JMBS vs. MBSX

Last updated Jun 5, 2026

JMBS (Janus Henderson Mortgage-Backed Securities ETF) and MBSX (Regan Fixed Rate MBS ETF) are both Mortgage Backed Securities funds. Both are actively managed. Over the past year, JMBS returned 6.62% vs 4.56% for MBSX. At a 0.06 correlation, their price movements are largely independent. JMBS charges 0.32%/yr vs 0.40%/yr for MBSX.

Performance

JMBS vs. MBSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson Mortgage-Backed Securities ETF (JMBS) and Regan Fixed Rate MBS ETF (MBSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JMBS achieves a 0.68% return, which is significantly higher than MBSX's -1.98% return.

JMBS

• 1D: 0.18%
• 1M: 0.18%
• YTD: 0.68%
• 6M: 1.07%
• 1Y: 6.62%
• 3Y*: 4.74%
• 5Y*: 0.78%
• 10Y*: —

MBSX

• 1D: -7.71%
• 1M: -4.80%
• YTD: -1.98%
• 6M: -1.53%
• 1Y: 4.56%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JMBS vs. MBSX - Yearly Performance Comparison

	2026 (YTD)	2025
JMBS Janus Henderson Mortgage-Backed Securities ETF	0.68%	5.54%
MBSX Regan Fixed Rate MBS ETF	-1.98%	8.23%

Correlation

The correlation between JMBS and MBSX is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.07
Correlation (All Time) Calculated using the full available price history since May 2, 2025	0.06

Return for Risk

JMBS vs. MBSX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

JMBS

JMBS Risk / Return Rank: 46
JMBS Sharpe Ratio Rank: 46
JMBS Sortino Ratio Rank: 47
JMBS Omega Ratio Rank: 45
JMBS Calmar Ratio Rank: 44
JMBS Martin Ratio Rank: 45

MBSX

MBSX Risk / Return Rank: 13
MBSX Sharpe Ratio Rank: 10
MBSX Sortino Ratio Rank: 13
MBSX Omega Ratio Rank: 17
MBSX Calmar Ratio Rank: 11
MBSX Martin Ratio Rank: 12

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. MBSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Mortgage-Backed Securities ETF (JMBS) and Regan Fixed Rate MBS ETF (MBSX). 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	MBSX	Difference
Sharpe ratio: Return per unit of total volatility	1.56	0.08	+1.48
Sortino ratio: Return per unit of downside risk	2.31	0.51	+1.80
Omega ratio: Gain probability vs. loss probability	1.28	1.10	+0.18
Calmar ratio: Return relative to maximum drawdown	2.18	0.17	+2.01
Martin ratio: Return relative to average drawdown	7.18	0.67	+6.51
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. MBSX - Sharpe Ratio Comparison

The current JMBS Sharpe Ratio is 1.56, which is higher than the MBSX Sharpe Ratio of 0.08. The chart below compares the historical Sharpe Ratios of JMBS and MBSX, 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	MBSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.56	0.08	+1.48
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.12	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.10	+0.32

Drawdowns

JMBS vs. MBSX - Drawdown Comparison

The maximum JMBS drawdown since its inception was -16.68%, smaller than the maximum MBSX drawdown of -27.57%. Use the drawdown chart below to compare losses from any high point for JMBS and MBSX.

Drawdown Indicators

	JMBS	MBSX	Difference
Max Drawdown Largest peak-to-trough decline	-16.68%	-27.57%	+10.89%
Max Drawdown (1Y) Largest decline over 1 year	-3.05%	-27.57%	+24.52%
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	-1.48%	-26.68%	+25.20%
Average Drawdown Average peak-to-trough decline	-3.89%	-6.10%	+2.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.93%	6.85%	-5.92%

Volatility

JMBS vs. MBSX - Volatility Comparison

The current volatility for Janus Henderson Mortgage-Backed Securities ETF (JMBS) is 1.63%, while Regan Fixed Rate MBS ETF (MBSX) has a volatility of 42.25%. This indicates that JMBS experiences smaller price fluctuations and is considered to be less risky than MBSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JMBS	MBSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.63%	42.25%	-40.62%
Volatility (6M) Calculated over the trailing 6-month period	3.22%	51.45%	-48.23%
Volatility (1Y) Calculated over the trailing 1-year period	4.31%	53.97%	-49.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.49%	55.11%	-48.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.52%	55.11%	-49.59%

JMBS vs. MBSX - Expense Ratio Comparison

JMBS has a 0.32% expense ratio, which is lower than MBSX's 0.40% expense ratio.

Dividends

JMBS vs. MBSX - Dividend Comparison

JMBS's dividend yield for the trailing twelve months is around 5.18%, more than MBSX's 3.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
JMBS Janus Henderson Mortgage-Backed Securities ETF	5.18%	5.03%	5.53%	4.38%	2.73%	1.16%	2.92%	3.63%	0.89%
MBSX Regan Fixed Rate MBS ETF	3.64%	2.77%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JMBS and MBSX in my portfolio?

JMBS and MBSX have a correlation of 0.07, 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 MBSX?

MBSX has higher volatility (42.25%) compared to JMBS (1.63%). In terms of maximum drawdown, JMBS dropped -16.68% vs MBSX's -27.57%.

Which ETF is better, JMBS or MBSX?

On 1-year performance, JMBS leads with 6.62% vs 4.56% for MBSX. On fees, JMBS is cheaper at 0.32% per year. On volatility, JMBS has been the lower-risk option at 1.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JMBS or MBSX?

Over the 1-year period, JMBS has performed better with a 6.62% return vs 4.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JMBS or MBSX?

JMBS is cheaper with a 0.32% expense ratio, compared with 0.40% for MBSX.

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

JMBS has the higher dividend yield at 5.18%, compared with 3.64% for MBSX.

What is the main difference between JMBS and MBSX?

They also come from different issuers: Janus Henderson and Regan. Their fees differ too: 0.32% for JMBS and 0.40% for MBSX.

Which has better risk-adjusted returns?

JMBS currently has the higher Sharpe Ratio (1.56 vs 0.08), 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.