JPSA.L vs. ERN1.L
JPSA.L (JPMorgan USD Ultra-Short Income Active UCITS ETF USD Acc) and ERN1.L (iShares € Ultrashort Bond UCITS ETF) are both Ultrashort Bond funds. JPSA.L is actively managed, while ERN1.L is passively managed. Over the past 5 years, JPSA.L returned 3.63%/yr vs 1.13%/yr for ERN1.L. At a 0.11 correlation, their price movements are largely independent. JPSA.L charges 0.18%/yr vs 0.09%/yr for ERN1.L.
Performance
JPSA.L vs. ERN1.L - Performance Comparison
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Different Trading Currencies
JPSA.L is traded in USD, while ERN1.L is traded in GBP. To make them comparable, the ERN1.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, JPSA.L achieves a 1.57% return, which is significantly higher than ERN1.L's -2.49% return.
JPSA.L
- 1D
- 0.01%
- 1M
- 0.36%
- YTD
- 1.57%
- 6M
- 1.74%
- 1Y
- 4.22%
- 3Y*
- 5.13%
- 5Y*
- 3.63%
- 10Y*
- —
ERN1.L
- 1D
- -0.24%
- 1M
- -1.83%
- YTD
- -2.49%
- 6M
- -2.73%
- 1Y
- -0.15%
- 3Y*
- 4.75%
- 5Y*
- 1.13%
- 10Y*
- 1.23%
JPSA.L vs. ERN1.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
JPSA.L JPMorgan USD Ultra-Short Income Active UCITS ETF USD Acc | 1.57% | 5.08% | 5.55% | 5.06% | 1.05% | 0.08% | 2.33% | 2.33% |
ERN1.L iShares € Ultrashort Bond UCITS ETF | -2.49% | 16.19% | -2.25% | 6.72% | -5.98% | -7.67% | 8.89% | -0.01% |
Correlation
The correlation between JPSA.L and ERN1.L is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Apr 3, 2019 | 0.11 |
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Return for Risk
JPSA.L vs. ERN1.L — Risk / Return Rank
JPSA.L
ERN1.L
JPSA.L vs. ERN1.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPMorgan USD Ultra-Short Income Active UCITS ETF USD Acc (JPSA.L) and iShares € Ultrashort Bond UCITS ETF (ERN1.L). 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.
| JPSA.L | ERN1.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +6.35 | ||
| Sortino ratioReturn per unit of downside risk | +12.26 | ||
| Omega ratioGain probability vs. loss probability | 2.67 | 1.00 | +1.67 |
| Calmar ratioReturn relative to maximum drawdown | 20.11 | -0.03 | +20.14 |
| Martin ratioReturn relative to average drawdown | 101.82 | -0.07 | +101.89 |
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Drawdowns
JPSA.L vs. ERN1.L - Drawdown Comparison
The maximum JPSA.L drawdown since its inception was -2.91%, smaller than the maximum ERN1.L drawdown of -40.48%. Use the drawdown chart below to compare losses from any high point for JPSA.L and ERN1.L.
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Drawdown Indicators
| JPSA.L | ERN1.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.91% | -40.48% | +37.57% |
Max Drawdown (1Y)Largest decline over 1 year | -0.21% | -4.94% | +4.73% |
Max Drawdown (3Y)Largest decline over 3 years | -0.39% | -7.60% | +7.21% |
Max Drawdown (5Y)Largest decline over 5 years | -0.86% | -20.94% | +20.08% |
Max Drawdown (10Y)Largest decline over 10 years | — | -24.86% | — |
Current DrawdownCurrent decline from peak | -0.03% | -20.42% | +20.39% |
Average DrawdownAverage peak-to-trough decline | -0.11% | -26.80% | +26.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.04% | 2.12% | -2.08% |
Volatility
JPSA.L vs. ERN1.L - Volatility Comparison
The current volatility for JPMorgan USD Ultra-Short Income Active UCITS ETF USD Acc (JPSA.L) is 0.20%, while iShares € Ultrashort Bond UCITS ETF (ERN1.L) has a volatility of 1.73%. This indicates that JPSA.L experiences smaller price fluctuations and is considered to be less risky than ERN1.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JPSA.L | ERN1.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.20% | 1.73% | -1.53% |
Volatility (6M)Calculated over the trailing 6-month period | 0.50% | 4.93% | -4.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.67% | 6.49% | -5.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.63% | 8.03% | -7.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.80% | 7.83% | -7.03% |
JPSA.L vs. ERN1.L - Expense Ratio Comparison
JPSA.L has a 0.18% expense ratio, which is higher than ERN1.L'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
JPSA.L vs. ERN1.L - Dividend Comparison
JPSA.L has not paid dividends to shareholders, while ERN1.L's dividend yield for the trailing twelve months is around 2.35%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ERN1.L iShares € Ultrashort Bond UCITS ETF | 2.35% | 2.70% | 3.82% | 2.15% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.03% | 0.13% |
JPSA.L JPMorgan 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
JPSA.L and ERN1.L have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ERN1.L is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ERN1.L is cheaper with a 0.09% expense ratio, compared with 0.18% for JPSA.L.
They also come from different issuers: JPMorgan and iShares. Their fees differ too: 0.18% for JPSA.L and 0.09% for ERN1.L.
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