JMBS vs. UGA
JMBS (Janus Henderson Mortgage-Backed Securities ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - JMBS is a Mortgage Backed Securities fund actively managed by Janus Henderson, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. JMBS is actively managed, while UGA is passively managed. Over the past 5 years, JMBS returned 0.44%/yr vs 25.78%/yr for UGA. Their -0.10 correlation means they have often moved in opposite directions in the past. JMBS charges 0.32%/yr vs 0.75%/yr for UGA.
Performance
JMBS vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, JMBS achieves a -0.47% return, which is significantly lower than UGA's 91.06% 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%
UGA
- 1D
- -0.01%
- 1M
- 14.56%
- 6M
- 70.02%
- YTD
- 91.06%
- 1Y
- 88.12%
- 3Y*
- 17.55%
- 5Y*
- 25.78%
- 10Y*
- 18.03%
- ALL TIME*
- 4.82%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $29.93M | $27.70M | $29.57M | |
| $6.47M | $5.01M | $4.85M |
JMBS vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
JMBS Janus Henderson Mortgage-Backed Securities ETF | -0.47% | 8.82% | 1.53% | 5.66% | -11.40% | -0.32% | 5.80% | 7.11% | 1.55% |
UGA United States Gasoline Fund LP | 91.06% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -34.52% |
Correlation
The correlation between JMBS and UGA is -0.40, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.40 |
Correlation (3Y) Balances recent behavior with more history. | -0.22 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.11 |
Correlation (All Time) Calculated using the full available price history since Sep 13, 2018 | -0.10 |
Over the past year, the inverse relationship between JMBS and UGA has strengthened: their correlation has moved from -0.10 to -0.40, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
JMBS vs. UGA — Risk / Return Rank
JMBS
UGA
JMBS vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Mortgage-Backed Securities ETF (JMBS) and United States Gasoline Fund LP (UGA). 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 | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.29 | ||
| Sortino ratioReturn per unit of downside risk | -1.31 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.37 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 1.44 | 4.12 | -2.67 |
| Martin ratioReturn relative to average drawdown | 3.93 | 11.57 | -7.64 |
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Drawdowns
JMBS vs. UGA - Drawdown Comparison
The maximum JMBS drawdown since its inception was -16.68%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for JMBS and UGA.
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Drawdown Indicators
| JMBS | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.68% | -86.59% | +69.91% |
Max Drawdown (1Y)Largest decline over 1 year | -3.05% | -20.32% | +17.27% |
Max Drawdown (3Y)Largest decline over 3 years | -6.67% | -26.68% | +20.01% |
Max Drawdown (5Y)Largest decline over 5 years | -16.68% | -38.11% | +21.43% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.89% | — |
Current DrawdownCurrent decline from peak | -2.61% | -5.63% | +3.02% |
Average DrawdownAverage peak-to-trough decline | -3.85% | -36.53% | +32.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.12% | 7.26% | -6.14% |
Volatility
JMBS vs. UGA - Volatility Comparison
The current volatility for Janus Henderson Mortgage-Backed Securities ETF (JMBS) is 1.21%, while United States Gasoline Fund LP (UGA) has a volatility of 11.28%. This indicates that JMBS experiences smaller price fluctuations and is considered to be less risky than UGA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JMBS | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.21% | 11.28% | -10.07% |
Volatility (6M)Calculated over the trailing 6-month period | 3.48% | 31.98% | -28.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.30% | 36.11% | -31.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.54% | 34.60% | -28.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.50% | 37.26% | -31.76% |
JMBS vs. UGA - Expense Ratio Comparison
JMBS has a 0.32% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
JMBS vs. UGA - Dividend Comparison
JMBS's dividend yield for the trailing twelve months is around 5.72%, while UGA has not paid dividends to shareholders.
| 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% |
UGA United States Gasoline Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
JMBS and UGA have a correlation of -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (11.28%) compared to JMBS (1.21%). In terms of maximum drawdown, JMBS dropped -16.68% vs UGA's -86.59%.
On 5-year performance, UGA leads with 25.78% vs 0.44% for JMBS. On fees, JMBS is cheaper at 0.32% per year. On volatility, JMBS has been the lower-risk option at 1.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, UGA has performed better with a 25.78% return vs 0.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JMBS is cheaper with a 0.32% expense ratio, compared with 0.75% for UGA.
JMBS has the higher dividend yield at 5.30%, compared with 0.00% for UGA.
JMBS is categorized as Mortgage Backed Securities, while UGA is Oil & Gas. They also come from different issuers: Janus Henderson and Concierge Technologies. Their fees differ too: 0.32% for JMBS and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (2.32 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.
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