JPAS.L vs. TREI.L

Last updated Jul 17, 2026

JPAS.L (JPM USD Ultra-Short Income Active UCITS ETF USD (Acc)) and TREI.L (Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Dist)) are both exchange-traded funds - JPAS.L is a Ultrashort Bond fund actively managed by JPMorgan, while TREI.L is a Government Bonds fund tracking the Bloomberg US Treasury Coupons Index. JPAS.L is actively managed, while TREI.L is passively managed. Over the past 5 years, JPAS.L returned 4.11%/yr vs 3.78%/yr for TREI.L. Their correlation of 0.82 suggests significant overlap in exposure. JPAS.L charges 0.18%/yr vs 0.06%/yr for TREI.L.

Performance

JPAS.L vs. TREI.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in JPM USD Ultra-Short Income Active UCITS ETF USD (Acc) (JPAS.L) and Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Dist) (TREI.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

JPAS.L is traded in GBP, while TREI.L is traded in USD. To make them comparable, the TREI.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, JPAS.L achieves a 1.52% return, which is significantly lower than TREI.L's 1.81% return.

JPAS.L

• 1D: -0.62%
• 1M: -0.29%
• 6M: 0.87%
• YTD: 1.52%
• 1Y: 3.93%
• 3Y*: 4.11%
• 5Y*: 4.11%
• 10Y*: —

TREI.L

• 1D: 0.46%
• 1M: -0.06%
• 6M: 0.95%
• YTD: 1.81%
• 1Y: 3.50%
• 3Y*: 3.60%
• 5Y*: 3.78%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020
JPAS.L JPM USD Ultra-Short Income Active UCITS ETF USD (Acc)	1.52%	-2.07%	7.27%	-0.71%	13.13%	1.38%	-2.77%
TREI.L Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Dist)	1.81%	-3.12%	7.01%	-0.27%	12.48%	0.92%	-3.42%

Correlation

The correlation between JPAS.L and TREI.L is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (All Time) Calculated using the full available price history since Jan 21, 2020	0.82

The correlation between JPAS.L and TREI.L has been stable across timeframes, ranging from 0.79 to 0.82 - a consistent structural relationship.

Return for Risk

JPAS.L vs. TREI.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: 19
JPAS.L Omega Ratio Rank: 17
JPAS.L Calmar Ratio Rank: 22
JPAS.L Martin Ratio Rank: 22

TREI.L

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

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. TREI.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPM USD Ultra-Short Income Active UCITS ETF USD (Acc) (JPAS.L) and Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Dist) (TREI.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	TREI.L	Difference
Sharpe ratio: Return per unit of total volatility	0.55	0.52	+0.03
Sortino ratio: Return per unit of downside risk	0.84	0.78	+0.07
Omega ratio: Gain probability vs. loss probability	1.10	1.09	0.00
Calmar ratio: Return relative to maximum drawdown	0.80	0.68	+0.12
Martin ratio: Return relative to average drawdown	2.05	1.86	+0.19

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

The current JPAS.L Sharpe Ratio is 0.55, which is comparable to the TREI.L Sharpe Ratio of 0.52. The chart below compares the historical Sharpe Ratios of JPAS.L and TREI.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. TREI.L - Drawdown Comparison

The maximum JPAS.L drawdown since its inception was -26.18%, which is greater than TREI.L's maximum drawdown of -19.00%. Use the drawdown chart below to compare losses from any high point for JPAS.L and TREI.L.

Drawdown Indicators

	JPAS.L	TREI.L	Difference
Max Drawdown Largest peak-to-trough decline	-26.18%	-19.00%	-7.18%
Max Drawdown (1Y) Largest decline over 1 year	-4.36%	-5.11%	+0.75%
Max Drawdown (3Y) Largest decline over 3 years	-9.32%	-9.81%	+0.49%
Max Drawdown (5Y) Largest decline over 5 years	-15.31%	-15.98%	+0.67%
Current Drawdown Current decline from peak	-6.97%	-6.21%	-0.76%
Average Drawdown Average peak-to-trough decline	-14.97%	-10.05%	-4.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.71%	1.88%	-0.17%

Volatility

JPAS.L vs. TREI.L - Volatility Comparison

JPM USD Ultra-Short Income Active UCITS ETF USD (Acc) (JPAS.L) and Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Dist) (TREI.L) have volatilities of 1.77% and 1.76%, 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

	JPAS.L	TREI.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.77%	1.76%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	4.71%	5.14%	-0.43%
Volatility (1Y) Calculated over the trailing 1-year period	6.37%	6.66%	-0.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.32%	8.42%	-0.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.24%	8.78%	+3.46%

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

JPAS.L has a 0.18% expense ratio, which is higher than TREI.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

JPAS.L vs. TREI.L - Dividend Comparison

JPAS.L has not paid dividends to shareholders, while TREI.L's dividend yield for the trailing twelve months is around 3.92%.

Position	TTM	2025	2024	2023	2022	2021	2020
JPAS.L JPM USD Ultra-Short Income Active UCITS ETF USD (Acc)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TREI.L Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Dist)	3.92%	4.23%	4.98%	4.59%	1.51%	0.10%	0.69%

Frequently Asked Questions

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

JPAS.L and TREI.L have a correlation of 0.79, 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 TREI.L?

On fees, TREI.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, JPAS.L or TREI.L?

TREI.L is cheaper with a 0.06% expense ratio, compared with 0.18% for JPAS.L.

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

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