JMTG vs. VMBS

Last updated Jul 14, 2026

JMTG (JPMorgan Mortgage-Backed Securities ETF) and VMBS (Vanguard Mortgage-Backed Securities ETF) are both Mortgage Backed Securities funds. JMTG is actively managed, while VMBS is passively managed. Over the past year, JMTG returned 5.00% vs 5.07% for VMBS. Their correlation of 0.92 suggests significant overlap in exposure. JMTG charges 0.24%/yr vs 0.04%/yr for VMBS.

Performance

JMTG vs. VMBS - Performance Comparison

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

Returns By Period

In the year-to-date period, JMTG achieves a 0.40% return, which is significantly higher than VMBS's 0.28% return.

JMTG

• 1D: -0.34%
• 1M: -0.41%
• 6M: 0.12%
• YTD: 0.40%
• 1Y: 5.00%
• 3Y*: —
• 5Y*: —
• 10Y*: —

VMBS

• 1D: -0.43%
• 1M: -0.59%
• 6M: -0.13%
• YTD: 0.28%
• 1Y: 5.07%
• 3Y*: 4.36%
• 5Y*: 0.40%
• 10Y*: 1.28%

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

JMTG vs. VMBS - Yearly Performance Comparison

	2026 (YTD)	2025
JMTG JPMorgan Mortgage-Backed Securities ETF	0.40%	3.94%
VMBS Vanguard Mortgage-Backed Securities ETF	0.28%	4.44%

Correlation

The correlation between JMTG and VMBS is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (All Time) Calculated using the full available price history since Jun 30, 2025	0.92

The correlation between JMTG and VMBS has been stable across timeframes, ranging from 0.92 to 0.93 - a consistent structural relationship.

Return for Risk

JMTG vs. VMBS — Risk / Return Rank

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

JMTG

JMTG Risk / Return Rank: 46
JMTG Sharpe Ratio Rank: 49
JMTG Sortino Ratio Rank: 51
JMTG Omega Ratio Rank: 47
JMTG Calmar Ratio Rank: 45
JMTG Martin Ratio Rank: 39

VMBS

VMBS Risk / Return Rank: 43
VMBS Sharpe Ratio Rank: 42
VMBS Sortino Ratio Rank: 42
VMBS Omega Ratio Rank: 40
VMBS Calmar Ratio Rank: 47
VMBS Martin Ratio Rank: 45

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. VMBS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Mortgage-Backed Securities ETF (JMTG) and Vanguard Mortgage-Backed Securities ETF (VMBS). 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	VMBS	Difference
Sharpe ratio: Return per unit of total volatility	1.36	1.20	+0.17
Sortino ratio: Return per unit of downside risk	2.01	1.76	+0.25
Omega ratio: Gain probability vs. loss probability	1.24	1.22	+0.03
Calmar ratio: Return relative to maximum drawdown	1.81	1.89	-0.09
Martin ratio: Return relative to average drawdown	4.98	5.90	-0.92

JMTG vs. VMBS - Sharpe Ratio Comparison

The current JMTG Sharpe Ratio is 1.36, which is comparable to the VMBS Sharpe Ratio of 1.20. The chart below compares the historical Sharpe Ratios of JMTG and VMBS, 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

JMTG vs. VMBS - Drawdown Comparison

The maximum JMTG drawdown since its inception was -2.78%, smaller than the maximum VMBS drawdown of -17.47%. Use the drawdown chart below to compare losses from any high point for JMTG and VMBS.

Drawdown Indicators

	JMTG	VMBS	Difference
Max Drawdown Largest peak-to-trough decline	-2.78%	-17.47%	+14.69%
Max Drawdown (1Y) Largest decline over 1 year	-2.78%	-2.68%	-0.10%
Max Drawdown (3Y) Largest decline over 3 years	—	-7.47%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-17.12%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-17.47%	—
Current Drawdown Current decline from peak	-1.85%	-1.70%	-0.15%
Average Drawdown Average peak-to-trough decline	-0.75%	-2.49%	+1.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.01%	0.86%	+0.15%

Volatility

JMTG vs. VMBS - Volatility Comparison

The current volatility for JPMorgan Mortgage-Backed Securities ETF (JMTG) is 1.22%, while Vanguard Mortgage-Backed Securities ETF (VMBS) has a volatility of 1.32%. This indicates that JMTG experiences smaller price fluctuations and is considered to be less risky than VMBS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JMTG	VMBS	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.22%	1.32%	-0.10%
Volatility (6M) Calculated over the trailing 6-month period	2.89%	3.37%	-0.48%
Volatility (1Y) Calculated over the trailing 1-year period	3.70%	4.26%	-0.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.70%	6.79%	-3.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.70%	5.41%	-1.71%

JMTG vs. VMBS - Expense Ratio Comparison

JMTG has a 0.24% expense ratio, which is higher than VMBS's 0.04% 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. VMBS - Dividend Comparison

JMTG's dividend yield for the trailing twelve months is around 4.32%, more than VMBS's 4.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VMBS Vanguard Mortgage-Backed Securities ETF	4.22%	4.20%	3.94%	3.31%	2.35%	1.02%	2.01%	2.77%	2.72%	2.16%	2.10%	2.12%

Frequently Asked Questions

Can I hold both JMTG and VMBS in my portfolio?

With a correlation of 0.93, JMTG and VMBS 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, JMTG or VMBS?

VMBS has higher volatility (1.32%) compared to JMTG (1.22%). In terms of maximum drawdown, JMTG dropped -2.78% vs VMBS's -17.47%.

Which ETF is better, JMTG or VMBS?

On 1-year performance, VMBS leads with 5.07% vs 5.00% for JMTG. On fees, VMBS is cheaper at 0.04% 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, JMTG or VMBS?

Over the 1-year period, VMBS has performed better with a 5.07% return vs 5.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JMTG or VMBS?

VMBS is cheaper with a 0.04% expense ratio, compared with 0.24% for JMTG.

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

JMTG has the higher dividend yield at 4.32%, compared with 4.22% for VMBS.

What is the main difference between JMTG and VMBS?

They also come from different issuers: JPMorgan and Vanguard. Their fees differ too: 0.24% for JMTG and 0.04% for VMBS.

Which has better risk-adjusted returns?

JMTG currently has the higher Sharpe Ratio (1.36 vs 1.20), 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.