JMBS vs. JPIE

Last updated Jun 4, 2026

JMBS (Janus Henderson Mortgage-Backed Securities ETF) and JPIE (JPMorgan Income ETF) are both exchange-traded funds - JMBS is a Mortgage Backed Securities fund actively managed by Janus Henderson, while JPIE is a Multisector Bonds fund actively managed by JPMorgan. Both are actively managed. Over the past 3 years, JMBS returned 4.66%/yr vs 6.43%/yr for JPIE. A 0.68 correlation means they provide meaningful diversification when combined. JMBS charges 0.32%/yr vs 0.41%/yr for JPIE.

Performance

JMBS vs. JPIE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson Mortgage-Backed Securities ETF (JMBS) and JPMorgan Income ETF (JPIE). 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 JPIE's 1.43% return.

JMBS

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

JPIE

• 1D: -0.13%
• 1M: 0.37%
• YTD: 1.43%
• 6M: 1.83%
• 1Y: 5.90%
• 3Y*: 6.43%
• 5Y*: —
• 10Y*: —

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

JMBS vs. JPIE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
JMBS Janus Henderson Mortgage-Backed Securities ETF	0.51%	8.82%	1.53%	5.66%	-11.40%	-0.43%
JPIE JPMorgan Income ETF	1.43%	7.39%	6.32%	7.07%	-6.13%	0.30%

Correlation

The correlation between JMBS and JPIE is 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (All Time) Calculated using the full available price history since Nov 3, 2021	0.68

The correlation between JMBS and JPIE has been stable across timeframes, ranging from 0.68 to 0.78 - a consistent structural relationship.

Return for Risk

JMBS vs. JPIE — 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

JPIE

JPIE Risk / Return Rank: 93
JPIE Sharpe Ratio Rank: 94
JPIE Sortino Ratio Rank: 96
JPIE Omega Ratio Rank: 96
JPIE Calmar Ratio Rank: 88
JPIE Martin Ratio Rank: 93

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. JPIE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Mortgage-Backed Securities ETF (JMBS) and JPMorgan Income ETF (JPIE). 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	JPIE	Difference
Sharpe ratio: Return per unit of total volatility	1.67	3.73	-2.05
Sortino ratio: Return per unit of downside risk	2.49	5.87	-3.37
Omega ratio: Gain probability vs. loss probability	1.31	1.84	-0.53
Calmar ratio: Return relative to maximum drawdown	2.36	5.16	-2.80
Martin ratio: Return relative to average drawdown	7.80	25.53	-17.73
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. JPIE - Sharpe Ratio Comparison

The current JMBS Sharpe Ratio is 1.67, which is lower than the JPIE Sharpe Ratio of 3.73. The chart below compares the historical Sharpe Ratios of JMBS and JPIE, 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	JPIE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.67	3.73	-2.05
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	0.98	-0.56

Drawdowns

JMBS vs. JPIE - Drawdown Comparison

The maximum JMBS drawdown since its inception was -16.68%, which is greater than JPIE's maximum drawdown of -9.96%. Use the drawdown chart below to compare losses from any high point for JMBS and JPIE.

Drawdown Indicators

	JMBS	JPIE	Difference
Max Drawdown Largest peak-to-trough decline	-16.68%	-9.96%	-6.72%
Max Drawdown (1Y) Largest decline over 1 year	-3.05%	-1.15%	-1.90%
Max Drawdown (3Y) Largest decline over 3 years	-7.76%	-2.40%	-5.36%
Max Drawdown (5Y) Largest decline over 5 years	-16.68%	—	—
Current Drawdown Current decline from peak	-1.66%	-0.13%	-1.53%
Average Drawdown Average peak-to-trough decline	-3.90%	-2.10%	-1.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.92%	0.23%	+0.69%

Volatility

JMBS vs. JPIE - Volatility Comparison

Janus Henderson Mortgage-Backed Securities ETF (JMBS) has a higher volatility of 1.65% compared to JPMorgan Income ETF (JPIE) at 0.60%. This indicates that JMBS's price experiences larger fluctuations and is considered to be riskier than JPIE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JMBS	JPIE	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.65%	0.60%	+1.05%
Volatility (6M) Calculated over the trailing 6-month period	3.23%	1.28%	+1.95%
Volatility (1Y) Calculated over the trailing 1-year period	4.31%	1.59%	+2.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.49%	3.52%	+2.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.52%	3.52%	+2.00%

JMBS vs. JPIE - Expense Ratio Comparison

JMBS has a 0.32% expense ratio, which is lower than JPIE's 0.41% expense ratio.

Dividends

JMBS vs. JPIE - Dividend Comparison

JMBS's dividend yield for the trailing twelve months is around 5.19%, less than JPIE's 5.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
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%
JPIE JPMorgan Income ETF	5.62%	5.65%	6.11%	5.70%	4.49%	0.63%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JMBS and JPIE in my portfolio?

JMBS and JPIE have a correlation of 0.78, 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 JPIE?

JMBS has higher volatility (1.65%) compared to JPIE (0.60%). In terms of maximum drawdown, JMBS dropped -16.68% vs JPIE's -9.96%.

Which ETF is better, JMBS or JPIE?

On 3-year performance, JPIE leads with 6.43% vs 4.66% for JMBS. On fees, JMBS is cheaper at 0.32% per year. On volatility, JPIE has been the lower-risk option at 0.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JMBS or JPIE?

Over the 3-year period, JPIE has performed better with a 6.43% 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 JPIE?

JMBS is cheaper with a 0.32% expense ratio, compared with 0.41% for JPIE.

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

JPIE has the higher dividend yield at 5.62%, compared with 5.19% for JMBS.

What is the main difference between JMBS and JPIE?

JMBS is categorized as Mortgage Backed Securities, while JPIE is Multisector Bonds. They also come from different issuers: Janus Henderson and JPMorgan. Their fees differ too: 0.32% for JMBS and 0.41% for JPIE.

Which has better risk-adjusted returns?

JPIE currently has the higher Sharpe Ratio (3.73 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.