JMBS vs. JBBB

Last updated Jun 4, 2026

JMBS (Janus Henderson Mortgage-Backed Securities ETF) and JBBB (Janus Henderson B-BBB CLO ETF) are both exchange-traded funds - JMBS is a Mortgage Backed Securities fund actively managed by Janus Henderson, while JBBB is a CLO fund actively managed by Janus Henderson. Both are actively managed. Over the past 3 years, JMBS returned 4.66%/yr vs 10.60%/yr for JBBB. At a 0.08 correlation, their price movements are largely independent. JMBS charges 0.32%/yr vs 0.49%/yr for JBBB.

Performance

JMBS vs. JBBB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson Mortgage-Backed Securities ETF (JMBS) and Janus Henderson B-BBB CLO ETF (JBBB). 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 JBBB's 1.86% return.

JMBS

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

JBBB

• 1D: 0.02%
• 1M: 0.62%
• YTD: 1.86%
• 6M: 2.34%
• 1Y: 5.67%
• 3Y*: 10.60%
• 5Y*: —
• 10Y*: —

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

JMBS vs. JBBB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
JMBS Janus Henderson Mortgage-Backed Securities ETF	0.51%	8.82%	1.53%	5.66%	-10.65%
JBBB Janus Henderson B-BBB CLO ETF	1.86%	5.43%	12.50%	17.63%	-5.99%

Correlation

The correlation between JMBS and JBBB is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.03
Correlation (All Time) Calculated using the full available price history since Jan 13, 2022	0.08

The correlation between JMBS and JBBB shifts across timeframes, from 0.03 (3 years) to 0.20 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

JMBS vs. JBBB — 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

JBBB

JBBB Risk / Return Rank: 51
JBBB Sharpe Ratio Rank: 48
JBBB Sortino Ratio Rank: 56
JBBB Omega Ratio Rank: 59
JBBB Calmar Ratio Rank: 46
JBBB Martin Ratio Rank: 47

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. JBBB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Mortgage-Backed Securities ETF (JMBS) and Janus Henderson B-BBB CLO ETF (JBBB). 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	JBBB	Difference
Sharpe ratio: Return per unit of total volatility	1.67	1.70	-0.03
Sortino ratio: Return per unit of downside risk	2.49	2.74	-0.25
Omega ratio: Gain probability vs. loss probability	1.31	1.37	-0.06
Calmar ratio: Return relative to maximum drawdown	2.36	2.31	+0.05
Martin ratio: Return relative to average drawdown	7.80	7.84	-0.05
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. JBBB - Sharpe Ratio Comparison

The current JMBS Sharpe Ratio is 1.67, which is comparable to the JBBB Sharpe Ratio of 1.70. The chart below compares the historical Sharpe Ratios of JMBS and JBBB, 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	JBBB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.67	1.70	-0.03
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	1.31	-0.89

Drawdowns

JMBS vs. JBBB - Drawdown Comparison

The maximum JMBS drawdown since its inception was -16.68%, which is greater than JBBB's maximum drawdown of -10.57%. Use the drawdown chart below to compare losses from any high point for JMBS and JBBB.

Drawdown Indicators

	JMBS	JBBB	Difference
Max Drawdown Largest peak-to-trough decline	-16.68%	-10.57%	-6.11%
Max Drawdown (1Y) Largest decline over 1 year	-3.05%	-2.46%	-0.59%
Max Drawdown (3Y) Largest decline over 3 years	-7.76%	-3.82%	-3.94%
Max Drawdown (5Y) Largest decline over 5 years	-16.68%	—	—
Current Drawdown Current decline from peak	-1.66%	0.00%	-1.66%
Average Drawdown Average peak-to-trough decline	-3.90%	-1.58%	-2.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.92%	0.72%	+0.20%

Volatility

JMBS vs. JBBB - Volatility Comparison

Janus Henderson Mortgage-Backed Securities ETF (JMBS) has a higher volatility of 1.65% compared to Janus Henderson B-BBB CLO ETF (JBBB) at 0.45%. This indicates that JMBS's price experiences larger fluctuations and is considered to be riskier than JBBB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JMBS	JBBB	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.65%	0.45%	+1.20%
Volatility (6M) Calculated over the trailing 6-month period	3.23%	2.76%	+0.47%
Volatility (1Y) Calculated over the trailing 1-year period	4.31%	3.34%	+0.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.49%	5.26%	+1.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.52%	5.26%	+0.26%

JMBS vs. JBBB - Expense Ratio Comparison

JMBS has a 0.32% expense ratio, which is lower than JBBB's 0.49% expense ratio.

Dividends

JMBS vs. JBBB - Dividend Comparison

JMBS's dividend yield for the trailing twelve months is around 5.19%, less than JBBB's 7.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
JBBB Janus Henderson B-BBB CLO ETF	7.13%	8.41%	9.24%	8.71%	5.71%	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 JBBB in my portfolio?

JMBS and JBBB have a correlation of 0.20, 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 JBBB?

JMBS has higher volatility (1.65%) compared to JBBB (0.45%). In terms of maximum drawdown, JMBS dropped -16.68% vs JBBB's -10.57%.

Which ETF is better, JMBS or JBBB?

On 3-year performance, JBBB leads with 10.60% vs 4.66% for JMBS. On fees, JMBS is cheaper at 0.32% per year. On volatility, JBBB has been the lower-risk option at 0.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JMBS or JBBB?

Over the 3-year period, JBBB has performed better with a 10.60% 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 JBBB?

JMBS is cheaper with a 0.32% expense ratio, compared with 0.49% for JBBB.

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

JBBB has the higher dividend yield at 7.13%, compared with 5.19% for JMBS.

What is the main difference between JMBS and JBBB?

JMBS is categorized as Mortgage Backed Securities, while JBBB is CLO. Their fees differ too: 0.32% for JMBS and 0.49% for JBBB.

Which has better risk-adjusted returns?

JBBB currently has the higher Sharpe Ratio (1.70 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.