VNLA vs. JMBS
VNLA (Janus Henderson Short Duration Income ETF) and JMBS (Janus Henderson Mortgage-Backed Securities ETF) are both exchange-traded funds - VNLA is a Ultrashort Bond fund tracking the FTSE 3-Month U.S. Treasury Bill Index, while JMBS is a Mortgage Backed Securities fund actively managed by Janus Henderson. VNLA is passively managed, while JMBS is actively managed. Over the past 5 years, VNLA returned 3.79%/yr vs 0.74%/yr for JMBS. At a 0.36 correlation, their price movements are largely independent. VNLA charges 0.23%/yr vs 0.32%/yr for JMBS.
Performance
VNLA vs. JMBS - Performance Comparison
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Returns By Period
In the year-to-date period, VNLA achieves a 1.43% return, which is significantly higher than JMBS's 0.51% return.
VNLA
- 1D
- 0.02%
- 1M
- 0.37%
- YTD
- 1.43%
- 6M
- 1.85%
- 1Y
- 4.75%
- 3Y*
- 5.76%
- 5Y*
- 3.79%
- 10Y*
- —
JMBS
- 1D
- -0.29%
- 1M
- 0.29%
- YTD
- 0.51%
- 6M
- 0.73%
- 1Y
- 7.18%
- 3Y*
- 4.66%
- 5Y*
- 0.74%
- 10Y*
- —
VNLA vs. JMBS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
VNLA Janus Henderson Short Duration Income ETF | 1.43% | 5.45% | 6.41% | 6.09% | -0.17% | -0.18% | 3.01% | 4.43% | -1.27% |
JMBS Janus Henderson Mortgage-Backed Securities ETF | 0.51% | 8.82% | 1.53% | 5.66% | -11.40% | -0.32% | 5.80% | 7.11% | 1.53% |
Correlation
The correlation between VNLA and JMBS is 0.53, 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 | 0.53 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.56 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since Sep 14, 2018 | 0.36 |
The correlation between VNLA and JMBS shifts across timeframes, from 0.36 (all time) to 0.56 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
VNLA vs. JMBS — Risk / Return Rank
VNLA
JMBS
VNLA vs. JMBS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Janus Henderson Short Duration Income ETF (VNLA) 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.
| VNLA | JMBS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +5.87 | ||
| Sortino ratioReturn per unit of downside risk | +12.99 | ||
| Omega ratioGain probability vs. loss probability | 3.58 | 1.31 | +2.27 |
| Calmar ratioReturn relative to maximum drawdown | 11.15 | 2.36 | +8.79 |
| Martin ratioReturn relative to average drawdown | 57.27 | 7.80 | +49.47 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VNLA | JMBS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 7.55 | 1.67 | +5.87 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 3.66 | 0.11 | +3.55 |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.10 | 0.42 | +1.68 |
Drawdowns
VNLA vs. JMBS - Drawdown Comparison
The maximum VNLA drawdown since its inception was -4.49%, smaller than the maximum JMBS drawdown of -16.68%. Use the drawdown chart below to compare losses from any high point for VNLA and JMBS.
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Drawdown Indicators
| VNLA | JMBS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.49% | -16.68% | +12.19% |
Max Drawdown (1Y)Largest decline over 1 year | -0.43% | -3.05% | +2.62% |
Max Drawdown (3Y)Largest decline over 3 years | -0.49% | -7.76% | +7.27% |
Max Drawdown (5Y)Largest decline over 5 years | -1.76% | -16.68% | +14.92% |
Current DrawdownCurrent decline from peak | -0.02% | -1.66% | +1.64% |
Average DrawdownAverage peak-to-trough decline | -0.23% | -3.90% | +3.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.08% | 0.92% | -0.84% |
Volatility
VNLA vs. JMBS - Volatility Comparison
The current volatility for Janus Henderson Short Duration Income ETF (VNLA) is 0.18%, while Janus Henderson Mortgage-Backed Securities ETF (JMBS) has a volatility of 1.65%. This indicates that VNLA experiences smaller price fluctuations and is considered to be less risky 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
| VNLA | JMBS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.18% | 1.65% | -1.47% |
Volatility (6M)Calculated over the trailing 6-month period | 0.46% | 3.23% | -2.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.63% | 4.31% | -3.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.04% | 6.49% | -5.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.42% | 5.52% | -4.10% |
VNLA vs. JMBS - Expense Ratio Comparison
VNLA has a 0.23% expense ratio, which is lower than JMBS's 0.32% expense ratio.
Dividends
VNLA vs. JMBS - Dividend Comparison
VNLA's dividend yield for the trailing twelve months is around 4.78%, less than JMBS's 5.19% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
JMBS Janus Henderson Mortgage-Backed Securities ETF | 5.19% | 5.03% | 5.53% | 4.38% | 2.73% | 1.16% | 2.92% | 3.63% | 0.89% | 0.00% | 0.00% |
VNLA Janus Henderson Short Duration Income ETF | 4.78% | 4.84% | 4.97% | 3.95% | 4.35% | 1.67% | 1.21% | 3.13% | 2.43% | 1.79% | 0.08% |
Frequently Asked Questions
VNLA and JMBS have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
JMBS has higher volatility (1.65%) compared to VNLA (0.18%). In terms of maximum drawdown, VNLA dropped -4.49% vs JMBS's -16.68%.
On 5-year performance, VNLA leads with 3.79% vs 0.74% for JMBS. On fees, VNLA is cheaper at 0.23% per year. On volatility, VNLA has been the lower-risk option at 0.18%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, VNLA has performed better with a 3.79% return vs 0.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VNLA is cheaper with a 0.23% expense ratio, compared with 0.32% for JMBS.
JMBS has the higher dividend yield at 5.19%, compared with 4.78% for VNLA.
VNLA is categorized as Ultrashort Bond, while JMBS is Mortgage Backed Securities. Their fees differ too: 0.23% for VNLA and 0.32% for JMBS.
VNLA currently has the higher Sharpe Ratio (7.55 vs 1.67), 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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