490.00 a year (about $40.83 per monthly distribution), while SGOV would pay about $393.00 a year (about $32.75 per monthly distribution). Both pay monthly distributions.
JAAA yield4.90%
SGOV yield3.93%
Annual cash diff on $10K$97.00
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 (USD) with a bonds approach.
JAAA beta0.03
SGOV beta-0.0029
Fund details
JAAA is managed by Janus Henderson (launched 10/16/2020) with $32.4B in assets. SGOV is managed by iShares (launched 05/26/2020) with $117B in assets.
JAAA AUM$32.4B
SGOV AUM$117B
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 4.90% and 3.93% as of November 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 4.90% and SGOV 3.93%, based on fund data updated November 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. Their disclosed top-10 holdings share no positions, so combining both spreads your money across different underlying names — see the holdings-overlap section above for the details. Overlap outside the disclosed top 10 can still exist.
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 82, 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 distribution rates, $10,000 in JAAA would pay about $490.00 a year (about $40.83 per monthly distribution). $10,000 in SGOV would pay about $393.00 a year (about $32.75 per monthly distribution).
Which has performed better historically, JAAA or SGOV?
JAAA has outpaced SGOV over the trailing twelve months, posting a 4.80% total return against 3.75%. The lead holds up over 5 years too: JAAA has compounded at 5.08% a year, against 3.86% for SGOV. SGOV has been the steadier holding, though — annualized volatility of 0.3% against 1.2% for JAAA. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.
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Dividend dates and history
JAAA vs SGOV — at a glance
Generated October 31, 2026.
Figures quoted in this analysis are from its generation date and may lag the live snapshot table above, which always shows the latest data.
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)—securitized pools of leveraged corporate loans packaged as investment-grade debt—while SGOV holds U.S. Treasury bills maturing within three months, making it functionally a cash-equivalent position. The key distinction is credit risk: JAAA depends on underlying loan performance despite its AAA rating, whereas SGOV carries no credit risk, only minimal interest-rate sensitivity.
How they differ
The fundamental difference is asset class.
Yield and distribution frequency are equal—both distribute 4.90% and 3.93% respectively, paid monthly. However, JAAA's higher yield reflects the credit spread and structural complexity embedded in CLOs, while SGOV's yield tracks the short-term risk-free rate. SGOV's expense ratio of 0.09% undercuts JAAA's 0.20% by 11 basis points, though both are low in absolute terms.
SGOV is substantially larger, with $117B in assets versus JAAA's $32.4B.
Who each is best for
- JAAA: Investors seeking yield above current money-market rates who can tolerate exposure to structured credit and accept that AAA-rated CLOs may still experience NAV pressure if underlying loan defaults rise or credit spreads spike.
- SGOV: Investors who prioritize capital preservation and stable NAV over yield, using ultra-short Treasuries as a core cash position or parking place for funds awaiting deployment, or filling slots where interest-rate risk must be minimal.
Key risks to know
- CLO structural subordination (JAAA only): AAA-rated CLOs sit atop a capital structure; losses in the underlying loan pool are absorbed first by junior tranches before reaching AAA holders. If loan default rates spike or recoveries fall, AAA CLO holders face writedowns despite the rating.
- Loan default and spread risk (JAAA only): JAAA's return depends on the performance of leveraged corporate loans bundled into CLO pools. Rising defaults, tighter credit conditions, or widening CLO credit spreads can compress NAV.
- Interest-rate reset lag (SGOV): SGOV holds securities maturing in 90 days or less, so it rolls continuously into prevailing short-term rates. If the Fed cuts, SGOV's yield falls sharply and quickly; if the Fed tightens, the opposite occurs. Investors expecting stable income should plan for resets.
- CLO supply and demand (JAAA only): AAA CLO valuations are also tied to market appetite for structured credit. Extended periods of aversion to CLOs can pressure NAV independent of loan fundamentals.
Bottom line
If you want to earn yield above cash rates while accepting modest credit and structural risk, JAAA offers 4.90% backed by AAA-rated loan pools; if you prioritize preservation and minimal price volatility while staying liquid, SGOV's 3.93% from direct Treasury exposure comes with no credit risk and minimal duration. The choice hinges on whether you view CLO credit spread as fair compensation or unwanted complexity for a fixed-income core position. 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.
Learn the method
The metrics behind this comparison, explained in the Academy.
These comparisons follow the Dividend Vision methodology.