JPIE vs. VTES

Last updated Jun 14, 2026

JPIE (JPMorgan Income ETF) and VTES (Vanguard Short-Term Tax-Exempt Bond ETF) are both exchange-traded funds - JPIE is a Multisector Bonds fund actively managed by JPMorgan, while VTES is a Municipal Bonds fund tracking the S&P 0-7 Year National AMT-Free Municipal Bond Index. JPIE is actively managed, while VTES is passively managed. Over the past 3 years, JPIE returned 6.63%/yr vs 3.18%/yr for VTES. At a 0.48 correlation, their price movements are largely independent. JPIE charges 0.40%/yr vs 0.07%/yr for VTES.

Performance

JPIE vs. VTES - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Income ETF (JPIE) and Vanguard Short-Term Tax-Exempt Bond ETF (VTES). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JPIE achieves a 1.65% return, which is significantly higher than VTES's 0.67% return.

JPIE

• 1D: 0.02%
• 1M: 0.50%
• YTD: 1.65%
• 6M: 2.12%
• 1Y: 5.94%
• 3Y*: 6.63%
• 5Y*: —
• 10Y*: —

VTES

• 1D: -0.03%
• 1M: 0.42%
• YTD: 0.67%
• 6M: 0.96%
• 1Y: 3.39%
• 3Y*: 3.18%
• 5Y*: —
• 10Y*: —

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

JPIE vs. VTES - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
JPIE JPMorgan Income ETF	1.65%	7.39%	6.32%	6.82%
VTES Vanguard Short-Term Tax-Exempt Bond ETF	0.67%	4.19%	1.85%	3.32%

Correlation

The correlation between JPIE and VTES is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (All Time) Calculated using the full available price history since Mar 9, 2023	0.48

Return for Risk

JPIE vs. VTES — Risk / Return Rank

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

JPIE

JPIE Risk / Return Rank: 95
JPIE Sharpe Ratio Rank: 96
JPIE Sortino Ratio Rank: 97
JPIE Omega Ratio Rank: 97
JPIE Calmar Ratio Rank: 91
JPIE Martin Ratio Rank: 95

VTES

VTES Risk / Return Rank: 75
VTES Sharpe Ratio Rank: 90
VTES Sortino Ratio Rank: 92
VTES Omega Ratio Rank: 94
VTES Calmar Ratio Rank: 52
VTES Martin Ratio Rank: 46

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. VTES - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Income ETF (JPIE) and Vanguard Short-Term Tax-Exempt Bond ETF (VTES). 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.

	JPIE	VTES	Difference
Sharpe ratio: Return per unit of total volatility	3.68	2.70	+0.99
Sortino ratio: Return per unit of downside risk	5.83	3.88	+1.95
Omega ratio: Gain probability vs. loss probability	1.84	1.62	+0.22
Calmar ratio: Return relative to maximum drawdown	5.12	2.28	+2.84
Martin ratio: Return relative to average drawdown	25.30	6.62	+18.67

JPIE vs. VTES - Sharpe Ratio Comparison

The current JPIE Sharpe Ratio is 3.68, which is higher than the VTES Sharpe Ratio of 2.70. The chart below compares the historical Sharpe Ratios of JPIE and VTES, 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

JPIE vs. VTES - Drawdown Comparison

The maximum JPIE drawdown since its inception was -9.96%, which is greater than VTES's maximum drawdown of -2.42%. Use the drawdown chart below to compare losses from any high point for JPIE and VTES.

Drawdown Indicators

	JPIE	VTES	Difference
Max Drawdown Largest peak-to-trough decline	-9.96%	-2.42%	-7.54%
Max Drawdown (1Y) Largest decline over 1 year	-1.15%	-1.47%	+0.32%
Max Drawdown (3Y) Largest decline over 3 years	-2.40%	-1.80%	-0.60%
Current Drawdown Current decline from peak	0.00%	-0.60%	+0.60%
Average Drawdown Average peak-to-trough decline	-2.08%	-0.50%	-1.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.23%	0.50%	-0.27%

Volatility

JPIE vs. VTES - Volatility Comparison

JPMorgan Income ETF (JPIE) has a higher volatility of 0.63% compared to Vanguard Short-Term Tax-Exempt Bond ETF (VTES) at 0.35%. This indicates that JPIE's price experiences larger fluctuations and is considered to be riskier than VTES based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JPIE	VTES	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.63%	0.35%	+0.28%
Volatility (6M) Calculated over the trailing 6-month period	1.30%	0.98%	+0.32%
Volatility (1Y) Calculated over the trailing 1-year period	1.60%	1.24%	+0.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.52%	1.71%	+1.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.52%	1.71%	+1.81%

JPIE vs. VTES - Expense Ratio Comparison

JPIE has a 0.40% expense ratio, which is higher than VTES's 0.07% expense ratio.

Dividends

JPIE vs. VTES - Dividend Comparison

JPIE's dividend yield for the trailing twelve months is around 5.61%, more than VTES's 2.75% yield.

Position	TTM	2025	2024	2023	2022	2021
JPIE JPMorgan Income ETF	5.61%	5.65%	6.11%	5.70%	4.49%	0.63%
VTES Vanguard Short-Term Tax-Exempt Bond ETF	2.75%	2.77%	2.99%	2.03%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JPIE and VTES in my portfolio?

JPIE and VTES have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JPIE or VTES?

JPIE has higher volatility (0.63%) compared to VTES (0.35%). In terms of maximum drawdown, JPIE dropped -9.96% vs VTES's -2.42%.

Which ETF is better, JPIE or VTES?

On 3-year performance, JPIE leads with 6.63% vs 3.18% for VTES. On fees, VTES is cheaper at 0.07% per year. On volatility, VTES has been the lower-risk option at 0.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JPIE or VTES?

Over the 3-year period, JPIE has performed better with a 6.63% return vs 3.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JPIE or VTES?

VTES is cheaper with a 0.07% expense ratio, compared with 0.40% for JPIE.

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

JPIE has the higher dividend yield at 5.61%, compared with 2.75% for VTES.

What is the main difference between JPIE and VTES?

JPIE is categorized as Multisector Bonds, while VTES is Municipal Bonds. They also come from different issuers: JPMorgan and Vanguard. Their fees differ too: 0.40% for JPIE and 0.07% for VTES.

Which has better risk-adjusted returns?

JPIE currently has the higher Sharpe Ratio (3.68 vs 2.70), 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.