JMBS vs. JIII

Last updated Jun 4, 2026

JMBS (Janus Henderson Mortgage-Backed Securities ETF) and JIII (Janus Henderson Income ETF) are both exchange-traded funds - JMBS is a Mortgage Backed Securities fund actively managed by Janus Henderson, while JIII is a Multisector Bonds fund actively managed by Janus Henderson. Both are actively managed. Over the past year, JMBS returned 7.18% vs 6.75% for JIII. A 0.71 correlation means they provide meaningful diversification when combined. JMBS charges 0.32%/yr vs 0.54%/yr for JIII.

Performance

JMBS vs. JIII - 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 Income ETF (JIII). 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 JIII's 1.03% return.

JMBS

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

JIII

• 1D: -0.17%
• 1M: 0.31%
• YTD: 1.03%
• 6M: 1.49%
• 1Y: 6.75%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JMBS vs. JIII - Yearly Performance Comparison

	2026 (YTD)	2025	2024
JMBS Janus Henderson Mortgage-Backed Securities ETF	0.51%	8.82%	-0.13%
JIII Janus Henderson Income ETF	1.03%	8.28%	0.54%

Correlation

The correlation between JMBS and JIII is 0.74, 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	0.74
Correlation (All Time) Calculated using the full available price history since Nov 14, 2024	0.71

The correlation between JMBS and JIII has been stable across timeframes, ranging from 0.71 to 0.74 - a consistent structural relationship.

Return for Risk

JMBS vs. JIII — 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

JIII

JIII Risk / Return Rank: 61
JIII Sharpe Ratio Rank: 57
JIII Sortino Ratio Rank: 61
JIII Omega Ratio Rank: 64
JIII Calmar Ratio Rank: 61
JIII Martin Ratio Rank: 64

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. JIII - 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 Income ETF (JIII). 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	JIII	Difference
Sharpe ratio Return per unit of total volatility	1.67	1.91	-0.23
Sortino ratio Return per unit of downside risk	2.49	2.82	-0.33
Omega ratio Gain probability vs. loss probability	1.31	1.38	-0.08
Calmar ratio Return relative to maximum drawdown	2.36	2.99	-0.63
Martin ratio Return relative to average drawdown	7.80	11.32	-3.52
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. JIII - Sharpe Ratio Comparison

The current JMBS Sharpe Ratio is 1.67, which is comparable to the JIII Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of JMBS and JIII, 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	JIII	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.67	1.91	-0.23
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	1.62	-1.20

Drawdowns

JMBS vs. JIII - Drawdown Comparison

The maximum JMBS drawdown since its inception was -16.68%, which is greater than JIII's maximum drawdown of -3.55%. Use the drawdown chart below to compare losses from any high point for JMBS and JIII.

Drawdown Indicators

	JMBS	JIII	Difference
Max Drawdown Largest peak-to-trough decline	-16.68%	-3.55%	-13.13%
Max Drawdown (1Y) Largest decline over 1 year	-3.05%	-2.27%	-0.78%
Max Drawdown (3Y) Largest decline over 3 years	-7.76%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-16.68%	—	—
Current Drawdown Current decline from peak	-1.66%	-0.30%	-1.36%
Average Drawdown Average peak-to-trough decline	-3.90%	-0.50%	-3.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.92%	0.60%	+0.32%

Volatility

JMBS vs. JIII - Volatility Comparison

Janus Henderson Mortgage-Backed Securities ETF (JMBS) has a higher volatility of 1.65% compared to Janus Henderson Income ETF (JIII) at 1.29%. This indicates that JMBS's price experiences larger fluctuations and is considered to be riskier than JIII based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JMBS	JIII	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.65%	1.29%	+0.36%
Volatility (6M) Calculated over the trailing 6-month period	3.23%	2.65%	+0.58%
Volatility (1Y) Calculated over the trailing 1-year period	4.31%	3.55%	+0.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.49%	3.96%	+2.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.52%	3.96%	+1.56%

JMBS vs. JIII - Expense Ratio Comparison

JMBS has a 0.32% expense ratio, which is lower than JIII's 0.54% expense ratio.

Dividends

JMBS vs. JIII - Dividend Comparison

JMBS's dividend yield for the trailing twelve months is around 5.19%, less than JIII's 7.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
JIII Janus Henderson Income ETF	7.44%	7.33%	0.44%	0.00%	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 JIII in my portfolio?

JMBS and JIII have a correlation of 0.74, 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 JIII?

JMBS has higher volatility (1.65%) compared to JIII (1.29%). In terms of maximum drawdown, JMBS dropped -16.68% vs JIII's -3.55%.

Which ETF is better, JMBS or JIII?

On 1-year performance, JMBS leads with 7.18% vs 6.75% for JIII. On fees, JMBS is cheaper at 0.32% per year. On volatility, JIII has been the lower-risk option at 1.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JMBS or JIII?

Over the 1-year period, JMBS has performed better with a 7.18% return vs 6.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JMBS or JIII?

JMBS is cheaper with a 0.32% expense ratio, compared with 0.54% for JIII.

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

JIII has the higher dividend yield at 7.44%, compared with 5.19% for JMBS.

What is the main difference between JMBS and JIII?

JMBS is categorized as Mortgage Backed Securities, while JIII is Multisector Bonds. Their fees differ too: 0.32% for JMBS and 0.54% for JIII.

Which has better risk-adjusted returns?

JIII currently has the higher Sharpe Ratio (1.91 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.