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. Over the past year, CMBS returned 3.99% vs 5.09% for JMTG. At a 0.38 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 0.28% return, which is significantly lower than JMTG's 0.48% return.
CMBS
- 1D
- -0.08%
- 1M
- 0.04%
- 6M
- 0.24%
- YTD
- 0.28%
- 1Y
- 3.99%
- 3Y*
- 5.15%
- 5Y*
- 0.69%
- 10Y*
- 1.97%
JMTG
- 1D
- 0.08%
- 1M
- -0.33%
- 6M
- 0.14%
- YTD
- 0.48%
- 1Y
- 5.09%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CMBS vs. JMTG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CMBS iShares CMBS ETF | 0.28% | 2.82% |
JMTG JPMorgan Mortgage-Backed Securities ETF | 0.48% | 3.94% |
Correlation
The correlation between CMBS and JMTG is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.38 |
Correlation (All Time) Calculated using the full available price history since Jun 30, 2025 | 0.38 |
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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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| CMBS | JMTG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.28 | ||
| Sortino ratioReturn per unit of downside risk | -0.33 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.25 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.64 | 1.84 | -0.20 |
| Martin ratioReturn relative to average drawdown | 4.06 | 5.04 | -0.98 |
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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% | -2.78% | +0.34% |
Max Drawdown (3Y)Largest decline over 3 years | -3.25% | — | — |
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 | -1.63% | -1.77% | +0.14% |
Average DrawdownAverage peak-to-trough decline | -2.94% | -0.75% | -2.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.98% | 1.01% | -0.03% |
Volatility
CMBS vs. JMTG - Volatility Comparison
The current volatility for iShares CMBS ETF (CMBS) is 0.97%, while JPMorgan Mortgage-Backed Securities ETF (JMTG) has a volatility of 1.07%. This indicates that CMBS experiences smaller price fluctuations and is considered to be less risky than JMTG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CMBS | JMTG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.97% | 1.07% | -0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 2.82% | 2.88% | -0.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.64% | 3.69% | -0.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.32% | 3.70% | +1.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.76% | 3.70% | +2.06% |
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 3.61%, less than JMTG's 4.32% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CMBS iShares CMBS ETF | 3.61% | 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 | 4.32% | 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 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
JMTG has higher volatility (1.07%) compared to CMBS (0.97%). In terms of maximum drawdown, CMBS dropped -15.87% vs JMTG's -2.78%.
On 1-year performance, JMTG leads with 5.09% vs 3.99% for CMBS. On fees, JMTG is cheaper at 0.24% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, JMTG has performed better with a 5.09% return vs 3.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JMTG is cheaper with a 0.24% expense ratio, compared with 0.25% for CMBS.
JMTG has the higher dividend yield at 4.32%, compared with 3.61% for CMBS.
They also come from different issuers: iShares and JPMorgan. Their fees differ too: 0.25% for CMBS and 0.24% for JMTG.
JMTG currently has the higher Sharpe Ratio (1.38 vs 1.11), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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