JCPUX vs. GUGAX

Last updated Jun 24, 2026

JCPUX (JPMorgan Core Plus Bond Fund Class R6) and GUGAX (GMO Multi-Sector Fixed Income Fund) are both Intermediate Core-Plus Bond funds. Over the past 10 years, JCPUX returned 2.39%/yr vs 1.51%/yr for GUGAX. A 0.77 correlation means they provide meaningful diversification when combined. JCPUX charges 0.38%/yr vs 0.45%/yr for GUGAX.

Performance

JCPUX vs. GUGAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Core Plus Bond Fund Class R6 (JCPUX) and GMO Multi-Sector Fixed Income Fund (GUGAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JCPUX achieves a 0.89% return, which is significantly lower than GUGAX's 0.96% return. Over the past 10 years, JCPUX has outperformed GUGAX with an annualized return of 2.39%, while GUGAX has yielded a comparatively lower 1.51% annualized return.

JCPUX

• 1D: -0.28%
• 1M: 0.56%
• YTD: 0.89%
• 6M: 1.04%
• 1Y: 5.44%
• 3Y*: 5.07%
• 5Y*: 0.91%
• 10Y*: 2.39%

GUGAX

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.96%
• 6M: 1.07%
• 1Y: 4.83%
• 3Y*: 4.30%
• 5Y*: -0.52%
• 10Y*: 1.51%

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

JCPUX vs. GUGAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JCPUX JPMorgan Core Plus Bond Fund Class R6	0.89%	8.07%	2.87%	6.46%	-12.73%	-0.10%	7.87%	8.93%	-0.05%	4.32%
GUGAX GMO Multi-Sector Fixed Income Fund	0.96%	7.29%	0.96%	6.02%	-14.52%	-3.17%	4.91%	9.66%	2.13%	4.44%

Correlation

The correlation between JCPUX and GUGAX is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Feb 22, 2005	0.77

The correlation between JCPUX and GUGAX shifts across timeframes, from 0.66 (1 year) to 0.89 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

JCPUX vs. GUGAX — Risk / Return Rank

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

JCPUX

JCPUX Risk / Return Rank: 34
JCPUX Sharpe Ratio Rank: 33
JCPUX Sortino Ratio Rank: 36
JCPUX Omega Ratio Rank: 34
JCPUX Calmar Ratio Rank: 37
JCPUX Martin Ratio Rank: 29

GUGAX

GUGAX Risk / Return Rank: 76
GUGAX Sharpe Ratio Rank: 54
GUGAX Sortino Ratio Rank: 76
GUGAX Omega Ratio Rank: 76
GUGAX Calmar Ratio Rank: 93
GUGAX Martin Ratio Rank: 82

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.

JCPUX vs. GUGAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Core Plus Bond Fund Class R6 (JCPUX) and GMO Multi-Sector Fixed Income Fund (GUGAX). 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.

	JCPUX	GUGAX	Difference
Sharpe ratio: Return per unit of total volatility	1.55	2.00	-0.45
Sortino ratio: Return per unit of downside risk	2.29	3.32	-1.03
Omega ratio: Gain probability vs. loss probability	1.29	1.45	-0.17
Calmar ratio: Return relative to maximum drawdown	2.19	4.82	-2.63
Martin ratio: Return relative to average drawdown	6.29	14.23	-7.94

JCPUX vs. GUGAX - Sharpe Ratio Comparison

The current JCPUX Sharpe Ratio is 1.55, which is comparable to the GUGAX Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of JCPUX and GUGAX, 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

JCPUX vs. GUGAX - Drawdown Comparison

The maximum JCPUX drawdown since its inception was -16.81%, smaller than the maximum GUGAX drawdown of -38.57%. Use the drawdown chart below to compare losses from any high point for JCPUX and GUGAX.

Drawdown Indicators

	JCPUX	GUGAX	Difference
Max Drawdown Largest peak-to-trough decline	-16.81%	-38.57%	+21.76%
Max Drawdown (1Y) Largest decline over 1 year	-2.64%	-1.16%	-1.48%
Max Drawdown (3Y) Largest decline over 3 years	-6.05%	-6.12%	+0.07%
Max Drawdown (5Y) Largest decline over 5 years	-16.81%	-20.53%	+3.72%
Max Drawdown (10Y) Largest decline over 10 years	-16.81%	-23.06%	+6.25%
Current Drawdown Current decline from peak	-1.27%	-6.72%	+5.45%
Average Drawdown Average peak-to-trough decline	-2.30%	-11.26%	+8.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.91%	0.39%	+0.52%

Volatility

JCPUX vs. GUGAX - Volatility Comparison

JPMorgan Core Plus Bond Fund Class R6 (JCPUX) has a higher volatility of 1.12% compared to GMO Multi-Sector Fixed Income Fund (GUGAX) at 0.00%. This indicates that JCPUX's price experiences larger fluctuations and is considered to be riskier than GUGAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JCPUX	GUGAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.12%	0.00%	+1.12%
Volatility (6M) Calculated over the trailing 6-month period	2.77%	1.30%	+1.47%
Volatility (1Y) Calculated over the trailing 1-year period	3.72%	2.80%	+0.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.70%	6.57%	-0.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.65%	5.42%	-0.77%

JCPUX vs. GUGAX - Expense Ratio Comparison

JCPUX has a 0.38% expense ratio, which is lower than GUGAX's 0.45% expense ratio.

Dividends

JCPUX vs. GUGAX - Dividend Comparison

JCPUX's dividend yield for the trailing twelve months is around 5.07%, more than GUGAX's 4.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GUGAX GMO Multi-Sector Fixed Income Fund	4.52%	3.69%	4.34%	0.00%	1.94%	2.90%	7.96%	5.74%	5.08%	2.43%	3.29%	1.76%
JCPUX JPMorgan Core Plus Bond Fund Class R6	5.07%	4.94%	4.96%	4.10%	3.45%	3.32%	4.43%	3.30%	3.15%	2.89%	2.84%	3.49%

Frequently Asked Questions

Can I hold both JCPUX and GUGAX in my portfolio?

JCPUX and GUGAX have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JCPUX or GUGAX?

JCPUX has higher volatility (1.12%) compared to GUGAX (0.00%). In terms of maximum drawdown, JCPUX dropped -16.81% vs GUGAX's -38.57%.

Which has better risk-adjusted returns?

GUGAX currently has the higher Sharpe Ratio (2.00 vs 1.55), 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.