JCPI vs. BNDX

Last updated Jun 9, 2026

JCPI (JPMorgan Inflation Managed Bond ETF) and BNDX (Vanguard Total International Bond ETF) are both exchange-traded funds - JCPI is a Inflation-Protected Bonds fund actively managed by JPMorgan, while BNDX is a Global Bonds fund tracking the Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged). JCPI is actively managed, while BNDX is passively managed. Over the past 3 years, JCPI returned 5.20%/yr vs 4.01%/yr for BNDX. A 0.59 correlation means they provide meaningful diversification when combined. JCPI charges 0.25%/yr vs 0.07%/yr for BNDX.

Performance

JCPI vs. BNDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Inflation Managed Bond ETF (JCPI) and Vanguard Total International Bond ETF (BNDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JCPI achieves a 1.12% return, which is significantly higher than BNDX's 0.37% return.

JCPI

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

BNDX

• 1D: -0.12%
• 1M: -0.16%
• YTD: 0.37%
• 6M: 0.55%
• 1Y: 1.86%
• 3Y*: 4.01%
• 5Y*: 0.25%
• 10Y*: 1.65%

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

JCPI vs. BNDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
JCPI JPMorgan Inflation Managed Bond ETF	1.12%	7.10%	4.70%	5.04%	-5.53%
BNDX Vanguard Total International Bond ETF	0.37%	2.86%	3.57%	8.77%	-6.53%

Correlation

The correlation between JCPI and BNDX is 0.52, 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	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (All Time) Calculated using the full available price history since Apr 12, 2022	0.59

The correlation between JCPI and BNDX has been stable across timeframes, ranging from 0.52 to 0.62 - a consistent structural relationship.

JCPI vs. BNDX - Sectors Allocation Comparison

Sectors	JCPI	BNDX
Basic Materials	37.1%	-
Communication Services	9.8%	0.0%
Financial Services	8.2%	0.0%
Technology	7.4%	-
Real Estate	4.8%	0.0%
Healthcare	4.4%	0.0%
Utilities	3.2%	0.0%
Energy	1.2%	0.0%
Consumer Cyclical	1.2%	-
Industrials	0.9%	0.0%
Consumer Defensive	0.4%	-

Return for Risk

JCPI vs. BNDX — Risk / Return Rank

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

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

BNDX

BNDX Risk / Return Rank: 18
BNDX Sharpe Ratio Rank: 19
BNDX Sortino Ratio Rank: 17
BNDX Omega Ratio Rank: 17
BNDX Calmar Ratio Rank: 18
BNDX Martin Ratio Rank: 18

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.

JCPI vs. BNDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Inflation Managed Bond ETF (JCPI) and Vanguard Total International Bond ETF (BNDX). 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.

	JCPI	BNDX	Difference
Sharpe ratio: Return per unit of total volatility	1.77	0.54	+1.23
Sortino ratio: Return per unit of downside risk	2.73	0.79	+1.94
Omega ratio: Gain probability vs. loss probability	1.33	1.10	+0.23
Calmar ratio: Return relative to maximum drawdown	3.22	0.64	+2.59
Martin ratio: Return relative to average drawdown	11.00	1.79	+9.21
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JCPI vs. BNDX - Sharpe Ratio Comparison

The current JCPI Sharpe Ratio is 1.77, which is higher than the BNDX Sharpe Ratio of 0.54. The chart below compares the historical Sharpe Ratios of JCPI and BNDX, 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

	JCPI	BNDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.77	0.54	+1.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.05	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.41	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	0.60	+0.04

Drawdowns

JCPI vs. BNDX - Drawdown Comparison

The maximum JCPI drawdown since its inception was -7.85%, smaller than the maximum BNDX drawdown of -16.23%. Use the drawdown chart below to compare losses from any high point for JCPI and BNDX.

Drawdown Indicators

	JCPI	BNDX	Difference
Max Drawdown Largest peak-to-trough decline	-7.85%	-16.23%	+8.38%
Max Drawdown (1Y) Largest decline over 1 year	-1.60%	-2.93%	+1.33%
Max Drawdown (3Y) Largest decline over 3 years	-2.81%	-2.93%	+0.12%
Max Drawdown (5Y) Largest decline over 5 years	—	-15.86%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-16.23%	—
Current Drawdown Current decline from peak	-0.96%	-1.65%	+0.69%
Average Drawdown Average peak-to-trough decline	-1.86%	-3.08%	+1.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.47%	1.04%	-0.57%

Volatility

JCPI vs. BNDX - Volatility Comparison

The current volatility for JPMorgan Inflation Managed Bond ETF (JCPI) is 0.95%, while Vanguard Total International Bond ETF (BNDX) has a volatility of 1.47%. This indicates that JCPI experiences smaller price fluctuations and is considered to be less risky than BNDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JCPI	BNDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.95%	1.47%	-0.52%
Volatility (6M) Calculated over the trailing 6-month period	2.08%	2.91%	-0.83%
Volatility (1Y) Calculated over the trailing 1-year period	2.92%	3.43%	-0.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.50%	4.88%	-0.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.50%	4.09%	+0.41%

JCPI vs. BNDX - Expense Ratio Comparison

JCPI has a 0.25% expense ratio, which is higher than BNDX's 0.07% 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

JCPI vs. BNDX - Dividend Comparison

JCPI's dividend yield for the trailing twelve months is around 3.96%, less than BNDX's 4.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BNDX Vanguard Total International Bond ETF	4.50%	4.39%	4.18%	4.42%	1.51%	3.74%	1.11%	3.40%	3.01%	2.23%	1.89%	1.63%
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 JCPI and BNDX in my portfolio?

JCPI and BNDX have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JCPI or BNDX?

BNDX has higher volatility (1.47%) compared to JCPI (0.95%). In terms of maximum drawdown, JCPI dropped -7.85% vs BNDX's -16.23%.

Which ETF is better, JCPI or BNDX?

On 3-year performance, JCPI leads with 5.20% vs 4.01% for BNDX. On fees, BNDX is cheaper at 0.07% 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, JCPI or BNDX?

Over the 3-year period, JCPI has performed better with a 5.20% return vs 4.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JCPI or BNDX?

BNDX is cheaper with a 0.07% expense ratio, compared with 0.25% for JCPI.

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

BNDX has the higher dividend yield at 4.50%, compared with 3.96% for JCPI.

What is the main difference between JCPI and BNDX?

JCPI is categorized as Inflation-Protected Bonds, while BNDX is Global Bonds. They also come from different issuers: JPMorgan and Vanguard. Their fees differ too: 0.25% for JCPI and 0.07% for BNDX.

Which has better risk-adjusted returns?

JCPI currently has the higher Sharpe Ratio (1.77 vs 0.54), 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.