JMBS vs. MTBA

Last updated Jun 24, 2026

JMBS (Janus Henderson Mortgage-Backed Securities ETF) and MTBA (Simplify MBS ETF) are both Mortgage Backed Securities funds. Both are actively managed. Over the past year, JMBS returned 6.23% vs 4.42% for MTBA. Their correlation of 0.90 suggests significant overlap in exposure. JMBS charges 0.32%/yr vs 0.15%/yr for MTBA.

Performance

JMBS vs. MTBA - Performance Comparison

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

Returns By Period

In the year-to-date period, JMBS achieves a 0.77% return, which is significantly higher than MTBA's -0.06% return.

JMBS

• 1D: 0.16%
• 1M: 0.58%
• YTD: 0.77%
• 6M: 0.88%
• 1Y: 6.23%
• 3Y*: 4.68%
• 5Y*: 0.82%
• 10Y*: —

MTBA

• 1D: 0.00%
• 1M: 0.59%
• YTD: -0.06%
• 6M: 0.09%
• 1Y: 4.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JMBS vs. MTBA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
JMBS Janus Henderson Mortgage-Backed Securities ETF	0.77%	8.82%	1.53%	7.56%
MTBA Simplify MBS ETF	-0.06%	7.74%	1.99%	3.67%

Correlation

The correlation between JMBS and MTBA is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (All Time) Calculated using the full available price history since Nov 7, 2023	0.90

The correlation between JMBS and MTBA has been stable across timeframes, ranging from 0.87 to 0.90 - a consistent structural relationship.

Return for Risk

JMBS vs. MTBA — Risk / Return Rank

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

JMBS

JMBS Risk / Return Rank: 44
JMBS Sharpe Ratio Rank: 44
JMBS Sortino Ratio Rank: 46
JMBS Omega Ratio Rank: 43
JMBS Calmar Ratio Rank: 43
JMBS Martin Ratio Rank: 41

MTBA

MTBA Risk / Return Rank: 39
MTBA Sharpe Ratio Rank: 42
MTBA Sortino Ratio Rank: 41
MTBA Omega Ratio Rank: 44
MTBA Calmar Ratio Rank: 33
MTBA Martin Ratio Rank: 34

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. MTBA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Mortgage-Backed Securities ETF (JMBS) and Simplify MBS ETF (MTBA). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	JMBS	MTBA	Difference
Sharpe ratio: Return per unit of total volatility	1.47	1.43	+0.04
Sortino ratio: Return per unit of downside risk	2.18	2.02	+0.16
Omega ratio: Gain probability vs. loss probability	1.27	1.28	-0.01
Calmar ratio: Return relative to maximum drawdown	2.05	1.57	+0.47
Martin ratio: Return relative to average drawdown	6.37	4.96	+1.41

JMBS vs. MTBA - Sharpe Ratio Comparison

The current JMBS Sharpe Ratio is 1.47, which is comparable to the MTBA Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of JMBS and MTBA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

JMBS vs. MTBA - Drawdown Comparison

The maximum JMBS drawdown since its inception was -16.68%, which is greater than MTBA's maximum drawdown of -3.48%. Use the drawdown chart below to compare losses from any high point for JMBS and MTBA.

Drawdown Indicators

	JMBS	MTBA	Difference
Max Drawdown Largest peak-to-trough decline	-16.68%	-3.48%	-13.20%
Max Drawdown (1Y) Largest decline over 1 year	-3.05%	-2.82%	-0.23%
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	-1.39%	-1.44%	+0.05%
Average Drawdown Average peak-to-trough decline	-3.88%	-0.80%	-3.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.98%	0.89%	+0.09%

Volatility

JMBS vs. MTBA - Volatility Comparison

Janus Henderson Mortgage-Backed Securities ETF (JMBS) has a higher volatility of 1.33% compared to Simplify MBS ETF (MTBA) at 0.96%. This indicates that JMBS's price experiences larger fluctuations and is considered to be riskier than MTBA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JMBS	MTBA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.33%	0.96%	+0.37%
Volatility (6M) Calculated over the trailing 6-month period	3.35%	2.57%	+0.78%
Volatility (1Y) Calculated over the trailing 1-year period	4.26%	3.10%	+1.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.51%	3.95%	+2.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.52%	3.95%	+1.57%

JMBS vs. MTBA - Expense Ratio Comparison

JMBS has a 0.32% expense ratio, which is higher than MTBA's 0.15% expense ratio.

Dividends

JMBS vs. MTBA - Dividend Comparison

JMBS's dividend yield for the trailing twelve months is around 5.18%, less than MTBA's 6.08% 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%
MTBA Simplify MBS ETF	6.08%	5.98%	6.03%	0.48%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JMBS and MTBA in my portfolio?

JMBS and MTBA have a correlation of 0.87, 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 MTBA?

JMBS has higher volatility (1.33%) compared to MTBA (0.96%). In terms of maximum drawdown, JMBS dropped -16.68% vs MTBA's -3.48%.

Which ETF is better, JMBS or MTBA?

On 1-year performance, JMBS leads with 6.23% vs 4.42% for MTBA. On fees, MTBA is cheaper at 0.15% per year. On volatility, MTBA has been the lower-risk option at 0.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JMBS or MTBA?

Over the 1-year period, JMBS has performed better with a 6.23% return vs 4.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JMBS or MTBA?

MTBA is cheaper with a 0.15% expense ratio, compared with 0.32% for JMBS.

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

MTBA has the higher dividend yield at 6.08%, compared with 5.18% for JMBS.

What is the main difference between JMBS and MTBA?

They also come from different issuers: Janus Henderson and Simplify. Their fees differ too: 0.32% for JMBS and 0.15% for MTBA.

Which has better risk-adjusted returns?

JMBS currently has the higher Sharpe Ratio (1.47 vs 1.43), 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.