JPAS.L vs. GBDV.L

Last updated Jul 16, 2026

JPAS.L (JPMorgan ETFs (Ireland) ICAV - USD Ultra-Short Income Active ETF USD Acc) and GBDV.L (SPDR S&P Global Dividend Aristocrats UCITS) are both exchange-traded funds - JPAS.L is a Dividend fund actively managed by JPMorgan, while GBDV.L is a Global Equities fund tracking the S&P Global Dividend Aristocrats index. JPAS.L is actively managed, while GBDV.L is passively managed. Over the past 5 years, JPAS.L returned 4.11%/yr vs 7.68%/yr for GBDV.L. At a 0.08 correlation, their price movements are largely independent. JPAS.L charges 0.18%/yr vs 0.45%/yr for GBDV.L.

Performance

JPAS.L vs. GBDV.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in JPMorgan ETFs (Ireland) ICAV - USD Ultra-Short Income Active ETF USD Acc (JPAS.L) and SPDR S&P Global Dividend Aristocrats UCITS (GBDV.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JPAS.L achieves a 1.52% return, which is significantly lower than GBDV.L's 10.40% return.

JPAS.L

• 1D: -0.62%
• 1M: -0.14%
• 6M: 1.35%
• YTD: 1.52%
• 1Y: 3.51%
• 3Y*: 4.11%
• 5Y*: 4.11%
• 10Y*: —

GBDV.L

• 1D: -0.03%
• 1M: 1.54%
• 6M: 7.72%
• YTD: 10.40%
• 1Y: 16.44%
• 3Y*: 13.61%
• 5Y*: 7.68%
• 10Y*: 6.34%

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

JPAS.L vs. GBDV.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
JPAS.L JPMorgan ETFs (Ireland) ICAV - USD Ultra-Short Income Active ETF USD Acc	1.52%	-2.07%	7.27%	-0.71%	13.13%	1.38%	-1.17%	-22.44%
GBDV.L SPDR S&P Global Dividend Aristocrats UCITS	10.40%	9.25%	8.98%	1.23%	4.57%	16.69%	-12.13%	8.91%

Correlation

The correlation between JPAS.L and GBDV.L is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.09
Correlation (5Y) Calculated over the trailing 5-year period	0.04
Correlation (All Time) Calculated using the full available price history since Apr 3, 2019	0.08

The correlation between JPAS.L and GBDV.L shifts across timeframes, from 0.04 (5 years) to 0.14 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

JPAS.L vs. GBDV.L — Risk / Return Rank

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

JPAS.L

JPAS.L Risk / Return Rank: 20
JPAS.L Sharpe Ratio Rank: 20
JPAS.L Sortino Ratio Rank: 18
JPAS.L Omega Ratio Rank: 18
JPAS.L Calmar Ratio Rank: 21
JPAS.L Martin Ratio Rank: 22

GBDV.L

GBDV.L Risk / Return Rank: 68
GBDV.L Sharpe Ratio Rank: 74
GBDV.L Sortino Ratio Rank: 71
GBDV.L Omega Ratio Rank: 71
GBDV.L Calmar Ratio Rank: 67
GBDV.L Martin Ratio Rank: 59

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.

JPAS.L vs. GBDV.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan ETFs (Ireland) ICAV - USD Ultra-Short Income Active ETF USD Acc (JPAS.L) and SPDR S&P Global Dividend Aristocrats UCITS (GBDV.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.

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.

	JPAS.L	GBDV.L	Difference
Sharpe ratio: Return per unit of total volatility	0.55	1.89	-1.34
Sortino ratio: Return per unit of downside risk	0.84	2.60	-1.76
Omega ratio: Gain probability vs. loss probability	1.10	1.34	-0.24
Calmar ratio: Return relative to maximum drawdown	0.80	2.70	-1.90
Martin ratio: Return relative to average drawdown	2.05	8.37	-6.33

JPAS.L vs. GBDV.L - Sharpe Ratio Comparison

The current JPAS.L Sharpe Ratio is 0.55, which is lower than the GBDV.L Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of JPAS.L and GBDV.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.

Drawdowns

JPAS.L vs. GBDV.L - Drawdown Comparison

The maximum JPAS.L drawdown since its inception was -26.18%, smaller than the maximum GBDV.L drawdown of -40.46%. Use the drawdown chart below to compare losses from any high point for JPAS.L and GBDV.L.

Drawdown Indicators

	JPAS.L	GBDV.L	Difference
Max Drawdown Largest peak-to-trough decline	-26.18%	-40.46%	+14.28%
Max Drawdown (1Y) Largest decline over 1 year	-4.36%	-6.06%	+1.70%
Max Drawdown (3Y) Largest decline over 3 years	-9.32%	-13.57%	+4.25%
Max Drawdown (5Y) Largest decline over 5 years	-15.31%	-16.18%	+0.87%
Max Drawdown (10Y) Largest decline over 10 years	—	-34.77%	—
Current Drawdown Current decline from peak	-6.97%	-0.03%	-6.94%
Average Drawdown Average peak-to-trough decline	-14.97%	-11.55%	-3.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.71%	1.96%	-0.25%

Volatility

JPAS.L vs. GBDV.L - Volatility Comparison

The current volatility for JPMorgan ETFs (Ireland) ICAV - USD Ultra-Short Income Active ETF USD Acc (JPAS.L) is 1.77%, while SPDR S&P Global Dividend Aristocrats UCITS (GBDV.L) has a volatility of 2.36%. This indicates that JPAS.L experiences smaller price fluctuations and is considered to be less risky than GBDV.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JPAS.L	GBDV.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.77%	2.36%	-0.59%
Volatility (6M) Calculated over the trailing 6-month period	4.71%	6.60%	-1.89%
Volatility (1Y) Calculated over the trailing 1-year period	6.37%	8.67%	-2.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.32%	11.73%	-3.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.24%	14.05%	-1.81%

JPAS.L vs. GBDV.L - Expense Ratio Comparison

JPAS.L has a 0.18% expense ratio, which is lower than GBDV.L's 0.45% expense ratio.

Dividends

JPAS.L vs. GBDV.L - Dividend Comparison

JPAS.L has not paid dividends to shareholders, while GBDV.L's dividend yield for the trailing twelve months is around 3.78%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GBDV.L SPDR S&P Global Dividend Aristocrats UCITS	3.78%	4.21%	3.80%	4.25%	4.26%	3.68%	3.91%	3.60%	3.87%	3.28%	3.49%	3.73%
JPAS.L JPMorgan ETFs (Ireland) ICAV - USD Ultra-Short Income Active ETF USD Acc	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JPAS.L and GBDV.L in my portfolio?

JPAS.L and GBDV.L have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, JPAS.L or GBDV.L?

On fees, JPAS.L is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, JPAS.L or GBDV.L?

JPAS.L is cheaper with a 0.18% expense ratio, compared with 0.45% for GBDV.L.

What is the main difference between JPAS.L and GBDV.L?

JPAS.L is categorized as Dividend, while GBDV.L is Global Equities. They also come from different issuers: JPMorgan and State Street. Their fees differ too: 0.18% for JPAS.L and 0.45% for GBDV.L.