VNLA vs. JBND

Last updated Jun 24, 2026

VNLA (Janus Henderson Short Duration Income ETF) and JBND (Jpmorgan Active Bond ETF) are both exchange-traded funds - VNLA is a Ultrashort Bond fund tracking the FTSE 3-Month U.S. Treasury Bill Index, while JBND is a Intermediate Core Bond fund actively managed by JPMorgan. VNLA is passively managed, while JBND is actively managed. Over the past year, VNLA returned 4.64% vs 4.74% for JBND. A 0.56 correlation means they provide meaningful diversification when combined. VNLA charges 0.23%/yr vs 0.30%/yr for JBND.

Performance

VNLA vs. JBND - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson Short Duration Income ETF (VNLA) and Jpmorgan Active Bond ETF (JBND). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VNLA achieves a 1.67% return, which is significantly higher than JBND's 0.39% return.

VNLA

• 1D: 0.04%
• 1M: 0.35%
• YTD: 1.67%
• 6M: 1.79%
• 1Y: 4.64%
• 3Y*: 5.76%
• 5Y*: 3.85%
• 10Y*: —

JBND

• 1D: 0.04%
• 1M: 0.55%
• YTD: 0.39%
• 6M: 0.57%
• 1Y: 4.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

VNLA vs. JBND - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
VNLA Janus Henderson Short Duration Income ETF	1.67%	5.45%	6.41%	2.03%
JBND Jpmorgan Active Bond ETF	0.39%	8.21%	3.19%	7.43%

Correlation

The correlation between VNLA and JBND is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.52
Correlation (All Time) Calculated using the full available price history since Oct 12, 2023	0.56

The correlation between VNLA and JBND has been stable across timeframes, ranging from 0.52 to 0.56 - a consistent structural relationship.

Return for Risk

VNLA vs. JBND — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

VNLA

VNLA Risk / Return Rank: 98
VNLA Sharpe Ratio Rank: 99
VNLA Sortino Ratio Rank: 99
VNLA Omega Ratio Rank: 99
VNLA Calmar Ratio Rank: 97
VNLA Martin Ratio Rank: 98

JBND

JBND Risk / Return Rank: 35
JBND Sharpe Ratio Rank: 37
JBND Sortino Ratio Rank: 38
JBND Omega Ratio Rank: 34
JBND Calmar Ratio Rank: 34
JBND Martin Ratio Rank: 33

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

VNLA vs. JBND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Short Duration Income ETF (VNLA) and Jpmorgan Active Bond ETF (JBND). 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.

	VNLA	JBND	Difference
Sharpe ratio: Return per unit of total volatility	7.32	1.26	+6.06
Sortino ratio: Return per unit of downside risk	14.55	1.89	+12.66
Omega ratio: Gain probability vs. loss probability	3.46	1.22	+2.24
Calmar ratio: Return relative to maximum drawdown	10.90	1.62	+9.29
Martin ratio: Return relative to average drawdown	55.89	4.64	+51.25

VNLA vs. JBND - Sharpe Ratio Comparison

The current VNLA Sharpe Ratio is 7.32, which is higher than the JBND Sharpe Ratio of 1.26. The chart below compares the historical Sharpe Ratios of VNLA and JBND, 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

VNLA vs. JBND - Drawdown Comparison

The maximum VNLA drawdown since its inception was -4.49%, roughly equal to the maximum JBND drawdown of -4.48%. Use the drawdown chart below to compare losses from any high point for VNLA and JBND.

Drawdown Indicators

	VNLA	JBND	Difference
Max Drawdown Largest peak-to-trough decline	-4.49%	-4.48%	-0.01%
Max Drawdown (1Y) Largest decline over 1 year	-0.43%	-2.94%	+2.51%
Max Drawdown (3Y) Largest decline over 3 years	-0.49%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-1.76%	—	—
Current Drawdown Current decline from peak	0.00%	-1.58%	+1.58%
Average Drawdown Average peak-to-trough decline	-0.23%	-1.16%	+0.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.08%	1.02%	-0.94%

Volatility

VNLA vs. JBND - Volatility Comparison

The current volatility for Janus Henderson Short Duration Income ETF (VNLA) is 0.20%, while Jpmorgan Active Bond ETF (JBND) has a volatility of 1.09%. This indicates that VNLA experiences smaller price fluctuations and is considered to be less risky than JBND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VNLA	JBND	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.20%	1.09%	-0.89%
Volatility (6M) Calculated over the trailing 6-month period	0.48%	2.76%	-2.28%
Volatility (1Y) Calculated over the trailing 1-year period	0.64%	3.77%	-3.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.04%	4.83%	-3.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.42%	4.83%	-3.41%

VNLA vs. JBND - Expense Ratio Comparison

VNLA has a 0.23% expense ratio, which is lower than JBND's 0.30% expense ratio.

Dividends

VNLA vs. JBND - Dividend Comparison

VNLA's dividend yield for the trailing twelve months is around 4.77%, more than JBND's 4.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
JBND Jpmorgan Active Bond ETF	4.40%	4.42%	4.58%	1.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VNLA Janus Henderson Short Duration Income ETF	4.77%	4.84%	4.97%	3.95%	4.35%	1.67%	1.21%	3.13%	2.43%	1.79%	0.08%

Frequently Asked Questions

Can I hold both VNLA and JBND in my portfolio?

VNLA and JBND have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VNLA or JBND?

JBND has higher volatility (1.09%) compared to VNLA (0.20%). In terms of maximum drawdown, VNLA dropped -4.49% vs JBND's -4.48%.

Which ETF is better, VNLA or JBND?

On 1-year performance, JBND leads with 4.74% vs 4.64% for VNLA. On fees, VNLA is cheaper at 0.23% per year. On volatility, VNLA has been the lower-risk option at 0.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VNLA or JBND?

Over the 1-year period, JBND has performed better with a 4.74% return vs 4.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VNLA or JBND?

VNLA is cheaper with a 0.23% expense ratio, compared with 0.30% for JBND.

Which ETF pays a higher dividend yield, VNLA or JBND?

VNLA has the higher dividend yield at 4.77%, compared with 4.40% for JBND.

What is the main difference between VNLA and JBND?

VNLA is categorized as Ultrashort Bond, while JBND is Intermediate Core Bond. They also come from different issuers: Janus Henderson and JPMorgan. Their fees differ too: 0.23% for VNLA and 0.30% for JBND.

Which has better risk-adjusted returns?

VNLA currently has the higher Sharpe Ratio (7.32 vs 1.26), 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.