JEPI vs. TBUX

Last updated Jun 13, 2026

JEPI (JPMorgan Equity Premium Income ETF) and TBUX (T. Rowe Price Ultra Short-Term Bond ETF) are both exchange-traded funds - JEPI is a Dividend fund actively managed by JPMorgan, while TBUX is a Ultrashort Bond fund actively managed by T. Rowe Price. Both are actively managed. Over the past 3 years, JEPI returned 9.13%/yr vs 5.89%/yr for TBUX. At a 0.08 correlation, their price movements are largely independent. JEPI charges 0.35%/yr vs 0.17%/yr for TBUX.

Performance

JEPI vs. TBUX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Equity Premium Income ETF (JEPI) and T. Rowe Price Ultra Short-Term Bond ETF (TBUX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JEPI achieves a 1.29% return, which is significantly lower than TBUX's 1.83% return.

JEPI

• 1D: 0.43%
• 1M: 0.90%
• YTD: 1.29%
• 6M: 1.18%
• 1Y: 7.58%
• 3Y*: 9.13%
• 5Y*: 7.45%
• 10Y*: —

TBUX

• 1D: 0.00%
• 1M: 0.39%
• YTD: 1.83%
• 6M: 2.14%
• 1Y: 4.81%
• 3Y*: 5.89%
• 5Y*: —
• 10Y*: —

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

JEPI vs. TBUX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
JEPI JPMorgan Equity Premium Income ETF	1.29%	8.09%	12.57%	9.83%	-3.49%	7.90%
TBUX T. Rowe Price Ultra Short-Term Bond ETF	1.83%	5.37%	6.38%	6.39%	-0.13%	-0.25%

Correlation

The correlation between JEPI and TBUX is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.07
Correlation (All Time) Calculated using the full available price history since Sep 29, 2021	0.08

JEPI vs. TBUX - Sectors Allocation Comparison

Sectors	JEPI	TBUX
Technology	19.1%	52.7%
Healthcare	14.1%	5.0%
Industrials	13.8%	3.5%
Consumer Cyclical	11.7%	14.3%
Financial Services	9.8%	0.5%
Consumer Defensive	9.6%	5.5%
Communication Services	6.9%	15.2%
Utilities	6.2%	1.2%
Real Estate	3.5%	0.2%
Energy	3.5%	0.6%
Basic Materials	1.9%	1.3%

Return for Risk

JEPI vs. TBUX — Risk / Return Rank

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

JEPI

JEPI Risk / Return Rank: 28
JEPI Sharpe Ratio Rank: 30
JEPI Sortino Ratio Rank: 29
JEPI Omega Ratio Rank: 28
JEPI Calmar Ratio Rank: 27
JEPI Martin Ratio Rank: 28

TBUX

TBUX Risk / Return Rank: 99
TBUX Sharpe Ratio Rank: 99
TBUX Sortino Ratio Rank: 99
TBUX Omega Ratio Rank: 99
TBUX Calmar Ratio Rank: 99
TBUX 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.

JEPI vs. TBUX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Equity Premium Income ETF (JEPI) and T. Rowe Price Ultra Short-Term Bond ETF (TBUX). 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.

	JEPI	TBUX	Difference
Sharpe ratio: Return per unit of total volatility	0.95	7.19	-6.24
Sortino ratio: Return per unit of downside risk	1.42	14.51	-13.09
Omega ratio: Gain probability vs. loss probability	1.17	3.12	-1.95
Calmar ratio: Return relative to maximum drawdown	1.14	48.17	-47.03
Martin ratio: Return relative to average drawdown	3.46	182.82	-179.36

JEPI vs. TBUX - Sharpe Ratio Comparison

The current JEPI Sharpe Ratio is 0.95, which is lower than the TBUX Sharpe Ratio of 7.19. The chart below compares the historical Sharpe Ratios of JEPI and TBUX, 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

JEPI vs. TBUX - Drawdown Comparison

The maximum JEPI drawdown since its inception was -13.71%, which is greater than TBUX's maximum drawdown of -1.82%. Use the drawdown chart below to compare losses from any high point for JEPI and TBUX.

Drawdown Indicators

	JEPI	TBUX	Difference
Max Drawdown Largest peak-to-trough decline	-13.71%	-1.82%	-11.89%
Max Drawdown (1Y) Largest decline over 1 year	-6.68%	-0.10%	-6.58%
Max Drawdown (3Y) Largest decline over 3 years	-13.26%	-0.33%	-12.93%
Max Drawdown (5Y) Largest decline over 5 years	-13.71%	—	—
Current Drawdown Current decline from peak	-3.75%	0.00%	-3.75%
Average Drawdown Average peak-to-trough decline	-2.13%	-0.28%	-1.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.20%	0.03%	+2.17%

Volatility

JEPI vs. TBUX - Volatility Comparison

JPMorgan Equity Premium Income ETF (JEPI) has a higher volatility of 2.05% compared to T. Rowe Price Ultra Short-Term Bond ETF (TBUX) at 0.22%. This indicates that JEPI's price experiences larger fluctuations and is considered to be riskier than TBUX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JEPI	TBUX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.05%	0.22%	+1.83%
Volatility (6M) Calculated over the trailing 6-month period	6.23%	0.46%	+5.77%
Volatility (1Y) Calculated over the trailing 1-year period	8.02%	0.67%	+7.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.08%	1.07%	+10.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.79%	1.07%	+9.72%

JEPI vs. TBUX - Expense Ratio Comparison

JEPI has a 0.35% expense ratio, which is higher than TBUX's 0.17% expense ratio.

Dividends

JEPI vs. TBUX - Dividend Comparison

JEPI's dividend yield for the trailing twelve months is around 8.18%, more than TBUX's 4.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
JEPI JPMorgan Equity Premium Income ETF	8.18%	8.25%	7.33%	8.40%	11.68%	6.59%	5.79%
TBUX T. Rowe Price Ultra Short-Term Bond ETF	4.48%	4.67%	5.39%	4.66%	2.58%	0.27%	0.00%

Frequently Asked Questions

Can I hold both JEPI and TBUX in my portfolio?

JEPI and TBUX have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JEPI or TBUX?

JEPI has higher volatility (2.05%) compared to TBUX (0.22%). In terms of maximum drawdown, JEPI dropped -13.71% vs TBUX's -1.82%.

Which ETF is better, JEPI or TBUX?

On 3-year performance, JEPI leads with 9.13% vs 5.89% for TBUX. On fees, TBUX is cheaper at 0.17% per year. On volatility, TBUX has been the lower-risk option at 0.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JEPI or TBUX?

Over the 3-year period, JEPI has performed better with a 9.13% return vs 5.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JEPI or TBUX?

TBUX is cheaper with a 0.17% expense ratio, compared with 0.35% for JEPI.

Which ETF pays a higher dividend yield, JEPI or TBUX?

JEPI has the higher dividend yield at 8.18%, compared with 4.48% for TBUX.

What is the main difference between JEPI and TBUX?

JEPI is categorized as Dividend, while TBUX is Ultrashort Bond. They also come from different issuers: JPMorgan and T. Rowe Price. Their fees differ too: 0.35% for JEPI and 0.17% for TBUX.

Which has better risk-adjusted returns?

TBUX currently has the higher Sharpe Ratio (7.19 vs 0.95), 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.