BND vs. JCPI
BND (Vanguard Total Bond Market ETF) and JCPI (JPMorgan Inflation Managed Bond ETF) are both exchange-traded funds - BND is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Float Adjusted Index, while JCPI is a Inflation-Protected Bonds fund actively managed by JPMorgan. BND is passively managed, while JCPI is actively managed. Over the past 3 years, BND returned 3.89%/yr vs 5.20%/yr for JCPI. A 0.72 correlation means they provide meaningful diversification when combined. BND charges 0.03%/yr vs 0.25%/yr for JCPI.
Performance
BND vs. JCPI - Performance Comparison
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Returns By Period
In the year-to-date period, BND achieves a -0.07% return, which is significantly lower than JCPI's 1.12% return.
BND
- 1D
- -0.03%
- 1M
- -0.67%
- YTD
- -0.07%
- 6M
- 0.23%
- 1Y
- 4.87%
- 3Y*
- 3.89%
- 5Y*
- -0.05%
- 10Y*
- 1.53%
JCPI
- 1D
- -0.10%
- 1M
- -0.88%
- YTD
- 1.12%
- 6M
- 1.07%
- 1Y
- 5.14%
- 3Y*
- 5.20%
- 5Y*
- —
- 10Y*
- —
BND vs. JCPI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
BND Vanguard Total Bond Market ETF | -0.07% | 7.08% | 1.38% | 5.65% | -5.22% |
JCPI JPMorgan Inflation Managed Bond ETF | 1.12% | 7.10% | 4.70% | 5.04% | -5.53% |
Correlation
The correlation between BND and JCPI is 0.72, 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 | 0.72 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.76 |
Correlation (All Time) Calculated using the full available price history since Apr 12, 2022 | 0.72 |
The correlation between BND and JCPI has been stable across timeframes, ranging from 0.72 to 0.76 - a consistent structural relationship.
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Return for Risk
BND vs. JCPI — Risk / Return Rank
BND
JCPI
BND vs. JCPI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Total Bond Market ETF (BND) and JPMorgan Inflation Managed Bond ETF (JCPI). 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.
| BND | JCPI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.45 | ||
| Sortino ratioReturn per unit of downside risk | -0.77 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.33 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 1.83 | 3.22 | -1.40 |
| Martin ratioReturn relative to average drawdown | 5.43 | 11.00 | -5.57 |
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
| BND | JCPI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.32 | 1.77 | -0.45 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.01 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.28 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.58 | 0.64 | -0.06 |
Drawdowns
BND vs. JCPI - Drawdown Comparison
The maximum BND drawdown since its inception was -18.58%, which is greater than JCPI's maximum drawdown of -7.85%. Use the drawdown chart below to compare losses from any high point for BND and JCPI.
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Drawdown Indicators
| BND | JCPI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.58% | -7.85% | -10.73% |
Max Drawdown (1Y)Largest decline over 1 year | -2.68% | -1.60% | -1.08% |
Max Drawdown (3Y)Largest decline over 3 years | -5.92% | -2.81% | -3.11% |
Max Drawdown (5Y)Largest decline over 5 years | -17.91% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -18.58% | — | — |
Current DrawdownCurrent decline from peak | -2.70% | -0.96% | -1.74% |
Average DrawdownAverage peak-to-trough decline | -3.06% | -1.86% | -1.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.90% | 0.47% | +0.43% |
Volatility
BND vs. JCPI - Volatility Comparison
Vanguard Total Bond Market ETF (BND) has a higher volatility of 1.20% compared to JPMorgan Inflation Managed Bond ETF (JCPI) at 0.95%. This indicates that BND's price experiences larger fluctuations and is considered to be riskier than JCPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BND | JCPI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.20% | 0.95% | +0.25% |
Volatility (6M)Calculated over the trailing 6-month period | 2.69% | 2.08% | +0.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.72% | 2.92% | +0.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.02% | 4.50% | +1.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.53% | 4.50% | +1.03% |
BND vs. JCPI - Expense Ratio Comparison
BND has a 0.03% expense ratio, which is lower than JCPI's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
BND vs. JCPI - Dividend Comparison
BND's dividend yield for the trailing twelve months is around 3.98%, which matches JCPI's 3.96% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BND Vanguard Total Bond Market ETF | 3.98% | 3.86% | 3.67% | 3.09% | 2.60% | 2.12% | 2.38% | 2.72% | 2.81% | 2.54% | 2.51% | 2.57% |
JCPI JPMorgan Inflation Managed Bond ETF | 3.96% | 3.93% | 3.98% | 3.45% | 3.29% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BND and JCPI have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BND has higher volatility (1.20%) compared to JCPI (0.95%). In terms of maximum drawdown, BND dropped -18.58% vs JCPI's -7.85%.
On 3-year performance, JCPI leads with 5.20% vs 3.89% for BND. On fees, BND is cheaper at 0.03% per year. On volatility, JCPI has been the lower-risk option at 0.95%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, JCPI has performed better with a 5.20% return vs 3.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BND is cheaper with a 0.03% expense ratio, compared with 0.25% for JCPI.
BND has the higher dividend yield at 3.98%, compared with 3.96% for JCPI.
BND is categorized as Total Bond Market, while JCPI is Inflation-Protected Bonds. They also come from different issuers: Vanguard and JPMorgan. Their fees differ too: 0.03% for BND and 0.25% for JCPI.
JCPI currently has the higher Sharpe Ratio (1.77 vs 1.32), 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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