JBBB vs. MBSF

Last updated Jun 25, 2026

JBBB (Janus Henderson B-BBB CLO ETF) and MBSF (Regan Floating Rate MBS ETF) are both exchange-traded funds - JBBB is a CLO fund actively managed by Janus Henderson, while MBSF is a Bank Loan fund actively managed by Regan. Both are actively managed. Over the past year, JBBB returned 4.97% vs 5.41% for MBSF. At a correlation of -0.03, they often move in opposite directions. Both charge a 0.49% expense ratio.

Performance

JBBB vs. MBSF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson B-BBB CLO ETF (JBBB) and Regan Floating Rate MBS ETF (MBSF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JBBB achieves a 2.10% return, which is significantly higher than MBSF's 1.95% return.

JBBB

• 1D: 0.42%
• 1M: 0.59%
• YTD: 2.10%
• 6M: 2.18%
• 1Y: 4.97%
• 3Y*: 9.06%
• 5Y*: —
• 10Y*: —

MBSF

• 1D: -0.20%
• 1M: 0.86%
• YTD: 1.95%
• 6M: 2.13%
• 1Y: 5.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JBBB vs. MBSF - Yearly Performance Comparison

	2026 (YTD)	2025	2024
JBBB Janus Henderson B-BBB CLO ETF	2.10%	4.40%	9.06%
MBSF Regan Floating Rate MBS ETF	1.95%	5.85%	5.71%

Correlation

The correlation between JBBB and MBSF is 0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.03
Correlation (All Time) Calculated using the full available price history since Feb 28, 2024	-0.03

Return for Risk

JBBB vs. MBSF — Risk / Return Rank

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

JBBB

JBBB Risk / Return Rank: 47
JBBB Sharpe Ratio Rank: 44
JBBB Sortino Ratio Rank: 51
JBBB Omega Ratio Rank: 53
JBBB Calmar Ratio Rank: 45
JBBB Martin Ratio Rank: 45

MBSF

MBSF Risk / Return Rank: 78
MBSF Sharpe Ratio Rank: 64
MBSF Sortino Ratio Rank: 72
MBSF Omega Ratio Rank: 67
MBSF Calmar Ratio Rank: 95
MBSF Martin Ratio Rank: 92

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.

JBBB vs. MBSF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson B-BBB CLO ETF (JBBB) and Regan Floating Rate MBS ETF (MBSF). 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.

	JBBB	MBSF	Difference
Sharpe ratio: Return per unit of total volatility	1.41	1.85	-0.44
Sortino ratio: Return per unit of downside risk	2.25	2.85	-0.60
Omega ratio: Gain probability vs. loss probability	1.30	1.35	-0.05
Calmar ratio: Return relative to maximum drawdown	2.03	6.87	-4.85
Martin ratio: Return relative to average drawdown	6.80	19.60	-12.80

JBBB vs. MBSF - Sharpe Ratio Comparison

The current JBBB Sharpe Ratio is 1.41, which is comparable to the MBSF Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of JBBB and MBSF, 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

JBBB vs. MBSF - Drawdown Comparison

The maximum JBBB drawdown since its inception was -10.79%, which is greater than MBSF's maximum drawdown of -0.97%. Use the drawdown chart below to compare losses from any high point for JBBB and MBSF.

Drawdown Indicators

	JBBB	MBSF	Difference
Max Drawdown Largest peak-to-trough decline	-10.79%	-0.97%	-9.82%
Max Drawdown (1Y) Largest decline over 1 year	-2.46%	-0.79%	-1.67%
Max Drawdown (3Y) Largest decline over 3 years	-4.35%	—	—
Current Drawdown Current decline from peak	-0.52%	-0.20%	-0.32%
Average Drawdown Average peak-to-trough decline	-1.69%	-0.22%	-1.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.73%	0.28%	+0.45%

Volatility

JBBB vs. MBSF - Volatility Comparison

Janus Henderson B-BBB CLO ETF (JBBB) has a higher volatility of 1.35% compared to Regan Floating Rate MBS ETF (MBSF) at 0.57%. This indicates that JBBB's price experiences larger fluctuations and is considered to be riskier than MBSF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JBBB	MBSF	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.35%	0.57%	+0.78%
Volatility (6M) Calculated over the trailing 6-month period	3.02%	2.12%	+0.90%
Volatility (1Y) Calculated over the trailing 1-year period	3.54%	2.94%	+0.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.21%	3.31%	+1.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.21%	3.31%	+1.90%

JBBB vs. MBSF - Expense Ratio Comparison

Both JBBB and MBSF have an expense ratio of 0.49%.

Dividends

JBBB vs. MBSF - Dividend Comparison

JBBB's dividend yield for the trailing twelve months is around 6.67%, more than MBSF's 4.47% yield.

Position	TTM	2025	2024	2023	2022
JBBB Janus Henderson B-BBB CLO ETF	6.67%	7.41%	7.65%	8.10%	5.03%
MBSF Regan Floating Rate MBS ETF	4.47%	4.71%	4.14%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JBBB and MBSF in my portfolio?

JBBB and MBSF have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JBBB or MBSF?

JBBB has higher volatility (1.35%) compared to MBSF (0.57%). In terms of maximum drawdown, JBBB dropped -10.79% vs MBSF's -0.97%.

Which ETF is better, JBBB or MBSF?

On 1-year performance, MBSF leads with 5.41% vs 4.97% for JBBB. Both ETFs have the same 0.49% expense ratio. On volatility, MBSF has been the lower-risk option at 0.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JBBB or MBSF?

Over the 1-year period, MBSF has performed better with a 5.41% return vs 4.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JBBB or MBSF?

JBBB and MBSF have the same expense ratio: 0.49% per year.

Which ETF pays a higher dividend yield, JBBB or MBSF?

JBBB has the higher dividend yield at 6.67%, compared with 4.47% for MBSF.

What is the main difference between JBBB and MBSF?

JBBB is categorized as CLO, while MBSF is Bank Loan. They also come from different issuers: Janus Henderson and Regan.

Which has better risk-adjusted returns?

MBSF currently has the higher Sharpe Ratio (1.85 vs 1.41), 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.