JMTG vs. CMBS
JMTG (JPMorgan Mortgage-Backed Securities ETF) and CMBS (iShares CMBS ETF) are both Mortgage Backed Securities funds. JMTG is actively managed, while CMBS is passively managed. Over the past year, JMTG returned 5.00% vs 3.72% for CMBS. At a 0.39 correlation, their price movements are largely independent. JMTG charges 0.24%/yr vs 0.25%/yr for CMBS.
Performance
JMTG vs. CMBS - Performance Comparison
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Returns By Period
In the year-to-date period, JMTG achieves a 0.40% return, which is significantly higher than CMBS's 0.36% return.
JMTG
- 1D
- -0.34%
- 1M
- -0.41%
- 6M
- 0.12%
- YTD
- 0.40%
- 1Y
- 5.00%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CMBS
- 1D
- -0.09%
- 1M
- 0.12%
- 6M
- 0.25%
- YTD
- 0.36%
- 1Y
- 3.72%
- 3Y*
- 5.18%
- 5Y*
- 0.71%
- 10Y*
- 1.97%
JMTG vs. CMBS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
JMTG JPMorgan Mortgage-Backed Securities ETF | 0.40% | 3.94% |
CMBS iShares CMBS ETF | 0.36% | 2.82% |
Correlation
The correlation between JMTG and CMBS is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.38 |
Correlation (All Time) Calculated using the full available price history since Jun 30, 2025 | 0.39 |
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Return for Risk
JMTG vs. CMBS — Risk / Return Rank
JMTG
CMBS
JMTG vs. CMBS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPMorgan Mortgage-Backed Securities ETF (JMTG) and iShares CMBS ETF (CMBS). 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.
| JMTG | CMBS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.34 | ||
| Sortino ratioReturn per unit of downside risk | +0.43 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.18 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 1.81 | 1.53 | +0.28 |
| Martin ratioReturn relative to average drawdown | 4.98 | 3.81 | +1.17 |
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Drawdowns
JMTG vs. CMBS - Drawdown Comparison
The maximum JMTG drawdown since its inception was -2.78%, smaller than the maximum CMBS drawdown of -15.87%. Use the drawdown chart below to compare losses from any high point for JMTG and CMBS.
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Drawdown Indicators
| JMTG | CMBS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.78% | -15.87% | +13.09% |
Max Drawdown (1Y)Largest decline over 1 year | -2.78% | -2.44% | -0.34% |
Max Drawdown (3Y)Largest decline over 3 years | — | -3.25% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -15.87% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -15.87% | — |
Current DrawdownCurrent decline from peak | -1.85% | -1.55% | -0.30% |
Average DrawdownAverage peak-to-trough decline | -0.75% | -2.94% | +2.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.01% | 0.98% | +0.03% |
Volatility
JMTG vs. CMBS - Volatility Comparison
JPMorgan Mortgage-Backed Securities ETF (JMTG) has a higher volatility of 1.22% compared to iShares CMBS ETF (CMBS) at 0.99%. This indicates that JMTG's price experiences larger fluctuations and is considered to be riskier than CMBS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JMTG | CMBS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.22% | 0.99% | +0.23% |
Volatility (6M)Calculated over the trailing 6-month period | 2.89% | 2.83% | +0.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.70% | 3.65% | +0.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.70% | 5.32% | -1.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.70% | 5.76% | -2.06% |
JMTG vs. CMBS - Expense Ratio Comparison
JMTG has a 0.24% expense ratio, which is lower than CMBS's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
JMTG vs. CMBS - Dividend Comparison
JMTG's dividend yield for the trailing twelve months is around 4.32%, more than CMBS's 3.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CMBS iShares CMBS ETF | 3.60% | 3.45% | 3.31% | 2.97% | 2.65% | 2.46% | 2.83% | 2.74% | 2.70% | 2.50% | 2.29% | 2.31% |
JMTG JPMorgan Mortgage-Backed Securities ETF | 4.32% | 2.10% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
JMTG and CMBS have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
JMTG has higher volatility (1.22%) compared to CMBS (0.99%). In terms of maximum drawdown, JMTG dropped -2.78% vs CMBS's -15.87%.
On 1-year performance, JMTG leads with 5.00% vs 3.72% for CMBS. On fees, JMTG is cheaper at 0.24% per year. On volatility, CMBS has been the lower-risk option at 0.99%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, JMTG has performed better with a 5.00% return vs 3.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JMTG is cheaper with a 0.24% expense ratio, compared with 0.25% for CMBS.
JMTG has the higher dividend yield at 4.32%, compared with 3.60% for CMBS.
They also come from different issuers: JPMorgan and iShares. Their fees differ too: 0.24% for JMTG and 0.25% for CMBS.
JMTG currently has the higher Sharpe Ratio (1.36 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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