JMBS vs. MBS

Last updated Jun 4, 2026

JMBS (Janus Henderson Mortgage-Backed Securities ETF) and MBS (Angel Oak Mortgage-Backed Securities ETF) are both exchange-traded funds - JMBS is a Mortgage Backed Securities fund actively managed by Janus Henderson, while MBS is a Intermediate Core-Plus Bond fund actively managed by Angel Oak. Both are actively managed. Over the past year, JMBS returned 7.18% vs 6.88% for MBS. A 0.68 correlation means they provide meaningful diversification when combined. JMBS charges 0.32%/yr vs 0.49%/yr for MBS.

Performance

JMBS vs. MBS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson Mortgage-Backed Securities ETF (JMBS) and Angel Oak Mortgage-Backed Securities ETF (MBS). 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 MBS's 0.62% return.

JMBS

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

MBS

• 1D: -0.29%
• 1M: -0.22%
• YTD: 0.62%
• 6M: 0.84%
• 1Y: 6.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JMBS vs. MBS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
JMBS Janus Henderson Mortgage-Backed Securities ETF	0.51%	8.82%	3.81%
MBS Angel Oak Mortgage-Backed Securities ETF	0.62%	8.13%	5.78%

Correlation

The correlation between JMBS and MBS is 0.69, 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	0.69
Correlation (All Time) Calculated using the full available price history since Feb 21, 2024	0.68

The correlation between JMBS and MBS has been stable across timeframes, ranging from 0.68 to 0.69 - a consistent structural relationship.

Return for Risk

JMBS vs. MBS — 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

MBS

MBS Risk / Return Rank: 69
MBS Sharpe Ratio Rank: 72
MBS Sortino Ratio Rank: 79
MBS Omega Ratio Rank: 75
MBS Calmar Ratio Rank: 64
MBS Martin Ratio Rank: 57

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. MBS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Mortgage-Backed Securities ETF (JMBS) and Angel Oak Mortgage-Backed Securities ETF (MBS). 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	MBS	Difference
Sharpe ratio: Return per unit of total volatility	1.67	2.36	-0.68
Sortino ratio: Return per unit of downside risk	2.49	3.54	-1.04
Omega ratio: Gain probability vs. loss probability	1.31	1.45	-0.14
Calmar ratio: Return relative to maximum drawdown	2.36	3.14	-0.78
Martin ratio: Return relative to average drawdown	7.80	9.89	-2.10
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. MBS - Sharpe Ratio Comparison

The current JMBS Sharpe Ratio is 1.67, which is comparable to the MBS Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of JMBS and MBS, 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	MBS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.67	2.36	-0.68
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	1.60	-1.18

Drawdowns

JMBS vs. MBS - Drawdown Comparison

The maximum JMBS drawdown since its inception was -16.68%, which is greater than MBS's maximum drawdown of -4.09%. Use the drawdown chart below to compare losses from any high point for JMBS and MBS.

Drawdown Indicators

	JMBS	MBS	Difference
Max Drawdown Largest peak-to-trough decline	-16.68%	-4.09%	-12.59%
Max Drawdown (1Y) Largest decline over 1 year	-3.05%	-2.20%	-0.85%
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%	-1.46%	-0.20%
Average Drawdown Average peak-to-trough decline	-3.90%	-1.02%	-2.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.92%	0.70%	+0.22%

Volatility

JMBS vs. MBS - Volatility Comparison

Janus Henderson Mortgage-Backed Securities ETF (JMBS) has a higher volatility of 1.65% compared to Angel Oak Mortgage-Backed Securities ETF (MBS) at 0.90%. This indicates that JMBS's price experiences larger fluctuations and is considered to be riskier than MBS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JMBS	MBS	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.65%	0.90%	+0.75%
Volatility (6M) Calculated over the trailing 6-month period	3.23%	2.00%	+1.23%
Volatility (1Y) Calculated over the trailing 1-year period	4.31%	2.93%	+1.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.49%	3.99%	+2.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.52%	3.99%	+1.53%

JMBS vs. MBS - Expense Ratio Comparison

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

Dividends

JMBS vs. MBS - Dividend Comparison

JMBS's dividend yield for the trailing twelve months is around 5.19%, less than MBS's 5.61% 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%
MBS Angel Oak Mortgage-Backed Securities ETF	5.61%	5.28%	4.52%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JMBS and MBS in my portfolio?

JMBS and MBS have a correlation of 0.69, 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 MBS?

JMBS has higher volatility (1.65%) compared to MBS (0.90%). In terms of maximum drawdown, JMBS dropped -16.68% vs MBS's -4.09%.

Which ETF is better, JMBS or MBS?

On 1-year performance, JMBS leads with 7.18% vs 6.88% for MBS. On fees, JMBS is cheaper at 0.32% per year. On volatility, MBS has been the lower-risk option at 0.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JMBS or MBS?

Over the 1-year period, JMBS has performed better with a 7.18% return vs 6.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JMBS or MBS?

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

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

MBS has the higher dividend yield at 5.61%, compared with 5.19% for JMBS.

What is the main difference between JMBS and MBS?

JMBS is categorized as Mortgage Backed Securities, while MBS is Intermediate Core-Plus Bond. They also come from different issuers: Janus Henderson and Angel Oak. Their fees differ too: 0.32% for JMBS and 0.49% for MBS.

Which has better risk-adjusted returns?

MBS currently has the higher Sharpe Ratio (2.36 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.