DFIP vs. JCPI

Last updated Jul 12, 2026

DFIP (Dimensional Inflation-Protected Securities ETF) and JCPI (JPMorgan Inflation Managed Bond ETF) are both Inflation-Protected Bonds funds. Both are actively managed. Over the past 3 years, DFIP returned 4.44%/yr vs 5.48%/yr for JCPI. Their correlation of 0.83 suggests significant overlap in exposure. DFIP charges 0.11%/yr vs 0.25%/yr for JCPI.

Performance

DFIP vs. JCPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional Inflation-Protected Securities ETF (DFIP) and JPMorgan Inflation Managed Bond ETF (JCPI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFIP achieves a 1.01% return, which is significantly lower than JCPI's 1.15% return.

DFIP

• 1D: 0.02%
• 1M: -0.31%
• 6M: 0.79%
• YTD: 1.01%
• 1Y: 3.33%
• 3Y*: 4.44%
• 5Y*: —
• 10Y*: —

JCPI

• 1D: -0.10%
• 1M: -0.19%
• 6M: 0.96%
• YTD: 1.15%
• 1Y: 3.58%
• 3Y*: 5.48%
• 5Y*: —
• 10Y*: —

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

DFIP vs. JCPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
DFIP Dimensional Inflation-Protected Securities ETF	1.01%	7.54%	1.72%	4.07%	-7.39%
JCPI JPMorgan Inflation Managed Bond ETF	1.15%	7.10%	4.70%	5.04%	-5.53%

Correlation

The correlation between DFIP and JCPI is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (All Time) Calculated using the full available price history since Apr 11, 2022	0.83

The correlation between DFIP and JCPI has been stable across timeframes, ranging from 0.80 to 0.83 - a consistent structural relationship.

Return for Risk

DFIP vs. JCPI — Risk / Return Rank

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

DFIP

DFIP Risk / Return Rank: 32
DFIP Sharpe Ratio Rank: 30
DFIP Sortino Ratio Rank: 30
DFIP Omega Ratio Rank: 28
DFIP Calmar Ratio Rank: 38
DFIP Martin Ratio Rank: 36

JCPI

JCPI Risk / Return Rank: 44
JCPI Sharpe Ratio Rank: 40
JCPI Sortino Ratio Rank: 40
JCPI Omega Ratio Rank: 38
JCPI Calmar Ratio Rank: 55
JCPI Martin Ratio Rank: 49

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.

DFIP vs. JCPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional Inflation-Protected Securities ETF (DFIP) 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.

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.

	DFIP	JCPI	Difference
Sharpe ratio: Return per unit of total volatility	0.91	1.15	-0.23
Sortino ratio: Return per unit of downside risk	1.36	1.68	-0.32
Omega ratio: Gain probability vs. loss probability	1.16	1.21	-0.05
Calmar ratio: Return relative to maximum drawdown	1.57	2.19	-0.63
Martin ratio: Return relative to average drawdown	4.48	6.52	-2.04

DFIP vs. JCPI - Sharpe Ratio Comparison

The current DFIP Sharpe Ratio is 0.91, which is comparable to the JCPI Sharpe Ratio of 1.15. The chart below compares the historical Sharpe Ratios of DFIP and JCPI, 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

DFIP vs. JCPI - Drawdown Comparison

The maximum DFIP drawdown since its inception was -14.96%, which is greater than JCPI's maximum drawdown of -7.85%. Use the drawdown chart below to compare losses from any high point for DFIP and JCPI.

Drawdown Indicators

	DFIP	JCPI	Difference
Max Drawdown Largest peak-to-trough decline	-14.96%	-7.85%	-7.11%
Max Drawdown (1Y) Largest decline over 1 year	-2.06%	-1.60%	-0.46%
Max Drawdown (3Y) Largest decline over 3 years	-4.74%	-2.77%	-1.97%
Current Drawdown Current decline from peak	-0.94%	-0.92%	-0.02%
Average Drawdown Average peak-to-trough decline	-6.82%	-1.84%	-4.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.72%	0.54%	+0.18%

Volatility

DFIP vs. JCPI - Volatility Comparison

Dimensional Inflation-Protected Securities ETF (DFIP) has a higher volatility of 1.32% compared to JPMorgan Inflation Managed Bond ETF (JCPI) at 1.25%. This indicates that DFIP'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.

Volatility by Period

	DFIP	JCPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.32%	1.25%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	2.60%	2.33%	+0.27%
Volatility (1Y) Calculated over the trailing 1-year period	3.52%	3.06%	+0.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.76%	4.49%	+2.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.76%	4.49%	+2.27%

DFIP vs. JCPI - Expense Ratio Comparison

DFIP has a 0.11% 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

DFIP vs. JCPI - Dividend Comparison

DFIP's dividend yield for the trailing twelve months is around 4.65%, more than JCPI's 4.23% yield.

Position	TTM	2025	2024	2023	2022	2021
DFIP Dimensional Inflation-Protected Securities ETF	4.65%	4.70%	3.69%	3.68%	5.97%	0.56%
JCPI JPMorgan Inflation Managed Bond ETF	4.23%	3.93%	3.98%	3.45%	3.29%	0.00%

Frequently Asked Questions

Can I hold both DFIP and JCPI in my portfolio?

DFIP and JCPI have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFIP or JCPI?

DFIP has higher volatility (1.32%) compared to JCPI (1.25%). In terms of maximum drawdown, DFIP dropped -14.96% vs JCPI's -7.85%.

Which ETF is better, DFIP or JCPI?

On 3-year performance, JCPI leads with 5.48% vs 4.44% for DFIP. On fees, DFIP is cheaper at 0.11% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFIP or JCPI?

Over the 3-year period, JCPI has performed better with a 5.48% return vs 4.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFIP or JCPI?

DFIP is cheaper with a 0.11% expense ratio, compared with 0.25% for JCPI.

Which ETF pays a higher dividend yield, DFIP or JCPI?

DFIP has the higher dividend yield at 4.65%, compared with 4.23% for JCPI.

What is the main difference between DFIP and JCPI?

They also come from different issuers: Dimensional and JPMorgan. Their fees differ too: 0.11% for DFIP and 0.25% for JCPI.

Which has better risk-adjusted returns?

JCPI currently has the higher Sharpe Ratio (1.15 vs 0.91), 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.