PMBS vs. JMBS

Last updated Aug 1, 2026

PMBS (PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund) and JMBS (Janus Henderson Mortgage-Backed Securities ETF) are both Mortgage Backed Securities funds. Both are actively managed. Over the past year, PMBS returned 3.49% vs 3.43% for JMBS. Their correlation of 0.94 means they have usually moved in the same direction. PMBS charges 0.71%/yr vs 0.32%/yr for JMBS.

Performance

PMBS vs. JMBS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund (PMBS) 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, PMBS achieves a -0.16% return, which is significantly higher than JMBS's -0.47% return.

PMBS

• 1D: -0.49%
• 1M: -1.46%
• 6M: -0.94%
• YTD: -0.16%
• 1Y: 3.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.04%

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%

*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)
JMBS Janus Henderson Mortgage-Backed Securities ETF	$29.93M	$27.70M	$29.57M
PMBS PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund	$4.19M	$3.69M	$5.46M

PMBS vs. JMBS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PMBS PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund	-0.16%	8.92%	-2.80%
JMBS Janus Henderson Mortgage-Backed Securities ETF	-0.47%	8.82%	-3.74%

Correlation

The correlation between PMBS and JMBS is 0.95 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.95
Correlation (All Time) Calculated using the full available price history since Sep 23, 2024	0.94

The correlation between PMBS and JMBS has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.

Return for Risk

PMBS vs. JMBS — Risk / Return Rank

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

PMBS

PMBS Risk / Return Rank: 41
PMBS Sharpe Ratio Rank: 43
PMBS Sortino Ratio Rank: 42
PMBS Omega Ratio Rank: 40
PMBS Calmar Ratio Rank: 42
PMBS Martin Ratio Rank: 40

JMBS

JMBS Risk / Return Rank: 40
JMBS Sharpe Ratio Rank: 41
JMBS Sortino Ratio Rank: 41
JMBS Omega Ratio Rank: 38
JMBS Calmar Ratio Rank: 40
JMBS Martin Ratio Rank: 38

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.

PMBS vs. JMBS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund (PMBS) 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.

	PMBS	JMBS	Difference
Sharpe ratio: Return per unit of total volatility	1.07	1.03	+0.04
Sortino ratio: Return per unit of downside risk	1.54	1.51	+0.03
Omega ratio: Gain probability vs. loss probability	1.19	1.18	+0.01
Calmar ratio: Return relative to maximum drawdown	1.52	1.44	+0.08
Martin ratio: Return relative to average drawdown	4.21	3.93	+0.27

PMBS vs. JMBS - Sharpe Ratio Comparison

The current PMBS Sharpe Ratio is 1.07, which is comparable to the JMBS Sharpe Ratio of 1.03. The chart below compares the historical Sharpe Ratios of PMBS 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

PMBS vs. JMBS - Drawdown Comparison

The maximum PMBS drawdown since its inception was -4.35%, smaller than the maximum JMBS drawdown of -16.68%. Use the drawdown chart below to compare losses from any high point for PMBS and JMBS.

Drawdown Indicators

	PMBS	JMBS	Difference
Max Drawdown Largest peak-to-trough decline	-4.35%	-16.68%	+12.33%
Max Drawdown (1Y) Largest decline over 1 year	-2.97%	-3.05%	+0.08%
Max Drawdown (3Y) Largest decline over 3 years	—	-6.67%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-16.64%	—
Current Drawdown Current decline from peak	-2.59%	-2.61%	+0.02%
Average Drawdown Average peak-to-trough decline	-1.18%	-3.85%	+2.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.07%	1.12%	-0.05%

Volatility

PMBS vs. JMBS - Volatility Comparison

PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund (PMBS) has a higher volatility of 1.28% compared to Janus Henderson Mortgage-Backed Securities ETF (JMBS) at 1.21%. This indicates that PMBS's price experiences larger fluctuations and is considered to be riskier than JMBS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PMBS	JMBS	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.28%	1.21%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	3.39%	3.48%	-0.09%
Volatility (1Y) Calculated over the trailing 1-year period	4.23%	4.30%	-0.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.86%	6.54%	-1.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.86%	5.50%	-0.64%

PMBS vs. JMBS - Expense Ratio Comparison

PMBS has a 0.71% expense ratio, which is higher than JMBS's 0.32% expense ratio.

Dividends

PMBS vs. JMBS - Dividend Comparison

PMBS's dividend yield for the trailing twelve months is around 5.01%, less than JMBS's 5.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
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%
PMBS PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund	4.60%	4.73%	1.59%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PMBS and JMBS in my portfolio?

With a correlation of 0.95, PMBS and JMBS 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, PMBS or JMBS?

PMBS has higher volatility (1.28%) compared to JMBS (1.21%). In terms of maximum drawdown, PMBS dropped -4.35% vs JMBS's -16.68%.

Which ETF is better, PMBS or JMBS?

On 1-year performance, PMBS leads with 3.49% vs 3.43% for JMBS. On fees, JMBS is cheaper at 0.32% 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, PMBS or JMBS?

Over the 1-year period, PMBS has performed better with a 3.49% return vs 3.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PMBS or JMBS?

JMBS is cheaper with a 0.32% expense ratio, compared with 0.71% for PMBS.

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

JMBS has the higher dividend yield at 5.30%, compared with 4.60% for PMBS.

What is the main difference between PMBS and JMBS?

They also come from different issuers: PIMCO and Janus Henderson. Their fees differ too: 0.71% for PMBS and 0.32% for JMBS.

Which has better risk-adjusted returns?

PMBS currently has the higher Sharpe Ratio (1.07 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.