JPHY vs. JPIE

Last updated Jul 14, 2026

JPHY (JPMorgan High Yield Research Enhanced ETF) and JPIE (JPMorgan Income ETF) are both exchange-traded funds - JPHY is a High Yield Bonds fund actively managed by JPMorgan, while JPIE is a Multisector Bonds fund actively managed by JPMorgan. Both are actively managed. Over the past year, JPHY returned 5.98% vs 5.04% for JPIE. A 0.67 correlation means they provide meaningful diversification when combined. JPHY charges 0.24%/yr vs 0.40%/yr for JPIE.

Performance

JPHY vs. JPIE - Performance Comparison

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

Returns By Period

In the year-to-date period, JPHY achieves a 2.22% return, which is significantly higher than JPIE's 1.62% return.

JPHY

• 1D: -0.16%
• 1M: -0.00%
• 6M: 1.78%
• YTD: 2.22%
• 1Y: 5.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

JPIE

• 1D: -0.22%
• 1M: -0.03%
• 6M: 1.46%
• YTD: 1.62%
• 1Y: 5.04%
• 3Y*: 6.41%
• 5Y*: —
• 10Y*: —

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

JPHY vs. JPIE - Yearly Performance Comparison

	2026 (YTD)	2025
JPHY JPMorgan High Yield Research Enhanced ETF	2.22%	4.06%
JPIE JPMorgan Income ETF	1.62%	3.59%

Correlation

The correlation between JPHY and JPIE is 0.66, 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	0.66
Correlation (All Time) Calculated using the full available price history since Jun 25, 2025	0.67

The correlation between JPHY and JPIE has been stable across timeframes, ranging from 0.66 to 0.67 - a consistent structural relationship.

Return for Risk

JPHY vs. JPIE — Risk / Return Rank

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

JPHY

JPHY Risk / Return Rank: 85
JPHY Sharpe Ratio Rank: 79
JPHY Sortino Ratio Rank: 87
JPHY Omega Ratio Rank: 85
JPHY Calmar Ratio Rank: 84
JPHY Martin Ratio Rank: 91

JPIE

JPIE Risk / Return Rank: 95
JPIE Sharpe Ratio Rank: 96
JPIE Sortino Ratio Rank: 96
JPIE Omega Ratio Rank: 96
JPIE Calmar Ratio Rank: 91
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.

JPHY vs. JPIE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan High Yield Research Enhanced ETF (JPHY) 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.

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.

	JPHY	JPIE	Difference
Sharpe ratio: Return per unit of total volatility	2.00	3.11	-1.11
Sortino ratio: Return per unit of downside risk	3.15	4.71	-1.56
Omega ratio: Gain probability vs. loss probability	1.41	1.68	-0.27
Calmar ratio: Return relative to maximum drawdown	3.64	4.41	-0.77
Martin ratio: Return relative to average drawdown	16.80	21.39	-4.58

JPHY vs. JPIE - Sharpe Ratio Comparison

The current JPHY Sharpe Ratio is 2.00, which is lower than the JPIE Sharpe Ratio of 3.11. The chart below compares the historical Sharpe Ratios of JPHY 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.

Drawdowns

JPHY vs. JPIE - Drawdown Comparison

The maximum JPHY drawdown since its inception was -1.65%, smaller than the maximum JPIE drawdown of -9.96%. Use the drawdown chart below to compare losses from any high point for JPHY and JPIE.

Drawdown Indicators

	JPHY	JPIE	Difference
Max Drawdown Largest peak-to-trough decline	-1.65%	-9.96%	+8.31%
Max Drawdown (1Y) Largest decline over 1 year	-1.65%	-1.15%	-0.50%
Max Drawdown (3Y) Largest decline over 3 years	—	-2.28%	—
Current Drawdown Current decline from peak	-0.49%	-0.33%	-0.16%
Average Drawdown Average peak-to-trough decline	-0.21%	-2.05%	+1.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.36%	0.24%	+0.12%

Volatility

JPHY vs. JPIE - Volatility Comparison

JPMorgan High Yield Research Enhanced ETF (JPHY) has a higher volatility of 0.67% compared to JPMorgan Income ETF (JPIE) at 0.56%. This indicates that JPHY'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

	JPHY	JPIE	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.67%	0.56%	+0.11%
Volatility (6M) Calculated over the trailing 6-month period	2.33%	1.37%	+0.96%
Volatility (1Y) Calculated over the trailing 1-year period	3.00%	1.63%	+1.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.97%	3.49%	-0.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.97%	3.49%	-0.52%

JPHY vs. JPIE - Expense Ratio Comparison

JPHY has a 0.24% expense ratio, which is lower than JPIE's 0.40% expense ratio.

Dividends

JPHY vs. JPIE - Dividend Comparison

JPHY's dividend yield for the trailing twelve months is around 6.48%, more than JPIE's 5.65% yield.

Position	TTM	2025	2024	2023	2022	2021
JPHY JPMorgan High Yield Research Enhanced ETF	6.48%	3.32%	0.00%	0.00%	0.00%	0.00%
JPIE JPMorgan Income ETF	5.65%	5.65%	6.11%	5.70%	4.49%	0.63%

Frequently Asked Questions

Can I hold both JPHY and JPIE in my portfolio?

JPHY and JPIE have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JPHY or JPIE?

JPHY has higher volatility (0.67%) compared to JPIE (0.56%). In terms of maximum drawdown, JPHY dropped -1.65% vs JPIE's -9.96%.

Which ETF is better, JPHY or JPIE?

On 1-year performance, JPHY leads with 5.98% vs 5.04% for JPIE. On fees, JPHY is cheaper at 0.24% per year. On volatility, JPIE has been the lower-risk option at 0.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JPHY or JPIE?

Over the 1-year period, JPHY has performed better with a 5.98% return vs 5.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JPHY or JPIE?

JPHY is cheaper with a 0.24% expense ratio, compared with 0.40% for JPIE.

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

JPHY has the higher dividend yield at 6.48%, compared with 5.65% for JPIE.

What is the main difference between JPHY and JPIE?

JPHY is categorized as High Yield Bonds, while JPIE is Multisector Bonds. Their fees differ too: 0.24% for JPHY and 0.40% for JPIE.

Which has better risk-adjusted returns?

JPIE currently has the higher Sharpe Ratio (3.11 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.