JGIAX vs. JMSIX

Last updated Jun 13, 2026

JGIAX (JPMorgan Income Fund Class A) and JMSIX (JPMorgan Income Fund) are both Multisector Bonds funds from JPMorgan. Over the past 10 years, JGIAX returned 3.98%/yr vs 3.97%/yr for JMSIX. Their correlation of 0.92 suggests significant overlap in exposure. JGIAX charges 0.65%/yr vs 0.40%/yr for JMSIX.

Performance

JGIAX vs. JMSIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Income Fund Class A (JGIAX) and JPMorgan Income Fund (JMSIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JGIAX achieves a 1.13% return, which is significantly lower than JMSIX's 1.23% return. Both investments have delivered pretty close results over the past 10 years, with JGIAX having a 3.98% annualized return and JMSIX not far behind at 3.97%.

JGIAX

• 1D: 0.12%
• 1M: 0.37%
• YTD: 1.13%
• 6M: 1.73%
• 1Y: 5.30%
• 3Y*: 6.85%
• 5Y*: 2.50%
• 10Y*: 3.98%

JMSIX

• 1D: 0.12%
• 1M: 0.39%
• YTD: 1.23%
• 6M: 1.85%
• 1Y: 5.55%
• 3Y*: 7.12%
• 5Y*: 2.76%
• 10Y*: 3.97%

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

JGIAX vs. JMSIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JGIAX JPMorgan Income Fund Class A	1.13%	7.41%	7.48%	5.88%	-8.48%	3.34%	2.79%	11.51%	0.87%	5.62%
JMSIX JPMorgan Income Fund	1.23%	7.68%	7.78%	6.14%	-8.24%	3.59%	3.07%	11.82%	1.03%	6.00%

Correlation

The correlation between JGIAX and JMSIX is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Nov 7, 2014	0.92

The correlation between JGIAX and JMSIX has been stable across timeframes, ranging from 0.92 to 0.97 - a consistent structural relationship.

Return for Risk

JGIAX vs. JMSIX — Risk / Return Rank

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

JGIAX

JGIAX Risk / Return Rank: 86
JGIAX Sharpe Ratio Rank: 79
JGIAX Sortino Ratio Rank: 94
JGIAX Omega Ratio Rank: 90
JGIAX Calmar Ratio Rank: 82
JGIAX Martin Ratio Rank: 86

JMSIX

JMSIX Risk / Return Rank: 89
JMSIX Sharpe Ratio Rank: 82
JMSIX Sortino Ratio Rank: 94
JMSIX Omega Ratio Rank: 90
JMSIX Calmar Ratio Rank: 87
JMSIX Martin Ratio Rank: 90

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.

JGIAX vs. JMSIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Income Fund Class A (JGIAX) and JPMorgan Income Fund (JMSIX). 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.

	JGIAX	JMSIX	Difference
Sharpe ratio: Return per unit of total volatility	2.25	2.27	-0.02
Sortino ratio: Return per unit of downside risk	4.52	4.50	+0.01
Omega ratio: Gain probability vs. loss probability	1.60	1.60	0.00
Calmar ratio: Return relative to maximum drawdown	3.36	3.51	-0.15
Martin ratio: Return relative to average drawdown	14.03	14.54	-0.51

JGIAX vs. JMSIX - Sharpe Ratio Comparison

The current JGIAX Sharpe Ratio is 2.25, which is comparable to the JMSIX Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of JGIAX and JMSIX, 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

JGIAX vs. JMSIX - Drawdown Comparison

The maximum JGIAX drawdown since its inception was -18.39%, roughly equal to the maximum JMSIX drawdown of -18.40%. Use the drawdown chart below to compare losses from any high point for JGIAX and JMSIX.

Drawdown Indicators

	JGIAX	JMSIX	Difference
Max Drawdown Largest peak-to-trough decline	-18.39%	-18.40%	+0.01%
Max Drawdown (1Y) Largest decline over 1 year	-1.62%	-1.62%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	-2.38%	-2.31%	-0.07%
Max Drawdown (5Y) Largest decline over 5 years	-11.63%	-11.39%	-0.24%
Max Drawdown (10Y) Largest decline over 10 years	-18.39%	-18.40%	+0.01%
Current Drawdown Current decline from peak	-0.12%	-0.12%	0.00%
Average Drawdown Average peak-to-trough decline	-2.10%	-2.56%	+0.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.39%	0.39%	0.00%

Volatility

JGIAX vs. JMSIX - Volatility Comparison

JPMorgan Income Fund Class A (JGIAX) and JPMorgan Income Fund (JMSIX) have volatilities of 0.76% and 0.79%, 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

	JGIAX	JMSIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.76%	0.79%	-0.03%
Volatility (6M) Calculated over the trailing 6-month period	1.77%	1.89%	-0.12%
Volatility (1Y) Calculated over the trailing 1-year period	2.42%	2.52%	-0.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.71%	3.73%	-0.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.86%	3.87%	-0.01%

JGIAX vs. JMSIX - Expense Ratio Comparison

JGIAX has a 0.65% expense ratio, which is higher than JMSIX's 0.40% expense ratio.

Dividends

JGIAX vs. JMSIX - Dividend Comparison

JGIAX's dividend yield for the trailing twelve months is around 5.79%, less than JMSIX's 6.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JGIAX JPMorgan Income Fund Class A	5.79%	5.71%	5.51%	4.19%	4.49%	3.75%	4.69%	4.84%	5.15%	5.16%	5.21%	5.44%
JMSIX JPMorgan Income Fund	6.03%	5.95%	5.78%	4.43%	4.78%	4.00%	4.95%	5.10%	5.43%	5.42%	0.46%	0.00%

Frequently Asked Questions

Can I hold both JGIAX and JMSIX in my portfolio?

With a correlation of 0.95, JGIAX and JMSIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, JGIAX or JMSIX?

JMSIX has higher volatility (0.79%) compared to JGIAX (0.76%). In terms of maximum drawdown, JGIAX dropped -18.39% vs JMSIX's -18.40%.

Which has better risk-adjusted returns?

JMSIX currently has the higher Sharpe Ratio (2.27 vs 2.25), 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.