JMBS vs. CLOZ

Last updated Jun 4, 2026

JMBS (Janus Henderson Mortgage-Backed Securities ETF) and CLOZ (Panagram Bbb-B Clo ETF) are both exchange-traded funds - JMBS is a Mortgage Backed Securities fund actively managed by Janus Henderson, while CLOZ is a CLO fund actively managed by Panagram. Both are actively managed. Over the past 3 years, JMBS returned 4.66%/yr vs 10.62%/yr for CLOZ. At a correlation of -0.03, they often move in opposite directions. JMBS charges 0.32%/yr vs 0.50%/yr for CLOZ.

Performance

JMBS vs. CLOZ - Performance Comparison

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

Returns By Period

In the year-to-date period, JMBS achieves a 0.51% return, which is significantly lower than CLOZ's 2.53% return.

JMBS

• 1D: -0.29%
• 1M: 0.29%
• YTD: 0.51%
• 6M: 0.73%
• 1Y: 7.18%
• 3Y*: 4.66%
• 5Y*: 0.74%
• 10Y*: —

CLOZ

• 1D: -0.02%
• 1M: 0.66%
• YTD: 2.53%
• 6M: 3.13%
• 1Y: 6.21%
• 3Y*: 10.62%
• 5Y*: —
• 10Y*: —

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

JMBS vs. CLOZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
JMBS Janus Henderson Mortgage-Backed Securities ETF	0.51%	8.82%	1.53%	2.17%
CLOZ Panagram Bbb-B Clo ETF	2.53%	5.99%	11.85%	14.92%

Correlation

The correlation between JMBS and CLOZ is 0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.02
Correlation (3Y) Calculated over the trailing 3-year period	-0.03
Correlation (All Time) Calculated using the full available price history since Jan 25, 2023	-0.03

Return for Risk

JMBS vs. CLOZ — Risk / Return Rank

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

JMBS

JMBS Risk / Return Rank: 48
JMBS Sharpe Ratio Rank: 47
JMBS Sortino Ratio Rank: 51
JMBS Omega Ratio Rank: 48
JMBS Calmar Ratio Rank: 47
JMBS Martin Ratio Rank: 47

CLOZ

CLOZ Risk / Return Rank: 47
CLOZ Sharpe Ratio Rank: 51
CLOZ Sortino Ratio Rank: 45
CLOZ Omega Ratio Rank: 75
CLOZ Calmar Ratio Rank: 32
CLOZ Martin Ratio Rank: 34

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.

JMBS vs. CLOZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Mortgage-Backed Securities ETF (JMBS) and Panagram Bbb-B Clo ETF (CLOZ). 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.

	JMBS	CLOZ	Difference
Sharpe ratio: Return per unit of total volatility	1.67	1.81	-0.14
Sortino ratio: Return per unit of downside risk	2.49	2.31	+0.19
Omega ratio: Gain probability vs. loss probability	1.31	1.46	-0.15
Calmar ratio: Return relative to maximum drawdown	2.36	1.60	+0.76
Martin ratio: Return relative to average drawdown	7.80	5.31	+2.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JMBS vs. CLOZ - Sharpe Ratio Comparison

The current JMBS Sharpe Ratio is 1.67, which is comparable to the CLOZ Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of JMBS and CLOZ, 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

	JMBS	CLOZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.67	1.81	-0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.11	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	2.77	-2.35

Drawdowns

JMBS vs. CLOZ - Drawdown Comparison

The maximum JMBS drawdown since its inception was -16.68%, which is greater than CLOZ's maximum drawdown of -5.32%. Use the drawdown chart below to compare losses from any high point for JMBS and CLOZ.

Drawdown Indicators

	JMBS	CLOZ	Difference
Max Drawdown Largest peak-to-trough decline	-16.68%	-5.32%	-11.36%
Max Drawdown (1Y) Largest decline over 1 year	-3.05%	-3.90%	+0.85%
Max Drawdown (3Y) Largest decline over 3 years	-7.76%	-5.32%	-2.44%
Max Drawdown (5Y) Largest decline over 5 years	-16.68%	—	—
Current Drawdown Current decline from peak	-1.66%	-0.12%	-1.54%
Average Drawdown Average peak-to-trough decline	-3.90%	-0.38%	-3.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.92%	1.17%	-0.25%

Volatility

JMBS vs. CLOZ - Volatility Comparison

Janus Henderson Mortgage-Backed Securities ETF (JMBS) has a higher volatility of 1.65% compared to Panagram Bbb-B Clo ETF (CLOZ) at 0.42%. This indicates that JMBS's price experiences larger fluctuations and is considered to be riskier than CLOZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JMBS	CLOZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.65%	0.42%	+1.23%
Volatility (6M) Calculated over the trailing 6-month period	3.23%	3.13%	+0.10%
Volatility (1Y) Calculated over the trailing 1-year period	4.31%	3.45%	+0.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.49%	3.80%	+2.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.52%	3.80%	+1.72%

JMBS vs. CLOZ - Expense Ratio Comparison

JMBS has a 0.32% expense ratio, which is lower than CLOZ's 0.50% expense ratio.

Dividends

JMBS vs. CLOZ - Dividend Comparison

JMBS's dividend yield for the trailing twelve months is around 5.19%, less than CLOZ's 7.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
CLOZ Panagram Bbb-B Clo ETF	7.39%	7.63%	9.09%	8.81%	0.00%	0.00%	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 JMBS and CLOZ in my portfolio?

JMBS and CLOZ have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JMBS or CLOZ?

JMBS has higher volatility (1.65%) compared to CLOZ (0.42%). In terms of maximum drawdown, JMBS dropped -16.68% vs CLOZ's -5.32%.

Which ETF is better, JMBS or CLOZ?

On 3-year performance, CLOZ leads with 10.62% vs 4.66% for JMBS. On fees, JMBS is cheaper at 0.32% per year. On volatility, CLOZ has been the lower-risk option at 0.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JMBS or CLOZ?

Over the 3-year period, CLOZ has performed better with a 10.62% return vs 4.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JMBS or CLOZ?

JMBS is cheaper with a 0.32% expense ratio, compared with 0.50% for CLOZ.

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

CLOZ has the higher dividend yield at 7.39%, compared with 5.19% for JMBS.

What is the main difference between JMBS and CLOZ?

JMBS is categorized as Mortgage Backed Securities, while CLOZ is CLO. They also come from different issuers: Janus Henderson and Panagram. Their fees differ too: 0.32% for JMBS and 0.50% for CLOZ.

Which has better risk-adjusted returns?

CLOZ currently has the higher Sharpe Ratio (1.81 vs 1.67), 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.