JHCB vs. JHMU

Last updated Aug 2, 2026

JHCB (John Hancock Corporate Bond ETF) and JHMU (John Hancock Dynamic Municipal Bond ETF) are both exchange-traded funds - JHCB is a Corporate Bonds fund actively managed by John Hancock, while JHMU is a Municipal Bonds fund tracking the John Hancock Dimensional Utilities Index. JHCB is actively managed, while JHMU is passively managed. Over the past year, JHCB returned 1.55% vs 5.17% for JHMU. Their 0.62 correlation means they have sometimes moved together and sometimes differently. JHCB charges 0.29%/yr vs 0.39%/yr for JHMU.

Performance

JHCB vs. JHMU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in John Hancock Corporate Bond ETF (JHCB) and John Hancock Dynamic Municipal Bond ETF (JHMU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JHCB achieves a -1.01% return, which is significantly lower than JHMU's 0.71% return.

JHCB

• 1D: -0.29%
• 1M: -1.98%
• 6M: -1.36%
• YTD: -1.01%
• 1Y: 1.55%
• 3Y*: 5.05%
• 5Y*: -0.15%
• 10Y*: —
• ALL TIME*: 0.72%

JHMU

• 1D: -0.25%
• 1M: -1.62%
• 6M: -0.43%
• YTD: 0.71%
• 1Y: 5.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.30%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
JHCB John Hancock Corporate Bond ETF	$496.05K	$369.71K	$346.04K
JHMU John Hancock Dynamic Municipal Bond ETF	$309.57K	$193.82K	$130.22K

JHCB vs. JHMU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
JHCB John Hancock Corporate Bond ETF	-1.01%	8.02%	2.75%	9.73%
JHMU John Hancock Dynamic Municipal Bond ETF	0.71%	5.03%	3.76%	7.73%

Correlation

The correlation between JHCB and JHMU is 0.62, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.62
Correlation (All Time) Calculated using the full available price history since Nov 2, 2023	0.62

The correlation between JHCB and JHMU has been stable across timeframes, ranging from 0.62 to 0.62 - a consistent structural relationship.

Return for Risk

JHCB vs. JHMU — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

JHCB

JHCB Risk / Return Rank: 22
JHCB Sharpe Ratio Rank: 22
JHCB Sortino Ratio Rank: 20
JHCB Omega Ratio Rank: 20
JHCB Calmar Ratio Rank: 22
JHCB Martin Ratio Rank: 24

JHMU

JHMU Risk / Return Rank: 75
JHMU Sharpe Ratio Rank: 84
JHMU Sortino Ratio Rank: 86
JHMU Omega Ratio Rank: 87
JHMU Calmar Ratio Rank: 59
JHMU Martin Ratio Rank: 58

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

JHCB vs. JHMU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for John Hancock Corporate Bond ETF (JHCB) and John Hancock Dynamic Municipal Bond ETF (JHMU). 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.

	JHCB	JHMU	Difference
Sharpe ratio: Return per unit of total volatility	0.47	1.97	-1.50
Sortino ratio: Return per unit of downside risk	0.69	2.86	-2.17
Omega ratio: Gain probability vs. loss probability	1.08	1.39	-0.31
Calmar ratio: Return relative to maximum drawdown	0.64	2.09	-1.45
Martin ratio: Return relative to average drawdown	1.87	6.95	-5.07

JHCB vs. JHMU - Sharpe Ratio Comparison

The current JHCB Sharpe Ratio is 0.47, which is lower than the JHMU Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of JHCB and JHMU, 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

JHCB vs. JHMU - Drawdown Comparison

The maximum JHCB drawdown since its inception was -22.61%, which is greater than JHMU's maximum drawdown of -4.48%. Use the drawdown chart below to compare losses from any high point for JHCB and JHMU.

Drawdown Indicators

	JHCB	JHMU	Difference
Max Drawdown Largest peak-to-trough decline	-22.61%	-4.48%	-18.13%
Max Drawdown (1Y) Largest decline over 1 year	-3.16%	-2.77%	-0.39%
Max Drawdown (3Y) Largest decline over 3 years	-5.47%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-22.57%	—	—
Current Drawdown Current decline from peak	-2.40%	-1.76%	-0.64%
Average Drawdown Average peak-to-trough decline	-7.99%	-0.83%	-7.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.08%	0.83%	+0.25%

Volatility

JHCB vs. JHMU - Volatility Comparison

John Hancock Corporate Bond ETF (JHCB) has a higher volatility of 1.09% compared to John Hancock Dynamic Municipal Bond ETF (JHMU) at 0.90%. This indicates that JHCB's price experiences larger fluctuations and is considered to be riskier than JHMU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JHCB	JHMU	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.09%	0.90%	+0.19%
Volatility (6M) Calculated over the trailing 6-month period	3.46%	2.31%	+1.15%
Volatility (1Y) Calculated over the trailing 1-year period	4.30%	2.94%	+1.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.94%	4.06%	+2.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.81%	4.06%	+2.75%

JHCB vs. JHMU - Expense Ratio Comparison

JHCB has a 0.29% expense ratio, which is lower than JHMU's 0.39% expense ratio.

Dividends

JHCB vs. JHMU - Dividend Comparison

JHCB's dividend yield for the trailing twelve months is around 5.13%, more than JHMU's 3.86% yield.

Position	TTM	2025	2024	2023	2022	2021
JHCB John Hancock Corporate Bond ETF	5.13%	4.92%	5.02%	4.35%	3.86%	2.41%
JHMU John Hancock Dynamic Municipal Bond ETF	3.86%	4.36%	7.29%	0.63%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JHCB and JHMU in my portfolio?

JHCB and JHMU have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JHCB or JHMU?

JHCB has higher volatility (1.09%) compared to JHMU (0.90%). In terms of maximum drawdown, JHCB dropped -22.61% vs JHMU's -4.48%.

Which ETF is better, JHCB or JHMU?

On 1-year performance, JHMU leads with 5.17% vs 1.55% for JHCB. On fees, JHCB is cheaper at 0.29% per year. On volatility, JHMU has been the lower-risk option at 0.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JHCB or JHMU?

Over the 1-year period, JHMU has performed better with a 5.17% return vs 1.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JHCB or JHMU?

JHCB is cheaper with a 0.29% expense ratio, compared with 0.39% for JHMU.

Which ETF pays a higher dividend yield, JHCB or JHMU?

JHCB has the higher dividend yield at 5.13%, compared with 3.86% for JHMU.

What is the main difference between JHCB and JHMU?

JHCB is categorized as Corporate Bonds, while JHMU is Municipal Bonds. Their fees differ too: 0.29% for JHCB and 0.39% for JHMU.

Which has better risk-adjusted returns?

JHMU currently has the higher Sharpe Ratio (1.97 vs 0.47), 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.