JPHY vs. JPST

Last updated Jul 17, 2026

JPHY (JPMorgan High Yield Research Enhanced ETF) and JPST (JPMorgan Ultra-Short Income ETF) are both exchange-traded funds - JPHY is a High Yield Bonds fund actively managed by JPMorgan, while JPST is a Ultrashort Bond fund actively managed by JPMorgan. Both are actively managed. Over the past year, JPHY returned 6.30% vs 4.14% for JPST. At a 0.48 correlation, their price movements are largely independent. JPHY charges 0.24%/yr vs 0.18%/yr for JPST.

Performance

JPHY vs. JPST - Performance Comparison

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

Returns By Period

In the year-to-date period, JPHY achieves a 2.46% return, which is significantly higher than JPST's 1.83% return.

JPHY

• 1D: -0.07%
• 1M: 0.09%
• 6M: 2.03%
• YTD: 2.46%
• 1Y: 6.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

JPST

• 1D: 0.00%
• 1M: 0.26%
• 6M: 1.69%
• YTD: 1.83%
• 1Y: 4.14%
• 3Y*: 5.13%
• 5Y*: 3.69%
• 10Y*: —

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

JPHY vs. JPST - Yearly Performance Comparison

	2026 (YTD)	2025
JPHY JPMorgan High Yield Research Enhanced ETF	2.46%	4.06%
JPST JPMorgan Ultra-Short Income ETF	1.83%	2.55%

Correlation

The correlation between JPHY and JPST is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (All Time) Calculated using the full available price history since Jun 25, 2025	0.48

Return for Risk

JPHY vs. JPST — Risk / Return Rank

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

JPHY

JPHY Risk / Return Rank: 88
JPHY Sharpe Ratio Rank: 83
JPHY Sortino Ratio Rank: 89
JPHY Omega Ratio Rank: 88
JPHY Calmar Ratio Rank: 86
JPHY Martin Ratio Rank: 92

JPST

JPST Risk / Return Rank: 99
JPST Sharpe Ratio Rank: 99
JPST Sortino Ratio Rank: 99
JPST Omega Ratio Rank: 99
JPST Calmar Ratio Rank: 99
JPST 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.

JPHY vs. JPST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan High Yield Research Enhanced ETF (JPHY) and JPMorgan Ultra-Short Income ETF (JPST). 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	JPST	Difference
Sharpe ratio: Return per unit of total volatility	2.11	7.64	-5.53
Sortino ratio: Return per unit of downside risk	3.33	16.30	-12.98
Omega ratio: Gain probability vs. loss probability	1.43	3.66	-2.22
Calmar ratio: Return relative to maximum drawdown	3.84	27.98	-24.15
Martin ratio: Return relative to average drawdown	17.67	133.66	-115.99

JPHY vs. JPST - Sharpe Ratio Comparison

The current JPHY Sharpe Ratio is 2.11, which is lower than the JPST Sharpe Ratio of 7.64. The chart below compares the historical Sharpe Ratios of JPHY and JPST, 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. JPST - Drawdown Comparison

The maximum JPHY drawdown since its inception was -1.65%, smaller than the maximum JPST drawdown of -3.28%. Use the drawdown chart below to compare losses from any high point for JPHY and JPST.

Drawdown Indicators

	JPHY	JPST	Difference
Max Drawdown Largest peak-to-trough decline	-1.65%	-3.28%	+1.63%
Max Drawdown (1Y) Largest decline over 1 year	-1.65%	-0.15%	-1.50%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.30%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-0.79%	—
Current Drawdown Current decline from peak	-0.26%	0.00%	-0.26%
Average Drawdown Average peak-to-trough decline	-0.21%	-0.08%	-0.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.36%	0.03%	+0.33%

Volatility

JPHY vs. JPST - Volatility Comparison

JPMorgan High Yield Research Enhanced ETF (JPHY) has a higher volatility of 0.52% compared to JPMorgan Ultra-Short Income ETF (JPST) at 0.17%. This indicates that JPHY's price experiences larger fluctuations and is considered to be riskier than JPST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JPHY	JPST	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.52%	0.17%	+0.35%
Volatility (6M) Calculated over the trailing 6-month period	2.34%	0.38%	+1.96%
Volatility (1Y) Calculated over the trailing 1-year period	2.99%	0.54%	+2.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.96%	0.58%	+2.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.96%	0.93%	+2.03%

JPHY vs. JPST - Expense Ratio Comparison

JPHY has a 0.24% expense ratio, which is higher than JPST's 0.18% 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

JPHY vs. JPST - Dividend Comparison

JPHY's dividend yield for the trailing twelve months is around 6.46%, more than JPST's 4.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
JPHY JPMorgan High Yield Research Enhanced ETF	6.46%	3.32%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
JPST JPMorgan Ultra-Short Income ETF	4.23%	4.43%	5.16%	4.79%	1.83%	0.73%	1.43%	2.69%	2.07%	0.96%

Frequently Asked Questions

Can I hold both JPHY and JPST in my portfolio?

JPHY and JPST have a correlation of 0.48, 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 JPST?

JPHY has higher volatility (0.52%) compared to JPST (0.17%). In terms of maximum drawdown, JPHY dropped -1.65% vs JPST's -3.28%.

Which ETF is better, JPHY or JPST?

On 1-year performance, JPHY leads with 6.30% vs 4.14% for JPST. On fees, JPST is cheaper at 0.18% per year. On volatility, JPST has been the lower-risk option at 0.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JPHY or JPST?

Over the 1-year period, JPHY has performed better with a 6.30% return vs 4.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JPHY or JPST?

JPST is cheaper with a 0.18% expense ratio, compared with 0.24% for JPHY.

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

JPHY has the higher dividend yield at 6.46%, compared with 4.23% for JPST.

What is the main difference between JPHY and JPST?

JPHY is categorized as High Yield Bonds, while JPST is Ultrashort Bond. Their fees differ too: 0.24% for JPHY and 0.18% for JPST.

Which has better risk-adjusted returns?

JPST currently has the higher Sharpe Ratio (7.64 vs 2.11), 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.