JBND vs. JPHY

Last updated Aug 5, 2026

JBND (Jpmorgan Active Bond ETF) and JPHY (JPMorgan High Yield Research Enhanced ETF) are both exchange-traded funds - JBND is a Intermediate Core Bond fund actively managed by JPMorgan, while JPHY is a High Yield Bonds fund actively managed by JPMorgan. Both are actively managed. Over the past year, JBND returned 2.80% vs 6.07% for JPHY. Their 0.58 correlation means they have sometimes moved together and sometimes differently. JBND charges 0.25%/yr vs 0.24%/yr for JPHY.

Performance

JBND vs. JPHY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Jpmorgan Active Bond ETF (JBND) and JPMorgan High Yield Research Enhanced ETF (JPHY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JBND achieves a 0.13% return, which is significantly lower than JPHY's 2.89% return.

JBND

• 1D: 0.38%
• 1M: -0.54%
• 6M: 0.02%
• YTD: 0.13%
• 1Y: 2.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.74%

JPHY

• 1D: 0.40%
• 1M: 0.32%
• 6M: 2.23%
• YTD: 2.89%
• 1Y: 6.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.36%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
JBND Jpmorgan Active Bond ETF	$43.82M	$43.67M	$54.12M
JPHY JPMorgan High Yield Research Enhanced ETF	$1.19M	$1.04M	$1.51M

JBND vs. JPHY - Yearly Performance Comparison

	2026 (YTD)	2025
JBND Jpmorgan Active Bond ETF	0.13%	3.94%
JPHY JPMorgan High Yield Research Enhanced ETF	2.89%	4.06%

Correlation

The correlation between JBND and JPHY is 0.56, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.56
Correlation (All Time) Calculated using the full available price history since Jun 25, 2025	0.58

The correlation between JBND and JPHY has been stable across timeframes, ranging from 0.56 to 0.58 - a consistent structural relationship.

Return for Risk

JBND vs. JPHY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

JBND

JBND Risk / Return Rank: 27
JBND Sharpe Ratio Rank: 29
JBND Sortino Ratio Rank: 27
JBND Omega Ratio Rank: 26
JBND Calmar Ratio Rank: 28
JBND Martin Ratio Rank: 27

JPHY

JPHY Risk / Return Rank: 85
JPHY Sharpe Ratio Rank: 78
JPHY Sortino Ratio Rank: 86
JPHY Omega Ratio Rank: 85
JPHY Calmar Ratio Rank: 86
JPHY Martin Ratio Rank: 91

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

JBND vs. JPHY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Jpmorgan Active Bond ETF (JBND) and JPMorgan High Yield Research Enhanced ETF (JPHY). 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.

	JBND	JPHY	Difference
Sharpe ratio: Return per unit of total volatility	0.77	2.01	-1.24
Sortino ratio: Return per unit of downside risk	1.12	3.16	-2.04
Omega ratio: Gain probability vs. loss probability	1.13	1.40	-0.27
Calmar ratio: Return relative to maximum drawdown	0.95	3.70	-2.74
Martin ratio: Return relative to average drawdown	2.37	16.22	-13.85

JBND vs. JPHY - Sharpe Ratio Comparison

The current JBND Sharpe Ratio is 0.77, which is lower than the JPHY Sharpe Ratio of 2.01. The chart below compares the historical Sharpe Ratios of JBND and JPHY, 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

JBND vs. JPHY - Drawdown Comparison

The maximum JBND drawdown since its inception was -4.48%, which is greater than JPHY's maximum drawdown of -1.65%. Use the drawdown chart below to compare losses from any high point for JBND and JPHY.

Drawdown Indicators

	JBND	JPHY	Difference
Max Drawdown Largest peak-to-trough decline	-4.48%	-1.65%	-2.83%
Max Drawdown (1Y) Largest decline over 1 year	-2.94%	-1.65%	-1.29%
Current Drawdown Current decline from peak	-1.83%	0.00%	-1.83%
Average Drawdown Average peak-to-trough decline	-1.18%	-0.22%	-0.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.18%	0.38%	+0.80%

Volatility

JBND vs. JPHY - Volatility Comparison

Jpmorgan Active Bond ETF (JBND) has a higher volatility of 1.02% compared to JPMorgan High Yield Research Enhanced ETF (JPHY) at 0.80%. This indicates that JBND's price experiences larger fluctuations and is considered to be riskier than JPHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JBND	JPHY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.02%	0.80%	+0.22%
Volatility (6M) Calculated over the trailing 6-month period	2.92%	2.40%	+0.52%
Volatility (1Y) Calculated over the trailing 1-year period	3.66%	3.05%	+0.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.79%	2.95%	+1.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.79%	2.95%	+1.84%

JBND vs. JPHY - Expense Ratio Comparison

JBND has a 0.25% expense ratio, which is higher than JPHY's 0.24% 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

JBND vs. JPHY - Dividend Comparison

JBND's dividend yield for the trailing twelve months is around 4.44%, less than JPHY's 6.38% yield.

Position	TTM	2025	2024	2023
JBND Jpmorgan Active Bond ETF	4.44%	4.42%	4.58%	1.00%
JPHY JPMorgan High Yield Research Enhanced ETF	6.38%	3.32%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JBND and JPHY in my portfolio?

JBND and JPHY have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JBND or JPHY?

JBND has higher volatility (1.02%) compared to JPHY (0.80%). In terms of maximum drawdown, JBND dropped -4.48% vs JPHY's -1.65%.

Which ETF is better, JBND or JPHY?

On 1-year performance, JPHY leads with 6.07% vs 2.80% for JBND. On fees, JPHY is cheaper at 0.24% per year. On volatility, JPHY has been the lower-risk option at 0.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JBND or JPHY?

Over the 1-year period, JPHY has performed better with a 6.07% return vs 2.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JBND or JPHY?

JPHY is cheaper with a 0.24% expense ratio, compared with 0.25% for JBND.

Which ETF pays a higher dividend yield, JBND or JPHY?

JPHY has the higher dividend yield at 6.38%, compared with 4.44% for JBND.

What is the main difference between JBND and JPHY?

JBND is categorized as Intermediate Core Bond, while JPHY is High Yield Bonds. Their fees differ too: 0.25% for JBND and 0.24% for JPHY.

Which has better risk-adjusted returns?

JPHY currently has the higher Sharpe Ratio (2.01 vs 0.77), 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.