JPPA.DE vs. IS3L.DE
JPPA.DE (JPM USD Ultra-Short Income Active UCITS ETF USD Acc) and IS3L.DE (iShares $ Ultrashort Bond UCITS ETF USD (Dist)) are both Ultrashort Bond funds. JPPA.DE is actively managed, while IS3L.DE is passively managed. Over the past 5 years, JPPA.DE returned 4.27%/yr vs 4.49%/yr for IS3L.DE. With a 0.98 correlation, they move nearly in lockstep. JPPA.DE charges 0.18%/yr vs 0.09%/yr for IS3L.DE.
Performance
JPPA.DE vs. IS3L.DE - Performance Comparison
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Returns By Period
In the year-to-date period, JPPA.DE achieves a 4.36% return, which is significantly lower than IS3L.DE's 4.99% return.
JPPA.DE
- 1D
- -0.27%
- 1M
- 1.38%
- 6M
- 3.29%
- YTD
- 4.36%
- 1Y
- 5.45%
- 3Y*
- 4.38%
- 5Y*
- 4.27%
- 10Y*
- —
IS3L.DE
- 1D
- 0.14%
- 1M
- 1.74%
- 6M
- 3.89%
- YTD
- 4.99%
- 1Y
- 5.75%
- 3Y*
- 4.47%
- 5Y*
- 4.49%
- 10Y*
- 2.43%
JPPA.DE vs. IS3L.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
JPPA.DE JPM USD Ultra-Short Income Active UCITS ETF USD Acc | 4.36% | -6.63% | 11.65% | 1.48% | 7.22% | 8.54% | -6.81% | -8.56% |
IS3L.DE iShares $ Ultrashort Bond UCITS ETF USD (Dist) | 4.99% | -7.06% | 11.88% | 1.83% | 7.62% | 8.58% | -7.79% | 2.10% |
Correlation
The correlation between JPPA.DE and IS3L.DE is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since Apr 3, 2019 | 0.98 |
The correlation between JPPA.DE and IS3L.DE has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.
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Return for Risk
JPPA.DE vs. IS3L.DE — Risk / Return Rank
JPPA.DE
IS3L.DE
JPPA.DE vs. IS3L.DE - 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 (JPPA.DE) and iShares $ Ultrashort Bond UCITS ETF USD (Dist) (IS3L.DE). 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.
| JPPA.DE | IS3L.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.10 | ||
| Sortino ratioReturn per unit of downside risk | +0.17 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.16 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.91 | 1.72 | +0.19 |
| Martin ratioReturn relative to average drawdown | 4.64 | 4.14 | +0.50 |
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Drawdowns
JPPA.DE vs. IS3L.DE - Drawdown Comparison
The maximum JPPA.DE drawdown since its inception was -14.84%, smaller than the maximum IS3L.DE drawdown of -28.17%. Use the drawdown chart below to compare losses from any high point for JPPA.DE and IS3L.DE.
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Drawdown Indicators
| JPPA.DE | IS3L.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.84% | -28.17% | +13.33% |
Max Drawdown (1Y)Largest decline over 1 year | -3.24% | -3.32% | +0.08% |
Max Drawdown (3Y)Largest decline over 3 years | -11.19% | -11.38% | +0.19% |
Max Drawdown (5Y)Largest decline over 5 years | -11.62% | -11.38% | -0.24% |
Max Drawdown (10Y)Largest decline over 10 years | — | -19.28% | — |
Current DrawdownCurrent decline from peak | -4.86% | -4.75% | -0.11% |
Average DrawdownAverage peak-to-trough decline | -7.34% | -9.18% | +1.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.33% | 1.39% | -0.06% |
Volatility
JPPA.DE vs. IS3L.DE - Volatility Comparison
JPM USD Ultra-Short Income Active UCITS ETF USD Acc (JPPA.DE) has a higher volatility of 1.56% compared to iShares $ Ultrashort Bond UCITS ETF USD (Dist) (IS3L.DE) at 1.44%. This indicates that JPPA.DE's price experiences larger fluctuations and is considered to be riskier than IS3L.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JPPA.DE | IS3L.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.56% | 1.44% | +0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 4.20% | 4.22% | -0.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.91% | 6.05% | -0.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.40% | 7.42% | -0.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.14% | 10.54% | -2.40% |
JPPA.DE vs. IS3L.DE - Expense Ratio Comparison
JPPA.DE has a 0.18% expense ratio, which is higher than IS3L.DE's 0.09% 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
JPPA.DE vs. IS3L.DE - Dividend Comparison
JPPA.DE has not paid dividends to shareholders, while IS3L.DE's dividend yield for the trailing twelve months is around 4.24%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IS3L.DE iShares $ Ultrashort Bond UCITS ETF USD (Dist) | 4.24% | 4.74% | 5.44% | 5.05% | 1.59% | 0.47% | 1.64% | 2.71% | 2.19% | 1.45% | 0.97% | 0.72% |
JPPA.DE 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% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.98, JPPA.DE and IS3L.DE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
On fees, IS3L.DE is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IS3L.DE is cheaper with a 0.09% expense ratio, compared with 0.18% for JPPA.DE.
They also come from different issuers: JPMorgan and iShares. Their fees differ too: 0.18% for JPPA.DE and 0.09% for IS3L.DE.
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