EQNR vs. JMBS

Last updated Jul 16, 2026

EQNR (Equinor ASA) is a stock, while JMBS (Janus Henderson Mortgage-Backed Securities ETF) is Mortgage Backed Securities fund actively managed by Janus Henderson. Over the past 5 years, EQNR returned 21.82%/yr vs 0.75%/yr for JMBS. At a correlation of -0.06, they often move in opposite directions.

Performance

EQNR vs. JMBS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Equinor ASA (EQNR) and Janus Henderson Mortgage-Backed Securities ETF (JMBS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EQNR achieves a 55.40% return, which is significantly higher than JMBS's 0.69% return.

EQNR

• 1D: -0.88%
• 1M: 4.70%
• 6M: 47.18%
• YTD: 55.40%
• 1Y: 47.14%
• 3Y*: 17.20%
• 5Y*: 21.82%
• 10Y*: —

JMBS

• 1D: 0.16%
• 1M: -0.32%
• 6M: 0.01%
• YTD: 0.69%
• 1Y: 6.42%
• 3Y*: 4.72%
• 5Y*: 0.75%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

EQNR vs. JMBS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
EQNR Equinor ASA	55.40%	7.70%	-15.98%	-0.78%	40.77%	64.55%	-13.57%	-0.99%	-18.92%
JMBS Janus Henderson Mortgage-Backed Securities ETF	0.69%	8.82%	1.53%	5.66%	-11.40%	-0.32%	5.80%	7.11%	1.55%

Correlation

The correlation between EQNR and JMBS is -0.28, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.28
Correlation (3Y) Calculated over the trailing 3-year period	-0.08
Correlation (5Y) Calculated over the trailing 5-year period	-0.04
Correlation (All Time) Calculated using the full available price history since Sep 13, 2018	-0.06

Over the past year, the inverse relationship between EQNR and JMBS has strengthened: their correlation has moved from -0.06 to -0.28, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

EQNR vs. JMBS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EQNR

EQNR Risk / Return Rank: 78
EQNR Sharpe Ratio Rank: 82
EQNR Sortino Ratio Rank: 77
EQNR Omega Ratio Rank: 76
EQNR Calmar Ratio Rank: 77
EQNR Martin Ratio Rank: 78

JMBS

JMBS Risk / Return Rank: 53
JMBS Sharpe Ratio Rank: 55
JMBS Sortino Ratio Rank: 57
JMBS Omega Ratio Rank: 54
JMBS Calmar Ratio Rank: 52
JMBS Martin Ratio Rank: 47

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EQNR vs. JMBS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Equinor ASA (EQNR) and Janus Henderson Mortgage-Backed Securities ETF (JMBS). 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.

	EQNR	JMBS	Difference
Sharpe ratio: Return per unit of total volatility	1.30	1.51	-0.21
Sortino ratio: Return per unit of downside risk	1.83	2.23	-0.40
Omega ratio: Gain probability vs. loss probability	1.24	1.27	-0.04
Calmar ratio: Return relative to maximum drawdown	1.82	2.11	-0.29
Martin ratio: Return relative to average drawdown	4.63	6.31	-1.68

EQNR vs. JMBS - Sharpe Ratio Comparison

The current EQNR Sharpe Ratio is 1.30, which is comparable to the JMBS Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of EQNR and JMBS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EQNR vs. JMBS - Drawdown Comparison

The maximum EQNR drawdown since its inception was -66.77%, which is greater than JMBS's maximum drawdown of -16.68%. Use the drawdown chart below to compare losses from any high point for EQNR and JMBS.

Drawdown Indicators

	EQNR	JMBS	Difference
Max Drawdown Largest peak-to-trough decline	-66.77%	-16.68%	-50.09%
Max Drawdown (1Y) Largest decline over 1 year	-26.07%	-3.05%	-23.02%
Max Drawdown (3Y) Largest decline over 3 years	-27.58%	-7.76%	-19.82%
Max Drawdown (5Y) Largest decline over 5 years	-35.50%	-16.68%	-18.82%
Current Drawdown Current decline from peak	-14.54%	-1.47%	-13.07%
Average Drawdown Average peak-to-trough decline	-21.46%	-3.86%	-17.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.20%	1.02%	+9.18%

Volatility

EQNR vs. JMBS - Volatility Comparison

Equinor ASA (EQNR) has a higher volatility of 12.32% compared to Janus Henderson Mortgage-Backed Securities ETF (JMBS) at 1.33%. This indicates that EQNR's price experiences larger fluctuations and is considered to be riskier than JMBS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EQNR	JMBS	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.32%	1.33%	+10.99%
Volatility (6M) Calculated over the trailing 6-month period	31.30%	3.43%	+27.87%
Volatility (1Y) Calculated over the trailing 1-year period	36.58%	4.29%	+32.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.02%	6.53%	+27.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.32%	5.51%	+30.81%

Dividends

EQNR vs. JMBS - Dividend Comparison

EQNR's dividend yield for the trailing twelve months is around 4.18%, less than JMBS's 5.20% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
EQNR Equinor ASA	4.18%	7.66%	12.66%	11.38%	3.30%	2.13%	4.32%	5.07%	3.26%
JMBS Janus Henderson Mortgage-Backed Securities ETF	5.20%	5.03%	5.53%	4.38%	2.73%	1.16%	2.92%	3.63%	0.89%

Frequently Asked Questions

Can I hold both EQNR and JMBS in my portfolio?

EQNR and JMBS have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EQNR or JMBS?

EQNR has higher volatility (12.32%) compared to JMBS (1.33%). In terms of maximum drawdown, EQNR dropped -66.77% vs JMBS's -16.68%.

Which has better risk-adjusted returns?

JMBS currently has the higher Sharpe Ratio (1.51 vs 1.30), 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.