JMTG vs. GNMA

Last updated Jun 3, 2026

JMTG (JPMorgan Mortgage-Backed Securities ETF) and GNMA (iShares GNMA Bond ETF) are both Mortgage Backed Securities funds. JMTG is actively managed, while GNMA is passively managed. Their correlation of 0.81 suggests significant overlap in exposure. JMTG charges 0.24%/yr vs 0.15%/yr for GNMA.

Performance

JMTG vs. GNMA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Mortgage-Backed Securities ETF (JMTG) and iShares GNMA Bond ETF (GNMA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JMTG achieves a 0.51% return, which is significantly lower than GNMA's 0.75% return.

JMTG

• 1D: -0.06%
• 1M: -0.29%
• YTD: 0.51%
• 6M: 0.69%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

GNMA

• 1D: 0.07%
• 1M: -0.07%
• YTD: 0.75%
• 6M: 1.24%
• 1Y: 6.63%
• 3Y*: 4.27%
• 5Y*: 0.61%
• 10Y*: 1.25%

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

JMTG vs. GNMA - Yearly Performance Comparison

	2026 (YTD)	2025
JMTG JPMorgan Mortgage-Backed Securities ETF	0.51%	3.90%
GNMA iShares GNMA Bond ETF	0.75%	3.89%

Correlation

The correlation between JMTG and GNMA is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 1, 2025	0.81

Return for Risk

JMTG vs. GNMA — Risk / Return Rank

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

GNMA

GNMA Risk / Return Rank: 46
GNMA Sharpe Ratio Rank: 44
GNMA Sortino Ratio Rank: 48
GNMA Omega Ratio Rank: 43
GNMA Calmar Ratio Rank: 49
GNMA Martin Ratio Rank: 47

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.

JMTG vs. GNMA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Mortgage-Backed Securities ETF (JMTG) and iShares GNMA Bond ETF (GNMA). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	JMTG	GNMA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.55	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.09	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.24	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.31	0.25	+1.06

Drawdowns

JMTG vs. GNMA - Drawdown Comparison

The maximum JMTG drawdown since its inception was -2.78%, smaller than the maximum GNMA drawdown of -17.09%. Use the drawdown chart below to compare losses from any high point for JMTG and GNMA.

Drawdown Indicators

	JMTG	GNMA	Difference
Max Drawdown Largest peak-to-trough decline	-2.78%	-17.09%	+14.31%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.61%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-7.13%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-15.83%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-17.09%	—
Current Drawdown Current decline from peak	-1.74%	-1.22%	-0.52%
Average Drawdown Average peak-to-trough decline	-0.66%	-3.66%	+3.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.81%	—

Volatility

Volatility by Period

	JMTG	GNMA	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.54%	—
Volatility (6M) Calculated over the trailing 6-month period	—	3.15%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.68%	4.30%	-0.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.68%	6.61%	-2.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.68%	5.13%	-1.45%

JMTG vs. GNMA - Expense Ratio Comparison

JMTG has a 0.24% expense ratio, which is higher than GNMA's 0.15% expense ratio. However, 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. GNMA - Dividend Comparison

JMTG's dividend yield for the trailing twelve months is around 3.91%, less than GNMA's 4.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GNMA iShares GNMA Bond ETF	4.23%	4.19%	4.15%	3.43%	2.01%	0.64%	1.89%	2.61%	2.41%	2.15%	1.89%	1.50%
JMTG JPMorgan Mortgage-Backed Securities ETF	3.91%	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

Can I hold both JMTG and GNMA in my portfolio?

JMTG and GNMA have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, JMTG or GNMA?

On fees, GNMA is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, JMTG or GNMA?

GNMA is cheaper with a 0.15% expense ratio, compared with 0.24% for JMTG.

Which ETF pays a higher dividend yield, JMTG or GNMA?

GNMA has the higher dividend yield at 4.23%, compared with 3.91% for JMTG.

What is the main difference between JMTG and GNMA?

They also come from different issuers: JPMorgan and iShares. Their fees differ too: 0.24% for JMTG and 0.15% for GNMA.