JAAA vs JPIE: Performance, Holdings, Fees & Risk
JAAA and JPIE are ETFs, but they can differ materially in exposure, yield, fees and risk. JAAA is Janus Henderson AAA CLO ETF, while JPIE is JPMorgan Income ETF. JPIE is broader by holdings count, with 2,747 positions versus 611 for JAAA. JPIE is more concentrated at the top, based on top-10 holdings weight. Current AlgovestIQ evidence has JAAA ahead on AIQ Score, 61 versus 51.
What is the main difference between JAAA and JPIE?
JPIE holds 2,747 positions to JAAA's 611, and 0% of their weight is in the same securities.
| Metric | JAAA | JPIE |
|---|---|---|
| Fund | ||
| Expense ratio | 0.2% | 0.4% |
| Holdings | 611 | 2,747 |
| Top-10 concentration | 6.7% | 21.4% |
| Distribution yieldTrailing 12 months | 4.84% | 5.7% |
| Average volume | 6,301,791 | 1,657,244 |
| Performance | ||
| 1Y return | +0% | -3.1% |
| YTD return | +0% | -3% |
| 5Y annualized returnTotal return, distributions reinvested | +5.1% | +3.1% |
| Risk | ||
| Annualized volatility | 1.5% | 2.4% |
| Max drawdown (1Y) | -0.9% | -4% |
| Max drawdown (5Y)Total return, distributions reinvested | -2.6% | -10% |
| Beta | 0.01 | 0.07 |
| Sharpe ratio | -2.59 | -2.95 |
| Sortino ratio | -1.98 | -3.17 |
| AlgovestIQ | ||
| AIQ Score | 61/100 | 51/100 |
| AIQ Edge Score | 8/10 | 4/10 |
| Momentum | 78/100 | 44/100 |
| Risk Resilience | 66/100 | 77/100 |
AlgovestIQ AIQ Comparison
Janus Henderson AAA CLO ETF vs JPMorgan Income ETF
JAAA leads
JAAA leads by 10 AIQ points, primarily on Momentum and Quality, but the lead has narrowed from 15 points over 30 sessions.
Fragile: 2 of 4 evidence groups support JAAA, its lead is narrowing, and its current signal state is conflicted.
Janus Henderson AAA CLO ETF
JPMorgan Income ETF
The Algovestiq AIQ Score currently favors JAAA over JPIE, 61 versus 51 as of Oct 21, 2026. JAAA's advantage is driven primarily by stronger momentum and quality, while JPIE holds the stronger risk resilience profile. JAAA also shows the stronger technical structure relative to its 50-day moving average. 2 of 4 covered evidence groups favor JAAA today, and the comparison is rated Fragile on stability: only 2 of 4 covered evidence groups agree. JAAA lead: Weakening — the AIQ differential moved from 15 to 10 points over 30 sessions.
Compare Janus Henderson AAA CLO ETF and JPMorgan Income ETF across performance, expense ratio, dividend yield, drawdown, volatility and the Algovestiq AIQ Score.
JAAA vs JPIE: which fits what
Each row is settled by a single measure. Where the gap is too small to matter it reads Similar, and no row decides the comparison as a whole.
| If you want | JAAA | JPIE | Fits |
|---|---|---|---|
| Lower costExpense ratio | 0.2% | 0.4% | JAAA |
| Broader diversificationNumber of holdings | 611 | 2,747 | JPIE |
| Lower concentrationWeight of the 10 largest holdings | 6.7% | 21.4% | JAAA |
| Higher incomeTrailing 12-month distribution yield | 4.84% | 5.7% | JPIE |
| Smaller drawdownsMax drawdown, 5 years | -2.6% | -10% | JAAA |
| Lower volatilityAnnualized volatility, 1 year | 1.5% | 2.4% | Similar |
Similar means the gap is within 0.01 percentage points of expense ratio, 25% more holdings, 3 points of top-10 weight, 0.2 points of yield, 2 points of drawdown or 1 point of volatility. Past drawdowns and volatility describe the funds’ history, not their future.
Performance over time
Total return with distributions reinvested, from daily closes for both ETFs.
Total return comparison
Growth of $10,000, distributions reinvested
Split-adjusted closes; each distribution is reinvested at the close on its ex-dividend date. Taxes and trading costs are not modeled.
Compare JAAA and JPIE against another ticker
Open a multi-ticker workspace without changing this focused pair page.
AIQ Factor Divergence
Where the two separate, on the four dimensions behind the AIQ Score. Bars read outward from a shared zero: further from the centre is a wider gap.
- Momentum78 vs 44JAAA +34
- Risk Resilience66 vs 77JPIE +11
- Quality69 vs 59JAAA +10
- Value36 vs 36Even
2 of 4 evidence groups favor JAAA. JAAA’s edge is concentrated in momentum and quality; JPIE keeps a meaningful risk resilience edge.
What changed since the last close
Latest scored session 2026-10-20, compared against the prior scored session 2026-10-19.
Largest factor move: Momentum +47
New signals
- RSI Overbought — bearish, momentum, short horizon
- Uptrend Structure Active — bullish, trend, long horizon
Largest factor move: Momentum +5
No signal started or stopped since the prior session; its 5 active signals are unchanged.
The lead changed hands: JAAA moved ahead of JPIE in the latest session.
Deeper signal detail for each name lives on its own signals page — JAAA and JPIE both carry a full feed there.
The central trade-off
JAAA (Janus Henderson AAA CLO ETF): the stronger current systematic profile, led by momentum and quality.
JPIE (JPMorgan Income ETF): the counter-case, on risk resilience.
Fund facts, side by side
Two funds tracking overlapping universes are separated by cost and risk far more than by holdings. Those lead here.
| Measure | JAAA | JPIE | Why it matters |
|---|---|---|---|
| Expense ratio | 0.2% | 0.4% | Lower is better — it compounds against you every year you hold. |
| Holdings | 611 | 2,747 | More holdings means broader diversification, not better returns. |
| Average volume | 6,301,791 | 1,657,244 | Liquidity — matters most if you trade size. |
| Annualized volatility | 1.5% | 2.4% | Lower is a steadier ride for the same exposure. |
| Max drawdown (1Y) | -0.9% | -4% | The worst peak-to-trough loss over the past year. |
| Sharpe ratio | -2.59 | -2.95 | Return per unit of risk. Higher is better. |
| Beta | 0.01 | 0.07 | Sensitivity to the broad market. Neither direction is better — it depends on the role in your portfolio. |
Where the exposure actually sits
Sector exposure for each fund, ordered by the size of the difference.
How much of the same holdings they own
JAAA and JPIE share 0.03% of their weighted exposure across 1 common holdings.
607 holdings are unique to JAAA, and 2,555 holdings are unique to JPIE. Owning both is genuinely additive — most of the capital sits in different securities.
JPIE is the more concentrated of the two: its ten largest positions are 21.43% of the fund, against 6.73% for JAAA (2,747 holdings vs 611). Concentration cuts both ways — it is what drives outperformance when the top names work, and what makes the drawdown deeper when they do not.
Largest shared positions
| Holding | JAAA | JPIE | Shared |
|---|---|---|---|
| Madison Park Funding XLV BRR 5.40292% 15-JUL-2034, 5.40%, 07/15/ | 0.05% | 0.03% | 0.03% |
Shared weight is the lower of the two positions — the portion of capital both funds genuinely have in the same security.
What JAAA adds that JPIE doesn’t
| Holding | JAAA | JPIE |
|---|---|---|
| KKR CLO 35 AR 4.92921% 20-JAN-2038, 4.93%, 01/20/38 | 0.8% | Not held |
| AB BSL CLO 1 A1R2 5.00292% 15-OCT-2038, 5.00%, 10/15/38 | 0.74% | Not held |
| Oaktree CLO 2019-4 AR3 4.95921% 20-JUL-2037, 4.96%, 07/20/37 | 0.72% | Not held |
| Madison Park Funding XXXI Ltd|4.98208|07/23/2037, 4.98%, 07/23/3 | 0.7% | Not held |
| Anchorage Capital Clo 16 Ltd|4.97921|01/19/2038, 4.98%, 01/19/38 | 0.68% | Not held |
| Palmer Square CLO 2018- AB FLTG 37, 5.00%, 04/16/37 | 0.64% | Not held |
What JPIE adds that JAAA doesn’t
| Holding | JPIE | JAAA |
|---|---|---|
| TBA UMBS SINGLE FAMILY 5% | 4.34% | Not held |
| TBA UMBS SINGLE 5.5% | 3.83% | Not held |
| TBA GNMA2 SINGLE 6.5% | 2.69% | Not held |
| JPMORGAN PRIME MONEY | 2.22% | Not held |
| TBA GNMA2 SINGLE 4.5% | 2.04% | Not held |
| GNMA II MORTPASS 6% 06/56 | 1.53% | Not held |
Each list is a fund’s largest positions by weight that the other fund does not hold, or holds at less than half the weight.
AIQ Agreement Matrix
2 of 4 covered evidence groups favor JAAA. A wide gap backed by one group is a weaker case than a narrow gap backed by five.
| Evidence group | Favors | Reading |
|---|---|---|
| AIQ Score | JAAA | 61 vs 51 |
| Fundamentals | Not covered | Not covered |
| Valuation | Even | Value 36 vs 36 |
| Technicals | JAAA | Price vs 50-day 0% vs -1%; vs 200-day 0% vs -2.2% |
| Risk Resilience | JPIE | Risk Resilience 66 vs 77 |
| Analyst expectations | Not covered | Not covered |
✓ agrees with the overall verdict · ✕ points the other way. Groups marked “not covered” lack data on one or both of JAAA and JPIE and are excluded from the count.
AIQ Decision Stability
The conclusion is sensitive to small changes. Treat the lead as provisional and watch the flip conditions below.
- The AIQ gap is moderate at 10 points.
- Only 2 of 4 covered evidence groups agree. (argues the conclusion is provisional)
- The leader's advantage has been narrowing. (argues the conclusion is provisional)
- The lead has been steady session to session. (supports the conclusion holding)
- The leader is throwing conflicting signals. (argues the conclusion is provisional)
Stability combines the score gap, how broadly the evidence agrees, how steady the lead has been across daily snapshots, the current signal state on both names, and analyst dispersion on JAAA.
How the comparison changed
120 daily snapshots · Jun 21 – Oct 20JAAA lead: Weakening — the AIQ differential moved from 15 to 10 points over 30 sessions.
- Today
- JAAA +10
- 61 vs 51
- 7 sessions ago
- JPIE +1
- 48 vs 49
- 30 sessions ago
- JAAA +15
- 61 vs 46
- 90 sessions ago
- Level
- 55 vs 55
The lead changed hands 6 times in this window, most recently on Oct 20 when JAAA moved ahead of JPIE.
AIQ Signal Divergence
Only the signals that bear on the head-to-head. A conflicted name is carrying bullish and bearish rules at the same time — the technical evidence is not pointing one way.
4 bullish / 2 bearish / 2 neutral, conflicted
Only JAAA
- Golden Cross Active — bullish, trend, long horizon (0.00%)
- RSI Overbought — bearish, momentum, short horizon
- EMA Ribbon Compression — neutral, trend, medium horizon
- 52-Week High Proximity — bullish, risk, long horizon (0.4%)
- Uptrend Structure Active — bullish, trend, long horizon
1 bullish / 3 bearish / 1 neutral, conflicted
Only JPIE
- Death Cross Active — bearish, trend, long horizon (1.25%)
- Downtrend Structure Active — bearish, trend, long horizon
Both carry 3 more signals that do not separate them: ATR Contraction - Coiling, 52-Week Low Proximity, MACD Bullish Crossover.
JAAA leads the comparison while carrying a conflicted signal state, which is one reason the stability rating is not higher.
Price vs model alignment
Whether the latest session's price move confirms what the model did over the same session, or contradicts it.
Neither the price nor the AIQ Score moved enough in the latest session to confirm or contradict the other (price 0%, AIQ +12 points).
Neither the price nor the AIQ Score moved enough in the latest session to confirm or contradict the other (price -0.02%, AIQ +1 points).
What would flip this result
A state, not a forecast. These are the specific, observable changes that would reverse the verdict — not a price prediction.
- 1JPIE closes the Momentum gap — currently 34 points behind, the largest single contributor to JAAA's edge.
- 2JPIE's Death Cross Active resolves — a bearish trend rule currently active against it.
- 3JAAA's conflicting signal state resolves bearish — it currently carries 4 bullish and 2 bearish rules at once.
- 4The narrowing continues — the lead has already given back 5 points over 30 sessions, and a further 10-point move would eliminate JAAA's advantage entirely.
The full evidence
Every number behind the verdict. The leader is called above each group so you are not left to solve it from the table.
Performance
JAAA leads 5 of 6 windows| Metric | JAAA | JPIE |
|---|---|---|
| 1 week (5 sessions) | 0.1% | 0.3% |
| 1 month (20 sessions) | -0.2% | -0.9% |
| 3 months (63 sessions) | 0% | -2% |
| 6 months (126 sessions) | 0% | -2.7% |
| Year to date | 0% | -3% |
| 1 year (252 sessions) | 0% | -3.1% |
Technicals
JAAA has the stronger structure| Metric | JAAA | JPIE |
|---|---|---|
| RSI (14) | 93.3 | 52.3 |
| ADX (14) | 18.3 | 48 |
| Price vs 50-day | 0% | -1% |
| Price vs 200-day | 0% | -2.2% |
| Volatility (1M, annualized) | 1.5% | 2.9% |
Risk
JPIE is the more resilient| Metric | JAAA | JPIE |
|---|---|---|
| Beta | 0.01 | 0.07 |
| Sharpe ratio | -2.59 | -2.95 |
| Sortino ratio | -1.98 | -3.17 |
| Max drawdown | -0.9% | -4% |
| Current drawdown | -0.4% | -3.5% |
| Annualized volatility | 1.5% | 2.4% |
| Value at risk (95%) | -0.2% | -0.3% |
Straight answers
Short answers to the questions fund investors ask about this pair, from the figures above.
What is the difference between JAAA and JPIE?
JPIE holds 2,747 positions to JAAA's 611, and 0% of their weight is in the same securities.
How much do JAAA and JPIE overlap?
JAAA and JPIE share 0.03% of their weighted exposure across 1 common holdings. 607 holdings are unique to JAAA, and 2,555 holdings are unique to JPIE. Owning both is genuinely additive — most of the capital sits in different securities.
Which ETF is more diversified, JAAA or JPIE?
JPIE holds more positions: 2,747 versus 611 for JAAA.
Which has the lower expense ratio?
JAAA has the lower expense ratio, 0.2% a year against 0.4% for JPIE.
Which ETF has the higher distribution yield?
JPIE, with a trailing 12-month distribution yield of 5.7% against 4.84% for JAAA.
Which ETF has been more volatile?
Their volatility over the past year is similar: 1.5% annualized for JAAA and 2.4% for JPIE.
Which ETF has had the smaller drawdown?
JAAA fell less from peak to trough over the past five years: -2.6% against -10% for JPIE.
Compare JAAA and JPIE with others
Continue your research
This page answers which of the two. These answer the questions on either side of it.
How this comparison is scored
The Algovestiq AIQ Score composites four factors — Quality, Value, Momentum and Risk, each carrying a fixed weight. Sentiment is reported separately as SentimentPulse and is not folded into the composite. Scores refresh every trading day, and this page regenerates from the latest snapshot rather than being written once.
The verdict names a leader, states how broadly six independent evidence groups agree, and rates how durable that conclusion is given the score gap, its recent trajectory and the current signal state on both names.
How to use side-by-side comparison →This comparison is informational and educational, not investment advice. AIQ scores update daily; re-check after earnings, guidance or macro data that materially changes either name’s factor profile.