VMBS vs. JMBS
VMBS (Vanguard Mortgage-Backed Securities ETF) and JMBS (Janus Henderson Mortgage-Backed Securities ETF) are both Mortgage Backed Securities funds. VMBS is passively managed, while JMBS is actively managed. Over the past 5 years, VMBS returned 0.25%/yr vs 0.44%/yr for JMBS. Their correlation of 0.86 means they have usually moved in the same direction. VMBS charges 0.04%/yr vs 0.32%/yr for JMBS.
Performance
VMBS vs. JMBS - Performance Comparison
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Returns By Period
In the year-to-date period, VMBS achieves a -0.12% return, which is significantly higher than JMBS's -0.47% return.
VMBS
- 1D
- -0.41%
- 1M
- -1.18%
- 6M
- -0.45%
- YTD
- -0.12%
- 1Y
- 3.32%
- 3Y*
- 4.53%
- 5Y*
- 0.25%
- 10Y*
- 1.21%
- ALL TIME*
- 2.03%
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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $29.93M | $27.70M | $29.57M | |
| $62.70M | $62.14M | $62.59M |
VMBS vs. JMBS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
VMBS Vanguard Mortgage-Backed Securities ETF | -0.12% | 8.36% | 1.70% | 5.34% | -11.90% | -1.28% | 3.76% | 6.19% | 1.81% |
JMBS Janus Henderson Mortgage-Backed Securities ETF | -0.47% | 8.82% | 1.53% | 5.66% | -11.40% | -0.32% | 5.80% | 7.11% | 1.55% |
Correlation
The correlation between VMBS and JMBS is 0.94, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.94 |
Correlation (3Y) Balances recent behavior with more history. | 0.96 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.95 |
Correlation (All Time) Calculated using the full available price history since Sep 13, 2018 | 0.86 |
The correlation between VMBS and JMBS has been stable across timeframes, ranging from 0.86 to 0.96 - a consistent structural relationship.
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Return for Risk
VMBS vs. JMBS — Risk / Return Rank
VMBS
JMBS
VMBS vs. JMBS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Mortgage-Backed Securities ETF (VMBS) 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.
| VMBS | JMBS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.18 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.61 | 1.44 | +0.17 |
| Martin ratioReturn relative to average drawdown | 4.60 | 3.93 | +0.67 |
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Drawdowns
VMBS vs. JMBS - Drawdown Comparison
The maximum VMBS drawdown since its inception was -17.47%, roughly equal to the maximum JMBS drawdown of -16.68%. Use the drawdown chart below to compare losses from any high point for VMBS and JMBS.
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Drawdown Indicators
| VMBS | JMBS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.47% | -16.68% | -0.79% |
Max Drawdown (1Y)Largest decline over 1 year | -2.68% | -3.05% | +0.37% |
Max Drawdown (3Y)Largest decline over 3 years | -6.41% | -6.67% | +0.26% |
Max Drawdown (5Y)Largest decline over 5 years | -17.09% | -16.64% | -0.45% |
Max Drawdown (10Y)Largest decline over 10 years | -17.47% | — | — |
Current DrawdownCurrent decline from peak | -2.09% | -2.61% | +0.52% |
Average DrawdownAverage peak-to-trough decline | -2.48% | -3.85% | +1.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.94% | 1.12% | -0.18% |
Volatility
VMBS vs. JMBS - Volatility Comparison
Vanguard Mortgage-Backed Securities ETF (VMBS) and Janus Henderson Mortgage-Backed Securities ETF (JMBS) have volatilities of 1.17% and 1.21%, 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.
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Volatility by Period
| VMBS | JMBS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.17% | 1.21% | -0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 3.42% | 3.48% | -0.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.29% | 4.30% | -0.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.80% | 6.54% | +0.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.42% | 5.50% | -0.08% |
VMBS vs. JMBS - Expense Ratio Comparison
VMBS has a 0.04% expense ratio, which is lower than JMBS's 0.32% expense ratio.
Dividends
VMBS vs. JMBS - Dividend Comparison
VMBS's dividend yield for the trailing twelve months is around 4.24%, less than JMBS's 5.72% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% | 0.00% |
VMBS Vanguard Mortgage-Backed Securities ETF | 3.88% | 4.20% | 3.94% | 3.31% | 2.35% | 1.02% | 2.01% | 2.77% | 2.72% | 2.16% | 2.10% | 2.12% |
Frequently Asked Questions
With a correlation of 0.94, VMBS 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 (1.21%) compared to VMBS (1.17%). In terms of maximum drawdown, VMBS dropped -17.47% vs JMBS's -16.68%.
On 5-year performance, JMBS leads with 0.44% vs 0.25% for VMBS. On fees, VMBS 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 0.44% return vs 0.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VMBS is cheaper with a 0.04% expense ratio, compared with 0.32% for JMBS.
JMBS has the higher dividend yield at 5.30%, compared with 3.88% for VMBS.
They also come from different issuers: Vanguard and Janus Henderson. Their fees differ too: 0.04% for VMBS and 0.32% for JMBS.
JMBS currently has the higher Sharpe Ratio (1.03 vs 1.01), 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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