IBIE vs. JCPI

Last updated Jun 26, 2026

IBIE (iShares iBonds Oct 2028 Term TIPS ETF) and JCPI (JPMorgan Inflation Managed Bond ETF) are both Inflation-Protected Bonds funds. IBIE is passively managed, while JCPI is actively managed. Over the past year, IBIE returned 3.65% vs 3.88% for JCPI. A 0.77 correlation means they provide meaningful diversification when combined. IBIE charges 0.10%/yr vs 0.25%/yr for JCPI.

Performance

IBIE vs. JCPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBonds Oct 2028 Term TIPS ETF (IBIE) 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, IBIE achieves a 1.51% return, which is significantly higher than JCPI's 1.24% return.

IBIE

• 1D: 0.11%
• 1M: -0.25%
• YTD: 1.51%
• 6M: 1.53%
• 1Y: 3.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —

JCPI

• 1D: 0.14%
• 1M: -0.29%
• YTD: 1.24%
• 6M: 1.20%
• 1Y: 3.88%
• 3Y*: 5.17%
• 5Y*: —
• 10Y*: —

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

IBIE vs. JCPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
IBIE iShares iBonds Oct 2028 Term TIPS ETF	1.51%	6.46%	3.95%	2.93%
JCPI JPMorgan Inflation Managed Bond ETF	1.24%	7.10%	4.70%	2.94%

Correlation

The correlation between IBIE and JCPI is 0.63, 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	0.63
Correlation (All Time) Calculated using the full available price history since Sep 15, 2023	0.77

The correlation between IBIE and JCPI shifts across timeframes, from 0.63 (1 year) to 0.77 (all time), reflecting how their relationship changes across market environments.

Return for Risk

IBIE vs. JCPI — Risk / Return Rank

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

IBIE

IBIE Risk / Return Rank: 89
IBIE Sharpe Ratio Rank: 82
IBIE Sortino Ratio Rank: 92
IBIE Omega Ratio Rank: 89
IBIE Calmar Ratio Rank: 91
IBIE Martin Ratio Rank: 89

JCPI

JCPI Risk / Return Rank: 46
JCPI Sharpe Ratio Rank: 40
JCPI Sortino Ratio Rank: 42
JCPI Omega Ratio Rank: 39
JCPI Calmar Ratio Rank: 57
JCPI Martin Ratio Rank: 50

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.

IBIE vs. JCPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Oct 2028 Term TIPS ETF (IBIE) 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.

	IBIE	JCPI	Difference
Sharpe ratio: Return per unit of total volatility	2.29	1.28	+1.01
Sortino ratio: Return per unit of downside risk	3.89	1.92	+1.96
Omega ratio: Gain probability vs. loss probability	1.49	1.23	+0.25
Calmar ratio: Return relative to maximum drawdown	5.10	2.44	+2.67
Martin ratio: Return relative to average drawdown	17.40	7.59	+9.81

IBIE vs. JCPI - Sharpe Ratio Comparison

The current IBIE Sharpe Ratio is 2.29, which is higher than the JCPI Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of IBIE 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

IBIE vs. JCPI - Drawdown Comparison

The maximum IBIE drawdown since its inception was -1.70%, smaller than the maximum JCPI drawdown of -7.85%. Use the drawdown chart below to compare losses from any high point for IBIE and JCPI.

Drawdown Indicators

	IBIE	JCPI	Difference
Max Drawdown Largest peak-to-trough decline	-1.70%	-7.85%	+6.15%
Max Drawdown (1Y) Largest decline over 1 year	-0.72%	-1.60%	+0.88%
Max Drawdown (3Y) Largest decline over 3 years	—	-2.81%	—
Current Drawdown Current decline from peak	-0.59%	-0.84%	+0.25%
Average Drawdown Average peak-to-trough decline	-0.39%	-1.85%	+1.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.21%	0.51%	-0.30%

Volatility

IBIE vs. JCPI - Volatility Comparison

The current volatility for iShares iBonds Oct 2028 Term TIPS ETF (IBIE) is 0.57%, while JPMorgan Inflation Managed Bond ETF (JCPI) has a volatility of 1.15%. This indicates that IBIE experiences smaller price fluctuations and is considered to be less risky than JCPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IBIE	JCPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.57%	1.15%	-0.58%
Volatility (6M) Calculated over the trailing 6-month period	1.09%	2.23%	-1.14%
Volatility (1Y) Calculated over the trailing 1-year period	1.60%	3.04%	-1.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.84%	4.50%	-1.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.84%	4.50%	-1.66%

IBIE vs. JCPI - Expense Ratio Comparison

IBIE has a 0.10% 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

IBIE vs. JCPI - Dividend Comparison

IBIE's dividend yield for the trailing twelve months is around 3.27%, less than JCPI's 3.95% yield.

Position	TTM	2025	2024	2023	2022
IBIE iShares iBonds Oct 2028 Term TIPS ETF	3.27%	4.09%	4.23%	0.75%	0.00%
JCPI JPMorgan Inflation Managed Bond ETF	3.95%	3.93%	3.98%	3.45%	3.29%

Frequently Asked Questions

Can I hold both IBIE and JCPI in my portfolio?

IBIE and JCPI have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IBIE or JCPI?

JCPI has higher volatility (1.15%) compared to IBIE (0.57%). In terms of maximum drawdown, IBIE dropped -1.70% vs JCPI's -7.85%.

Which ETF is better, IBIE or JCPI?

On 1-year performance, JCPI leads with 3.88% vs 3.65% for IBIE. On fees, IBIE is cheaper at 0.10% per year. On volatility, IBIE has been the lower-risk option at 0.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IBIE or JCPI?

Over the 1-year period, JCPI has performed better with a 3.88% return vs 3.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IBIE or JCPI?

IBIE is cheaper with a 0.10% expense ratio, compared with 0.25% for JCPI.

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

JCPI has the higher dividend yield at 3.95%, compared with 3.27% for IBIE.

What is the main difference between IBIE and JCPI?

They also come from different issuers: iShares and JPMorgan. Their fees differ too: 0.10% for IBIE and 0.25% for JCPI.

Which has better risk-adjusted returns?

IBIE currently has the higher Sharpe Ratio (2.29 vs 1.28), 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.