PST vs. JMBS
PST (ProShares UltraShort 7-10 Year Treasury) and JMBS (Janus Henderson Mortgage-Backed Securities ETF) are both exchange-traded funds - PST is a Inverse Bonds fund tracking the ICE U.S. Treasury 7-10 Year Bond Index, while JMBS is a Mortgage Backed Securities fund actively managed by Janus Henderson. PST is passively managed, while JMBS is actively managed. Over the past 5 years, PST returned 10.35%/yr vs 0.73%/yr for JMBS. At a correlation of -0.77, they often move in opposite directions. PST charges 0.95%/yr vs 0.32%/yr for JMBS.
Performance
PST vs. JMBS - Performance Comparison
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Returns By Period
In the year-to-date period, PST achieves a 5.55% return, which is significantly higher than JMBS's 0.58% return.
PST
- 1D
- 0.04%
- 1M
- 1.80%
- 6M
- 5.80%
- YTD
- 5.55%
- 1Y
- 2.19%
- 3Y*
- 5.15%
- 5Y*
- 10.35%
- 10Y*
- 2.82%
JMBS
- 1D
- -0.11%
- 1M
- -0.61%
- 6M
- 0.03%
- YTD
- 0.58%
- 1Y
- 6.16%
- 3Y*
- 4.52%
- 5Y*
- 0.73%
- 10Y*
- —
PST vs. JMBS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
PST ProShares UltraShort 7-10 Year Treasury | 5.55% | -4.42% | 12.27% | 3.17% | 38.55% | 4.01% | -18.67% | -11.03% | -4.94% |
JMBS Janus Henderson Mortgage-Backed Securities ETF | 0.58% | 8.82% | 1.53% | 5.66% | -11.40% | -0.32% | 5.80% | 7.11% | 1.55% |
Correlation
The correlation between PST and JMBS is -0.91, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.91 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.89 |
Correlation (All Time) Calculated using the full available price history since Sep 13, 2018 | -0.77 |
The correlation between PST and JMBS shifts across timeframes, from -0.91 (3 years) to -0.77 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PST vs. JMBS — Risk / Return Rank
PST
JMBS
PST vs. JMBS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort 7-10 Year Treasury (PST) 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.
| PST | JMBS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.21 | ||
| Sortino ratioReturn per unit of downside risk | -1.75 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.26 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | 0.34 | 2.02 | -1.68 |
| Martin ratioReturn relative to average drawdown | 0.63 | 6.02 | -5.40 |
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Drawdowns
PST vs. JMBS - Drawdown Comparison
The maximum PST drawdown since its inception was -79.25%, which is greater than JMBS's maximum drawdown of -16.68%. Use the drawdown chart below to compare losses from any high point for PST and JMBS.
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Drawdown Indicators
| PST | JMBS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -79.25% | -16.68% | -62.57% |
Max Drawdown (1Y)Largest decline over 1 year | -6.40% | -3.05% | -3.35% |
Max Drawdown (3Y)Largest decline over 3 years | -16.19% | -7.76% | -8.43% |
Max Drawdown (5Y)Largest decline over 5 years | -16.19% | -16.68% | +0.49% |
Max Drawdown (10Y)Largest decline over 10 years | -36.07% | — | — |
Current DrawdownCurrent decline from peak | -63.79% | -1.58% | -62.21% |
Average DrawdownAverage peak-to-trough decline | -61.49% | -3.86% | -57.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.51% | 1.02% | +2.49% |
Volatility
PST vs. JMBS - Volatility Comparison
ProShares UltraShort 7-10 Year Treasury (PST) has a higher volatility of 2.75% compared to Janus Henderson Mortgage-Backed Securities ETF (JMBS) at 1.34%. This indicates that PST'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.
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Volatility by Period
| PST | JMBS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.75% | 1.34% | +1.41% |
Volatility (6M)Calculated over the trailing 6-month period | 7.18% | 3.43% | +3.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.40% | 4.28% | +5.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.58% | 6.53% | +9.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.28% | 5.51% | +7.77% |
PST vs. JMBS - Expense Ratio Comparison
PST has a 0.95% expense ratio, which is higher than JMBS's 0.32% expense ratio.
Dividends
PST vs. JMBS - Dividend Comparison
PST's dividend yield for the trailing twelve months is around 2.84%, less than JMBS's 5.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
JMBS Janus Henderson Mortgage-Backed Securities ETF | 5.20% | 5.03% | 5.53% | 4.38% | 2.73% | 1.16% | 2.92% | 3.63% | 0.89% |
PST ProShares UltraShort 7-10 Year Treasury | 2.84% | 3.47% | 3.61% | 3.69% | 0.02% | 0.00% | 0.11% | 1.85% | 0.66% |
Frequently Asked Questions
PST and JMBS have a correlation of -0.91, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PST has higher volatility (2.75%) compared to JMBS (1.34%). In terms of maximum drawdown, PST dropped -79.25% vs JMBS's -16.68%.
On 5-year performance, PST leads with 10.35% vs 0.73% for JMBS. On fees, JMBS is cheaper at 0.32% per year. On volatility, JMBS has been the lower-risk option at 1.34%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, PST has performed better with a 10.35% return vs 0.73%. 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 0.95% for PST.
JMBS has the higher dividend yield at 5.20%, compared with 2.84% for PST.
PST is categorized as Inverse Bonds, while JMBS is Mortgage Backed Securities. They also come from different issuers: ProShares and Janus Henderson. Their fees differ too: 0.95% for PST and 0.32% for JMBS.
JMBS currently has the higher Sharpe Ratio (1.45 vs 0.23), 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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