JMSIX vs. BWDTX

Last updated Jun 4, 2026

JMSIX (JPMorgan Income Fund) and BWDTX (Boyd Watterson Limited Duration Enhanced Income Fund) are both Multisector Bonds funds. Over the past 5 years, JMSIX returned 2.81%/yr vs 4.25%/yr for BWDTX. A 0.57 correlation means they provide meaningful diversification when combined. Both charge a 0.40% expense ratio.

Performance

JMSIX vs. BWDTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Income Fund (JMSIX) and Boyd Watterson Limited Duration Enhanced Income Fund (BWDTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JMSIX achieves a 1.35% return, which is significantly lower than BWDTX's 1.58% return.

JMSIX

• 1D: 0.12%
• 1M: 0.39%
• YTD: 1.35%
• 6M: 1.85%
• 1Y: 5.92%
• 3Y*: 7.12%
• 5Y*: 2.81%
• 10Y*: 3.98%

BWDTX

• 1D: 0.00%
• 1M: 0.50%
• YTD: 1.58%
• 6M: 2.08%
• 1Y: 6.04%
• 3Y*: 6.54%
• 5Y*: 4.25%
• 10Y*: —

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

JMSIX vs. BWDTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JMSIX JPMorgan Income Fund	1.35%	7.68%	7.78%	6.14%	-8.24%	3.59%	3.07%	11.82%	1.03%	6.00%
BWDTX Boyd Watterson Limited Duration Enhanced Income Fund	1.58%	7.14%	4.92%	9.80%	-3.16%	2.32%	4.66%	7.94%	-0.51%	4.08%

Correlation

The correlation between JMSIX and BWDTX is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (All Time) Calculated using the full available price history since Aug 3, 2016	0.57

The correlation between JMSIX and BWDTX shifts across timeframes, from 0.47 (1 year) to 0.63 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

JMSIX vs. BWDTX — Risk / Return Rank

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

JMSIX

JMSIX Risk / Return Rank: 80
JMSIX Sharpe Ratio Rank: 61
JMSIX Sortino Ratio Rank: 92
JMSIX Omega Ratio Rank: 87
JMSIX Calmar Ratio Rank: 79
JMSIX Martin Ratio Rank: 79

BWDTX

BWDTX Risk / Return Rank: 98
BWDTX Sharpe Ratio Rank: 99
BWDTX Sortino Ratio Rank: 99
BWDTX Omega Ratio Rank: 98
BWDTX Calmar Ratio Rank: 96
BWDTX Martin Ratio Rank: 98

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.

JMSIX vs. BWDTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Income Fund (JMSIX) and Boyd Watterson Limited Duration Enhanced Income Fund (BWDTX). 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.

	JMSIX	BWDTX	Difference
Sharpe ratio: Return per unit of total volatility	2.30	4.78	-2.48
Sortino ratio: Return per unit of downside risk	4.54	8.11	-3.57
Omega ratio: Gain probability vs. loss probability	1.60	2.42	-0.82
Calmar ratio: Return relative to maximum drawdown	3.59	6.19	-2.61
Martin ratio: Return relative to average drawdown	14.87	31.32	-16.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JMSIX vs. BWDTX - Sharpe Ratio Comparison

The current JMSIX Sharpe Ratio is 2.30, which is lower than the BWDTX Sharpe Ratio of 4.78. The chart below compares the historical Sharpe Ratios of JMSIX and BWDTX, 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

	JMSIX	BWDTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.30	4.78	-2.48
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.76	1.93	-1.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.03	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.79	1.80	-1.01

Drawdowns

JMSIX vs. BWDTX - Drawdown Comparison

The maximum JMSIX drawdown since its inception was -18.40%, which is greater than BWDTX's maximum drawdown of -10.06%. Use the drawdown chart below to compare losses from any high point for JMSIX and BWDTX.

Drawdown Indicators

	JMSIX	BWDTX	Difference
Max Drawdown Largest peak-to-trough decline	-18.40%	-10.06%	-8.34%
Max Drawdown (1Y) Largest decline over 1 year	-1.62%	-1.00%	-0.62%
Max Drawdown (3Y) Largest decline over 3 years	-2.31%	-2.21%	-0.10%
Max Drawdown (5Y) Largest decline over 5 years	-11.39%	-6.35%	-5.04%
Max Drawdown (10Y) Largest decline over 10 years	-18.40%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-2.57%	-0.68%	-1.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.39%	0.20%	+0.19%

Volatility

JMSIX vs. BWDTX - Volatility Comparison

JPMorgan Income Fund (JMSIX) has a higher volatility of 0.82% compared to Boyd Watterson Limited Duration Enhanced Income Fund (BWDTX) at 0.43%. This indicates that JMSIX's price experiences larger fluctuations and is considered to be riskier than BWDTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JMSIX	BWDTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.82%	0.43%	+0.39%
Volatility (6M) Calculated over the trailing 6-month period	1.88%	1.03%	+0.85%
Volatility (1Y) Calculated over the trailing 1-year period	2.53%	1.29%	+1.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.73%	2.21%	+1.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.87%	2.20%	+1.67%

JMSIX vs. BWDTX - Expense Ratio Comparison

Both JMSIX and BWDTX have an expense ratio of 0.40%.

Dividends

JMSIX vs. BWDTX - Dividend Comparison

JMSIX's dividend yield for the trailing twelve months is around 6.02%, more than BWDTX's 5.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
BWDTX Boyd Watterson Limited Duration Enhanced Income Fund	5.65%	5.70%	4.13%	5.51%	3.80%	3.20%	3.18%	3.47%	4.18%	2.90%	1.35%
JMSIX JPMorgan Income Fund	6.02%	5.95%	5.78%	4.43%	4.78%	4.00%	4.95%	5.10%	5.43%	5.42%	0.46%

Frequently Asked Questions

Can I hold both JMSIX and BWDTX in my portfolio?

JMSIX and BWDTX have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JMSIX or BWDTX?

JMSIX has higher volatility (0.82%) compared to BWDTX (0.43%). In terms of maximum drawdown, JMSIX dropped -18.40% vs BWDTX's -10.06%.

Which has better risk-adjusted returns?

BWDTX currently has the higher Sharpe Ratio (4.78 vs 2.30), 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.