JIII vs. VGMS

Last updated Jun 23, 2026

JIII (Janus Henderson Income ETF) and VGMS (Vanguard Multi-Sector Income Bond ETF) are both Multisector Bonds funds. Both are actively managed. Over the past year, JIII returned 6.67% vs 6.59% for VGMS. A 0.76 correlation means they provide meaningful diversification when combined. JIII charges 0.54%/yr vs 0.30%/yr for VGMS.

Performance

JIII vs. VGMS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson Income ETF (JIII) and Vanguard Multi-Sector Income Bond ETF (VGMS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JIII achieves a 1.60% return, which is significantly higher than VGMS's 1.30% return.

JIII

• 1D: -0.15%
• 1M: 1.10%
• YTD: 1.60%
• 6M: 1.88%
• 1Y: 6.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

VGMS

• 1D: -0.27%
• 1M: 0.56%
• YTD: 1.30%
• 6M: 1.52%
• 1Y: 6.59%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JIII vs. VGMS - Yearly Performance Comparison

	2026 (YTD)	2025
JIII Janus Henderson Income ETF	1.60%	5.37%
VGMS Vanguard Multi-Sector Income Bond ETF	1.30%	5.51%

Correlation

The correlation between JIII and VGMS is 0.77, 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	0.77
Correlation (All Time) Calculated using the full available price history since Jun 11, 2025	0.76

The correlation between JIII and VGMS has been stable across timeframes, ranging from 0.76 to 0.77 - a consistent structural relationship.

Return for Risk

JIII vs. VGMS — Risk / Return Rank

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

JIII

JIII Risk / Return Rank: 61
JIII Sharpe Ratio Rank: 56
JIII Sortino Ratio Rank: 59
JIII Omega Ratio Rank: 64
JIII Calmar Ratio Rank: 62
JIII Martin Ratio Rank: 64

VGMS

VGMS Risk / Return Rank: 65
VGMS Sharpe Ratio Rank: 64
VGMS Sortino Ratio Rank: 69
VGMS Omega Ratio Rank: 68
VGMS Calmar Ratio Rank: 56
VGMS Martin Ratio Rank: 68

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. VGMS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Income ETF (JIII) and Vanguard Multi-Sector Income Bond ETF (VGMS). 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.

	JIII	VGMS	Difference
Sharpe ratio: Return per unit of total volatility	1.84	2.03	-0.18
Sortino ratio: Return per unit of downside risk	2.71	3.02	-0.31
Omega ratio: Gain probability vs. loss probability	1.37	1.39	-0.02
Calmar ratio: Return relative to maximum drawdown	2.95	2.68	+0.27
Martin ratio: Return relative to average drawdown	11.12	12.17	-1.05

JIII vs. VGMS - Sharpe Ratio Comparison

The current JIII Sharpe Ratio is 1.84, which is comparable to the VGMS Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of JIII and VGMS, 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

JIII vs. VGMS - Drawdown Comparison

The maximum JIII drawdown since its inception was -3.55%, which is greater than VGMS's maximum drawdown of -2.46%. Use the drawdown chart below to compare losses from any high point for JIII and VGMS.

Drawdown Indicators

	JIII	VGMS	Difference
Max Drawdown Largest peak-to-trough decline	-3.55%	-2.46%	-1.09%
Max Drawdown (1Y) Largest decline over 1 year	-2.27%	-2.46%	+0.19%
Current Drawdown Current decline from peak	-0.45%	-0.35%	-0.10%
Average Drawdown Average peak-to-trough decline	-0.49%	-0.30%	-0.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.60%	0.54%	+0.06%

Volatility

JIII vs. VGMS - Volatility Comparison

Janus Henderson Income ETF (JIII) has a higher volatility of 1.28% compared to Vanguard Multi-Sector Income Bond ETF (VGMS) at 1.05%. This indicates that JIII's price experiences larger fluctuations and is considered to be riskier than VGMS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JIII	VGMS	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.28%	1.05%	+0.23%
Volatility (6M) Calculated over the trailing 6-month period	2.88%	2.65%	+0.23%
Volatility (1Y) Calculated over the trailing 1-year period	3.64%	3.27%	+0.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.00%	3.24%	+0.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.00%	3.24%	+0.76%

JIII vs. VGMS - Expense Ratio Comparison

JIII has a 0.54% expense ratio, which is higher than VGMS's 0.30% expense ratio.

Dividends

JIII vs. VGMS - Dividend Comparison

JIII's dividend yield for the trailing twelve months is around 7.40%, more than VGMS's 5.15% yield.

Position	TTM	2025	2024
JIII Janus Henderson Income ETF	7.40%	7.33%	0.44%
VGMS Vanguard Multi-Sector Income Bond ETF	5.15%	2.94%	0.00%

Frequently Asked Questions

Can I hold both JIII and VGMS in my portfolio?

JIII and VGMS have a correlation of 0.77, 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 VGMS?

JIII has higher volatility (1.28%) compared to VGMS (1.05%). In terms of maximum drawdown, JIII dropped -3.55% vs VGMS's -2.46%.

Which ETF is better, JIII or VGMS?

On 1-year performance, JIII leads with 6.67% vs 6.59% for VGMS. On fees, VGMS is cheaper at 0.30% per year. On volatility, VGMS has been the lower-risk option at 1.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JIII or VGMS?

Over the 1-year period, JIII has performed better with a 6.67% return vs 6.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JIII or VGMS?

VGMS is cheaper with a 0.30% expense ratio, compared with 0.54% for JIII.

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

JIII has the higher dividend yield at 7.40%, compared with 5.15% for VGMS.

What is the main difference between JIII and VGMS?

They also come from different issuers: Janus Henderson and Vanguard. Their fees differ too: 0.54% for JIII and 0.30% for VGMS.

Which has better risk-adjusted returns?

VGMS currently has the higher Sharpe Ratio (2.03 vs 1.84), 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.