IMCB vs. JCPI

Last updated Jun 9, 2026

IMCB (iShares Morningstar Mid-Cap ETF) and JCPI (JPMorgan Inflation Managed Bond ETF) are both exchange-traded funds - IMCB is a Mid Cap Blend Equities fund tracking the IMCB-US - Morningstar U.S. Mid Cap Index, while JCPI is a Inflation-Protected Bonds fund actively managed by JPMorgan. IMCB is passively managed, while JCPI is actively managed. Over the past 3 years, IMCB returned 16.89%/yr vs 5.20%/yr for JCPI. At a 0.25 correlation, their price movements are largely independent. IMCB charges 0.04%/yr vs 0.25%/yr for JCPI.

Performance

IMCB vs. JCPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Morningstar Mid-Cap ETF (IMCB) 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, IMCB achieves a 12.99% return, which is significantly higher than JCPI's 1.12% return.

IMCB

• 1D: 0.09%
• 1M: 2.56%
• YTD: 12.99%
• 6M: 13.23%
• 1Y: 20.86%
• 3Y*: 16.89%
• 5Y*: 8.49%
• 10Y*: 11.18%

JCPI

• 1D: -0.10%
• 1M: -0.88%
• YTD: 1.12%
• 6M: 1.07%
• 1Y: 5.14%
• 3Y*: 5.20%
• 5Y*: —
• 10Y*: —

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

IMCB vs. JCPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
IMCB iShares Morningstar Mid-Cap ETF	12.99%	10.25%	15.10%	16.37%	-9.93%
JCPI JPMorgan Inflation Managed Bond ETF	1.12%	7.10%	4.70%	5.04%	-5.53%

Correlation

The correlation between IMCB and JCPI is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (All Time) Calculated using the full available price history since Apr 12, 2022	0.25

IMCB vs. JCPI - Sectors Allocation Comparison

Sectors	IMCB	JCPI
Technology	21.8%	7.4%
Industrials	19.1%	0.9%
Financial Services	11.7%	8.2%
Consumer Cyclical	9.0%	1.2%
Healthcare	7.9%	4.4%
Energy	7.0%	1.2%
Utilities	6.1%	3.2%
Basic Materials	5.5%	37.1%
Consumer Defensive	5.2%	0.4%
Real Estate	4.2%	4.8%
Communication Services	2.3%	9.8%

Return for Risk

IMCB vs. JCPI — Risk / Return Rank

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

IMCB

IMCB Risk / Return Rank: 55
IMCB Sharpe Ratio Rank: 53
IMCB Sortino Ratio Rank: 53
IMCB Omega Ratio Rank: 50
IMCB Calmar Ratio Rank: 57
IMCB Martin Ratio Rank: 63

JCPI

JCPI Risk / Return Rank: 64
JCPI Sharpe Ratio Rank: 58
JCPI Sortino Ratio Rank: 66
JCPI Omega Ratio Rank: 60
JCPI Calmar Ratio Rank: 71
JCPI Martin Ratio Rank: 66

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.

IMCB vs. JCPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Morningstar Mid-Cap ETF (IMCB) 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.

	IMCB	JCPI	Difference
Sharpe ratio: Return per unit of total volatility	1.62	1.77	-0.15
Sortino ratio: Return per unit of downside risk	2.30	2.73	-0.43
Omega ratio: Gain probability vs. loss probability	1.28	1.33	-0.04
Calmar ratio: Return relative to maximum drawdown	2.60	3.22	-0.62
Martin ratio: Return relative to average drawdown	10.27	11.00	-0.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IMCB vs. JCPI - Sharpe Ratio Comparison

The current IMCB Sharpe Ratio is 1.62, which is comparable to the JCPI Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of IMCB 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.

Sharpe Ratios by Period

	IMCB	JCPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.62	1.77	-0.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.48	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.64	-0.14

Drawdowns

IMCB vs. JCPI - Drawdown Comparison

The maximum IMCB drawdown since its inception was -58.80%, which is greater than JCPI's maximum drawdown of -7.85%. Use the drawdown chart below to compare losses from any high point for IMCB and JCPI.

Drawdown Indicators

	IMCB	JCPI	Difference
Max Drawdown Largest peak-to-trough decline	-58.80%	-7.85%	-50.95%
Max Drawdown (1Y) Largest decline over 1 year	-8.05%	-1.60%	-6.45%
Max Drawdown (3Y) Largest decline over 3 years	-19.80%	-2.81%	-16.99%
Max Drawdown (5Y) Largest decline over 5 years	-25.15%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-40.99%	—	—
Current Drawdown Current decline from peak	-2.19%	-0.96%	-1.23%
Average Drawdown Average peak-to-trough decline	-7.73%	-1.86%	-5.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.04%	0.47%	+1.57%

Volatility

IMCB vs. JCPI - Volatility Comparison

iShares Morningstar Mid-Cap ETF (IMCB) has a higher volatility of 3.73% compared to JPMorgan Inflation Managed Bond ETF (JCPI) at 0.95%. This indicates that IMCB'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

	IMCB	JCPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.73%	0.95%	+2.78%
Volatility (6M) Calculated over the trailing 6-month period	9.87%	2.08%	+7.79%
Volatility (1Y) Calculated over the trailing 1-year period	12.96%	2.92%	+10.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.60%	4.50%	+13.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.67%	4.50%	+15.17%

IMCB vs. JCPI - Expense Ratio Comparison

IMCB has a 0.04% 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

IMCB vs. JCPI - Dividend Comparison

IMCB's dividend yield for the trailing twelve months is around 1.23%, less than JCPI's 3.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IMCB iShares Morningstar Mid-Cap ETF	1.23%	1.42%	1.43%	1.55%	1.70%	1.08%	1.12%	1.32%	1.80%	1.31%	1.79%	1.47%
JCPI JPMorgan Inflation Managed Bond ETF	3.96%	3.93%	3.98%	3.45%	3.29%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IMCB and JCPI in my portfolio?

IMCB and JCPI have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IMCB or JCPI?

IMCB has higher volatility (3.73%) compared to JCPI (0.95%). In terms of maximum drawdown, IMCB dropped -58.80% vs JCPI's -7.85%.

Which ETF is better, IMCB or JCPI?

On 3-year performance, IMCB leads with 16.89% vs 5.20% for JCPI. On fees, IMCB is cheaper at 0.04% per year. On volatility, JCPI has been the lower-risk option at 0.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IMCB or JCPI?

Over the 3-year period, IMCB has performed better with a 16.89% return vs 5.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IMCB or JCPI?

IMCB is cheaper with a 0.04% expense ratio, compared with 0.25% for JCPI.

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

JCPI has the higher dividend yield at 3.96%, compared with 1.23% for IMCB.

What is the main difference between IMCB and JCPI?

IMCB is categorized as Mid Cap Blend Equities, while JCPI is Inflation-Protected Bonds. They also come from different issuers: iShares and JPMorgan. Their fees differ too: 0.04% for IMCB and 0.25% for JCPI.

Which has better risk-adjusted returns?

JCPI currently has the higher Sharpe Ratio (1.77 vs 1.62), 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.