MTBA vs. JMBS

Last updated Jun 23, 2026

MTBA (Simplify MBS ETF) and JMBS (Janus Henderson Mortgage-Backed Securities ETF) are both Mortgage Backed Securities funds. Both are actively managed. Over the past year, MTBA returned 4.63% vs 6.31% for JMBS. Their correlation of 0.90 suggests significant overlap in exposure. MTBA charges 0.15%/yr vs 0.32%/yr for JMBS.

Performance

MTBA vs. JMBS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify MBS ETF (MTBA) and Janus Henderson Mortgage-Backed Securities ETF (JMBS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MTBA achieves a -0.06% return, which is significantly lower than JMBS's 0.62% return.

MTBA

• 1D: -0.12%
• 1M: 0.59%
• YTD: -0.06%
• 6M: 0.09%
• 1Y: 4.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

JMBS

• 1D: -0.20%
• 1M: 0.43%
• YTD: 0.62%
• 6M: 0.77%
• 1Y: 6.31%
• 3Y*: 4.63%
• 5Y*: 0.79%
• 10Y*: —

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

MTBA vs. JMBS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MTBA Simplify MBS ETF	-0.06%	7.74%	1.99%	3.67%
JMBS Janus Henderson Mortgage-Backed Securities ETF	0.62%	8.82%	1.53%	7.56%

Correlation

The correlation between MTBA and JMBS is 0.87, 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	0.87
Correlation (All Time) Calculated using the full available price history since Nov 7, 2023	0.90

The correlation between MTBA and JMBS has been stable across timeframes, ranging from 0.87 to 0.90 - a consistent structural relationship.

Return for Risk

MTBA vs. JMBS — Risk / Return Rank

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

MTBA

MTBA Risk / Return Rank: 40
MTBA Sharpe Ratio Rank: 44
MTBA Sortino Ratio Rank: 43
MTBA Omega Ratio Rank: 46
MTBA Calmar Ratio Rank: 34
MTBA Martin Ratio Rank: 35

JMBS

JMBS Risk / Return Rank: 43
JMBS Sharpe Ratio Rank: 44
JMBS Sortino Ratio Rank: 45
JMBS Omega Ratio Rank: 43
JMBS Calmar Ratio Rank: 43
JMBS Martin Ratio Rank: 41

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.

MTBA vs. JMBS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify MBS ETF (MTBA) 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.

	MTBA	JMBS	Difference
Sharpe ratio: Return per unit of total volatility	1.50	1.49	+0.01
Sortino ratio: Return per unit of downside risk	2.11	2.20	-0.09
Omega ratio: Gain probability vs. loss probability	1.29	1.27	+0.02
Calmar ratio: Return relative to maximum drawdown	1.65	2.07	-0.42
Martin ratio: Return relative to average drawdown	5.22	6.47	-1.25

MTBA vs. JMBS - Sharpe Ratio Comparison

The current MTBA Sharpe Ratio is 1.50, which is comparable to the JMBS Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of MTBA and JMBS, 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

MTBA vs. JMBS - Drawdown Comparison

The maximum MTBA drawdown since its inception was -3.48%, smaller than the maximum JMBS drawdown of -16.68%. Use the drawdown chart below to compare losses from any high point for MTBA and JMBS.

Drawdown Indicators

	MTBA	JMBS	Difference
Max Drawdown Largest peak-to-trough decline	-3.48%	-16.68%	+13.20%
Max Drawdown (1Y) Largest decline over 1 year	-2.82%	-3.05%	+0.23%
Max Drawdown (3Y) Largest decline over 3 years	—	-7.76%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-16.68%	—
Current Drawdown Current decline from peak	-1.44%	-1.55%	+0.11%
Average Drawdown Average peak-to-trough decline	-0.80%	-3.88%	+3.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.89%	0.98%	-0.09%

Volatility

MTBA vs. JMBS - Volatility Comparison

The current volatility for Simplify MBS ETF (MTBA) is 0.97%, while Janus Henderson Mortgage-Backed Securities ETF (JMBS) has a volatility of 1.33%. This indicates that MTBA 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.

Volatility by Period

	MTBA	JMBS	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.97%	1.33%	-0.36%
Volatility (6M) Calculated over the trailing 6-month period	2.58%	3.35%	-0.77%
Volatility (1Y) Calculated over the trailing 1-year period	3.11%	4.27%	-1.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.95%	6.51%	-2.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.95%	5.52%	-1.57%

MTBA vs. JMBS - Expense Ratio Comparison

MTBA has a 0.15% expense ratio, which is lower than JMBS's 0.32% expense ratio.

Dividends

MTBA vs. JMBS - Dividend Comparison

MTBA's dividend yield for the trailing twelve months is around 6.08%, more than JMBS's 5.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
JMBS Janus Henderson Mortgage-Backed Securities ETF	5.19%	5.03%	5.53%	4.38%	2.73%	1.16%	2.92%	3.63%	0.89%
MTBA Simplify MBS ETF	6.08%	5.98%	6.03%	0.48%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MTBA and JMBS in my portfolio?

MTBA and JMBS have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MTBA or JMBS?

JMBS has higher volatility (1.33%) compared to MTBA (0.97%). In terms of maximum drawdown, MTBA dropped -3.48% vs JMBS's -16.68%.

Which ETF is better, MTBA or JMBS?

On 1-year performance, JMBS leads with 6.31% vs 4.63% for MTBA. On fees, MTBA is cheaper at 0.15% per year. On volatility, MTBA has been the lower-risk option at 0.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MTBA or JMBS?

Over the 1-year period, JMBS has performed better with a 6.31% return vs 4.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MTBA or JMBS?

MTBA is cheaper with a 0.15% expense ratio, compared with 0.32% for JMBS.

Which ETF pays a higher dividend yield, MTBA or JMBS?

MTBA has the higher dividend yield at 6.08%, compared with 5.19% for JMBS.

What is the main difference between MTBA and JMBS?

They also come from different issuers: Simplify and Janus Henderson. Their fees differ too: 0.15% for MTBA and 0.32% for JMBS.

Which has better risk-adjusted returns?

MTBA currently has the higher Sharpe Ratio (1.50 vs 1.49), 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.