JHMU vs. SGOV

Last updated Jun 4, 2026

JHMU (John Hancock Dynamic Municipal Bond ETF) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both exchange-traded funds - JHMU is a Municipal Bonds fund tracking the John Hancock Dimensional Utilities Index, while SGOV is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index. Both are passively managed. Over the past year, JHMU returned 7.44% vs 3.95% for SGOV. At a 0.01 correlation, their price movements are largely independent. JHMU charges 0.39%/yr vs 0.09%/yr for SGOV.

Performance

JHMU vs. SGOV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in John Hancock Dynamic Municipal Bond ETF (JHMU) and iShares 0-3 Month Treasury Bond ETF (SGOV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JHMU achieves a 1.66% return, which is significantly higher than SGOV's 1.51% return.

JHMU

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

SGOV

• 1D: 0.01%
• 1M: 0.29%
• YTD: 1.51%
• 6M: 1.80%
• 1Y: 3.95%
• 3Y*: 4.72%
• 5Y*: 3.54%
• 10Y*: —

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

JHMU vs. SGOV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
JHMU John Hancock Dynamic Municipal Bond ETF	1.66%	5.03%	3.76%	7.77%
SGOV iShares 0-3 Month Treasury Bond ETF	1.51%	4.24%	5.27%	0.84%

Correlation

The correlation between JHMU and SGOV is -0.14, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.14
Correlation (All Time) Calculated using the full available price history since Nov 3, 2023	0.01

The correlation between JHMU and SGOV shifts across timeframes, from -0.14 (1 year) to 0.01 (all time), reflecting how their relationship changes across market environments.

Return for Risk

JHMU vs. SGOV — Risk / Return Rank

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

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

SGOV

SGOV Risk / Return Rank: 100
SGOV Sharpe Ratio Rank: 100
SGOV Sortino Ratio Rank: 100
SGOV Omega Ratio Rank: 100
SGOV Calmar Ratio Rank: 100
SGOV Martin Ratio Rank: 100

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.

JHMU vs. SGOV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for John Hancock Dynamic Municipal Bond ETF (JHMU) and iShares 0-3 Month Treasury Bond ETF (SGOV). 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.

	JHMU	SGOV	Difference
Sharpe ratio Return per unit of total volatility	2.65	20.28	-17.63
Sortino ratio Return per unit of downside risk	3.92	275.69	-271.77
Omega ratio Gain probability vs. loss probability	1.56	195.55	-193.99
Calmar ratio Return relative to maximum drawdown	2.70	398.20	-395.50
Martin ratio Return relative to average drawdown	9.67	4,462.00	-4,452.33
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JHMU vs. SGOV - Sharpe Ratio Comparison

The current JHMU Sharpe Ratio is 2.65, which is lower than the SGOV Sharpe Ratio of 20.28. The chart below compares the historical Sharpe Ratios of JHMU and SGOV, 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

	JHMU	SGOV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.65	20.28	-17.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	14.73	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.74	12.48	-10.74

Drawdowns

JHMU vs. SGOV - Drawdown Comparison

The maximum JHMU drawdown since its inception was -4.48%, which is greater than SGOV's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for JHMU and SGOV.

Drawdown Indicators

	JHMU	SGOV	Difference
Max Drawdown Largest peak-to-trough decline	-4.48%	-0.03%	-4.45%
Max Drawdown (1Y) Largest decline over 1 year	-2.77%	-0.01%	-2.76%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.01%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-0.03%	—
Current Drawdown Current decline from peak	-0.60%	0.00%	-0.60%
Average Drawdown Average peak-to-trough decline	-0.84%	-0.00%	-0.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.77%	0.00%	+0.77%

Volatility

JHMU vs. SGOV - Volatility Comparison

John Hancock Dynamic Municipal Bond ETF (JHMU) has a higher volatility of 0.96% compared to iShares 0-3 Month Treasury Bond ETF (SGOV) at 0.05%. This indicates that JHMU's price experiences larger fluctuations and is considered to be riskier than SGOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JHMU	SGOV	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.96%	0.05%	+0.91%
Volatility (6M) Calculated over the trailing 6-month period	2.21%	0.13%	+2.08%
Volatility (1Y) Calculated over the trailing 1-year period	2.82%	0.20%	+2.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.11%	0.24%	+3.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.11%	0.24%	+3.87%

JHMU vs. SGOV - Expense Ratio Comparison

JHMU has a 0.39% expense ratio, which is higher than SGOV's 0.09% expense ratio.

Dividends

JHMU vs. SGOV - Dividend Comparison

JHMU's dividend yield for the trailing twelve months is around 3.72%, less than SGOV's 3.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
JHMU John Hancock Dynamic Municipal Bond ETF	3.72%	4.36%	7.29%	0.63%	0.00%	0.00%	0.00%
SGOV iShares 0-3 Month Treasury Bond ETF	3.86%	4.10%	5.10%	4.87%	1.45%	0.03%	0.05%

Frequently Asked Questions

Can I hold both JHMU and SGOV in my portfolio?

JHMU and SGOV have a correlation of -0.14, 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 SGOV?

JHMU has higher volatility (0.96%) compared to SGOV (0.05%). In terms of maximum drawdown, JHMU dropped -4.48% vs SGOV's -0.03%.

Which ETF is better, JHMU or SGOV?

On 1-year performance, JHMU leads with 7.44% vs 3.95% for SGOV. On fees, SGOV is cheaper at 0.09% per year. On volatility, SGOV has been the lower-risk option at 0.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JHMU or SGOV?

Over the 1-year period, JHMU has performed better with a 7.44% return vs 3.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JHMU or SGOV?

SGOV is cheaper with a 0.09% expense ratio, compared with 0.39% for JHMU.

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

SGOV has the higher dividend yield at 3.86%, compared with 3.72% for JHMU.

What is the main difference between JHMU and SGOV?

JHMU is categorized as Municipal Bonds, while SGOV is Ultrashort Bond. JHMU tracks John Hancock Dimensional Utilities Index, while SGOV tracks ICE 0-3 Month US Treasury Securities Index. They also come from different issuers: John Hancock and iShares. Their fees differ too: 0.39% for JHMU and 0.09% for SGOV.

Which has better risk-adjusted returns?

SGOV currently has the higher Sharpe Ratio (20.28 vs 2.65), 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.