CMBS vs. JMTG
CMBS (iShares CMBS ETF) and JMTG (JPMorgan Mortgage-Backed Securities ETF) are both Mortgage Backed Securities funds. CMBS is passively managed, while JMTG is actively managed. At a 0.34 correlation, their price movements are largely independent. CMBS charges 0.25%/yr vs 0.24%/yr for JMTG.
Performance
CMBS vs. JMTG - Performance Comparison
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Returns By Period
In the year-to-date period, CMBS achieves a 0.49% return, which is significantly lower than JMTG's 0.53% return.
CMBS
- 1D
- 0.35%
- 1M
- 0.28%
- YTD
- 0.49%
- 6M
- 0.61%
- 1Y
- 4.29%
- 3Y*
- 5.31%
- 5Y*
- 0.86%
- 10Y*
- 2.09%
JMTG
- 1D
- 0.08%
- 1M
- -0.08%
- YTD
- 0.53%
- 6M
- 0.81%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CMBS vs. JMTG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CMBS iShares CMBS ETF | 0.49% | 2.82% |
JMTG JPMorgan Mortgage-Backed Securities ETF | 0.53% | 3.90% |
Correlation
The correlation between CMBS and JMTG is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Jul 1, 2025 | 0.34 |
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Return for Risk
CMBS vs. JMTG — Risk / Return Rank
CMBS
JMTG
CMBS vs. JMTG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares CMBS ETF (CMBS) and JPMorgan Mortgage-Backed Securities ETF (JMTG). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| CMBS | JMTG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.20 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 1.77 | — | — |
| Martin ratioReturn relative to average drawdown | 4.90 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CMBS | JMTG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.16 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.16 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.36 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.44 | 1.31 | -0.87 |
Drawdowns
CMBS vs. JMTG - Drawdown Comparison
The maximum CMBS drawdown since its inception was -15.87%, which is greater than JMTG's maximum drawdown of -2.78%. Use the drawdown chart below to compare losses from any high point for CMBS and JMTG.
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Drawdown Indicators
| CMBS | JMTG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.87% | -2.78% | -13.09% |
Max Drawdown (1Y)Largest decline over 1 year | -2.44% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -3.29% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -15.87% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -15.87% | — | — |
Current DrawdownCurrent decline from peak | -1.42% | -1.72% | +0.30% |
Average DrawdownAverage peak-to-trough decline | -2.95% | -0.67% | -2.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | — | — |
Volatility
CMBS vs. JMTG - Volatility Comparison
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Volatility by Period
| CMBS | JMTG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.17% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 2.84% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 3.72% | 3.67% | +0.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.31% | 3.67% | +1.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.77% | 3.67% | +2.10% |
CMBS vs. JMTG - Expense Ratio Comparison
CMBS has a 0.25% expense ratio, which is higher than JMTG's 0.24% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
CMBS vs. JMTG - Dividend Comparison
CMBS's dividend yield for the trailing twelve months is around 3.57%, less than JMTG's 3.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CMBS iShares CMBS ETF | 3.57% | 3.45% | 3.31% | 2.97% | 2.65% | 2.46% | 2.83% | 2.74% | 2.70% | 2.50% | 2.29% | 2.31% |
JMTG JPMorgan Mortgage-Backed Securities ETF | 3.91% | 2.10% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CMBS and JMTG have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, JMTG is cheaper at 0.24% per year. The better choice depends on whether you care most about return, fees, risk, or income.
JMTG is cheaper with a 0.24% expense ratio, compared with 0.25% for CMBS.
JMTG has the higher dividend yield at 3.91%, compared with 3.57% for CMBS.
They also come from different issuers: iShares and JPMorgan. Their fees differ too: 0.25% for CMBS and 0.24% for JMTG.
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