JMBS vs. PIT

Last updated Jun 23, 2026

JMBS (Janus Henderson Mortgage-Backed Securities ETF) and PIT (VanEck Commodity Strategy ETF) are both exchange-traded funds - JMBS is a Mortgage Backed Securities fund actively managed by Janus Henderson, while PIT is a Commodities fund actively managed by VanEck. Both are actively managed. Over the past 3 years, JMBS returned 4.63%/yr vs 19.51%/yr for PIT. At a correlation of -0.09, they often move in opposite directions. JMBS charges 0.32%/yr vs 0.55%/yr for PIT.

Performance

JMBS vs. PIT - Performance Comparison

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

Returns By Period

In the year-to-date period, JMBS achieves a 0.62% return, which is significantly lower than PIT's 27.31% return.

JMBS

• 1D: -0.20%
• 1M: 0.43%
• YTD: 0.62%
• 6M: 0.77%
• 1Y: 6.31%
• 3Y*: 4.63%
• 5Y*: 0.79%
• 10Y*: —

PIT

• 1D: -0.75%
• 1M: -10.60%
• YTD: 27.31%
• 6M: 26.74%
• 1Y: 38.33%
• 3Y*: 19.51%
• 5Y*: —
• 10Y*: —

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

JMBS vs. PIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
JMBS Janus Henderson Mortgage-Backed Securities ETF	0.62%	8.82%	1.53%	5.66%	-0.98%
PIT VanEck Commodity Strategy ETF	27.31%	21.63%	6.77%	-4.54%	1.67%

Correlation

The correlation between JMBS and PIT is -0.22, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.22
Correlation (3Y) Calculated over the trailing 3-year period	-0.10
Correlation (All Time) Calculated using the full available price history since Dec 22, 2022	-0.09

The correlation between JMBS and PIT shifts across timeframes, from -0.22 (1 year) to -0.09 (all time), reflecting how their relationship changes across market environments.

Return for Risk

JMBS vs. PIT — Risk / Return Rank

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

JMBS

JMBS Risk / Return Rank: 43
JMBS Sharpe Ratio Rank: 44
JMBS Sortino Ratio Rank: 45
JMBS Omega Ratio Rank: 43
JMBS Calmar Ratio Rank: 43
JMBS Martin Ratio Rank: 41

PIT

PIT Risk / Return Rank: 55
PIT Sharpe Ratio Rank: 54
PIT Sortino Ratio Rank: 48
PIT Omega Ratio Rank: 52
PIT Calmar Ratio Rank: 57
PIT Martin Ratio Rank: 62

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. PIT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Mortgage-Backed Securities ETF (JMBS) and VanEck Commodity Strategy ETF (PIT). 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	PIT	Difference
Sharpe ratio: Return per unit of total volatility	1.49	1.78	-0.30
Sortino ratio: Return per unit of downside risk	2.20	2.32	-0.12
Omega ratio: Gain probability vs. loss probability	1.27	1.32	-0.05
Calmar ratio: Return relative to maximum drawdown	2.07	2.74	-0.67
Martin ratio: Return relative to average drawdown	6.47	10.88	-4.41

JMBS vs. PIT - Sharpe Ratio Comparison

The current JMBS Sharpe Ratio is 1.49, which is comparable to the PIT Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of JMBS and PIT, 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. PIT - Drawdown Comparison

The maximum JMBS drawdown since its inception was -16.68%, which is greater than PIT's maximum drawdown of -14.05%. Use the drawdown chart below to compare losses from any high point for JMBS and PIT.

Drawdown Indicators

	JMBS	PIT	Difference
Max Drawdown Largest peak-to-trough decline	-16.68%	-14.05%	-2.63%
Max Drawdown (1Y) Largest decline over 1 year	-3.05%	-14.05%	+11.00%
Max Drawdown (3Y) Largest decline over 3 years	-7.76%	-14.05%	+6.29%
Max Drawdown (5Y) Largest decline over 5 years	-16.68%	—	—
Current Drawdown Current decline from peak	-1.55%	-14.05%	+12.50%
Average Drawdown Average peak-to-trough decline	-3.88%	-4.07%	+0.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.98%	3.59%	-2.61%

Volatility

JMBS vs. PIT - Volatility Comparison

The current volatility for Janus Henderson Mortgage-Backed Securities ETF (JMBS) is 1.33%, while VanEck Commodity Strategy ETF (PIT) has a volatility of 4.67%. This indicates that JMBS experiences smaller price fluctuations and is considered to be less risky than PIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JMBS	PIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.33%	4.67%	-3.34%
Volatility (6M) Calculated over the trailing 6-month period	3.35%	19.36%	-16.01%
Volatility (1Y) Calculated over the trailing 1-year period	4.27%	21.66%	-17.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.51%	17.50%	-10.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.52%	17.50%	-11.98%

JMBS vs. PIT - Expense Ratio Comparison

JMBS has a 0.32% expense ratio, which is lower than PIT's 0.55% expense ratio.

Dividends

JMBS vs. PIT - Dividend Comparison

JMBS's dividend yield for the trailing twelve months is around 5.19%, less than PIT's 7.00% 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%
PIT VanEck Commodity Strategy ETF	7.00%	8.92%	3.59%	6.44%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JMBS and PIT in my portfolio?

JMBS and PIT have a correlation of -0.22, 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 PIT?

PIT has higher volatility (4.67%) compared to JMBS (1.33%). In terms of maximum drawdown, JMBS dropped -16.68% vs PIT's -14.05%.

Which ETF is better, JMBS or PIT?

On 3-year performance, PIT leads with 19.51% vs 4.63% for JMBS. On fees, JMBS is cheaper at 0.32% per year. On volatility, JMBS has been the lower-risk option at 1.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JMBS or PIT?

Over the 3-year period, PIT has performed better with a 19.51% return vs 4.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JMBS or PIT?

JMBS is cheaper with a 0.32% expense ratio, compared with 0.55% for PIT.

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

PIT has the higher dividend yield at 7.00%, compared with 5.19% for JMBS.

What is the main difference between JMBS and PIT?

JMBS is categorized as Mortgage Backed Securities, while PIT is Commodities. They also come from different issuers: Janus Henderson and VanEck. Their fees differ too: 0.32% for JMBS and 0.55% for PIT.

Which has better risk-adjusted returns?

PIT currently has the higher Sharpe Ratio (1.78 vs 1.49), 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.