JGSA.L vs. XT01.L

Last updated Jun 5, 2026

JGSA.L (JPM GBP Ultra-Short Income Active ETF GBP Acc) and XT01.L (Xtrackers US Treasuries Ultrashort Bond UCITS ETF 1C) are both exchange-traded funds - JGSA.L is a Ultrashort Bond fund actively managed by JPMorgan, while XT01.L is a Government Bonds fund tracking the FTSE US Treasury Short Duration Index. JGSA.L is actively managed, while XT01.L is passively managed. Over the past 5 years, JGSA.L returned 3.39%/yr vs 4.47%/yr for XT01.L. At a correlation of -0.05, they often move in opposite directions. JGSA.L charges 0.18%/yr vs 0.06%/yr for XT01.L.

Performance

JGSA.L vs. XT01.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in JPM GBP Ultra-Short Income Active ETF GBP Acc (JGSA.L) and Xtrackers US Treasuries Ultrashort Bond UCITS ETF 1C (XT01.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JGSA.L achieves a 1.38% return, which is significantly lower than XT01.L's 1.60% return.

JGSA.L

• 1D: 0.06%
• 1M: 0.60%
• YTD: 1.38%
• 6M: 1.75%
• 1Y: 4.29%
• 3Y*: 5.02%
• 5Y*: 3.39%
• 10Y*: —

XT01.L

• 1D: 0.10%
• 1M: 1.28%
• YTD: 1.60%
• 6M: 1.14%
• 1Y: 4.98%
• 3Y*: 2.01%
• 5Y*: 4.47%
• 10Y*: —

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

JGSA.L vs. XT01.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
JGSA.L JPM GBP Ultra-Short Income Active ETF GBP Acc	1.38%	5.06%	5.09%	5.01%	0.58%	-0.02%	0.29%
XT01.L Xtrackers US Treasuries Ultrashort Bond UCITS ETF 1C	1.60%	-2.80%	6.91%	-0.75%	12.89%	1.36%	-5.72%

Correlation

The correlation between JGSA.L and XT01.L is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.08
Correlation (3Y) Calculated over the trailing 3-year period	-0.04
Correlation (5Y) Calculated over the trailing 5-year period	-0.06
Correlation (All Time) Calculated using the full available price history since Sep 11, 2020	-0.05

Return for Risk

JGSA.L vs. XT01.L — Risk / Return Rank

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

JGSA.L

JGSA.L Risk / Return Rank: 98
JGSA.L Sharpe Ratio Rank: 99
JGSA.L Sortino Ratio Rank: 99
JGSA.L Omega Ratio Rank: 99
JGSA.L Calmar Ratio Rank: 97
JGSA.L Martin Ratio Rank: 98

XT01.L

XT01.L Risk / Return Rank: 23
XT01.L Sharpe Ratio Rank: 23
XT01.L Sortino Ratio Rank: 22
XT01.L Omega Ratio Rank: 21
XT01.L Calmar Ratio Rank: 24
XT01.L Martin Ratio Rank: 22

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.

JGSA.L vs. XT01.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPM GBP Ultra-Short Income Active ETF GBP Acc (JGSA.L) and Xtrackers US Treasuries Ultrashort Bond UCITS ETF 1C (XT01.L). 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.

	JGSA.L	XT01.L	Difference
Sharpe ratio: Return per unit of total volatility	7.14	0.77	+6.37
Sortino ratio: Return per unit of downside risk	13.39	1.15	+12.24
Omega ratio: Gain probability vs. loss probability	3.34	1.13	+2.20
Calmar ratio: Return relative to maximum drawdown	10.27	1.11	+9.16
Martin ratio: Return relative to average drawdown	53.58	2.77	+50.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JGSA.L vs. XT01.L - Sharpe Ratio Comparison

The current JGSA.L Sharpe Ratio is 7.14, which is higher than the XT01.L Sharpe Ratio of 0.77. The chart below compares the historical Sharpe Ratios of JGSA.L and XT01.L, 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

	JGSA.L	XT01.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	7.14	0.77	+6.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	6.12	0.53	+5.58
Sharpe Ratio (All Time) Calculated using the full available price history	4.29	0.26	+4.03

Drawdowns

JGSA.L vs. XT01.L - Drawdown Comparison

The maximum JGSA.L drawdown since its inception was -1.42%, smaller than the maximum XT01.L drawdown of -15.31%. Use the drawdown chart below to compare losses from any high point for JGSA.L and XT01.L.

Drawdown Indicators

	JGSA.L	XT01.L	Difference
Max Drawdown Largest peak-to-trough decline	-1.42%	-15.31%	+13.89%
Max Drawdown (1Y) Largest decline over 1 year	-0.42%	-4.48%	+4.06%
Max Drawdown (3Y) Largest decline over 3 years	-0.42%	-9.75%	+9.33%
Max Drawdown (5Y) Largest decline over 5 years	-0.73%	-15.31%	+14.58%
Current Drawdown Current decline from peak	-0.01%	-5.62%	+5.61%
Average Drawdown Average peak-to-trough decline	-0.10%	-7.30%	+7.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.08%	1.80%	-1.72%

Volatility

JGSA.L vs. XT01.L - Volatility Comparison

The current volatility for JPM GBP Ultra-Short Income Active ETF GBP Acc (JGSA.L) is 0.24%, while Xtrackers US Treasuries Ultrashort Bond UCITS ETF 1C (XT01.L) has a volatility of 1.90%. This indicates that JGSA.L experiences smaller price fluctuations and is considered to be less risky than XT01.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JGSA.L	XT01.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.24%	1.90%	-1.66%
Volatility (6M) Calculated over the trailing 6-month period	0.53%	4.68%	-4.15%
Volatility (1Y) Calculated over the trailing 1-year period	0.60%	6.44%	-5.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.55%	8.37%	-7.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.62%	8.34%	-7.72%

JGSA.L vs. XT01.L - Expense Ratio Comparison

JGSA.L has a 0.18% expense ratio, which is higher than XT01.L's 0.06% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

JGSA.L vs. XT01.L - Dividend Comparison

Neither JGSA.L nor XT01.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both JGSA.L and XT01.L in my portfolio?

JGSA.L and XT01.L have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, JGSA.L or XT01.L?

On fees, XT01.L is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, JGSA.L or XT01.L?

XT01.L is cheaper with a 0.06% expense ratio, compared with 0.18% for JGSA.L.

What is the main difference between JGSA.L and XT01.L?

JGSA.L is categorized as Ultrashort Bond, while XT01.L is Government Bonds. They also come from different issuers: JPMorgan and Xtrackers. Their fees differ too: 0.18% for JGSA.L and 0.06% for XT01.L.