JHMB vs. JHMU

Last updated Jun 4, 2026

JHMB (John Hancock Mortgage Backed Securities ETF) and JHMU (John Hancock Dynamic Municipal Bond ETF) are both exchange-traded funds - JHMB is a Intermediate Core-Plus Bond fund actively managed by John Hancock, while JHMU is a Municipal Bonds fund tracking the John Hancock Dimensional Utilities Index. JHMB is actively managed, while JHMU is passively managed. Over the past year, JHMB returned 6.77% vs 7.44% for JHMU. A 0.67 correlation means they provide meaningful diversification when combined. Both charge a 0.39% expense ratio.

Performance

JHMB vs. JHMU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in John Hancock Mortgage Backed Securities ETF (JHMB) 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, JHMB achieves a 0.36% return, which is significantly lower than JHMU's 1.66% return.

JHMB

• 1D: -0.23%
• 1M: 0.40%
• YTD: 0.36%
• 6M: 0.46%
• 1Y: 6.77%
• 3Y*: 5.24%
• 5Y*: —
• 10Y*: —

JHMU

• 1D: -0.08%
• 1M: 0.69%
• YTD: 1.66%
• 6M: 2.16%
• 1Y: 7.44%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JHMB vs. JHMU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
JHMB John Hancock Mortgage Backed Securities ETF	0.36%	7.89%	3.52%	6.79%
JHMU John Hancock Dynamic Municipal Bond ETF	1.66%	5.03%	3.76%	7.77%

Correlation

The correlation between JHMB and JHMU is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.60
Correlation (All Time) Calculated using the full available price history since Nov 3, 2023	0.67

The correlation between JHMB and JHMU has been stable across timeframes, ranging from 0.60 to 0.67 - a consistent structural relationship.

Return for Risk

JHMB vs. JHMU — Risk / Return Rank

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

JHMB

JHMB Risk / Return Rank: 49
JHMB Sharpe Ratio Rank: 51
JHMB Sortino Ratio Rank: 57
JHMB Omega Ratio Rank: 50
JHMB Calmar Ratio Rank: 46
JHMB Martin Ratio Rank: 42

JHMU

JHMU Risk / Return Rank: 74
JHMU Sharpe Ratio Rank: 82
JHMU Sortino Ratio Rank: 87
JHMU Omega Ratio Rank: 88
JHMU Calmar Ratio Rank: 56
JHMU Martin Ratio Rank: 56

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.

JHMB vs. JHMU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for John Hancock Mortgage Backed Securities ETF (JHMB) 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.

	JHMB	JHMU	Difference
Sharpe ratio Return per unit of total volatility	1.75	2.65	-0.90
Sortino ratio Return per unit of downside risk	2.69	3.92	-1.23
Omega ratio Gain probability vs. loss probability	1.31	1.56	-0.25
Calmar ratio Return relative to maximum drawdown	2.26	2.70	-0.44
Martin ratio Return relative to average drawdown	6.58	9.67	-3.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JHMB vs. JHMU - Sharpe Ratio Comparison

The current JHMB Sharpe Ratio is 1.75, which is lower than the JHMU Sharpe Ratio of 2.65. The chart below compares the historical Sharpe Ratios of JHMB 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.

Sharpe Ratios by Period

	JHMB	JHMU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.75	2.65	-0.90
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	1.74	-1.49

Drawdowns

JHMB vs. JHMU - Drawdown Comparison

The maximum JHMB drawdown since its inception was -14.53%, which is greater than JHMU's maximum drawdown of -4.48%. Use the drawdown chart below to compare losses from any high point for JHMB and JHMU.

Drawdown Indicators

	JHMB	JHMU	Difference
Max Drawdown Largest peak-to-trough decline	-14.53%	-4.48%	-10.05%
Max Drawdown (1Y) Largest decline over 1 year	-3.01%	-2.77%	-0.24%
Max Drawdown (3Y) Largest decline over 3 years	-5.80%	—	—
Current Drawdown Current decline from peak	-1.84%	-0.60%	-1.24%
Average Drawdown Average peak-to-trough decline	-4.82%	-0.84%	-3.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.03%	0.77%	+0.26%

Volatility

JHMB vs. JHMU - Volatility Comparison

John Hancock Mortgage Backed Securities ETF (JHMB) has a higher volatility of 1.16% compared to John Hancock Dynamic Municipal Bond ETF (JHMU) at 0.96%. This indicates that JHMB'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

	JHMB	JHMU	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.16%	0.96%	+0.20%
Volatility (6M) Calculated over the trailing 6-month period	2.76%	2.21%	+0.55%
Volatility (1Y) Calculated over the trailing 1-year period	3.91%	2.82%	+1.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.81%	4.11%	+1.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.81%	4.11%	+1.70%

JHMB vs. JHMU - Expense Ratio Comparison

Both JHMB and JHMU have an expense ratio of 0.39%.

Dividends

JHMB vs. JHMU - Dividend Comparison

JHMB's dividend yield for the trailing twelve months is around 4.73%, more than JHMU's 3.72% yield.

Position	TTM	2025	2024	2023	2022	2021
JHMB John Hancock Mortgage Backed Securities ETF	4.73%	4.48%	4.88%	4.04%	4.17%	0.98%
JHMU John Hancock Dynamic Municipal Bond ETF	3.72%	4.36%	7.29%	0.63%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JHMB and JHMU in my portfolio?

JHMB and JHMU have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JHMB or JHMU?

JHMB has higher volatility (1.16%) compared to JHMU (0.96%). In terms of maximum drawdown, JHMB dropped -14.53% vs JHMU's -4.48%.

Which ETF is better, JHMB or JHMU?

On 1-year performance, JHMU leads with 7.44% vs 6.77% for JHMB. Both ETFs have the same 0.39% expense ratio. On volatility, JHMU has been the lower-risk option at 0.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JHMB or JHMU?

Over the 1-year period, JHMU has performed better with a 7.44% return vs 6.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JHMB or JHMU?

JHMB and JHMU have the same expense ratio: 0.39% per year.

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

JHMB has the higher dividend yield at 4.73%, compared with 3.72% for JHMU.

What is the main difference between JHMB and JHMU?

JHMB is categorized as Intermediate Core-Plus Bond, while JHMU is Municipal Bonds.

Which has better risk-adjusted returns?

JHMU currently has the higher Sharpe Ratio (2.65 vs 1.75), 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.