JEMA vs. JPST

Last updated Jun 4, 2026

JEMA (JPMorgan ActiveBuilders Emerging Markets Equity ETF) and JPST (JPMorgan Ultra-Short Income ETF) are both exchange-traded funds - JEMA is a Emerging Markets Equities fund actively managed by JPMorgan, while JPST is a Ultrashort Bond fund actively managed by JPMorgan. Both are actively managed. Over the past 5 years, JEMA returned 7.20%/yr vs 3.61%/yr for JPST. At a 0.13 correlation, their price movements are largely independent. JEMA charges 0.39%/yr vs 0.18%/yr for JPST.

Performance

JEMA vs. JPST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan ActiveBuilders Emerging Markets Equity ETF (JEMA) and JPMorgan Ultra-Short Income ETF (JPST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JEMA achieves a 31.42% return, which is significantly higher than JPST's 1.40% return.

JEMA

• 1D: -1.10%
• 1M: 9.00%
• YTD: 31.42%
• 6M: 33.11%
• 1Y: 63.06%
• 3Y*: 24.84%
• 5Y*: 7.20%
• 10Y*: —

JPST

• 1D: 0.00%
• 1M: 0.35%
• YTD: 1.40%
• 6M: 1.74%
• 1Y: 4.31%
• 3Y*: 5.16%
• 5Y*: 3.61%
• 10Y*: —

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

JEMA vs. JPST - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF	31.42%	34.89%	5.68%	9.82%	-24.98%	-4.78%
JPST JPMorgan Ultra-Short Income ETF	1.40%	4.99%	5.58%	5.13%	1.14%	0.11%

Correlation

The correlation between JEMA and JPST is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.15
Correlation (5Y) Calculated over the trailing 5-year period	0.13
Correlation (All Time) Calculated using the full available price history since Mar 12, 2021	0.13

JEMA vs. JPST - Sectors Allocation Comparison

Sectors	JEMA	JPST
Technology	41.1%	1.8%
Financial Services	21.2%	22.6%
Consumer Cyclical	9.6%	2.5%
Industrials	7.4%	2.1%
Communication Services	7.0%	5.5%
Energy	4.0%	0.4%
Basic Materials	3.5%	0.2%
Consumer Defensive	2.5%	0.7%
Healthcare	1.7%	1.5%
Utilities	1.4%	2.8%
Real Estate	0.6%	0.7%

Return for Risk

JEMA vs. JPST — Risk / Return Rank

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

JEMA

JEMA Risk / Return Rank: 88
JEMA Sharpe Ratio Rank: 90
JEMA Sortino Ratio Rank: 86
JEMA Omega Ratio Rank: 89
JEMA Calmar Ratio Rank: 86
JEMA Martin Ratio Rank: 89

JPST

JPST Risk / Return Rank: 99
JPST Sharpe Ratio Rank: 99
JPST Sortino Ratio Rank: 99
JPST Omega Ratio Rank: 99
JPST Calmar Ratio Rank: 99
JPST Martin Ratio Rank: 99

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.

JEMA vs. JPST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan ActiveBuilders Emerging Markets Equity ETF (JEMA) and JPMorgan Ultra-Short Income ETF (JPST). 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.

	JEMA	JPST	Difference
Sharpe ratio Return per unit of total volatility	3.14	8.09	-4.95
Sortino ratio Return per unit of downside risk	3.92	17.60	-13.68
Omega ratio Gain probability vs. loss probability	1.56	3.94	-2.38
Calmar ratio Return relative to maximum drawdown	4.84	29.16	-24.33
Martin ratio Return relative to average drawdown	19.80	144.13	-124.33
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JEMA vs. JPST - Sharpe Ratio Comparison

The current JEMA Sharpe Ratio is 3.14, which is lower than the JPST Sharpe Ratio of 8.09. The chart below compares the historical Sharpe Ratios of JEMA and JPST, 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

	JEMA	JPST	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.14	8.09	-4.95
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.38	6.32	-5.94
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	3.20	-2.80

Drawdowns

JEMA vs. JPST - Drawdown Comparison

The maximum JEMA drawdown since its inception was -39.50%, which is greater than JPST's maximum drawdown of -3.28%. Use the drawdown chart below to compare losses from any high point for JEMA and JPST.

Drawdown Indicators

	JEMA	JPST	Difference
Max Drawdown Largest peak-to-trough decline	-39.50%	-3.28%	-36.22%
Max Drawdown (1Y) Largest decline over 1 year	-13.11%	-0.15%	-12.96%
Max Drawdown (3Y) Largest decline over 3 years	-18.11%	-0.30%	-17.81%
Max Drawdown (5Y) Largest decline over 5 years	-39.45%	-0.79%	-38.66%
Current Drawdown Current decline from peak	-1.10%	-0.02%	-1.08%
Average Drawdown Average peak-to-trough decline	-17.04%	-0.08%	-16.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.19%	0.03%	+3.16%

Volatility

JEMA vs. JPST - Volatility Comparison

JPMorgan ActiveBuilders Emerging Markets Equity ETF (JEMA) has a higher volatility of 8.36% compared to JPMorgan Ultra-Short Income ETF (JPST) at 0.15%. This indicates that JEMA's price experiences larger fluctuations and is considered to be riskier than JPST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JEMA	JPST	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.36%	0.15%	+8.21%
Volatility (6M) Calculated over the trailing 6-month period	17.54%	0.36%	+17.18%
Volatility (1Y) Calculated over the trailing 1-year period	20.20%	0.54%	+19.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.02%	0.58%	+18.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.90%	0.93%	+17.97%

JEMA vs. JPST - Expense Ratio Comparison

JEMA has a 0.39% expense ratio, which is higher than JPST's 0.18% expense ratio.

Dividends

JEMA vs. JPST - Dividend Comparison

JEMA's dividend yield for the trailing twelve months is around 2.23%, less than JPST's 4.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF	2.23%	2.93%	2.44%	2.95%	2.69%	1.54%	0.00%	0.00%	0.00%	0.00%
JPST JPMorgan Ultra-Short Income ETF	4.26%	4.43%	5.16%	4.79%	1.83%	0.73%	1.43%	2.69%	2.07%	0.96%

Frequently Asked Questions

Can I hold both JEMA and JPST in my portfolio?

JEMA and JPST have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JEMA or JPST?

JEMA has higher volatility (8.36%) compared to JPST (0.15%). In terms of maximum drawdown, JEMA dropped -39.50% vs JPST's -3.28%.

Which ETF is better, JEMA or JPST?

On 5-year performance, JEMA leads with 7.20% vs 3.61% for JPST. On fees, JPST is cheaper at 0.18% per year. On volatility, JPST has been the lower-risk option at 0.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JEMA or JPST?

Over the 5-year period, JEMA has performed better with a 7.20% return vs 3.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JEMA or JPST?

JPST is cheaper with a 0.18% expense ratio, compared with 0.39% for JEMA.

Which ETF pays a higher dividend yield, JEMA or JPST?

JPST has the higher dividend yield at 4.26%, compared with 2.23% for JEMA.

What is the main difference between JEMA and JPST?

JEMA is categorized as Emerging Markets Equities, while JPST is Ultrashort Bond. Their fees differ too: 0.39% for JEMA and 0.18% for JPST.

Which has better risk-adjusted returns?

JPST currently has the higher Sharpe Ratio (8.09 vs 3.14), 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.