JHCB vs. MILK

Last updated Aug 2, 2026

JHCB (John Hancock Corporate Bond ETF) and MILK (Pacer US Cash Cows Bond ETF) are both Corporate Bonds funds. JHCB is actively managed, while MILK is passively managed. Over the past year, JHCB returned 1.55% vs 4.12% for MILK. Their correlation of 0.89 means they have usually moved in the same direction. JHCB charges 0.29%/yr vs 0.49%/yr for MILK.

Performance

JHCB vs. MILK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in John Hancock Corporate Bond ETF (JHCB) and Pacer US Cash Cows Bond ETF (MILK). 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 MILK's 0.94% 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%

MILK

• 1D: -0.15%
• 1M: -1.69%
• 6M: 0.04%
• YTD: 0.94%
• 1Y: 4.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.21%

*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
MILK Pacer US Cash Cows Bond ETF	$195.76K	$144.48K	$113.75K

JHCB vs. MILK - Yearly Performance Comparison

	2026 (YTD)	2025	2024
JHCB John Hancock Corporate Bond ETF	-1.01%	8.02%	-1.33%
MILK Pacer US Cash Cows Bond ETF	0.94%	7.49%	-1.49%

Correlation

The correlation between JHCB and MILK is 0.93, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.93
Correlation (All Time) Calculated using the full available price history since Dec 18, 2024	0.89

The correlation between JHCB and MILK has been stable across timeframes, ranging from 0.89 to 0.93 - a consistent structural relationship.

Return for Risk

JHCB vs. MILK — 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

MILK

MILK Risk / Return Rank: 37
MILK Sharpe Ratio Rank: 38
MILK Sortino Ratio Rank: 37
MILK Omega Ratio Rank: 35
MILK Calmar Ratio Rank: 37
MILK Martin Ratio Rank: 40

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. MILK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for John Hancock Corporate Bond ETF (JHCB) and Pacer US Cash Cows Bond ETF (MILK). 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	MILK	Difference
Sharpe ratio: Return per unit of total volatility	0.47	0.96	-0.49
Sortino ratio: Return per unit of downside risk	0.69	1.40	-0.71
Omega ratio: Gain probability vs. loss probability	1.08	1.17	-0.08
Calmar ratio: Return relative to maximum drawdown	0.64	1.28	-0.64
Martin ratio: Return relative to average drawdown	1.87	4.33	-2.46

JHCB vs. MILK - Sharpe Ratio Comparison

The current JHCB Sharpe Ratio is 0.47, which is lower than the MILK Sharpe Ratio of 0.96. The chart below compares the historical Sharpe Ratios of JHCB and MILK, 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. MILK - Drawdown Comparison

The maximum JHCB drawdown since its inception was -22.61%, which is greater than MILK's maximum drawdown of -6.16%. Use the drawdown chart below to compare losses from any high point for JHCB and MILK.

Drawdown Indicators

	JHCB	MILK	Difference
Max Drawdown Largest peak-to-trough decline	-22.61%	-6.16%	-16.45%
Max Drawdown (1Y) Largest decline over 1 year	-3.16%	-3.75%	+0.59%
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%	-2.13%	-0.27%
Average Drawdown Average peak-to-trough decline	-7.99%	-1.13%	-6.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.08%	1.11%	-0.03%

Volatility

JHCB vs. MILK - Volatility Comparison

The current volatility for John Hancock Corporate Bond ETF (JHCB) is 1.09%, while Pacer US Cash Cows Bond ETF (MILK) has a volatility of 1.15%. This indicates that JHCB experiences smaller price fluctuations and is considered to be less risky than MILK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JHCB	MILK	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.09%	1.15%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	3.46%	3.82%	-0.36%
Volatility (1Y) Calculated over the trailing 1-year period	4.30%	5.01%	-0.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.94%	6.55%	+0.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.81%	6.55%	+0.26%

JHCB vs. MILK - Expense Ratio Comparison

JHCB has a 0.29% expense ratio, which is lower than MILK's 0.49% expense ratio.

Dividends

JHCB vs. MILK - Dividend Comparison

JHCB's dividend yield for the trailing twelve months is around 5.13%, less than MILK's 7.07% 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%
MILK Pacer US Cash Cows Bond ETF	7.07%	6.97%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JHCB and MILK in my portfolio?

With a correlation of 0.93, JHCB and MILK move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, JHCB or MILK?

MILK has higher volatility (1.15%) compared to JHCB (1.09%). In terms of maximum drawdown, JHCB dropped -22.61% vs MILK's -6.16%.

Which ETF is better, JHCB or MILK?

On 1-year performance, MILK leads with 4.12% vs 1.55% for JHCB. On fees, JHCB is cheaper at 0.29% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JHCB or MILK?

Over the 1-year period, MILK has performed better with a 4.12% 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 MILK?

JHCB is cheaper with a 0.29% expense ratio, compared with 0.49% for MILK.

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

MILK has the higher dividend yield at 7.07%, compared with 5.13% for JHCB.

What is the main difference between JHCB and MILK?

They also come from different issuers: John Hancock and Pacer. Their fees differ too: 0.29% for JHCB and 0.49% for MILK.

Which has better risk-adjusted returns?

MILK currently has the higher Sharpe Ratio (0.96 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.