JPIE vs. UTRE

Last updated Apr 2, 2026

Compare and contrast key facts about JPMorgan Income ETF (JPIE) and US Treasury 3 Year Note ETF (UTRE).

JPIE and UTRE are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. JPIE is an actively managed fund by JPMorgan. It was launched on Oct 28, 2021. UTRE is a passively managed fund by US Benchmark Series that tracks the performance of the ICE BofA Current 3-Year US Treasury Index - Benchmark TR Gross. It was launched on Mar 27, 2023.

Performance

JPIE vs. UTRE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Income ETF (JPIE) and US Treasury 3 Year Note ETF (UTRE). The values are adjusted to include any dividend payments, if applicable.

JPIE vs. UTRE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
JPIE JPMorgan Income ETF	0.51%	7.39%	6.32%	5.52%
UTRE US Treasury 3 Year Note ETF	0.08%	5.68%	2.96%	2.16%

Returns By Period

In the year-to-date period, JPIE achieves a 0.51% return, which is significantly higher than UTRE's 0.08% return.

JPIE

• 1D: 0.10%
• 1M: -0.44%
• YTD: 0.51%
• 6M: 2.07%
• 1Y: 5.77%
• 3Y*: 6.27%
• 5Y*: —
• 10Y*: —

UTRE

• 1D: -0.05%
• 1M: -0.65%
• YTD: 0.08%
• 6M: 0.95%
• 1Y: 3.57%
• 3Y*: 3.55%
• 5Y*: —
• 10Y*: —

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

JPIE vs. UTRE - Expense Ratio Comparison

JPIE has a 0.41% expense ratio, which is higher than UTRE's 0.15% expense ratio.

JPIE

JPMorgan Income ETF

UTRE

US Treasury 3 Year Note ETF

Return for Risk

JPIE vs. UTRE — Risk / Return Rank

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

JPIE

JPIE Risk / Return Rank: 96
JPIE Sharpe Ratio Rank: 97
JPIE Sortino Ratio Rank: 97
JPIE Omega Ratio Rank: 98
JPIE Calmar Ratio Rank: 92
JPIE Martin Ratio Rank: 97

UTRE

UTRE Risk / Return Rank: 79
UTRE Sharpe Ratio Rank: 79
UTRE Sortino Ratio Rank: 86
UTRE Omega Ratio Rank: 76
UTRE Calmar Ratio Rank: 81
UTRE Martin Ratio Rank: 75

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.

JPIE vs. UTRE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Income ETF (JPIE) and US Treasury 3 Year Note ETF (UTRE). 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.

	JPIE	UTRE	Difference
Sharpe ratio Return per unit of total volatility	2.74	1.58	+1.17
Sortino ratio Return per unit of downside risk	3.66	2.41	+1.25
Omega ratio Gain probability vs. loss probability	1.69	1.30	+0.39
Calmar ratio Return relative to maximum drawdown	3.41	2.55	+0.86
Martin ratio Return relative to average drawdown	18.78	8.78	+10.00
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JPIE vs. UTRE - Sharpe Ratio Comparison

The current JPIE Sharpe Ratio is 2.74, which is higher than the UTRE Sharpe Ratio of 1.58. The chart below compares the historical Sharpe Ratios of JPIE and UTRE, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	JPIE	UTRE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.74	1.58	+1.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.95	1.32	-0.38

Correlation

The correlation between JPIE and UTRE is 0.71, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

JPIE vs. UTRE - Dividend Comparison

JPIE's dividend yield for the trailing twelve months is around 5.65%, more than UTRE's 3.48% yield.

	TTM	2025	2024	2023	2022	2021
JPIE JPMorgan Income ETF	5.65%	5.65%	6.11%	5.70%	4.49%	0.63%
UTRE US Treasury 3 Year Note ETF	3.48%	3.60%	4.01%	3.14%	0.00%	0.00%

Drawdowns

JPIE vs. UTRE - Drawdown Comparison

The maximum JPIE drawdown since its inception was -9.96%, which is greater than UTRE's maximum drawdown of -2.80%. Use the drawdown chart below to compare losses from any high point for JPIE and UTRE.

Drawdown Indicators

	JPIE	UTRE	Difference
Max Drawdown Largest peak-to-trough decline	-9.96%	-2.80%	-7.16%
Max Drawdown (1Y) Largest decline over 1 year	-1.72%	-1.44%	-0.28%
Current Drawdown Current decline from peak	-0.53%	-0.91%	+0.38%
Average Drawdown Average peak-to-trough decline	-2.17%	-0.77%	-1.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.31%	0.42%	-0.11%

Volatility

JPIE vs. UTRE - Volatility Comparison

JPMorgan Income ETF (JPIE) has a higher volatility of 0.87% compared to US Treasury 3 Year Note ETF (UTRE) at 0.82%. This indicates that JPIE's price experiences larger fluctuations and is considered to be riskier than UTRE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JPIE	UTRE	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.87%	0.82%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	1.09%	1.37%	-0.28%
Volatility (1Y) Calculated over the trailing 1-year period	2.11%	2.28%	-0.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.57%	2.74%	+0.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.57%	2.74%	+0.83%