GSY vs. JPST
GSY (Invesco Ultra Short Duration ETF) and JPST (JPMorgan Ultra-Short Income ETF) are both Ultrashort Bond funds. Both are actively managed. Over the past 5 years, GSY returned 3.77%/yr vs 3.71%/yr for JPST. Their 0.41 correlation means their historical movements had little consistent relationship. GSY charges 0.22%/yr vs 0.18%/yr for JPST.
Performance
GSY vs. JPST - Performance Comparison
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Returns By Period
In the year-to-date period, GSY achieves a 2.23% return, which is significantly higher than JPST's 1.95% return.
GSY
- 1D
- 0.00%
- 1M
- 0.32%
- 6M
- 1.85%
- YTD
- 2.23%
- 1Y
- 4.24%
- 3Y*
- 5.35%
- 5Y*
- 3.77%
- 10Y*
- 2.89%
- ALL TIME*
- 1.96%
JPST
- 1D
- 0.00%
- 1M
- 0.24%
- 6M
- 1.57%
- YTD
- 1.95%
- 1Y
- 3.90%
- 3Y*
- 5.09%
- 5Y*
- 3.71%
- 10Y*
- —
- ALL TIME*
- 2.99%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $31.05M | $29.31M | $31.19M | |
| $275.20M | $274.89M | $316.70M |
GSY vs. JPST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GSY Invesco Ultra Short Duration ETF | 2.23% | 4.96% | 5.95% | 5.99% | 0.01% | 0.03% | 1.88% | 3.39% | 2.18% | 1.16% |
JPST JPMorgan Ultra-Short Income ETF | 1.95% | 4.99% | 5.58% | 5.13% | 1.14% | 0.11% | 2.18% | 3.34% | 2.23% | 0.98% |
Correlation
The correlation between GSY and JPST is 0.42, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.42 |
Correlation (3Y) Balances recent behavior with more history. | 0.55 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.57 |
Correlation (All Time) Calculated using the full available price history since May 19, 2017 | 0.41 |
The correlation between GSY and JPST shifts across timeframes, from 0.41 (all time) to 0.57 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
GSY vs. JPST — Risk / Return Rank
GSY
JPST
GSY vs. JPST - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Ultra Short Duration ETF (GSY) and JPMorgan Ultra-Short Income ETF (JPST). 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.
| GSY | JPST | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.91 | ||
| Sortino ratioReturn per unit of downside risk | +7.95 | ||
| Omega ratioGain probability vs. loss probability | 5.74 | 3.60 | +2.14 |
| Calmar ratioReturn relative to maximum drawdown | 72.77 | 27.70 | +45.06 |
| Martin ratioReturn relative to average drawdown | 323.22 | 131.07 | +192.14 |
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Drawdowns
GSY vs. JPST - Drawdown Comparison
The maximum GSY drawdown since its inception was -12.14%, which is greater than JPST's maximum drawdown of -3.28%. Use the drawdown chart below to compare losses from any high point for GSY and JPST.
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Drawdown Indicators
| GSY | JPST | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.14% | -3.28% | -8.86% |
Max Drawdown (1Y)Largest decline over 1 year | -0.06% | -0.15% | +0.09% |
Max Drawdown (3Y)Largest decline over 3 years | -0.18% | -0.30% | +0.12% |
Max Drawdown (5Y)Largest decline over 5 years | -1.48% | -0.79% | -0.69% |
Max Drawdown (10Y)Largest decline over 10 years | -5.25% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -2.37% | -0.08% | -2.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.01% | 0.03% | -0.02% |
Volatility
GSY vs. JPST - Volatility Comparison
Invesco Ultra Short Duration ETF (GSY) has a higher volatility of 0.14% compared to JPMorgan Ultra-Short Income ETF (JPST) at 0.13%. This indicates that GSY's price experiences larger fluctuations and is considered to be riskier than JPST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GSY | JPST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.14% | 0.13% | +0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 0.32% | 0.39% | -0.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.42% | 0.55% | -0.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.59% | 0.58% | +0.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.22% | 0.93% | +0.29% |
GSY vs. JPST - Expense Ratio Comparison
GSY has a 0.22% expense ratio, which is higher than JPST's 0.18% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
GSY vs. JPST - Dividend Comparison
GSY's dividend yield for the trailing twelve months is around 4.26%, which matches JPST's 4.22% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GSY Invesco Ultra Short Duration ETF | 4.26% | 4.56% | 5.31% | 4.95% | 1.70% | 0.58% | 1.45% | 2.71% | 2.30% | 1.80% | 1.21% | 1.17% |
JPST JPMorgan Ultra-Short Income ETF | 3.85% | 4.43% | 5.16% | 4.79% | 1.83% | 0.73% | 1.43% | 2.69% | 2.07% | 0.96% | 0.00% | 0.00% |
Frequently Asked Questions
GSY and JPST have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSY has higher volatility (0.14%) compared to JPST (0.13%). In terms of maximum drawdown, GSY dropped -12.14% vs JPST's -3.28%.
On 5-year performance, GSY leads with 3.77% vs 3.71% for JPST. On fees, JPST is cheaper at 0.18% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GSY has performed better with a 3.77% return vs 3.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JPST is cheaper with a 0.18% expense ratio, compared with 0.22% for GSY.
GSY has the higher dividend yield at 4.26%, compared with 3.85% for JPST.
They also come from different issuers: Invesco and JPMorgan. Their fees differ too: 0.22% for GSY and 0.18% for JPST.
GSY currently has the higher Sharpe Ratio (10.47 vs 7.56), 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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