LMBS vs. JMBS
LMBS (First Trust Low Duration Mortgage Opportunities ETF) and JMBS (Janus Henderson Mortgage-Backed Securities ETF) are both Mortgage Backed Securities funds. Both are actively managed. Over the past 5 years, LMBS returned 3.07%/yr vs 0.44%/yr for JMBS. Their 0.62 correlation means they have sometimes moved together and sometimes differently. LMBS charges 0.68%/yr vs 0.32%/yr for JMBS.
Performance
LMBS vs. JMBS - Performance Comparison
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Returns By Period
In the year-to-date period, LMBS achieves a 1.39% return, which is significantly higher than JMBS's -0.47% return.
LMBS
- 1D
- -0.08%
- 1M
- -0.15%
- 6M
- 0.68%
- YTD
- 1.39%
- 1Y
- 4.45%
- 3Y*
- 5.75%
- 5Y*
- 3.07%
- 10Y*
- 2.59%
- ALL TIME*
- 2.97%
JMBS
- 1D
- -0.42%
- 1M
- -1.51%
- 6M
- -1.06%
- YTD
- -0.47%
- 1Y
- 3.43%
- 3Y*
- 4.59%
- 5Y*
- 0.44%
- 10Y*
- —
- ALL TIME*
- 2.13%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $29.93M | $27.70M | $29.57M | |
| $21.63M | $26.61M | $25.51M |
LMBS vs. JMBS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
LMBS First Trust Low Duration Mortgage Opportunities ETF | 1.39% | 7.05% | 5.15% | 6.10% | -3.07% | -0.91% | 1.64% | 4.10% | 0.77% |
JMBS Janus Henderson Mortgage-Backed Securities ETF | -0.47% | 8.82% | 1.53% | 5.66% | -11.40% | -0.32% | 5.80% | 7.11% | 1.55% |
Correlation
The correlation between LMBS and JMBS is 0.80, 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. | 0.80 |
Correlation (3Y) Balances recent behavior with more history. | 0.78 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.71 |
Correlation (All Time) Calculated using the full available price history since Sep 13, 2018 | 0.62 |
The correlation between LMBS and JMBS shifts across timeframes, from 0.62 (all time) to 0.80 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
LMBS vs. JMBS — Risk / Return Rank
LMBS
JMBS
LMBS vs. JMBS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Low Duration Mortgage Opportunities ETF (LMBS) and Janus Henderson Mortgage-Backed Securities ETF (JMBS). 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.
| LMBS | JMBS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.44 | ||
| Sortino ratioReturn per unit of downside risk | +2.12 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.18 | +0.30 |
| Calmar ratioReturn relative to maximum drawdown | 3.41 | 1.44 | +1.96 |
| Martin ratioReturn relative to average drawdown | 13.82 | 3.93 | +9.89 |
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Drawdowns
LMBS vs. JMBS - Drawdown Comparison
The maximum LMBS drawdown since its inception was -6.49%, smaller than the maximum JMBS drawdown of -16.68%. Use the drawdown chart below to compare losses from any high point for LMBS and JMBS.
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Drawdown Indicators
| LMBS | JMBS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.49% | -16.68% | +10.19% |
Max Drawdown (1Y)Largest decline over 1 year | -1.43% | -3.05% | +1.62% |
Max Drawdown (3Y)Largest decline over 3 years | -1.72% | -6.67% | +4.95% |
Max Drawdown (5Y)Largest decline over 5 years | -5.99% | -16.64% | +10.65% |
Max Drawdown (10Y)Largest decline over 10 years | -6.49% | — | — |
Current DrawdownCurrent decline from peak | -0.36% | -2.61% | +2.25% |
Average DrawdownAverage peak-to-trough decline | -0.80% | -3.85% | +3.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.35% | 1.12% | -0.77% |
Volatility
LMBS vs. JMBS - Volatility Comparison
The current volatility for First Trust Low Duration Mortgage Opportunities ETF (LMBS) is 0.73%, while Janus Henderson Mortgage-Backed Securities ETF (JMBS) has a volatility of 1.21%. This indicates that LMBS experiences smaller price fluctuations and is considered to be less risky than JMBS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| LMBS | JMBS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.73% | 1.21% | -0.48% |
Volatility (6M)Calculated over the trailing 6-month period | 1.54% | 3.48% | -1.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.97% | 4.30% | -2.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.58% | 6.54% | -3.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.35% | 5.50% | -3.15% |
LMBS vs. JMBS - Expense Ratio Comparison
LMBS has a 0.68% expense ratio, which is higher than JMBS's 0.32% expense ratio.
Dividends
LMBS vs. JMBS - Dividend Comparison
LMBS's dividend yield for the trailing twelve months is around 4.12%, less than JMBS's 5.72% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
JMBS Janus Henderson Mortgage-Backed Securities ETF | 5.30% | 5.03% | 5.53% | 4.38% | 2.73% | 1.16% | 2.92% | 3.63% | 0.89% | 0.00% | 0.00% | 0.00% |
LMBS First Trust Low Duration Mortgage Opportunities ETF | 4.12% | 4.08% | 4.28% | 3.96% | 2.22% | 2.04% | 2.27% | 2.55% | 2.76% | 2.73% | 2.84% | 3.03% |
Frequently Asked Questions
LMBS and JMBS have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
JMBS has higher volatility (1.21%) compared to LMBS (0.73%). In terms of maximum drawdown, LMBS dropped -6.49% vs JMBS's -16.68%.
On 5-year performance, LMBS leads with 3.07% vs 0.44% for JMBS. On fees, JMBS is cheaper at 0.32% per year. On volatility, LMBS has been the lower-risk option at 0.73%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, LMBS has performed better with a 3.07% return vs 0.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JMBS is cheaper with a 0.32% expense ratio, compared with 0.68% for LMBS.
JMBS has the higher dividend yield at 5.30%, compared with 4.12% for LMBS.
They also come from different issuers: First Trust and Janus Henderson. Their fees differ too: 0.68% for LMBS and 0.32% for JMBS.
LMBS currently has the higher Sharpe Ratio (2.47 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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