IUSB vs. SJCP

Last updated Jun 4, 2026

IUSB (iShares Core Universal USD Bond ETF) and SJCP (SanJac Alpha Core Plus Bond ETF) are both Intermediate Core-Plus Bond funds. IUSB is passively managed, while SJCP is actively managed. Over the past year, IUSB returned 5.54% vs 4.86% for SJCP. At a 0.37 correlation, their price movements are largely independent. IUSB charges 0.06%/yr vs 0.65%/yr for SJCP.

Performance

IUSB vs. SJCP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core Universal USD Bond ETF (IUSB) and SanJac Alpha Core Plus Bond ETF (SJCP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IUSB achieves a 0.43% return, which is significantly lower than SJCP's 0.68% return.

IUSB

• 1D: -0.17%
• 1M: 0.31%
• YTD: 0.43%
• 6M: 0.31%
• 1Y: 5.54%
• 3Y*: 4.51%
• 5Y*: 0.44%
• 10Y*: 1.94%

SJCP

• 1D: -0.04%
• 1M: -0.38%
• YTD: 0.68%
• 6M: 0.87%
• 1Y: 4.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IUSB vs. SJCP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IUSB iShares Core Universal USD Bond ETF	0.43%	7.38%	-2.98%
SJCP SanJac Alpha Core Plus Bond ETF	0.68%	6.27%	-0.16%

Correlation

The correlation between IUSB and SJCP is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (All Time) Calculated using the full available price history since Sep 11, 2024	0.37

Return for Risk

IUSB vs. SJCP — Risk / Return Rank

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

IUSB

IUSB Risk / Return Rank: 43
IUSB Sharpe Ratio Rank: 43
IUSB Sortino Ratio Rank: 45
IUSB Omega Ratio Rank: 41
IUSB Calmar Ratio Rank: 43
IUSB Martin Ratio Rank: 41

SJCP

SJCP Risk / Return Rank: 62
SJCP Sharpe Ratio Rank: 61
SJCP Sortino Ratio Rank: 64
SJCP Omega Ratio Rank: 75
SJCP Calmar Ratio Rank: 50
SJCP Martin Ratio Rank: 59

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.

IUSB vs. SJCP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core Universal USD Bond ETF (IUSB) and SanJac Alpha Core Plus Bond ETF (SJCP). 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.

	IUSB	SJCP	Difference
Sharpe ratio: Return per unit of total volatility	1.54	2.00	-0.47
Sortino ratio: Return per unit of downside risk	2.30	2.93	-0.63
Omega ratio: Gain probability vs. loss probability	1.27	1.44	-0.16
Calmar ratio: Return relative to maximum drawdown	2.20	2.43	-0.23
Martin ratio: Return relative to average drawdown	6.68	10.39	-3.71
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IUSB vs. SJCP - Sharpe Ratio Comparison

The current IUSB Sharpe Ratio is 1.54, which is comparable to the SJCP Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of IUSB and SJCP, 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

	IUSB	SJCP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.54	2.00	-0.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.08	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.39	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	1.65	-1.19

Drawdowns

IUSB vs. SJCP - Drawdown Comparison

The maximum IUSB drawdown since its inception was -17.90%, which is greater than SJCP's maximum drawdown of -2.01%. Use the drawdown chart below to compare losses from any high point for IUSB and SJCP.

Drawdown Indicators

	IUSB	SJCP	Difference
Max Drawdown Largest peak-to-trough decline	-17.90%	-2.01%	-15.89%
Max Drawdown (1Y) Largest decline over 1 year	-2.53%	-2.01%	-0.52%
Max Drawdown (3Y) Largest decline over 3 years	-5.82%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-17.87%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-17.90%	—	—
Current Drawdown Current decline from peak	-1.33%	-0.63%	-0.70%
Average Drawdown Average peak-to-trough decline	-3.59%	-0.25%	-3.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.83%	0.47%	+0.36%

Volatility

IUSB vs. SJCP - Volatility Comparison

iShares Core Universal USD Bond ETF (IUSB) has a higher volatility of 1.24% compared to SanJac Alpha Core Plus Bond ETF (SJCP) at 0.59%. This indicates that IUSB's price experiences larger fluctuations and is considered to be riskier than SJCP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IUSB	SJCP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.24%	0.59%	+0.65%
Volatility (6M) Calculated over the trailing 6-month period	2.62%	1.70%	+0.92%
Volatility (1Y) Calculated over the trailing 1-year period	3.62%	2.43%	+1.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.79%	2.38%	+3.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.04%	2.38%	+2.66%

IUSB vs. SJCP - Expense Ratio Comparison

IUSB has a 0.06% expense ratio, which is lower than SJCP's 0.65% expense ratio.

Dividends

IUSB vs. SJCP - Dividend Comparison

IUSB's dividend yield for the trailing twelve months is around 4.23%, less than SJCP's 4.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IUSB iShares Core Universal USD Bond ETF	4.23%	4.17%	4.04%	3.46%	2.53%	1.74%	2.68%	3.04%	2.98%	2.56%	2.60%	1.95%
SJCP SanJac Alpha Core Plus Bond ETF	4.37%	4.05%	1.40%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IUSB and SJCP in my portfolio?

IUSB and SJCP have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IUSB or SJCP?

IUSB has higher volatility (1.24%) compared to SJCP (0.59%). In terms of maximum drawdown, IUSB dropped -17.90% vs SJCP's -2.01%.

Which ETF is better, IUSB or SJCP?

On 1-year performance, IUSB leads with 5.54% vs 4.86% for SJCP. On fees, IUSB is cheaper at 0.06% per year. On volatility, SJCP has been the lower-risk option at 0.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IUSB or SJCP?

Over the 1-year period, IUSB has performed better with a 5.54% return vs 4.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IUSB or SJCP?

IUSB is cheaper with a 0.06% expense ratio, compared with 0.65% for SJCP.

Which ETF pays a higher dividend yield, IUSB or SJCP?

SJCP has the higher dividend yield at 4.37%, compared with 4.23% for IUSB.

What is the main difference between IUSB and SJCP?

They also come from different issuers: iShares and SanJac Alpha. Their fees differ too: 0.06% for IUSB and 0.65% for SJCP.

Which has better risk-adjusted returns?

SJCP currently has the higher Sharpe Ratio (2.00 vs 1.54), 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.