JIII vs. MUSE

Last updated Jun 5, 2026

JIII (Janus Henderson Income ETF) and MUSE (TCW Multisector Credit Income ETF) are both Multisector Bonds funds. Both are actively managed. Over the past year, JIII returned 6.54% vs 8.03% for MUSE. At a 0.48 correlation, their price movements are largely independent. JIII charges 0.54%/yr vs 0.56%/yr for MUSE.

Performance

JIII vs. MUSE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson Income ETF (JIII) and TCW Multisector Credit Income ETF (MUSE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JIII achieves a 1.19% return, which is significantly lower than MUSE's 2.34% return.

JIII

• 1D: 0.16%
• 1M: 0.35%
• YTD: 1.19%
• 6M: 1.66%
• 1Y: 6.54%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MUSE

• 1D: 0.04%
• 1M: 0.90%
• YTD: 2.34%
• 6M: 2.84%
• 1Y: 8.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JIII vs. MUSE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
JIII Janus Henderson Income ETF	1.19%	8.28%	0.70%
MUSE TCW Multisector Credit Income ETF	2.34%	8.25%	0.34%

Correlation

The correlation between JIII and MUSE is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (All Time) Calculated using the full available price history since Nov 19, 2024	0.48

Return for Risk

JIII vs. MUSE — Risk / Return Rank

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

JIII

JIII Risk / Return Rank: 59
JIII Sharpe Ratio Rank: 55
JIII Sortino Ratio Rank: 59
JIII Omega Ratio Rank: 62
JIII Calmar Ratio Rank: 59
JIII Martin Ratio Rank: 62

MUSE

MUSE Risk / Return Rank: 81
MUSE Sharpe Ratio Rank: 88
MUSE Sortino Ratio Rank: 93
MUSE Omega Ratio Rank: 94
MUSE Calmar Ratio Rank: 65
MUSE Martin Ratio Rank: 65

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.

JIII vs. MUSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Income ETF (JIII) and TCW Multisector Credit Income ETF (MUSE). 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.

	JIII	MUSE	Difference
Sharpe ratio: Return per unit of total volatility	1.85	2.87	-1.02
Sortino ratio: Return per unit of downside risk	2.74	4.56	-1.82
Omega ratio: Gain probability vs. loss probability	1.37	1.67	-0.30
Calmar ratio: Return relative to maximum drawdown	2.89	3.18	-0.28
Martin ratio: Return relative to average drawdown	10.97	11.79	-0.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JIII vs. MUSE - Sharpe Ratio Comparison

The current JIII Sharpe Ratio is 1.85, which is lower than the MUSE Sharpe Ratio of 2.87. The chart below compares the historical Sharpe Ratios of JIII and MUSE, 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

	JIII	MUSE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.85	2.87	-1.02
Sharpe Ratio (All Time) Calculated using the full available price history	1.64	1.86	-0.22

Drawdowns

JIII vs. MUSE - Drawdown Comparison

The maximum JIII drawdown since its inception was -3.55%, roughly equal to the maximum MUSE drawdown of -3.63%. Use the drawdown chart below to compare losses from any high point for JIII and MUSE.

Drawdown Indicators

	JIII	MUSE	Difference
Max Drawdown Largest peak-to-trough decline	-3.55%	-3.63%	+0.08%
Max Drawdown (1Y) Largest decline over 1 year	-2.27%	-2.54%	+0.27%
Current Drawdown Current decline from peak	-0.14%	-0.06%	-0.08%
Average Drawdown Average peak-to-trough decline	-0.50%	-0.42%	-0.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.60%	0.68%	-0.08%

Volatility

JIII vs. MUSE - Volatility Comparison

Janus Henderson Income ETF (JIII) has a higher volatility of 1.29% compared to TCW Multisector Credit Income ETF (MUSE) at 0.86%. This indicates that JIII's price experiences larger fluctuations and is considered to be riskier than MUSE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JIII	MUSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.29%	0.86%	+0.43%
Volatility (6M) Calculated over the trailing 6-month period	2.65%	2.40%	+0.25%
Volatility (1Y) Calculated over the trailing 1-year period	3.56%	2.81%	+0.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.96%	3.86%	+0.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.96%	3.86%	+0.10%

JIII vs. MUSE - Expense Ratio Comparison

JIII has a 0.54% expense ratio, which is lower than MUSE's 0.56% expense ratio.

Dividends

JIII vs. MUSE - Dividend Comparison

JIII's dividend yield for the trailing twelve months is around 7.43%, less than MUSE's 7.70% yield.

Position	TTM	2025	2024
JIII Janus Henderson Income ETF	7.43%	7.33%	0.44%
MUSE TCW Multisector Credit Income ETF	7.70%	7.35%	0.75%

Frequently Asked Questions

Can I hold both JIII and MUSE in my portfolio?

JIII and MUSE have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JIII or MUSE?

JIII has higher volatility (1.29%) compared to MUSE (0.86%). In terms of maximum drawdown, JIII dropped -3.55% vs MUSE's -3.63%.

Which ETF is better, JIII or MUSE?

On 1-year performance, MUSE leads with 8.03% vs 6.54% for JIII. On fees, JIII is cheaper at 0.54% per year. On volatility, MUSE has been the lower-risk option at 0.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JIII or MUSE?

Over the 1-year period, MUSE has performed better with a 8.03% return vs 6.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JIII or MUSE?

JIII is cheaper with a 0.54% expense ratio, compared with 0.56% for MUSE.

Which ETF pays a higher dividend yield, JIII or MUSE?

MUSE has the higher dividend yield at 7.70%, compared with 7.43% for JIII.

What is the main difference between JIII and MUSE?

They also come from different issuers: Janus Henderson and TCW. Their fees differ too: 0.54% for JIII and 0.56% for MUSE.

Which has better risk-adjusted returns?

MUSE currently has the higher Sharpe Ratio (2.87 vs 1.85), 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.