SPMB vs. JMBS
SPMB (SPDR Portfolio Mortgage Backed Bond ETF) and JMBS (Janus Henderson Mortgage-Backed Securities ETF) are both Mortgage Backed Securities funds. SPMB is passively managed, while JMBS is actively managed. Over the past 5 years, SPMB returned 0.31%/yr vs 0.78%/yr for JMBS. Their correlation of 0.83 suggests significant overlap in exposure. SPMB charges 0.04%/yr vs 0.32%/yr for JMBS.
Performance
SPMB vs. JMBS - Performance Comparison
Loading charts...
Returns By Period
The year-to-date returns for both investments are quite close, with SPMB having a 0.65% return and JMBS slightly higher at 0.68%.
SPMB
- 1D
- 0.14%
- 1M
- 0.22%
- YTD
- 0.65%
- 6M
- 0.95%
- 1Y
- 6.29%
- 3Y*
- 4.42%
- 5Y*
- 0.31%
- 10Y*
- 1.26%
JMBS
- 1D
- 0.18%
- 1M
- 0.18%
- YTD
- 0.68%
- 6M
- 1.07%
- 1Y
- 6.62%
- 3Y*
- 4.74%
- 5Y*
- 0.78%
- 10Y*
- —
SPMB vs. JMBS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
SPMB SPDR Portfolio Mortgage Backed Bond ETF | 0.65% | 8.29% | 1.35% | 5.09% | -12.05% | -1.46% | 4.19% | 6.16% | 1.93% |
JMBS Janus Henderson Mortgage-Backed Securities ETF | 0.68% | 8.82% | 1.53% | 5.66% | -11.40% | -0.32% | 5.80% | 7.11% | 1.53% |
Correlation
The correlation between SPMB and JMBS is 0.94, 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 | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Sep 14, 2018 | 0.83 |
The correlation between SPMB and JMBS shifts across timeframes, from 0.83 (all time) to 0.96 (3 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
SPMB vs. JMBS — Risk / Return Rank
SPMB
JMBS
SPMB vs. JMBS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Mortgage Backed Bond ETF (SPMB) 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.
| SPMB | JMBS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.07 | ||
| Sortino ratioReturn per unit of downside risk | -0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.28 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.19 | 2.18 | +0.01 |
| Martin ratioReturn relative to average drawdown | 7.16 | 7.18 | -0.02 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| SPMB | JMBS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.49 | 1.56 | -0.07 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.05 | 0.12 | -0.07 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.17 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.34 | 0.42 | -0.08 |
Drawdowns
SPMB vs. JMBS - Drawdown Comparison
The maximum SPMB drawdown since its inception was -18.03%, which is greater than JMBS's maximum drawdown of -16.68%. Use the drawdown chart below to compare losses from any high point for SPMB and JMBS.
Loading charts...
Drawdown Indicators
| SPMB | JMBS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.03% | -16.68% | -1.35% |
Max Drawdown (1Y)Largest decline over 1 year | -2.89% | -3.05% | +0.16% |
Max Drawdown (3Y)Largest decline over 3 years | -7.66% | -7.76% | +0.10% |
Max Drawdown (5Y)Largest decline over 5 years | -17.49% | -16.68% | -0.81% |
Max Drawdown (10Y)Largest decline over 10 years | -18.03% | — | — |
Current DrawdownCurrent decline from peak | -1.45% | -1.48% | +0.03% |
Average DrawdownAverage peak-to-trough decline | -2.85% | -3.89% | +1.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 0.93% | -0.05% |
Volatility
SPMB vs. JMBS - Volatility Comparison
SPDR Portfolio Mortgage Backed Bond ETF (SPMB) and Janus Henderson Mortgage-Backed Securities ETF (JMBS) have volatilities of 1.58% and 1.63%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| SPMB | JMBS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.58% | 1.63% | -0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 3.08% | 3.22% | -0.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.28% | 4.31% | -0.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.77% | 6.49% | +0.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.61% | 5.52% | +2.09% |
SPMB vs. JMBS - Expense Ratio Comparison
SPMB has a 0.04% expense ratio, which is lower than JMBS's 0.32% expense ratio.
Dividends
SPMB vs. JMBS - Dividend Comparison
SPMB's dividend yield for the trailing twelve months is around 4.08%, less than JMBS's 5.18% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
JMBS Janus Henderson Mortgage-Backed Securities ETF | 5.18% | 5.03% | 5.53% | 4.38% | 2.73% | 1.16% | 2.92% | 3.63% | 0.89% | 0.00% | 0.00% | 0.00% |
SPMB SPDR Portfolio Mortgage Backed Bond ETF | 4.08% | 3.98% | 3.76% | 3.21% | 2.98% | 2.59% | 2.95% | 3.24% | 3.36% | 3.13% | 2.99% | 3.05% |
Frequently Asked Questions
With a correlation of 0.94, SPMB 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.
JMBS has higher volatility (1.63%) compared to SPMB (1.58%). In terms of maximum drawdown, SPMB dropped -18.03% vs JMBS's -16.68%.
On 5-year performance, JMBS leads with 0.78% vs 0.31% for SPMB. On fees, SPMB is cheaper at 0.04% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, JMBS has performed better with a 0.78% return vs 0.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPMB is cheaper with a 0.04% expense ratio, compared with 0.32% for JMBS.
JMBS has the higher dividend yield at 5.18%, compared with 4.08% for SPMB.
They also come from different issuers: State Street and Janus Henderson. Their fees differ too: 0.04% for SPMB and 0.32% for JMBS.
JMBS currently has the higher Sharpe Ratio (1.56 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.
Find the right allocation for SPMB and JMBS
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer