JHMU vs. JHCB

Last updated Aug 5, 2026

JHMU (John Hancock Dynamic Municipal Bond ETF) and JHCB (John Hancock Corporate Bond ETF) are both exchange-traded funds - JHMU is a Municipal Bonds fund tracking the John Hancock Dimensional Utilities Index, while JHCB is a Corporate Bonds fund actively managed by John Hancock. JHMU is passively managed, while JHCB is actively managed. Over the past year, JHMU returned 5.35% vs 1.96% for JHCB. Their 0.62 correlation means they have sometimes moved together and sometimes differently. JHMU charges 0.39%/yr vs 0.29%/yr for JHCB.

Performance

JHMU vs. JHCB - Performance Comparison

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

Returns By Period

In the year-to-date period, JHMU achieves a 0.98% return, which is significantly higher than JHCB's -0.25% return.

JHMU

• 1D: 0.08%
• 1M: -1.35%
• 6M: -0.16%
• YTD: 0.98%
• 1Y: 5.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.38%

JHCB

• 1D: 0.40%
• 1M: -1.23%
• 6M: -0.60%
• YTD: -0.25%
• 1Y: 1.96%
• 3Y*: 5.43%
• 5Y*: -0.02%
• 10Y*: —
• ALL TIME*: 0.86%

*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	$511.17K	$382.51K	$350.92K
JHMU John Hancock Dynamic Municipal Bond ETF	$409.05K	$235.24K	$143.41K

JHMU vs. JHCB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
JHMU John Hancock Dynamic Municipal Bond ETF	0.98%	5.03%	3.76%	7.73%
JHCB John Hancock Corporate Bond ETF	-0.25%	8.02%	2.75%	9.73%

Correlation

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

Return for Risk

JHMU vs. JHCB — Risk / Return Rank

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

JHMU

JHMU Risk / Return Rank: 64
JHMU Sharpe Ratio Rank: 72
JHMU Sortino Ratio Rank: 73
JHMU Omega Ratio Rank: 78
JHMU Calmar Ratio Rank: 48
JHMU Martin Ratio Rank: 49

JHCB

JHCB Risk / Return Rank: 19
JHCB Sharpe Ratio Rank: 20
JHCB Sortino Ratio Rank: 18
JHCB Omega Ratio Rank: 17
JHCB Calmar Ratio Rank: 20
JHCB Martin Ratio Rank: 22

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.

JHMU vs. JHCB - Risk-Adjusted Trends Comparison

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

	JHMU	JHCB	Difference
Sharpe ratio: Return per unit of total volatility	1.86	0.46	+1.40
Sortino ratio: Return per unit of downside risk	2.66	0.67	+1.99
Omega ratio: Gain probability vs. loss probability	1.36	1.08	+0.28
Calmar ratio: Return relative to maximum drawdown	1.94	0.62	+1.32
Martin ratio: Return relative to average drawdown	6.36	1.80	+4.56

JHMU vs. JHCB - Sharpe Ratio Comparison

The current JHMU Sharpe Ratio is 1.86, which is higher than the JHCB Sharpe Ratio of 0.46. The chart below compares the historical Sharpe Ratios of JHMU and JHCB, 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

JHMU vs. JHCB - Drawdown Comparison

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

Drawdown Indicators

	JHMU	JHCB	Difference
Max Drawdown Largest peak-to-trough decline	-4.48%	-22.61%	+18.13%
Max Drawdown (1Y) Largest decline over 1 year	-2.77%	-3.16%	+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	-1.50%	-1.65%	+0.15%
Average Drawdown Average peak-to-trough decline	-0.83%	-7.98%	+7.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.84%	1.10%	-0.26%

Volatility

JHMU vs. JHCB - Volatility Comparison

The current volatility for John Hancock Dynamic Municipal Bond ETF (JHMU) is 0.92%, while John Hancock Corporate Bond ETF (JHCB) has a volatility of 1.26%. This indicates that JHMU experiences smaller price fluctuations and is considered to be less risky than JHCB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JHMU	JHCB	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.92%	1.26%	-0.34%
Volatility (6M) Calculated over the trailing 6-month period	2.31%	3.51%	-1.20%
Volatility (1Y) Calculated over the trailing 1-year period	2.89%	4.31%	-1.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.05%	6.94%	-2.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.05%	6.81%	-2.76%

JHMU vs. JHCB - Expense Ratio Comparison

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

Dividends

JHMU vs. JHCB - Dividend Comparison

JHMU's dividend yield for the trailing twelve months is around 3.85%, less than JHCB's 5.09% yield.

Position	TTM	2025	2024	2023	2022	2021
JHCB John Hancock Corporate Bond ETF	5.09%	4.92%	5.02%	4.35%	3.86%	2.41%
JHMU John Hancock Dynamic Municipal Bond ETF	3.85%	4.36%	7.29%	0.63%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JHMU and JHCB in my portfolio?

JHMU and JHCB 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, JHMU or JHCB?

JHCB has higher volatility (1.26%) compared to JHMU (0.92%). In terms of maximum drawdown, JHMU dropped -4.48% vs JHCB's -22.61%.

Which ETF is better, JHMU or JHCB?

On 1-year performance, JHMU leads with 5.35% vs 1.96% for JHCB. On fees, JHCB is cheaper at 0.29% per year. On volatility, JHMU has been the lower-risk option at 0.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JHMU or JHCB?

Over the 1-year period, JHMU has performed better with a 5.35% return vs 1.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JHMU or JHCB?

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

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

JHCB has the higher dividend yield at 5.09%, compared with 3.85% for JHMU.

What is the main difference between JHMU and JHCB?

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

Which has better risk-adjusted returns?

JHMU currently has the higher Sharpe Ratio (1.86 vs 0.46), 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.