JMBS vs. JSI

Last updated Jun 4, 2026

JMBS (Janus Henderson Mortgage-Backed Securities ETF) and JSI (Janus Henderson Securitized Income ETF) are both exchange-traded funds - JMBS is a Mortgage Backed Securities fund actively managed by Janus Henderson, while JSI is a Short-Term Bond fund actively managed by Janus Henderson. Both are actively managed. Over the past year, JMBS returned 7.18% vs 4.72% for JSI. A 0.76 correlation means they provide meaningful diversification when combined. JMBS charges 0.32%/yr vs 0.50%/yr for JSI.

Performance

JMBS vs. JSI - 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 Securitized Income ETF (JSI). 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 JSI's 0.99% return.

JMBS

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

JSI

• 1D: -0.12%
• 1M: 0.24%
• YTD: 0.99%
• 6M: 1.47%
• 1Y: 4.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JMBS vs. JSI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
JMBS Janus Henderson Mortgage-Backed Securities ETF	0.51%	8.82%	1.53%	7.56%
JSI Janus Henderson Securitized Income ETF	0.99%	6.46%	7.27%	3.39%

Correlation

The correlation between JMBS and JSI is 0.64, 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	0.64
Correlation (All Time) Calculated using the full available price history since Nov 10, 2023	0.76

The correlation between JMBS and JSI shifts across timeframes, from 0.64 (1 year) to 0.76 (all time), reflecting how their relationship changes across market environments.

Return for Risk

JMBS vs. JSI — 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

JSI

JSI Risk / Return Rank: 58
JSI Sharpe Ratio Rank: 58
JSI Sortino Ratio Rank: 57
JSI Omega Ratio Rank: 67
JSI Calmar Ratio Rank: 56
JSI Martin Ratio Rank: 53

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. JSI - 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 Securitized Income ETF (JSI). 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	JSI	Difference
Sharpe ratio: Return per unit of total volatility	1.67	1.99	-0.32
Sortino ratio: Return per unit of downside risk	2.49	2.77	-0.28
Omega ratio: Gain probability vs. loss probability	1.31	1.41	-0.10
Calmar ratio: Return relative to maximum drawdown	2.36	2.82	-0.46
Martin ratio: Return relative to average drawdown	7.80	9.18	-1.38
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. JSI - Sharpe Ratio Comparison

The current JMBS Sharpe Ratio is 1.67, which is comparable to the JSI Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of JMBS and JSI, 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	JSI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.67	1.99	-0.32
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	2.49	-2.07

Drawdowns

JMBS vs. JSI - Drawdown Comparison

The maximum JMBS drawdown since its inception was -16.68%, which is greater than JSI's maximum drawdown of -2.31%. Use the drawdown chart below to compare losses from any high point for JMBS and JSI.

Drawdown Indicators

	JMBS	JSI	Difference
Max Drawdown Largest peak-to-trough decline	-16.68%	-2.31%	-14.37%
Max Drawdown (1Y) Largest decline over 1 year	-3.05%	-1.68%	-1.37%
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%	-0.46%	-1.20%
Average Drawdown Average peak-to-trough decline	-3.90%	-0.34%	-3.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.92%	0.52%	+0.40%

Volatility

JMBS vs. JSI - Volatility Comparison

Janus Henderson Mortgage-Backed Securities ETF (JMBS) has a higher volatility of 1.65% compared to Janus Henderson Securitized Income ETF (JSI) at 0.66%. This indicates that JMBS's price experiences larger fluctuations and is considered to be riskier than JSI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JMBS	JSI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.65%	0.66%	+0.99%
Volatility (6M) Calculated over the trailing 6-month period	3.23%	1.53%	+1.70%
Volatility (1Y) Calculated over the trailing 1-year period	4.31%	2.38%	+1.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.49%	2.88%	+3.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.52%	2.88%	+2.64%

JMBS vs. JSI - Expense Ratio Comparison

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

Dividends

JMBS vs. JSI - Dividend Comparison

JMBS's dividend yield for the trailing twelve months is around 5.19%, less than JSI's 5.80% 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%
JSI Janus Henderson Securitized Income ETF	5.80%	5.80%	6.16%	0.84%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JMBS and JSI in my portfolio?

JMBS and JSI have a correlation of 0.64, 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 JSI?

JMBS has higher volatility (1.65%) compared to JSI (0.66%). In terms of maximum drawdown, JMBS dropped -16.68% vs JSI's -2.31%.

Which ETF is better, JMBS or JSI?

On 1-year performance, JMBS leads with 7.18% vs 4.72% for JSI. On fees, JMBS is cheaper at 0.32% per year. On volatility, JSI has been the lower-risk option at 0.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JMBS or JSI?

Over the 1-year period, JMBS has performed better with a 7.18% return vs 4.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JMBS or JSI?

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

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

JSI has the higher dividend yield at 5.80%, compared with 5.19% for JMBS.

What is the main difference between JMBS and JSI?

JMBS is categorized as Mortgage Backed Securities, while JSI is Short-Term Bond. Their fees differ too: 0.32% for JMBS and 0.50% for JSI.

Which has better risk-adjusted returns?

JSI currently has the higher Sharpe Ratio (1.99 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.