JPAS.L vs. USFR.L
JPAS.L (JPM USD Ultra-Short Income Active UCITS ETF USD (Acc)) and USFR.L (WisdomTree USD Floating Rate Treasury Bond UCITS ETF USD) are both exchange-traded funds - JPAS.L is a Ultrashort Bond fund actively managed by JPMorgan, while USFR.L is a Government Bonds fund tracking the Bloomberg US Treasury Floating Rate Bond Index. JPAS.L is actively managed, while USFR.L is passively managed. Over the past 5 years, JPAS.L returned 4.18%/yr vs 4.36%/yr for USFR.L. A 0.79 correlation means they provide meaningful diversification when combined. JPAS.L charges 0.18%/yr vs 0.15%/yr for USFR.L.
Performance
JPAS.L vs. USFR.L - Performance Comparison
Loading charts...
Different Trading Currencies
JPAS.L is traded in GBP, while USFR.L is traded in USD. To make them comparable, the USFR.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 1.84% return, which is significantly lower than USFR.L's 2.97% return.
JPAS.L
- 1D
- 0.27%
- 1M
- -0.19%
- 6M
- 1.19%
- YTD
- 1.84%
- 1Y
- 3.79%
- 3Y*
- 4.09%
- 5Y*
- 4.18%
- 10Y*
- —
USFR.L
- 1D
- 0.00%
- 1M
- -0.07%
- 6M
- 2.06%
- YTD
- 2.97%
- 1Y
- 4.37%
- 3Y*
- 3.82%
- 5Y*
- 4.36%
- 10Y*
- —
JPAS.L vs. USFR.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
JPAS.L JPM USD Ultra-Short Income Active UCITS ETF USD (Acc) | 1.84% | -2.07% | 7.27% | -0.71% | 13.13% | 1.38% | -1.17% | -22.44% |
USFR.L WisdomTree USD Floating Rate Treasury Bond UCITS ETF USD | 3.15% | -3.25% | 7.31% | -0.29% | 14.19% | 0.79% | -2.38% | 0.42% |
Correlation
The correlation between JPAS.L and USFR.L is 0.75, 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 | 0.75 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.76 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.78 |
Correlation (All Time) Calculated using the full available price history since Apr 3, 2019 | 0.79 |
The correlation between JPAS.L and USFR.L has been stable across timeframes, ranging from 0.75 to 0.79 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
JPAS.L vs. USFR.L — Risk / Return Rank
JPAS.L
USFR.L
JPAS.L vs. USFR.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 WisdomTree USD Floating Rate Treasury Bond UCITS ETF USD (USFR.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 | USFR.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.04 | ||
| Sortino ratioReturn per unit of downside risk | -0.03 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.11 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.86 | 0.86 | +0.01 |
| Martin ratioReturn relative to average drawdown | 2.20 | 2.31 | -0.11 |
Loading charts...
Drawdowns
JPAS.L vs. USFR.L - Drawdown Comparison
The maximum JPAS.L drawdown since its inception was -26.18%, which is greater than USFR.L's maximum drawdown of -18.16%. Use the drawdown chart below to compare losses from any high point for JPAS.L and USFR.L.
Loading charts...
Drawdown Indicators
| JPAS.L | USFR.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.18% | -18.16% | -8.02% |
Max Drawdown (1Y)Largest decline over 1 year | -4.36% | -5.07% | +0.71% |
Max Drawdown (3Y)Largest decline over 3 years | -9.32% | -10.12% | +0.80% |
Max Drawdown (5Y)Largest decline over 5 years | -15.31% | -15.71% | +0.40% |
Current DrawdownCurrent decline from peak | -6.67% | -4.89% | -1.78% |
Average DrawdownAverage peak-to-trough decline | -14.96% | -8.83% | -6.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.72% | 1.89% | -0.17% |
Volatility
JPAS.L vs. USFR.L - Volatility Comparison
The current volatility for JPM USD Ultra-Short Income Active UCITS ETF USD (Acc) (JPAS.L) is 1.28%, while WisdomTree USD Floating Rate Treasury Bond UCITS ETF USD (USFR.L) has a volatility of 1.93%. This indicates that JPAS.L experiences smaller price fluctuations and is considered to be less risky than USFR.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| JPAS.L | USFR.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.28% | 1.93% | -0.65% |
Volatility (6M)Calculated over the trailing 6-month period | 4.69% | 5.24% | -0.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.35% | 6.88% | -0.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.32% | 8.91% | -0.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.24% | 9.06% | +3.18% |
JPAS.L vs. USFR.L - Expense Ratio Comparison
JPAS.L has a 0.18% expense ratio, which is higher than USFR.L's 0.15% 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. USFR.L - Dividend Comparison
JPAS.L has not paid dividends to shareholders, while USFR.L's dividend yield for the trailing twelve months is around 4.73%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
USFR.L WisdomTree USD Floating Rate Treasury Bond UCITS ETF USD | 4.73% | 4.32% | 5.24% | 4.58% | 0.78% | 0.00% | 0.57% | 1.09% |
Frequently Asked Questions
JPAS.L and USFR.L have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, USFR.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
USFR.L is cheaper with a 0.15% expense ratio, compared with 0.18% for JPAS.L.
JPAS.L is categorized as Ultrashort Bond, while USFR.L is Government Bonds. They also come from different issuers: JPMorgan and WisdomTree. Their fees differ too: 0.18% for JPAS.L and 0.15% for USFR.L.
Find the right allocation for JPAS.L and USFR.L
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer