CAAA vs. JPIE

Last updated Jun 24, 2026

CAAA (First Trust Commercial Mortgage Opportunities ETF) and JPIE (JPMorgan Income ETF) are both exchange-traded funds - CAAA is a Intermediate Core-Plus Bond fund actively managed by First Trust, while JPIE is a Multisector Bonds fund actively managed by JPMorgan. Both are actively managed. Over the past year, CAAA returned 4.50% vs 5.35% for JPIE. A 0.59 correlation means they provide meaningful diversification when combined. CAAA charges 0.55%/yr vs 0.40%/yr for JPIE.

Performance

CAAA vs. JPIE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Commercial Mortgage Opportunities ETF (CAAA) and JPMorgan Income ETF (JPIE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CAAA achieves a 0.74% return, which is significantly lower than JPIE's 1.49% return.

CAAA

• 1D: -0.22%
• 1M: 0.55%
• YTD: 0.74%
• 6M: 0.86%
• 1Y: 4.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

JPIE

• 1D: 0.02%
• 1M: 0.50%
• YTD: 1.49%
• 6M: 1.65%
• 1Y: 5.35%
• 3Y*: 6.60%
• 5Y*: —
• 10Y*: —

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

CAAA vs. JPIE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CAAA First Trust Commercial Mortgage Opportunities ETF	0.74%	8.03%	4.65%
JPIE JPMorgan Income ETF	1.49%	7.39%	6.52%

Correlation

The correlation between CAAA and JPIE is 0.58, 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	0.58
Correlation (All Time) Calculated using the full available price history since Feb 28, 2024	0.59

The correlation between CAAA and JPIE has been stable across timeframes, ranging from 0.58 to 0.59 - a consistent structural relationship.

Return for Risk

CAAA vs. JPIE — Risk / Return Rank

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

CAAA

CAAA Risk / Return Rank: 45
CAAA Sharpe Ratio Rank: 45
CAAA Sortino Ratio Rank: 47
CAAA Omega Ratio Rank: 44
CAAA Calmar Ratio Rank: 47
CAAA Martin Ratio Rank: 42

JPIE

JPIE Risk / Return Rank: 93
JPIE Sharpe Ratio Rank: 94
JPIE Sortino Ratio Rank: 96
JPIE Omega Ratio Rank: 96
JPIE Calmar Ratio Rank: 86
JPIE Martin Ratio Rank: 93

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.

CAAA vs. JPIE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Commercial Mortgage Opportunities ETF (CAAA) and JPMorgan Income ETF (JPIE). 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.

	CAAA	JPIE	Difference
Sharpe ratio: Return per unit of total volatility	1.47	3.33	-1.87
Sortino ratio: Return per unit of downside risk	2.20	5.14	-2.94
Omega ratio: Gain probability vs. loss probability	1.27	1.74	-0.48
Calmar ratio: Return relative to maximum drawdown	2.17	4.68	-2.51
Martin ratio: Return relative to average drawdown	6.45	22.79	-16.34

CAAA vs. JPIE - Sharpe Ratio Comparison

The current CAAA Sharpe Ratio is 1.47, which is lower than the JPIE Sharpe Ratio of 3.33. The chart below compares the historical Sharpe Ratios of CAAA and JPIE, 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

CAAA vs. JPIE - Drawdown Comparison

The maximum CAAA drawdown since its inception was -2.24%, smaller than the maximum JPIE drawdown of -9.96%. Use the drawdown chart below to compare losses from any high point for CAAA and JPIE.

Drawdown Indicators

	CAAA	JPIE	Difference
Max Drawdown Largest peak-to-trough decline	-2.24%	-9.96%	+7.72%
Max Drawdown (1Y) Largest decline over 1 year	-2.08%	-1.15%	-0.93%
Max Drawdown (3Y) Largest decline over 3 years	—	-2.40%	—
Current Drawdown Current decline from peak	-0.87%	-0.33%	-0.54%
Average Drawdown Average peak-to-trough decline	-0.56%	-2.07%	+1.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.70%	0.24%	+0.46%

Volatility

CAAA vs. JPIE - Volatility Comparison

First Trust Commercial Mortgage Opportunities ETF (CAAA) has a higher volatility of 1.01% compared to JPMorgan Income ETF (JPIE) at 0.59%. This indicates that CAAA's price experiences larger fluctuations and is considered to be riskier than JPIE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CAAA	JPIE	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.01%	0.59%	+0.42%
Volatility (6M) Calculated over the trailing 6-month period	2.25%	1.34%	+0.91%
Volatility (1Y) Calculated over the trailing 1-year period	3.10%	1.61%	+1.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.21%	3.51%	-0.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.21%	3.51%	-0.30%

CAAA vs. JPIE - Expense Ratio Comparison

CAAA has a 0.55% expense ratio, which is higher than JPIE's 0.40% expense ratio.

Dividends

CAAA vs. JPIE - Dividend Comparison

CAAA's dividend yield for the trailing twelve months is around 5.29%, less than JPIE's 5.62% yield.

Position	TTM	2025	2024	2023	2022	2021
CAAA First Trust Commercial Mortgage Opportunities ETF	5.29%	6.09%	4.01%	0.00%	0.00%	0.00%
JPIE JPMorgan Income ETF	5.62%	5.65%	6.11%	5.70%	4.49%	0.63%

Frequently Asked Questions

Can I hold both CAAA and JPIE in my portfolio?

CAAA and JPIE have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CAAA or JPIE?

CAAA has higher volatility (1.01%) compared to JPIE (0.59%). In terms of maximum drawdown, CAAA dropped -2.24% vs JPIE's -9.96%.

Which ETF is better, CAAA or JPIE?

On 1-year performance, JPIE leads with 5.35% vs 4.50% for CAAA. On fees, JPIE is cheaper at 0.40% per year. On volatility, JPIE has been the lower-risk option at 0.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CAAA or JPIE?

Over the 1-year period, JPIE has performed better with a 5.35% return vs 4.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CAAA or JPIE?

JPIE is cheaper with a 0.40% expense ratio, compared with 0.55% for CAAA.

Which ETF pays a higher dividend yield, CAAA or JPIE?

JPIE has the higher dividend yield at 5.62%, compared with 5.29% for CAAA.

What is the main difference between CAAA and JPIE?

CAAA is categorized as Intermediate Core-Plus Bond, while JPIE is Multisector Bonds. They also come from different issuers: First Trust and JPMorgan. Their fees differ too: 0.55% for CAAA and 0.40% for JPIE.

Which has better risk-adjusted returns?

JPIE currently has the higher Sharpe Ratio (3.33 vs 1.47), 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.