JLQD vs. JMBS

Last updated Jun 23, 2026

JLQD (Janus Henderson Corporate Bond ETF) and JMBS (Janus Henderson Mortgage-Backed Securities ETF) are both exchange-traded funds - JLQD is a Corporate Bonds fund tracking the Bloomberg U.S. Corporate Bond Index, while JMBS is a Mortgage Backed Securities fund actively managed by Janus Henderson. JLQD is passively managed, while JMBS is actively managed. Over the past 3 years, JLQD returned 5.64%/yr vs 4.63%/yr for JMBS. Their correlation of 0.86 suggests significant overlap in exposure. JLQD charges 0.20%/yr vs 0.32%/yr for JMBS.

Performance

JLQD vs. JMBS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson Corporate Bond ETF (JLQD) and Janus Henderson Mortgage-Backed Securities ETF (JMBS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JLQD achieves a 0.54% return, which is significantly lower than JMBS's 0.62% return.

JLQD

• 1D: -0.16%
• 1M: 0.89%
• YTD: 0.54%
• 6M: 0.73%
• 1Y: 5.65%
• 3Y*: 5.64%
• 5Y*: —
• 10Y*: —

JMBS

• 1D: -0.20%
• 1M: 0.43%
• YTD: 0.62%
• 6M: 0.77%
• 1Y: 6.31%
• 3Y*: 4.63%
• 5Y*: 0.79%
• 10Y*: —

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

JLQD vs. JMBS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
JLQD Janus Henderson Corporate Bond ETF	0.54%	7.77%	3.21%	8.76%	-15.99%	-1.00%
JMBS Janus Henderson Mortgage-Backed Securities ETF	0.62%	8.82%	1.53%	5.66%	-11.40%	-0.72%

Correlation

The correlation between JLQD and JMBS is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (All Time) Calculated using the full available price history since Sep 9, 2021	0.86

The correlation between JLQD and JMBS has been stable across timeframes, ranging from 0.86 to 0.89 - a consistent structural relationship.

Return for Risk

JLQD vs. JMBS — Risk / Return Rank

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

JLQD

JLQD Risk / Return Rank: 43
JLQD Sharpe Ratio Rank: 44
JLQD Sortino Ratio Rank: 46
JLQD Omega Ratio Rank: 43
JLQD Calmar Ratio Rank: 40
JLQD Martin Ratio Rank: 42

JMBS

JMBS Risk / Return Rank: 43
JMBS Sharpe Ratio Rank: 44
JMBS Sortino Ratio Rank: 45
JMBS Omega Ratio Rank: 43
JMBS Calmar Ratio Rank: 43
JMBS Martin Ratio Rank: 41

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.

JLQD vs. JMBS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Corporate Bond ETF (JLQD) and Janus Henderson Mortgage-Backed Securities ETF (JMBS). 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.

	JLQD	JMBS	Difference
Sharpe ratio: Return per unit of total volatility	1.50	1.49	+0.01
Sortino ratio: Return per unit of downside risk	2.23	2.20	+0.02
Omega ratio: Gain probability vs. loss probability	1.27	1.27	0.00
Calmar ratio: Return relative to maximum drawdown	1.98	2.07	-0.10
Martin ratio: Return relative to average drawdown	6.72	6.47	+0.25

JLQD vs. JMBS - Sharpe Ratio Comparison

The current JLQD Sharpe Ratio is 1.50, which is comparable to the JMBS Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of JLQD and JMBS, 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

JLQD vs. JMBS - Drawdown Comparison

The maximum JLQD drawdown since its inception was -21.17%, which is greater than JMBS's maximum drawdown of -16.68%. Use the drawdown chart below to compare losses from any high point for JLQD and JMBS.

Drawdown Indicators

	JLQD	JMBS	Difference
Max Drawdown Largest peak-to-trough decline	-21.17%	-16.68%	-4.49%
Max Drawdown (1Y) Largest decline over 1 year	-2.87%	-3.05%	+0.18%
Max Drawdown (3Y) Largest decline over 3 years	-6.84%	-7.76%	+0.92%
Max Drawdown (5Y) Largest decline over 5 years	—	-16.68%	—
Current Drawdown Current decline from peak	-0.68%	-1.55%	+0.87%
Average Drawdown Average peak-to-trough decline	-8.68%	-3.88%	-4.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.84%	0.98%	-0.14%

Volatility

JLQD vs. JMBS - Volatility Comparison

The current volatility for Janus Henderson Corporate Bond ETF (JLQD) is 0.93%, while Janus Henderson Mortgage-Backed Securities ETF (JMBS) has a volatility of 1.33%. This indicates that JLQD experiences smaller price fluctuations and is considered to be less risky than JMBS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JLQD	JMBS	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.93%	1.33%	-0.40%
Volatility (6M) Calculated over the trailing 6-month period	2.82%	3.35%	-0.53%
Volatility (1Y) Calculated over the trailing 1-year period	3.79%	4.27%	-0.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.29%	6.51%	-0.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.29%	5.52%	+0.77%

JLQD vs. JMBS - Expense Ratio Comparison

JLQD has a 0.20% expense ratio, which is lower than JMBS's 0.32% expense ratio.

Dividends

JLQD vs. JMBS - Dividend Comparison

JLQD's dividend yield for the trailing twelve months is around 5.43%, more than JMBS's 5.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
JLQD Janus Henderson Corporate Bond ETF	5.43%	5.28%	5.36%	3.99%	2.77%	0.83%	0.00%	0.00%	0.00%
JMBS Janus Henderson Mortgage-Backed Securities ETF	5.19%	5.03%	5.53%	4.38%	2.73%	1.16%	2.92%	3.63%	0.89%

Frequently Asked Questions

Can I hold both JLQD and JMBS in my portfolio?

JLQD and JMBS have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JLQD or JMBS?

JMBS has higher volatility (1.33%) compared to JLQD (0.93%). In terms of maximum drawdown, JLQD dropped -21.17% vs JMBS's -16.68%.

Which ETF is better, JLQD or JMBS?

On 3-year performance, JLQD leads with 5.64% vs 4.63% for JMBS. On fees, JLQD is cheaper at 0.20% per year. On volatility, JLQD has been the lower-risk option at 0.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JLQD or JMBS?

Over the 3-year period, JLQD has performed better with a 5.64% return vs 4.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JLQD or JMBS?

JLQD is cheaper with a 0.20% expense ratio, compared with 0.32% for JMBS.

Which ETF pays a higher dividend yield, JLQD or JMBS?

JLQD has the higher dividend yield at 5.43%, compared with 5.19% for JMBS.

What is the main difference between JLQD and JMBS?

JLQD is categorized as Corporate Bonds, while JMBS is Mortgage Backed Securities. Their fees differ too: 0.20% for JLQD and 0.32% for JMBS.

Which has better risk-adjusted returns?

JLQD currently has the higher Sharpe Ratio (1.50 vs 1.49), 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.