ETF Comparison

JAAA vs SGOV: Which Is the Better Pick in 2026?

A head-to-head comparison of Janus Henderson AAA CLO ETF and iShares 0-3 Month Treasury Bond ETF covering yield, cost, risk, and income potential.

Data updated August 13, 2026

Best for

JAAAInvestors who want higher current income (4.72% vs 3.66% for SGOV).
SGOVInvestors who want fixed-income ballast that steadies the portfolio when stocks fall.

Jump to the side-by-side numbers

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
Last Close	$50.56 as of August 13, 2026	$100.52 as of August 13, 2026
Distribution yield	4.72%	3.66%
Distribution Safety Score™	84	73
Expense ratio	0.21%	0.07%
AUM	$29.2B	$99.9B
Distribution frequency	Monthly	Monthly
Underlying index	AAA-rated CLOs	ICE 0-3 Month US Treasury Securities Index
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	$0.1990	$0.3070
Ex-dividend date	07/31/2026	08/03/2026

Bottom lineChoose JAAA if you want higher current income (4.72% vs 3.66% for SGOV). Choose SGOV if you want fixed-income ballast that steadies the portfolio when stocks fall.

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Income calculator

See how much monthly income a hypothetical investment would generate in each ETF at current yields.

Janus Henderson

ETFs21

Total AUM$44.6B

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.

See all Janus Henderson ETFs

iShares

ETFs469

Total AUM$4661B

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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Visual comparison

Key metrics

Projected income on $10K

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

Total returns

JAAA has outpaced SGOV over the trailing twelve months, posting a 4.90% total return against 3.85%. The lead holds up over 5 years too: JAAA has compounded at 4.90% a year, against 3.68% 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	2.65%	4.90%	6.20%	4.90%	4.54%	1.2%	1.26	1.65	-1.5%
SGOV	2.20%	3.85%	4.62%	3.68%	3.17%	0.2%	0.19	0.30	-0.0%

Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of August 12, 2026. YTD and 1Y are cumulative; longer windows are annualized. “Since Oct 2020” measures every fund from October 19, 2020 — the youngest fund's first trading day — 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.

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 4.72% 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 0.07% compared to 0.21%.

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

SGOV is the larger fund by assets ($99.9B), which generally means tighter spreads and better liquidity.

Who should choose each?

Choose JAAA

Janus Henderson AAA CLO ETF

Want higher current income — JAAA yields 4.72% 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 0.07% expense ratio vs 0.21% 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 $39.33/month, while SGOV would produce $30.50/month, at current distribution rates. Both pay monthly distributions.

JAAA yield4.72%

SGOV yield3.66%

Monthly diff on $10K$8.83

Cost & efficiency

Over 10 years on $10,000, JAAA would cost approximately $210 in fees vs $70 for SGOV (simplified, not compounded). The $140.00 difference may be offset by yield or performance.

JAAA ER0.21%

SGOV ER0.07%

Strategy & risk

JAAA tracks AAA-rated CLOs 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, indicating SGOV is less volatile relative to the market.

JAAA beta0.02

SGOV beta-0.0029

Fund details

JAAA is managed by Janus Henderson (launched 10/16/2020) with $29.2B in assets. SGOV is managed by iShares (launched 05/26/2020) with $99.9B in assets.

JAAA AUM$29.2B

SGOV AUM$99.9B

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Frequently asked questions

What is the current distribution yield for JAAA and SGOV?

JAAA currently distributes 4.72% and SGOV 3.66%, based on fund data updated August 2026. Distribution yield 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.

What is the difference between JAAA and SGOV?

JAAA (Janus Henderson AAA CLO ETF) tracks AAA-rated CLOs with a bonds approach, while SGOV (iShares 0-3 Month Treasury Bond ETF) tracks ICE 0-3 Month US Treasury Securities Index with a bonds approach. They are issued by Janus Henderson and iShares respectively.

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 73, 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 0.21% while SGOV charges 0.07%. 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 $39.33 per month ($472.00 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 August 8, 2026.

Overview

JAAA and SGOV are both monthly-distribution fixed-income ETFs, but they target entirely different yield sources and risk profiles. JAAA invests in AAA-rated collateralized loan obligations (CLOs)—securitized pools of leveraged corporate loans—while SGOV tracks short-dated U.S. Treasury bills maturing in three months or less. The choice between them hinges on whether you're willing to accept credit and structural complexity for higher yield, or prefer the safety and liquidity of government debt.

How they differ

The fundamental difference is credit exposure: JAAA holds AAA-rated CLOs, which are structured products backed by portfolios of corporate loans, while SGOV holds only direct U.S. Treasury obligations with no credit risk. That structural distinction explains the yield gap—JAAA distributes 4.72% versus SGOV's 3.67%, a 105-basis-point spread that compensates for the embedded leverage and loan defaults built into CLO economics.

SGOV's underlying index is passive and transparent (ICE 0-3 Month US Treasury Securities Index), making it a straightforward government-bond tracker. JAAA's approach is less transparent; CLO AAA tranches are rated investment-grade but depend on the issuer's management of underlying loan pools and the mechanics of the securitization structure. SGOV is also roughly four times larger by assets under management ($99.9B versus $29.2B) and charges just 0.07% in annual fees compared to JAAA's 0.21%. Both carry near-zero beta, reflecting their low interest-rate sensitivity, though SGOV's -0.0029 is marginally negative while JAAA's 0.02 is trivially positive.

Who each is best for

JAAA: Fits investors seeking above-money-market yields while maintaining a AAA rating, and who understand CLO mechanics and are comfortable with underlying loan-pool risks. Works for income-focused allocations where the 105-basis-point yield premium justifies the structural complexity.

SGOV: Designed for investors prioritizing capital preservation and maximum liquidity, including those using short-term Treasuries as a cash-equivalent or high-grade core holding. Suits allocations where government backing and simplicity outweigh the lower yield.

Key risks to know

CLO leverage and loan-default risk (JAAA only): CLOs are structured to amplify returns through leverage, and AAA tranches absorb losses only after subordinate classes take their share. If the underlying loan portfolio experiences defaults above the structure's tolerance, AAA holders can still suffer losses. The loan market's cyclicality means that portfolio credit quality can deteriorate faster than CLO rating agencies initially model.

Reinvestment pressure at low rates (SGOV): With rates potentially declining, monthly distributions will reset to lower yields if Treasury rates fall. Investors relying on the 3.67% distribution rate should not assume it will persist; as Treasury yields compress, distributions will follow.

NAV sensitivity differences: JAAA's AAA rating provides structural priority but does not eliminate mark-to-market sensitivity if secondary CLO valuations widen; SGOV, backed by Treasury collateral, faces minimal NAV fluctuation unrelated to interest rates.

Opacity and market depth (JAAA): CLO valuations are less transparent than Treasury prices, and the CLO secondary market, while mature, trades less frequently than Treasuries. This can create wider bid-ask spreads and less reliable pricing in stressed conditions.

Bottom line

If you want yield comfortably above Treasury levels and can accept CLO structural risk, JAAA's 4.72% distribution and $29.2B scale offer a middle ground between short bonds and higher-risk credit. If you prioritize safety, liquidity, and government backing even at a 105-basis-point yield cost, SGOV's near-$100B pool and 0.07% expense ratio provide a transparent, hard-to-beat cash surrogate. 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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