JMBS vs. SMBS

Last updated Aug 2, 2026

JMBS (Janus Henderson Mortgage-Backed Securities ETF) and SMBS (Schwab Mortgage-Backed Securities ETF) are both Mortgage Backed Securities funds. JMBS is actively managed, while SMBS is passively managed. Over the past year, JMBS returned 3.43% vs 3.52% for SMBS. Their correlation of 0.92 means they have usually moved in the same direction. JMBS charges 0.32%/yr vs 0.03%/yr for SMBS.

Performance

JMBS vs. SMBS - Performance Comparison

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

Returns By Period

In the year-to-date period, JMBS achieves a -0.47% return, which is significantly lower than SMBS's -0.04% return.

JMBS

• 1D: -0.42%
• 1M: -1.51%
• 6M: -1.06%
• YTD: -0.47%
• 1Y: 3.43%
• 3Y*: 4.59%
• 5Y*: 0.44%
• 10Y*: —
• ALL TIME*: 2.13%

SMBS

• 1D: -0.32%
• 1M: -1.03%
• 6M: -0.57%
• YTD: -0.04%
• 1Y: 3.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.61%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
JMBS Janus Henderson Mortgage-Backed Securities ETF	$29.93M	$27.70M	$29.57M
SMBS Schwab Mortgage-Backed Securities ETF	$11.39M	$11.79M	$19.43M

JMBS vs. SMBS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
JMBS Janus Henderson Mortgage-Backed Securities ETF	-0.47%	8.82%	-0.04%
SMBS Schwab Mortgage-Backed Securities ETF	-0.04%	8.15%	-0.16%

Correlation

The correlation between JMBS and SMBS is 0.92, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.92
Correlation (All Time) Calculated using the full available price history since Nov 19, 2024	0.92

The correlation between JMBS and SMBS has been stable across timeframes, ranging from 0.92 to 0.92 - a consistent structural relationship.

Return for Risk

JMBS vs. SMBS — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

JMBS

JMBS Risk / Return Rank: 40
JMBS Sharpe Ratio Rank: 41
JMBS Sortino Ratio Rank: 41
JMBS Omega Ratio Rank: 38
JMBS Calmar Ratio Rank: 40
JMBS Martin Ratio Rank: 38

SMBS

SMBS Risk / Return Rank: 43
SMBS Sharpe Ratio Rank: 44
SMBS Sortino Ratio Rank: 43
SMBS Omega Ratio Rank: 41
SMBS Calmar Ratio Rank: 44
SMBS Martin Ratio Rank: 42

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

JMBS vs. SMBS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Mortgage-Backed Securities ETF (JMBS) and Schwab Mortgage-Backed Securities ETF (SMBS). 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	SMBS	Difference
Sharpe ratio: Return per unit of total volatility	1.03	1.08	-0.06
Sortino ratio: Return per unit of downside risk	1.51	1.57	-0.06
Omega ratio: Gain probability vs. loss probability	1.18	1.19	-0.01
Calmar ratio: Return relative to maximum drawdown	1.44	1.57	-0.12
Martin ratio: Return relative to average drawdown	3.93	4.53	-0.60

JMBS vs. SMBS - Sharpe Ratio Comparison

The current JMBS Sharpe Ratio is 1.03, which is comparable to the SMBS Sharpe Ratio of 1.08. The chart below compares the historical Sharpe Ratios of JMBS and SMBS, 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. SMBS - Drawdown Comparison

The maximum JMBS drawdown since its inception was -16.68%, which is greater than SMBS's maximum drawdown of -3.20%. Use the drawdown chart below to compare losses from any high point for JMBS and SMBS.

Drawdown Indicators

	JMBS	SMBS	Difference
Max Drawdown Largest peak-to-trough decline	-16.68%	-3.20%	-13.48%
Max Drawdown (1Y) Largest decline over 1 year	-3.05%	-2.83%	-0.22%
Max Drawdown (3Y) Largest decline over 3 years	-6.67%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-16.64%	—	—
Current Drawdown Current decline from peak	-2.61%	-2.06%	-0.55%
Average Drawdown Average peak-to-trough decline	-3.85%	-0.88%	-2.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.12%	0.98%	+0.14%

Volatility

JMBS vs. SMBS - Volatility Comparison

Janus Henderson Mortgage-Backed Securities ETF (JMBS) has a higher volatility of 1.21% compared to Schwab Mortgage-Backed Securities ETF (SMBS) at 1.14%. This indicates that JMBS's price experiences larger fluctuations and is considered to be riskier than SMBS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JMBS	SMBS	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.21%	1.14%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	3.48%	3.28%	+0.20%
Volatility (1Y) Calculated over the trailing 1-year period	4.30%	4.09%	+0.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.54%	4.81%	+1.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.50%	4.81%	+0.69%

JMBS vs. SMBS - Expense Ratio Comparison

JMBS has a 0.32% expense ratio, which is higher than SMBS's 0.03% expense ratio.

Dividends

JMBS vs. SMBS - Dividend Comparison

JMBS's dividend yield for the trailing twelve months is around 5.72%, more than SMBS's 5.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
JMBS Janus Henderson Mortgage-Backed Securities ETF	5.30%	5.03%	5.53%	4.38%	2.73%	1.16%	2.92%	3.63%	0.89%
SMBS Schwab Mortgage-Backed Securities ETF	4.76%	4.83%	0.50%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JMBS and SMBS in my portfolio?

With a correlation of 0.92, JMBS and SMBS move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, JMBS or SMBS?

JMBS has higher volatility (1.21%) compared to SMBS (1.14%). In terms of maximum drawdown, JMBS dropped -16.68% vs SMBS's -3.20%.

Which ETF is better, JMBS or SMBS?

On 1-year performance, SMBS leads with 3.52% vs 3.43% for JMBS. On fees, SMBS is cheaper at 0.03% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JMBS or SMBS?

Over the 1-year period, SMBS has performed better with a 3.52% return vs 3.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JMBS or SMBS?

SMBS is cheaper with a 0.03% expense ratio, compared with 0.32% for JMBS.

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

JMBS has the higher dividend yield at 5.30%, compared with 4.76% for SMBS.

What is the main difference between JMBS and SMBS?

They also come from different issuers: Janus Henderson and Charles Schwab. Their fees differ too: 0.32% for JMBS and 0.03% for SMBS.

Which has better risk-adjusted returns?

SMBS currently has the higher Sharpe Ratio (1.08 vs 1.03), 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.