GNMA vs. JPIE
GNMA (iShares GNMA Bond ETF) and JPIE (JPMorgan Income ETF) are both exchange-traded funds - GNMA is a Mortgage Backed Securities fund tracking the Barclays Capital GNMA Index, while JPIE is a Multisector Bonds fund actively managed by JPMorgan. GNMA is passively managed, while JPIE is actively managed. Over the past 3 years, GNMA returned 4.33%/yr vs 6.55%/yr for JPIE. A 0.66 correlation means they provide meaningful diversification when combined. GNMA charges 0.15%/yr vs 0.40%/yr for JPIE.
Performance
GNMA vs. JPIE - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, GNMA achieves a 0.67% return, which is significantly lower than JPIE's 1.51% return.
GNMA
- 1D
- 0.11%
- 1M
- 0.08%
- YTD
- 0.67%
- 6M
- 1.08%
- 1Y
- 5.88%
- 3Y*
- 4.33%
- 5Y*
- 0.55%
- 10Y*
- 1.23%
JPIE
- 1D
- 0.09%
- 1M
- 0.39%
- YTD
- 1.51%
- 6M
- 1.98%
- 1Y
- 5.83%
- 3Y*
- 6.55%
- 5Y*
- —
- 10Y*
- —
GNMA vs. JPIE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
GNMA iShares GNMA Bond ETF | 0.67% | 8.25% | 1.07% | 5.34% | -10.83% | -0.16% |
JPIE JPMorgan Income ETF | 1.51% | 7.39% | 6.32% | 7.07% | -6.13% | 0.30% |
Correlation
The correlation between GNMA and JPIE is 0.69, 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 | 0.69 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.70 |
Correlation (All Time) Calculated using the full available price history since Nov 3, 2021 | 0.66 |
The correlation between GNMA and JPIE has been stable across timeframes, ranging from 0.66 to 0.70 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
GNMA vs. JPIE — Risk / Return Rank
GNMA
JPIE
GNMA vs. JPIE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares GNMA Bond ETF (GNMA) 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.
| GNMA | JPIE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.29 | ||
| Sortino ratioReturn per unit of downside risk | -3.68 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.83 | -0.58 |
| Calmar ratioReturn relative to maximum drawdown | 2.26 | 5.10 | -2.84 |
| Martin ratioReturn relative to average drawdown | 7.20 | 25.31 | -18.11 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| GNMA | JPIE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.40 | 3.69 | -2.29 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.08 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.24 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.25 | 0.99 | -0.74 |
Drawdowns
GNMA vs. JPIE - Drawdown Comparison
The maximum GNMA drawdown since its inception was -17.09%, which is greater than JPIE's maximum drawdown of -9.96%. Use the drawdown chart below to compare losses from any high point for GNMA and JPIE.
Loading charts...
Drawdown Indicators
| GNMA | JPIE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.09% | -9.96% | -7.13% |
Max Drawdown (1Y)Largest decline over 1 year | -2.61% | -1.15% | -1.46% |
Max Drawdown (3Y)Largest decline over 3 years | -7.13% | -2.40% | -4.73% |
Max Drawdown (5Y)Largest decline over 5 years | -15.83% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -17.09% | — | — |
Current DrawdownCurrent decline from peak | -1.30% | -0.04% | -1.26% |
Average DrawdownAverage peak-to-trough decline | -3.66% | -2.09% | -1.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.82% | 0.23% | +0.59% |
Volatility
GNMA vs. JPIE - Volatility Comparison
iShares GNMA Bond ETF (GNMA) has a higher volatility of 1.54% compared to JPMorgan Income ETF (JPIE) at 0.61%. This indicates that GNMA'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.
Loading charts...
Volatility by Period
| GNMA | JPIE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.54% | 0.61% | +0.93% |
Volatility (6M)Calculated over the trailing 6-month period | 3.14% | 1.28% | +1.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.29% | 1.59% | +2.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.61% | 3.52% | +3.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.13% | 3.52% | +1.61% |
GNMA vs. JPIE - Expense Ratio Comparison
GNMA has a 0.15% expense ratio, which is lower than JPIE's 0.40% expense ratio.
Dividends
GNMA vs. JPIE - Dividend Comparison
GNMA's dividend yield for the trailing twelve months is around 4.23%, less than JPIE's 5.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GNMA iShares GNMA Bond ETF | 4.23% | 4.19% | 4.15% | 3.43% | 2.01% | 0.64% | 1.89% | 2.61% | 2.41% | 2.15% | 1.89% | 1.50% |
JPIE JPMorgan Income ETF | 5.62% | 5.65% | 6.11% | 5.70% | 4.49% | 0.63% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GNMA and JPIE have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GNMA has higher volatility (1.54%) compared to JPIE (0.61%). In terms of maximum drawdown, GNMA dropped -17.09% vs JPIE's -9.96%.
On 3-year performance, JPIE leads with 6.55% vs 4.33% for GNMA. On fees, GNMA is cheaper at 0.15% per year. On volatility, JPIE has been the lower-risk option at 0.61%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, JPIE has performed better with a 6.55% return vs 4.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GNMA is cheaper with a 0.15% expense ratio, compared with 0.40% for JPIE.
JPIE has the higher dividend yield at 5.62%, compared with 4.23% for GNMA.
GNMA is categorized as Mortgage Backed Securities, while JPIE is Multisector Bonds. They also come from different issuers: iShares and JPMorgan. Their fees differ too: 0.15% for GNMA and 0.40% for JPIE.
JPIE currently has the higher Sharpe Ratio (3.69 vs 1.40), 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.
Find the right allocation for GNMA and JPIE
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer