JCPI vs. FBND

Last updated Jun 24, 2026

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 4.95%/yr vs 4.73%/yr for FBND. A 0.71 correlation means they provide meaningful diversification when combined. JCPI charges 0.25%/yr vs 0.36%/yr for FBND.

Performance

JCPI vs. FBND - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with JCPI having a 0.71% return and FBND slightly higher at 0.72%.

JCPI

• 1D: -0.15%
• 1M: -0.37%
• YTD: 0.71%
• 6M: 0.87%
• 1Y: 3.62%
• 3Y*: 4.95%
• 5Y*: —
• 10Y*: —

FBND

• 1D: 0.11%
• 1M: 0.69%
• YTD: 0.72%
• 6M: 0.80%
• 1Y: 4.71%
• 3Y*: 4.73%
• 5Y*: 0.79%
• 10Y*: 2.54%

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

JCPI vs. FBND - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
JCPI JPMorgan Inflation Managed Bond ETF	0.71%	7.10%	4.70%	5.04%	-5.53%
FBND Fidelity Total Bond ETF	0.72%	7.57%	2.13%	6.81%	-5.55%

Correlation

The correlation between JCPI and FBND is 0.73, 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	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.75
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 0.71 to 0.75 - a consistent structural relationship.

Return for Risk

JCPI vs. FBND — Risk / Return Rank

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

JCPI

JCPI Risk / Return Rank: 40
JCPI Sharpe Ratio Rank: 35
JCPI Sortino Ratio Rank: 36
JCPI Omega Ratio Rank: 34
JCPI Calmar Ratio Rank: 49
JCPI Martin Ratio Rank: 46

FBND

FBND Risk / Return Rank: 35
FBND Sharpe Ratio Rank: 36
FBND Sortino Ratio Rank: 37
FBND Omega Ratio Rank: 33
FBND Calmar Ratio Rank: 37
FBND Martin Ratio Rank: 35

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. 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 ratio: Return per unit of total volatility	1.21	1.24	-0.03
Sortino ratio: Return per unit of downside risk	1.80	1.84	-0.05
Omega ratio: Gain probability vs. loss probability	1.22	1.21	0.00
Calmar ratio: Return relative to maximum drawdown	2.27	1.77	+0.50
Martin ratio: Return relative to average drawdown	7.18	5.07	+2.11

JCPI vs. FBND - Sharpe Ratio Comparison

The current JCPI Sharpe Ratio is 1.21, which is comparable to the FBND Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of JCPI and FBND, 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

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.

Drawdown Indicators

	JCPI	FBND	Difference
Max Drawdown Largest 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	-2.81%	-5.94%	+3.13%
Max Drawdown (5Y) Largest decline over 5 years	—	-17.25%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-17.25%	—
Current Drawdown Current decline from peak	-1.35%	-1.21%	-0.14%
Average Drawdown Average peak-to-trough decline	-1.85%	-3.34%	+1.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.51%	0.93%	-0.42%

Volatility

JCPI vs. FBND - Volatility Comparison

JPMorgan Inflation Managed Bond ETF (JCPI) and Fidelity Total Bond ETF (FBND) have volatilities of 1.16% and 1.13%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JCPI	FBND	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.16%	1.13%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	2.21%	2.84%	-0.63%
Volatility (1Y) Calculated over the trailing 1-year period	3.02%	3.83%	-0.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.50%	5.93%	-1.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.50%	6.10%	-1.60%

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 3.97%, less than FBND's 4.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FBND Fidelity Total Bond ETF	4.69%	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	3.97%	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 FBND in my portfolio?

JCPI and FBND have a correlation of 0.73, 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 FBND?

JCPI has higher volatility (1.16%) compared to FBND (1.13%). In terms of maximum drawdown, JCPI dropped -7.85% vs FBND's -17.25%.

Which ETF is better, JCPI or FBND?

On 3-year performance, JCPI leads with 4.95% vs 4.73% for FBND. On fees, JCPI is cheaper at 0.25% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JCPI or FBND?

Over the 3-year period, JCPI has performed better with a 4.95% return vs 4.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JCPI or FBND?

JCPI is cheaper with a 0.25% expense ratio, compared with 0.36% for FBND.

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

FBND has the higher dividend yield at 4.69%, compared with 3.97% for JCPI.

What is the main difference between JCPI and FBND?

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.

Which has better risk-adjusted returns?

FBND currently has the higher Sharpe Ratio (1.24 vs 1.21), 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.