JCPI vs. WIP
JCPI (JPMorgan Inflation Managed Bond ETF) and WIP (SPDR FTSE International Government Inflation-Protected Bond ETF) are both Inflation-Protected Bonds funds. JCPI is actively managed, while WIP is passively managed. Over the past 3 years, JCPI returned 5.33%/yr vs 5.09%/yr for WIP. At a 0.46 correlation, their price movements are largely independent. JCPI charges 0.25%/yr vs 0.50%/yr for WIP.
Performance
JCPI vs. WIP - Performance Comparison
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Returns By Period
In the year-to-date period, JCPI achieves a 1.65% return, which is significantly lower than WIP's 4.57% return.
JCPI
- 1D
- -0.07%
- 1M
- -0.27%
- YTD
- 1.65%
- 6M
- 1.28%
- 1Y
- 5.11%
- 3Y*
- 5.33%
- 5Y*
- —
- 10Y*
- —
WIP
- 1D
- 0.25%
- 1M
- 0.45%
- YTD
- 4.57%
- 6M
- 5.30%
- 1Y
- 10.10%
- 3Y*
- 5.09%
- 5Y*
- -0.65%
- 10Y*
- 1.63%
JCPI vs. WIP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
JCPI JPMorgan Inflation Managed Bond ETF | 1.65% | 7.10% | 4.70% | 5.04% | -5.53% |
WIP SPDR FTSE International Government Inflation-Protected Bond ETF | 4.57% | 15.18% | -8.71% | 8.84% | -14.94% |
Correlation
The correlation between JCPI and WIP is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.35 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.45 |
Correlation (All Time) Calculated using the full available price history since Apr 12, 2022 | 0.46 |
The correlation between JCPI and WIP shifts across timeframes, from 0.35 (1 year) to 0.46 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
JCPI vs. WIP — Risk / Return Rank
JCPI
WIP
JCPI vs. WIP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPMorgan Inflation Managed Bond ETF (JCPI) and SPDR FTSE International Government Inflation-Protected Bond ETF (WIP). 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 | WIP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.60 | ||
| Sortino ratioReturn per unit of downside risk | +1.07 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.20 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 3.21 | 1.97 | +1.24 |
| Martin ratioReturn relative to average drawdown | 11.08 | 5.89 | +5.19 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| JCPI | WIP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.76 | 1.16 | +0.60 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.06 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.16 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.67 | 0.13 | +0.55 |
Drawdowns
JCPI vs. WIP - Drawdown Comparison
The maximum JCPI drawdown since its inception was -7.85%, smaller than the maximum WIP drawdown of -29.60%. Use the drawdown chart below to compare losses from any high point for JCPI and WIP.
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Drawdown Indicators
| JCPI | WIP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -7.85% | -29.60% | +21.75% |
Max Drawdown (1Y)Largest decline over 1 year | -1.60% | -5.16% | +3.56% |
Max Drawdown (3Y)Largest decline over 3 years | -2.81% | -11.16% | +8.35% |
Max Drawdown (5Y)Largest decline over 5 years | — | -28.84% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -28.84% | — |
Current DrawdownCurrent decline from peak | -0.44% | -3.63% | +3.19% |
Average DrawdownAverage peak-to-trough decline | -1.87% | -8.58% | +6.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.46% | 1.72% | -1.26% |
Volatility
JCPI vs. WIP - Volatility Comparison
The current volatility for JPMorgan Inflation Managed Bond ETF (JCPI) is 0.86%, while SPDR FTSE International Government Inflation-Protected Bond ETF (WIP) has a volatility of 2.92%. This indicates that JCPI experiences smaller price fluctuations and is considered to be less risky than WIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JCPI | WIP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.86% | 2.92% | -2.06% |
Volatility (6M)Calculated over the trailing 6-month period | 2.04% | 6.88% | -4.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.94% | 8.72% | -5.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.50% | 11.44% | -6.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.50% | 10.16% | -5.66% |
JCPI vs. WIP - Expense Ratio Comparison
JCPI has a 0.25% expense ratio, which is lower than WIP's 0.50% expense ratio.
Dividends
JCPI vs. WIP - Dividend Comparison
JCPI's dividend yield for the trailing twelve months is around 3.94%, less than WIP's 5.77% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
JCPI JPMorgan Inflation Managed Bond ETF | 3.94% | 3.93% | 3.98% | 3.45% | 3.29% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
WIP SPDR FTSE International Government Inflation-Protected Bond ETF | 5.77% | 5.51% | 6.06% | 6.54% | 11.15% | 4.63% | 1.59% | 2.49% | 4.05% | 1.91% | 1.27% | 1.14% |
Frequently Asked Questions
JCPI and WIP have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
WIP has higher volatility (2.92%) compared to JCPI (0.86%). In terms of maximum drawdown, JCPI dropped -7.85% vs WIP's -29.60%.
On 3-year performance, JCPI leads with 5.33% vs 5.09% for WIP. On fees, JCPI is cheaper at 0.25% per year. On volatility, JCPI has been the lower-risk option at 0.86%. 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 5.33% return vs 5.09%. 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 0.50% for WIP.
WIP has the higher dividend yield at 5.77%, compared with 3.94% for JCPI.
They also come from different issuers: JPMorgan and State Street. Their fees differ too: 0.25% for JCPI and 0.50% for WIP.
JCPI currently has the higher Sharpe Ratio (1.76 vs 1.16), 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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