TTT vs. JMBS
TTT (UltraPro Short 20+ Year Treasury) and JMBS (Janus Henderson Mortgage-Backed Securities ETF) are both exchange-traded funds - TTT is a Leveraged Bonds fund tracking the Barclays Capital U.S. 20+ Year Treasury Index (-300%), while JMBS is a Mortgage Backed Securities fund actively managed by Janus Henderson. TTT is passively managed, while JMBS is actively managed. Over the past 5 years, TTT returned 22.85%/yr vs 0.73%/yr for JMBS. At a correlation of -0.68, they often move in opposite directions. TTT charges 0.95%/yr vs 0.32%/yr for JMBS.
Performance
TTT vs. JMBS - Performance Comparison
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Returns By Period
In the year-to-date period, TTT achieves a 7.59% return, which is significantly higher than JMBS's 0.58% return.
TTT
- 1D
- 0.27%
- 1M
- 7.04%
- 6M
- 11.68%
- YTD
- 7.59%
- 1Y
- -2.74%
- 3Y*
- 10.58%
- 5Y*
- 22.85%
- 10Y*
- 0.59%
JMBS
- 1D
- -0.11%
- 1M
- -0.61%
- 6M
- 0.03%
- YTD
- 0.58%
- 1Y
- 6.16%
- 3Y*
- 4.52%
- 5Y*
- 0.73%
- 10Y*
- —
TTT vs. JMBS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
TTT UltraPro Short 20+ Year Treasury | 7.59% | -7.89% | 38.07% | -11.25% | 150.17% | 2.55% | -54.12% | -34.88% | -7.54% |
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 TTT and JMBS is -0.82, 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 | -0.82 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.86 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.81 |
Correlation (All Time) Calculated using the full available price history since Sep 13, 2018 | -0.68 |
The correlation between TTT and JMBS shifts across timeframes, from -0.86 (3 years) to -0.68 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TTT vs. JMBS — Risk / Return Rank
TTT
JMBS
TTT vs. JMBS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for UltraPro Short 20+ Year Treasury (TTT) 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.
| TTT | JMBS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.54 | ||
| Sortino ratioReturn per unit of downside risk | -2.09 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.26 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | -0.13 | 2.02 | -2.15 |
| Martin ratioReturn relative to average drawdown | -0.23 | 6.02 | -6.26 |
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Drawdowns
TTT vs. JMBS - Drawdown Comparison
The maximum TTT drawdown since its inception was -94.00%, which is greater than JMBS's maximum drawdown of -16.68%. Use the drawdown chart below to compare losses from any high point for TTT and JMBS.
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Drawdown Indicators
| TTT | JMBS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.00% | -16.68% | -77.32% |
Max Drawdown (1Y)Largest decline over 1 year | -21.80% | -3.05% | -18.75% |
Max Drawdown (3Y)Largest decline over 3 years | -49.69% | -7.76% | -41.93% |
Max Drawdown (5Y)Largest decline over 5 years | -49.69% | -16.68% | -33.01% |
Max Drawdown (10Y)Largest decline over 10 years | -81.76% | — | — |
Current DrawdownCurrent decline from peak | -77.44% | -1.58% | -75.86% |
Average DrawdownAverage peak-to-trough decline | -70.41% | -3.86% | -66.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.09% | 1.02% | +11.07% |
Volatility
TTT vs. JMBS - Volatility Comparison
UltraPro Short 20+ Year Treasury (TTT) has a higher volatility of 7.56% compared to Janus Henderson Mortgage-Backed Securities ETF (JMBS) at 1.34%. This indicates that TTT'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
| TTT | JMBS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.56% | 1.34% | +6.22% |
Volatility (6M)Calculated over the trailing 6-month period | 20.24% | 3.43% | +16.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.84% | 4.28% | +23.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.91% | 6.53% | +40.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.16% | 5.51% | +37.65% |
TTT vs. JMBS - Expense Ratio Comparison
TTT has a 0.95% expense ratio, which is higher than JMBS's 0.32% expense ratio.
Dividends
TTT vs. JMBS - Dividend Comparison
TTT's dividend yield for the trailing twelve months is around 9.01%, more 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% |
TTT UltraPro Short 20+ Year Treasury | 9.01% | 9.87% | 4.86% | 12.15% | 0.34% | 0.00% | 0.29% | 1.88% | 0.44% |
Frequently Asked Questions
TTT and JMBS have a correlation of -0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TTT has higher volatility (7.56%) compared to JMBS (1.34%). In terms of maximum drawdown, TTT dropped -94.00% vs JMBS's -16.68%.
On 5-year performance, TTT leads with 22.85% 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, TTT has performed better with a 22.85% 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 TTT.
TTT has the higher dividend yield at 9.01%, compared with 5.20% for JMBS.
TTT is categorized as Leveraged Bonds, while JMBS is Mortgage Backed Securities. They also come from different issuers: ProShares and Janus Henderson. Their fees differ too: 0.95% for TTT and 0.32% for JMBS.
JMBS currently has the higher Sharpe Ratio (1.45 vs -0.10), 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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