JCPI vs. FBND
JCPI (JPMorgan Inflation Managed Bond ETF) and FBND (Fidelity Total Bond ETF) are both exchange-traded funds - JCPI is a Inflation-Protected Bonds fund actively managed by JPMorgan, while FBND is a Intermediate Core-Plus Bond fund actively managed by Fidelity. Both are actively managed. Over the past 3 years, JCPI returned 5.03%/yr vs 4.67%/yr for FBND. Their 0.71 correlation means they have sometimes moved together and sometimes differently. JCPI charges 0.25%/yr vs 0.36%/yr for FBND.
Performance
JCPI vs. FBND - Performance Comparison
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Returns By Period
In the year-to-date period, JCPI achieves a 0.72% return, which is significantly higher than FBND's -0.08% return.
JCPI
- 1D
- -0.02%
- 1M
- -0.53%
- 6M
- 0.23%
- YTD
- 0.72%
- 1Y
- 2.10%
- 3Y*
- 5.03%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 2.68%
FBND
- 1D
- 0.25%
- 1M
- -1.01%
- 6M
- -0.18%
- YTD
- -0.08%
- 1Y
- 2.33%
- 3Y*
- 4.67%
- 5Y*
- 0.34%
- 10Y*
- 2.28%
- ALL TIME*
- 2.49%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $137.95M | $129.50M | $125.63M | |
| $1.77M | $2.33M | $2.32M |
JCPI vs. FBND - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
JCPI JPMorgan Inflation Managed Bond ETF | 0.72% | 7.10% | 4.70% | 5.04% | -5.53% |
FBND Fidelity Total Bond ETF | -0.08% | 7.57% | 2.13% | 6.81% | -5.55% |
Correlation
The correlation between JCPI and FBND is 0.69, 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. | 0.69 |
Correlation (3Y) Balances recent behavior with more history. | 0.74 |
Correlation (All Time) Calculated using the full available price history since Apr 11, 2022 | 0.71 |
The correlation between JCPI and FBND has been stable across timeframes, ranging from 0.69 to 0.74 - a consistent structural relationship.
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Return for Risk
JCPI vs. FBND — Risk / Return Rank
JCPI
FBND
JCPI vs. FBND - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPMorgan Inflation Managed Bond ETF (JCPI) and Fidelity Total Bond ETF (FBND). 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.
| JCPI | FBND | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.07 | ||
| Sortino ratioReturn per unit of downside risk | +0.10 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.11 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.32 | 0.88 | +0.44 |
| Martin ratioReturn relative to average drawdown | 3.50 | 2.22 | +1.28 |
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Drawdowns
JCPI vs. FBND - Drawdown Comparison
The maximum JCPI drawdown since its inception was -7.85%, smaller than the maximum FBND drawdown of -17.25%. Use the drawdown chart below to compare losses from any high point for JCPI and FBND.
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Drawdown Indicators
| JCPI | FBND | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -7.85% | -17.25% | +9.40% |
Max Drawdown (1Y)Largest decline over 1 year | -1.60% | -2.66% | +1.06% |
Max Drawdown (3Y)Largest decline over 3 years | -2.77% | -4.95% | +2.18% |
Max Drawdown (5Y)Largest decline over 5 years | — | -17.25% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -17.25% | — |
Current DrawdownCurrent decline from peak | -1.34% | -2.00% | +0.66% |
Average DrawdownAverage peak-to-trough decline | -1.83% | -3.32% | +1.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.60% | 1.05% | -0.45% |
Volatility
JCPI vs. FBND - Volatility Comparison
The current volatility for JPMorgan Inflation Managed Bond ETF (JCPI) is 0.80%, while Fidelity Total Bond ETF (FBND) has a volatility of 0.97%. This indicates that JCPI experiences smaller price fluctuations and is considered to be less risky than FBND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JCPI | FBND | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.80% | 0.97% | -0.17% |
Volatility (6M)Calculated over the trailing 6-month period | 2.36% | 2.95% | -0.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.98% | 3.71% | -0.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.47% | 5.93% | -1.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.47% | 6.10% | -1.63% |
JCPI vs. FBND - Expense Ratio Comparison
JCPI has a 0.25% expense ratio, which is lower than FBND's 0.36% expense ratio.
Dividends
JCPI vs. FBND - Dividend Comparison
JCPI's dividend yield for the trailing twelve months is around 4.44%, less than FBND's 4.76% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FBND Fidelity Total Bond ETF | 4.76% | 4.70% | 4.73% | 4.26% | 3.07% | 1.86% | 4.25% | 2.90% | 2.93% | 2.56% | 2.84% | 3.26% |
JCPI JPMorgan Inflation Managed Bond ETF | 4.44% | 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
JCPI and FBND have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FBND has higher volatility (0.97%) compared to JCPI (0.80%). In terms of maximum drawdown, JCPI dropped -7.85% vs FBND's -17.25%.
On 3-year performance, JCPI leads with 5.03% vs 4.67% for FBND. On fees, JCPI is cheaper at 0.25% per year. On volatility, JCPI has been the lower-risk option at 0.80%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, JCPI has performed better with a 5.03% return vs 4.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JCPI is cheaper with a 0.25% expense ratio, compared with 0.36% for FBND.
FBND has the higher dividend yield at 4.76%, compared with 4.44% for JCPI.
JCPI is categorized as Inflation-Protected Bonds, while FBND is Intermediate Core-Plus Bond. They also come from different issuers: JPMorgan and Fidelity. Their fees differ too: 0.25% for JCPI and 0.36% for FBND.
JCPI currently has the higher Sharpe Ratio (0.71 vs 0.63), 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.
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