JPMB vs. MBND
JPMB (JPMorgan USD Emerging Markets Sovereign Bond ETF) and MBND (SPDR Nuveen Municipal Bond ETF) are both exchange-traded funds - JPMB is a Emerging Markets Bonds fund tracking the J.P. Morgan Emerging Markets Risk-Aware Bond Index, while MBND is a Municipal Bonds fund actively managed by State Street. JPMB is passively managed, while MBND is actively managed. Over the past 5 years, JPMB returned 1.42%/yr vs 0.64%/yr for MBND. At a 0.47 correlation, their price movements are largely independent. JPMB charges 0.39%/yr vs 0.40%/yr for MBND.
Performance
JPMB vs. MBND - Performance Comparison
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Returns By Period
In the year-to-date period, JPMB achieves a 1.95% return, which is significantly higher than MBND's 1.16% return.
JPMB
- 1D
- -0.11%
- 1M
- 1.76%
- YTD
- 1.95%
- 6M
- 1.93%
- 1Y
- 10.60%
- 3Y*
- 7.78%
- 5Y*
- 1.42%
- 10Y*
- —
MBND
- 1D
- 0.01%
- 1M
- 1.12%
- YTD
- 1.16%
- 6M
- 1.45%
- 1Y
- 4.61%
- 3Y*
- 3.52%
- 5Y*
- 0.64%
- 10Y*
- —
JPMB vs. MBND - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
JPMB JPMorgan USD Emerging Markets Sovereign Bond ETF | 1.95% | 13.73% | 1.46% | 9.48% | -16.05% | -1.14% |
MBND SPDR Nuveen Municipal Bond ETF | 1.16% | 2.90% | 2.75% | 5.62% | -8.61% | 0.49% |
Correlation
The correlation between JPMB and MBND is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.55 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since Feb 4, 2021 | 0.47 |
The correlation between JPMB and MBND has been stable across timeframes, ranging from 0.47 to 0.55 - a consistent structural relationship.
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Return for Risk
JPMB vs. MBND — Risk / Return Rank
JPMB
MBND
JPMB vs. MBND - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPMorgan USD Emerging Markets Sovereign Bond ETF (JPMB) and SPDR Nuveen Municipal Bond ETF (MBND). 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.
| JPMB | MBND | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.24 | ||
| Sortino ratioReturn per unit of downside risk | +0.40 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.37 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.31 | 1.90 | +0.42 |
| Martin ratioReturn relative to average drawdown | 9.81 | 6.17 | +3.63 |
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Drawdowns
JPMB vs. MBND - Drawdown Comparison
The maximum JPMB drawdown since its inception was -26.33%, which is greater than MBND's maximum drawdown of -13.18%. Use the drawdown chart below to compare losses from any high point for JPMB and MBND.
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Drawdown Indicators
| JPMB | MBND | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.33% | -13.18% | -13.15% |
Max Drawdown (1Y)Largest decline over 1 year | -4.61% | -2.44% | -2.17% |
Max Drawdown (3Y)Largest decline over 3 years | -7.53% | -4.57% | -2.96% |
Max Drawdown (5Y)Largest decline over 5 years | -26.16% | -13.18% | -12.98% |
Current DrawdownCurrent decline from peak | -0.53% | -0.58% | +0.05% |
Average DrawdownAverage peak-to-trough decline | -7.02% | -4.16% | -2.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.08% | 0.75% | +0.33% |
Volatility
JPMB vs. MBND - Volatility Comparison
JPMorgan USD Emerging Markets Sovereign Bond ETF (JPMB) has a higher volatility of 1.79% compared to SPDR Nuveen Municipal Bond ETF (MBND) at 1.24%. This indicates that JPMB's price experiences larger fluctuations and is considered to be riskier than MBND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JPMB | MBND | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.79% | 1.24% | +0.55% |
Volatility (6M)Calculated over the trailing 6-month period | 4.53% | 2.11% | +2.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.43% | 2.69% | +2.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.94% | 3.51% | +5.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.63% | 3.43% | +6.20% |
JPMB vs. MBND - Expense Ratio Comparison
JPMB has a 0.39% expense ratio, which is lower than MBND's 0.40% expense ratio.
Dividends
JPMB vs. MBND - Dividend Comparison
JPMB's dividend yield for the trailing twelve months is around 5.78%, more than MBND's 3.49% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
JPMB JPMorgan USD Emerging Markets Sovereign Bond ETF | 5.78% | 6.71% | 6.32% | 5.99% | 4.94% | 4.29% | 4.29% | 4.51% | 4.58% |
MBND SPDR Nuveen Municipal Bond ETF | 3.49% | 3.43% | 2.72% | 2.53% | 1.61% | 1.62% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
JPMB and MBND have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
JPMB has higher volatility (1.79%) compared to MBND (1.24%). In terms of maximum drawdown, JPMB dropped -26.33% vs MBND's -13.18%.
On 5-year performance, JPMB leads with 1.42% vs 0.64% for MBND. On fees, JPMB is cheaper at 0.39% per year. On volatility, MBND has been the lower-risk option at 1.24%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, JPMB has performed better with a 1.42% return vs 0.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JPMB is cheaper with a 0.39% expense ratio, compared with 0.40% for MBND.
JPMB has the higher dividend yield at 5.78%, compared with 3.49% for MBND.
JPMB is categorized as Emerging Markets Bonds, while MBND is Municipal Bonds. They also come from different issuers: JPMorgan and State Street. Their fees differ too: 0.39% for JPMB and 0.40% for MBND.
JPMB currently has the higher Sharpe Ratio (1.96 vs 1.72), 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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