JNSTX vs. FUMBX

Last updated Aug 1, 2026

JNSTX (Janus Henderson Short Duration Flexible Bond Fund) and FUMBX (Fidelity Short-Term Treasury Bond Index Fund) are both Short-Term Bond funds. Over the past 5 years, JNSTX returned 2.06%/yr vs 1.26%/yr for FUMBX. Their 0.53 correlation means they have sometimes moved together and sometimes differently. JNSTX charges 0.53%/yr vs 0.03%/yr for FUMBX.

Performance

JNSTX vs. FUMBX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson Short Duration Flexible Bond Fund (JNSTX) and Fidelity Short-Term Treasury Bond Index Fund (FUMBX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JNSTX achieves a 1.14% return, which is significantly higher than FUMBX's 0.15% return.

JNSTX

• 1D: 0.00%
• 1M: -0.35%
• 6M: 0.77%
• YTD: 1.14%
• 1Y: 3.47%
• 3Y*: 5.10%
• 5Y*: 2.06%
• 10Y*: 2.16%
• ALL TIME*: 1.98%

FUMBX

• 1D: 0.00%
• 1M: -0.29%
• 6M: -0.01%
• YTD: 0.15%
• 1Y: 1.98%
• 3Y*: 4.11%
• 5Y*: 1.26%
• 10Y*: —
• ALL TIME*: 1.76%

*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)
FUMBX Fidelity Short-Term Treasury Bond Index Fund	$0.00	$0.00	$0.00
JNSTX Janus Henderson Short Duration Flexible Bond Fund	$0.00	$0.00	$0.00

JNSTX vs. FUMBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JNSTX Janus Henderson Short Duration Flexible Bond Fund	1.14%	5.89%	5.27%	4.67%	-5.44%	-0.09%	4.81%	4.09%	0.90%	0.13%
FUMBX Fidelity Short-Term Treasury Bond Index Fund	0.15%	5.83%	3.25%	4.47%	-5.84%	-1.38%	4.22%	4.19%	1.47%	-0.33%

Correlation

The correlation between JNSTX and FUMBX is 0.55, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.55
Correlation (3Y) Balances recent behavior with more history.	0.60
Correlation (5Y) Shows whether the relationship held over a longer period.	0.63
Correlation (All Time) Calculated using the full available price history since Oct 19, 2017	0.53

The correlation between JNSTX and FUMBX has been stable across timeframes, ranging from 0.53 to 0.63 - a consistent structural relationship.

Return for Risk

JNSTX vs. FUMBX — Risk / Return Rank

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

JNSTX

JNSTX Risk / Return Rank: 82
JNSTX Sharpe Ratio Rank: 62
JNSTX Sortino Ratio Rank: 74
JNSTX Omega Ratio Rank: 94
JNSTX Calmar Ratio Rank: 86
JNSTX Martin Ratio Rank: 93

FUMBX

FUMBX Risk / Return Rank: 55
FUMBX Sharpe Ratio Rank: 57
FUMBX Sortino Ratio Rank: 64
FUMBX Omega Ratio Rank: 66
FUMBX Calmar Ratio Rank: 52
FUMBX Martin Ratio Rank: 35

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.

JNSTX vs. FUMBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Short Duration Flexible Bond Fund (JNSTX) and Fidelity Short-Term Treasury Bond Index Fund (FUMBX). 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.

	JNSTX	FUMBX	Difference
Sharpe ratio: Return per unit of total volatility	1.57	1.38	+0.19
Sortino ratio: Return per unit of downside risk	2.59	2.14	+0.45
Omega ratio: Gain probability vs. loss probability	1.55	1.28	+0.27
Calmar ratio: Return relative to maximum drawdown	3.10	1.84	+1.25
Martin ratio: Return relative to average drawdown	14.33	4.96	+9.37

JNSTX vs. FUMBX - Sharpe Ratio Comparison

The current JNSTX Sharpe Ratio is 1.57, which is comparable to the FUMBX Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of JNSTX and FUMBX, 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

JNSTX vs. FUMBX - Drawdown Comparison

The maximum JNSTX drawdown since its inception was -8.11%, smaller than the maximum FUMBX drawdown of -8.83%. Use the drawdown chart below to compare losses from any high point for JNSTX and FUMBX.

Drawdown Indicators

	JNSTX	FUMBX	Difference
Max Drawdown Largest peak-to-trough decline	-8.11%	-8.83%	+0.72%
Max Drawdown (1Y) Largest decline over 1 year	-1.37%	-1.54%	+0.17%
Max Drawdown (3Y) Largest decline over 3 years	-1.37%	-1.57%	+0.20%
Max Drawdown (5Y) Largest decline over 5 years	-8.01%	-8.51%	+0.50%
Max Drawdown (10Y) Largest decline over 10 years	-8.11%	—	—
Current Drawdown Current decline from peak	-0.35%	-0.81%	+0.46%
Average Drawdown Average peak-to-trough decline	-0.91%	-1.84%	+0.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.30%	0.57%	-0.27%

Volatility

JNSTX vs. FUMBX - Volatility Comparison

Janus Henderson Short Duration Flexible Bond Fund (JNSTX) has a higher volatility of 0.61% compared to Fidelity Short-Term Treasury Bond Index Fund (FUMBX) at 0.53%. This indicates that JNSTX's price experiences larger fluctuations and is considered to be riskier than FUMBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JNSTX	FUMBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.61%	0.53%	+0.08%
Volatility (6M) Calculated over the trailing 6-month period	2.02%	1.62%	+0.40%
Volatility (1Y) Calculated over the trailing 1-year period	2.70%	2.05%	+0.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.22%	2.93%	+0.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.78%	2.48%	+0.30%

JNSTX vs. FUMBX - Expense Ratio Comparison

JNSTX has a 0.53% expense ratio, which is higher than FUMBX's 0.03% expense ratio.

Dividends

JNSTX vs. FUMBX - Dividend Comparison

JNSTX's dividend yield for the trailing twelve months is around 4.48%, more than FUMBX's 3.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FUMBX Fidelity Short-Term Treasury Bond Index Fund	3.56%	3.51%	2.91%	1.64%	0.86%	1.15%	1.41%	1.88%	1.64%	0.34%	0.00%	0.00%
JNSTX Janus Henderson Short Duration Flexible Bond Fund	4.48%	4.65%	4.76%	3.12%	1.92%	1.55%	2.05%	2.33%	2.24%	1.61%	1.24%	1.30%

Frequently Asked Questions

Can I hold both JNSTX and FUMBX in my portfolio?

JNSTX and FUMBX have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JNSTX or FUMBX?

JNSTX has higher volatility (0.61%) compared to FUMBX (0.53%). In terms of maximum drawdown, JNSTX dropped -8.11% vs FUMBX's -8.83%.

Which has better risk-adjusted returns?

JNSTX currently has the higher Sharpe Ratio (1.57 vs 1.38), 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.