JMBS vs. GNMA
JMBS (Janus Henderson Mortgage-Backed Securities ETF) and GNMA (iShares GNMA Bond ETF) are both Mortgage Backed Securities funds. JMBS is actively managed, while GNMA is passively managed. Over the past 5 years, JMBS returned 0.44%/yr vs 0.31%/yr for GNMA. Their 0.79 correlation means they have sometimes moved together and sometimes differently. JMBS charges 0.32%/yr vs 0.15%/yr for GNMA.
Performance
JMBS vs. GNMA - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with JMBS having a -0.47% return and GNMA slightly higher at -0.46%.
JMBS
- 1D
- -0.42%
- 1M
- -1.51%
- 6M
- -1.06%
- YTD
- -0.47%
- 1Y
- 3.43%
- 3Y*
- 4.59%
- 5Y*
- 0.44%
- 10Y*
- —
- ALL TIME*
- 2.13%
GNMA
- 1D
- -0.10%
- 1M
- -1.44%
- 6M
- -0.93%
- YTD
- -0.46%
- 1Y
- 3.15%
- 3Y*
- 4.21%
- 5Y*
- 0.31%
- 10Y*
- 1.05%
- ALL TIME*
- 1.28%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.87M | $1.71M | $1.66M | |
| $29.93M | $27.70M | $29.57M |
JMBS vs. GNMA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
JMBS Janus Henderson Mortgage-Backed Securities ETF | -0.47% | 8.82% | 1.53% | 5.66% | -11.40% | -0.32% | 5.80% | 7.11% | 1.55% |
GNMA iShares GNMA Bond ETF | -0.46% | 8.25% | 1.07% | 5.34% | -10.83% | -1.86% | 3.51% | 5.85% | 1.83% |
Correlation
The correlation between JMBS and GNMA is 0.81, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.81 |
Correlation (3Y) Balances recent behavior with more history. | 0.90 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.90 |
Correlation (All Time) Calculated using the full available price history since Sep 13, 2018 | 0.79 |
The correlation between JMBS and GNMA shifts across timeframes, from 0.79 (all time) to 0.90 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
JMBS vs. GNMA — Risk / Return Rank
JMBS
GNMA
JMBS vs. GNMA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Mortgage-Backed Securities ETF (JMBS) and iShares GNMA Bond ETF (GNMA). 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.
| JMBS | GNMA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.08 | ||
| Sortino ratioReturn per unit of downside risk | +0.08 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.16 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.44 | 1.54 | -0.10 |
| Martin ratioReturn relative to average drawdown | 3.93 | 4.10 | -0.17 |
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Drawdowns
JMBS vs. GNMA - Drawdown Comparison
The maximum JMBS drawdown since its inception was -16.68%, roughly equal to the maximum GNMA drawdown of -17.09%. Use the drawdown chart below to compare losses from any high point for JMBS and GNMA.
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Drawdown Indicators
| JMBS | GNMA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.68% | -17.09% | +0.41% |
Max Drawdown (1Y)Largest decline over 1 year | -3.05% | -2.61% | -0.44% |
Max Drawdown (3Y)Largest decline over 3 years | -6.67% | -6.11% | -0.56% |
Max Drawdown (5Y)Largest decline over 5 years | -16.64% | -15.80% | -0.84% |
Max Drawdown (10Y)Largest decline over 10 years | — | -17.09% | — |
Current DrawdownCurrent decline from peak | -2.61% | -2.41% | -0.20% |
Average DrawdownAverage peak-to-trough decline | -3.85% | -3.64% | -0.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.12% | 0.98% | +0.14% |
Volatility
JMBS vs. GNMA - Volatility Comparison
Janus Henderson Mortgage-Backed Securities ETF (JMBS) and iShares GNMA Bond ETF (GNMA) have volatilities of 1.21% and 1.24%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JMBS | GNMA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.21% | 1.24% | -0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 3.48% | 3.35% | +0.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.30% | 4.26% | +0.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.54% | 6.65% | -0.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.50% | 5.15% | +0.35% |
JMBS vs. GNMA - Expense Ratio Comparison
JMBS has a 0.32% expense ratio, which is higher than GNMA's 0.15% expense ratio.
Dividends
JMBS vs. GNMA - Dividend Comparison
JMBS's dividend yield for the trailing twelve months is around 5.72%, more than GNMA's 4.30% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GNMA iShares GNMA Bond ETF | 3.94% | 4.19% | 4.15% | 3.43% | 2.01% | 0.64% | 1.89% | 2.61% | 2.41% | 2.15% | 1.89% | 1.50% |
JMBS Janus Henderson Mortgage-Backed Securities ETF | 5.30% | 5.03% | 5.53% | 4.38% | 2.73% | 1.16% | 2.92% | 3.63% | 0.89% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
JMBS and GNMA have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GNMA has higher volatility (1.24%) compared to JMBS (1.21%). In terms of maximum drawdown, JMBS dropped -16.68% vs GNMA's -17.09%.
On 5-year performance, JMBS leads with 0.44% vs 0.31% for GNMA. On fees, GNMA is cheaper at 0.15% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, JMBS has performed better with a 0.44% return vs 0.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GNMA is cheaper with a 0.15% expense ratio, compared with 0.32% for JMBS.
JMBS has the higher dividend yield at 5.30%, compared with 3.94% for GNMA.
They also come from different issuers: Janus Henderson and iShares. Their fees differ too: 0.32% for JMBS and 0.15% for GNMA.
JMBS currently has the higher Sharpe Ratio (1.03 vs 0.95), 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.
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