JMHI vs. JPIE

Last updated Jun 3, 2026

JMHI (JPMorgan High Yield Municipal ETF) and JPIE (JPMorgan Income ETF) are both exchange-traded funds - JMHI is a High Yield Muni fund actively managed by JPMorgan, while JPIE is a Multisector Bonds fund actively managed by JPMorgan. Both are actively managed. Over the past year, JMHI returned 6.44% vs 6.01% for JPIE. A 0.53 correlation means they provide meaningful diversification when combined. JMHI charges 0.35%/yr vs 0.41%/yr for JPIE.

Performance

JMHI vs. JPIE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan High Yield Municipal ETF (JMHI) and JPMorgan Income ETF (JPIE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

As of year-to-date, both investments have demonstrated similar returns, with JMHI at 1.56% and JPIE at 1.56%.

JMHI

• 1D: 0.05%
• 1M: 0.52%
• YTD: 1.56%
• 6M: 1.62%
• 1Y: 6.44%
• 3Y*: —
• 5Y*: —
• 10Y*: —

JPIE

• 1D: 0.04%
• 1M: 0.37%
• YTD: 1.56%
• 6M: 2.05%
• 1Y: 6.01%
• 3Y*: 6.48%
• 5Y*: —
• 10Y*: —

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

JMHI vs. JPIE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
JMHI JPMorgan High Yield Municipal ETF	1.56%	4.60%	5.92%	1.43%
JPIE JPMorgan Income ETF	1.56%	7.39%	6.32%	3.64%

Correlation

The correlation between JMHI and JPIE is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (All Time) Calculated using the full available price history since Jul 18, 2023	0.53

The correlation between JMHI and JPIE has been stable across timeframes, ranging from 0.48 to 0.53 - a consistent structural relationship.

Return for Risk

JMHI vs. JPIE — Risk / Return Rank

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

JMHI

JMHI Risk / Return Rank: 54
JMHI Sharpe Ratio Rank: 58
JMHI Sortino Ratio Rank: 60
JMHI Omega Ratio Rank: 65
JMHI Calmar Ratio Rank: 42
JMHI Martin Ratio Rank: 45

JPIE

JPIE Risk / Return Rank: 94
JPIE Sharpe Ratio Rank: 95
JPIE Sortino Ratio Rank: 97
JPIE Omega Ratio Rank: 97
JPIE Calmar Ratio Rank: 89
JPIE Martin Ratio Rank: 94

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.

JMHI vs. JPIE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan High Yield Municipal ETF (JMHI) and JPMorgan Income ETF (JPIE). 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.

	JMHI	JPIE	Difference
Sharpe ratio Return per unit of total volatility	2.00	3.81	-1.82
Sortino ratio Return per unit of downside risk	2.88	6.03	-3.15
Omega ratio Gain probability vs. loss probability	1.40	1.87	-0.47
Calmar ratio Return relative to maximum drawdown	2.16	5.27	-3.11
Martin ratio Return relative to average drawdown	7.55	26.12	-18.57
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JMHI vs. JPIE - Sharpe Ratio Comparison

The current JMHI Sharpe Ratio is 2.00, which is lower than the JPIE Sharpe Ratio of 3.81. The chart below compares the historical Sharpe Ratios of JMHI and JPIE, 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

	JMHI	JPIE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.00	3.81	-1.82
Sharpe Ratio (All Time) Calculated using the full available price history	1.05	0.99	+0.06

Drawdowns

JMHI vs. JPIE - Drawdown Comparison

The maximum JMHI drawdown since its inception was -7.11%, smaller than the maximum JPIE drawdown of -9.96%. Use the drawdown chart below to compare losses from any high point for JMHI and JPIE.

Drawdown Indicators

	JMHI	JPIE	Difference
Max Drawdown Largest peak-to-trough decline	-7.11%	-9.96%	+2.85%
Max Drawdown (1Y) Largest decline over 1 year	-2.93%	-1.15%	-1.78%
Max Drawdown (3Y) Largest decline over 3 years	—	-2.40%	—
Current Drawdown Current decline from peak	-0.51%	0.00%	-0.51%
Average Drawdown Average peak-to-trough decline	-1.29%	-2.10%	+0.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.84%	0.23%	+0.61%

Volatility

JMHI vs. JPIE - Volatility Comparison

JPMorgan High Yield Municipal ETF (JMHI) has a higher volatility of 1.09% compared to JPMorgan Income ETF (JPIE) at 0.60%. This indicates that JMHI's price experiences larger fluctuations and is considered to be riskier than JPIE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JMHI	JPIE	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.09%	0.60%	+0.49%
Volatility (6M) Calculated over the trailing 6-month period	2.33%	1.27%	+1.06%
Volatility (1Y) Calculated over the trailing 1-year period	3.24%	1.58%	+1.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.50%	3.53%	+0.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.50%	3.53%	+0.97%

JMHI vs. JPIE - Expense Ratio Comparison

JMHI has a 0.35% expense ratio, which is lower than JPIE's 0.41% expense ratio.

Dividends

JMHI vs. JPIE - Dividend Comparison

JMHI's dividend yield for the trailing twelve months is around 4.54%, less than JPIE's 5.61% yield.

Position	TTM	2025	2024	2023	2022	2021
JMHI JPMorgan High Yield Municipal ETF	4.54%	4.42%	4.49%	2.48%	0.00%	0.00%
JPIE JPMorgan Income ETF	5.61%	5.65%	6.11%	5.70%	4.49%	0.63%

Frequently Asked Questions

Can I hold both JMHI and JPIE in my portfolio?

JMHI and JPIE have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JMHI or JPIE?

JMHI has higher volatility (1.09%) compared to JPIE (0.60%). In terms of maximum drawdown, JMHI dropped -7.11% vs JPIE's -9.96%.

Which ETF is better, JMHI or JPIE?

On 1-year performance, JMHI leads with 6.44% vs 6.01% for JPIE. On fees, JMHI is cheaper at 0.35% per year. On volatility, JPIE has been the lower-risk option at 0.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JMHI or JPIE?

Over the 1-year period, JMHI has performed better with a 6.44% return vs 6.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JMHI or JPIE?

JMHI is cheaper with a 0.35% expense ratio, compared with 0.41% for JPIE.

Which ETF pays a higher dividend yield, JMHI or JPIE?

JPIE has the higher dividend yield at 5.61%, compared with 4.54% for JMHI.

What is the main difference between JMHI and JPIE?

JMHI is categorized as High Yield Muni, while JPIE is Multisector Bonds. Their fees differ too: 0.35% for JMHI and 0.41% for JPIE.

Which has better risk-adjusted returns?

JPIE currently has the higher Sharpe Ratio (3.81 vs 2.00), 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.