JPSA.L vs. IBTU.L

Last updated Jun 5, 2026

JPSA.L (JPMorgan USD Ultra-Short Income Active UCITS ETF USD Acc) and IBTU.L (iShares USD Treasury Bond 0-1yr UCITS ETF USD (Dist)) are both exchange-traded funds - JPSA.L is a Ultrashort Bond fund actively managed by JPMorgan, while IBTU.L is a Government Bonds fund tracking the ICE U.S. Treasury Short Bond Index. JPSA.L is actively managed, while IBTU.L is passively managed. Over the past 5 years, JPSA.L returned 3.59%/yr vs 3.38%/yr for IBTU.L. At a 0.23 correlation, their price movements are largely independent. JPSA.L charges 0.18%/yr vs 0.07%/yr for IBTU.L.

Performance

JPSA.L vs. IBTU.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan USD Ultra-Short Income Active UCITS ETF USD Acc (JPSA.L) and iShares USD Treasury Bond 0-1yr UCITS ETF USD (Dist) (IBTU.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with JPSA.L having a 1.40% return and IBTU.L slightly lower at 1.39%.

JPSA.L

• 1D: 0.00%
• 1M: 0.27%
• YTD: 1.40%
• 6M: 1.70%
• 1Y: 4.42%
• 3Y*: 5.13%
• 5Y*: 3.59%
• 10Y*: —

IBTU.L

• 1D: 0.01%
• 1M: 0.30%
• YTD: 1.39%
• 6M: 1.78%
• 1Y: 3.98%
• 3Y*: 4.74%
• 5Y*: 3.38%
• 10Y*: —

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

JPSA.L vs. IBTU.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	1.40%	5.07%	5.55%	5.05%	1.05%	0.08%	2.32%	2.33%
IBTU.L iShares USD Treasury Bond 0-1yr UCITS ETF USD (Dist)	1.39%	4.36%	5.23%	4.96%	1.09%	-0.01%	0.96%	1.67%

Correlation

The correlation between JPSA.L and IBTU.L is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.20
Correlation (5Y) Calculated over the trailing 5-year period	0.27
Correlation (All Time) Calculated using the full available price history since Apr 4, 2019	0.23

The correlation between JPSA.L and IBTU.L shifts across timeframes, from 0.12 (1 year) to 0.27 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

JPSA.L vs. IBTU.L — Risk / Return Rank

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

JPSA.L

JPSA.L Risk / Return Rank: 99
JPSA.L Sharpe Ratio Rank: 99
JPSA.L Sortino Ratio Rank: 99
JPSA.L Omega Ratio Rank: 99
JPSA.L Calmar Ratio Rank: 99
JPSA.L Martin Ratio Rank: 99

IBTU.L

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

JPSA.L vs. IBTU.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 USD Treasury Bond 0-1yr UCITS ETF USD (Dist) (IBTU.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.

	JPSA.L	IBTU.L	Difference
Sharpe ratio: Return per unit of total volatility	6.47	8.12	-1.65
Sortino ratio: Return per unit of downside risk	12.63	17.26	-4.63
Omega ratio: Gain probability vs. loss probability	2.77	3.95	-1.19
Calmar ratio: Return relative to maximum drawdown	21.05	24.79	-3.73
Martin ratio: Return relative to average drawdown	105.71	183.92	-78.21
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JPSA.L vs. IBTU.L - Sharpe Ratio Comparison

The current JPSA.L Sharpe Ratio is 6.47, which is comparable to the IBTU.L Sharpe Ratio of 8.12. The chart below compares the historical Sharpe Ratios of JPSA.L and IBTU.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	JPSA.L	IBTU.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	6.47	8.12	-1.65
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	5.69	6.79	-1.10
Sharpe Ratio (All Time) Calculated using the full available price history	3.98	5.05	-1.08

Drawdowns

JPSA.L vs. IBTU.L - Drawdown Comparison

The maximum JPSA.L drawdown since its inception was -2.92%, which is greater than IBTU.L's maximum drawdown of -0.62%. Use the drawdown chart below to compare losses from any high point for JPSA.L and IBTU.L.

Drawdown Indicators

	JPSA.L	IBTU.L	Difference
Max Drawdown Largest peak-to-trough decline	-2.92%	-0.62%	-2.30%
Max Drawdown (1Y) Largest decline over 1 year	-0.21%	-0.16%	-0.05%
Max Drawdown (3Y) Largest decline over 3 years	-0.39%	-0.16%	-0.23%
Max Drawdown (5Y) Largest decline over 5 years	-0.86%	-0.29%	-0.57%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.11%	-0.03%	-0.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.04%	0.02%	+0.02%

Volatility

JPSA.L vs. IBTU.L - Volatility Comparison

JPMorgan USD Ultra-Short Income Active UCITS ETF USD Acc (JPSA.L) has a higher volatility of 0.22% compared to iShares USD Treasury Bond 0-1yr UCITS ETF USD (Dist) (IBTU.L) at 0.08%. This indicates that JPSA.L's price experiences larger fluctuations and is considered to be riskier than IBTU.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JPSA.L	IBTU.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.22%	0.08%	+0.14%
Volatility (6M) Calculated over the trailing 6-month period	0.50%	0.31%	+0.19%
Volatility (1Y) Calculated over the trailing 1-year period	0.68%	0.49%	+0.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.63%	0.50%	+0.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.80%	0.54%	+0.26%

JPSA.L vs. IBTU.L - Expense Ratio Comparison

JPSA.L has a 0.18% expense ratio, which is higher than IBTU.L's 0.07% 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. IBTU.L - Dividend Comparison

JPSA.L has not paid dividends to shareholders, while IBTU.L's dividend yield for the trailing twelve months is around 4.07%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
IBTU.L iShares USD Treasury Bond 0-1yr UCITS ETF USD (Dist)	4.07%	4.43%	6.82%	3.99%	0.44%	0.10%	1.28%	1.21%
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%

Frequently Asked Questions

Can I hold both JPSA.L and IBTU.L in my portfolio?

JPSA.L and IBTU.L have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, JPSA.L or IBTU.L?

On fees, IBTU.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, JPSA.L or IBTU.L?

IBTU.L is cheaper with a 0.07% expense ratio, compared with 0.18% for JPSA.L.

What is the main difference between JPSA.L and IBTU.L?

JPSA.L is categorized as Ultrashort Bond, while IBTU.L is Government Bonds. They also come from different issuers: JPMorgan and iShares. Their fees differ too: 0.18% for JPSA.L and 0.07% for IBTU.L.