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Data as of Oct 28, 2026.

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JAAA vs TLT: Differences, Returns & Fees

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JAAA's duration was 0.0 years on Jul 31, 2026 and TLT's 15.1 on Aug 31, 2026; TLT charges 0.15% to JAAA's 0.20%.

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Net assets: $32.5bn on Oct 28, 2026 for Janus Henderson AAA CLO ETF, and $47.4bn on Oct 27, 2026 for iShares 20+ Year Treasury Bond ETF.

JAAA on its own →TLT on its own →
At a glance
+4.7%
JAAA total return, 1 year
−7.9%
TLT total return, 1 year
0.20%
JAAA expense ratio
0.15%
TLT expense ratio

Pair scorecard

TLT costs 0.05 points a year less; their one-year returns differ by 12.6 points; TLT is 1.5 times larger.

JAAA vs TLT: Differences, Returns & Fees
MeasureJAAATLT
Return
Total return, 1 year+4.7%−7.9%
Drawdown
Below its high42.6%, high on Aug 4, 2020
Benchmark
What it tracksNo index, actively managedICE U.S. Treasury 20+ Year Bond Index
Cost and size
Expense ratio0.20%0.15%
Net assets, as of Oct 27, 2026$32.5bn$47.4bn
Holdings
Holdings in common0%

Holdings in common uses holdings dated Jul 31, 2026 and Aug 31, 2026. Method

What they share

0%

By the books each fund has filed, JAAA and TLT hold 0% of their money in the same securities at the same weight. Holdings dated Jul 31, 2026 and Aug 31, 2026.

0 half 100%

half

0% in common

Positions both hold · largest shared weight first JAAA TLT
Only in one fund ↓
Only in JAAA
KKR CLO 35 Ltd., Series 35A, Class AR, due Jan 20, 2038 0.85%
AB BSL CLO 1 Ltd., Series 2020-1A, Class A1R2, due Oct 15, 2038 0.78%
Anchorage Capital CLO 16 Ltd., Series 2020-16A, Class A1R2, due Jan 19, 2038 0.73%
Palmer Square CLO Ltd., Series 2018-2A, Class A1R2, due Apr 16, 2037 0.68%
Ares LXI CLO Ltd., Series 2021-61A, Class A1R2, due Apr 20, 2037 0.68%
Carlyle US CLO Ltd., Series 2021-8A, Class A1R, due Oct 15, 2038 0.62%
WISE CLO Ltd., Series 2024-1A, Class AR, due Apr 15, 2037 0.62%
Magnetite XXXII Ltd., Series 2022-32A, Class AR, due Oct 15, 2037 0.60%
Only in TLT
U.S. Treasury Bonds, due May 15, 2055 4.46%
U.S. Treasury Bonds, due May 15, 2054 4.40%
U.S. Treasury Bonds, due Aug 15, 2053 4.18%
U.S. Treasury Bonds, due Feb 15, 2054 4.03%
U.S. Treasury Bonds, due Feb 15, 2056 3.94%
U.S. Treasury Bonds, due Aug 15, 2054 3.94%
U.S. Treasury Bonds, due Nov 15, 2053 3.92%
U.S. Treasury Bonds, due Feb 15, 2055 3.80%
Check overlap with more funds →

Side by side

JAAA Janus Henderson AAA CLO ETF TLT iShares 20+ Year Treasury Bond ETF
Where it sits Bond ETF Bond ETF
Issuer Janus Henderson iShares
What it is Actively managed Tracks an index of 20+ year Treasuries
Total return, 1 year +4.7% −7.9%
Its benchmark over the same days not measured −7.8% (BBLB)
Gap to its benchmark not measured −0.1 pts vs BBLB
Expense ratio 0.20% 0.15%
Holdings 598 47
Net assets, JAAA as of Oct 28, 2026 and TLT as of Oct 27, 2026 $32.5bn $47.4bn

JAAA and TLT on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.

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About each fund
JAAA

JAAA is actively managed and tracks no index. Over the year to Oct 28, 2026 it returned +4.7% with distributions reinvested. The prospectus expense ratio is 0.20% a year.

TLT

TLT tracks an index of 20+ year Treasuries. Over the year to Oct 28, 2026 it returned −7.9% with distributions reinvested, against −7.8% for its benchmark, the ICE U.S. Treasury 20+ Year Bond Index. The prospectus expense ratio is 0.15% a year. It sat 42.6% below its high of Aug 4, 2020 on Oct 28, 2026.

Questions people ask

Which returned more over the last year, JAAA or TLT?
In the year to Oct 28, 2026, with distributions reinvested, JAAA returned +4.7% and TLT −7.9%.
Which is cheaper, JAAA or TLT?
TLT is cheaper, by 0.05 percentage points a year. That is about $5 on $10,000 held for a year. Fees come from each fund's prospectus.
Other comparisons
JAAA vs VGLTEDV vs JAAAJAAA vs VGITJAAA vs MBBTLT vs ZROZTLT vs XTENLQD vs TLTMBB vs TLT
Where to next
JAAA on its own →TLT on its own →Hold both: look the portfolio through →Rankings →JAAA dividend history →JAAA holdings →TLT dividend history →TLT holdings →Standards and sources →
Sources and dates
JAAA filings on SEC EDGAR ↗
JAAA prospectus with the expense ratio (SEC) ↗
Janus Henderson page for JAAA ↗
TLT filings on SEC EDGAR ↗
TLT prospectus with the expense ratio (SEC) ↗
iShares page for TLT ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

Overlap adds up the smaller of the two weights for each security both funds hold.

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ETFIQ, JAAA against TLT, data as of Oct 28, 2026. https://etfiq.com/compare/any/jaaa-vs-tlt

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.