JPSA.L vs. U03A.L
JPSA.L (JPMorgan USD Ultra-Short Income Active UCITS ETF USD Acc) and U03A.L (iShares USD Treasury Bond 0-3 Month UCITS ETF USD (Acc)) are both Ultrashort Bond funds. JPSA.L is actively managed, while U03A.L is passively managed. Over the past year, JPSA.L returned 4.42% vs 4.02% for U03A.L. At a 0.15 correlation, their price movements are largely independent. JPSA.L charges 0.18%/yr vs 0.07%/yr for U03A.L.
Performance
JPSA.L vs. U03A.L - Performance Comparison
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Returns By Period
In the year-to-date period, JPSA.L achieves a 1.40% return, which is significantly lower than U03A.L's 1.51% return.
JPSA.L
- 1D
- 0.00%
- 1M
- 0.27%
- YTD
- 1.40%
- 6M
- 1.70%
- 1Y
- 4.42%
- 3Y*
- 5.13%
- 5Y*
- 3.59%
- 10Y*
- —
U03A.L
- 1D
- 0.03%
- 1M
- 0.29%
- YTD
- 1.51%
- 6M
- 1.81%
- 1Y
- 4.02%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
JPSA.L vs. U03A.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
JPSA.L JPMorgan USD Ultra-Short Income Active UCITS ETF USD Acc | 1.40% | 5.07% | 0.85% |
U03A.L iShares USD Treasury Bond 0-3 Month UCITS ETF USD (Acc) | 1.51% | 4.22% | 1.33% |
Correlation
The correlation between JPSA.L and U03A.L is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Sep 27, 2024 | 0.15 |
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Return for Risk
JPSA.L vs. U03A.L — Risk / Return Rank
JPSA.L
U03A.L
JPSA.L vs. U03A.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 0-3 Month UCITS ETF USD (Acc) (U03A.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 | U03A.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.38 | ||
| Sortino ratioReturn per unit of downside risk | -7.78 | ||
| Omega ratioGain probability vs. loss probability | 2.77 | 5.03 | -2.26 |
| Calmar ratioReturn relative to maximum drawdown | 21.05 | 41.98 | -20.93 |
| Martin ratioReturn relative to average drawdown | 105.71 | 274.18 | -168.47 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| JPSA.L | U03A.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 6.47 | 8.85 | -2.38 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 5.69 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 3.98 | 4.99 | -1.01 |
Drawdowns
JPSA.L vs. U03A.L - Drawdown Comparison
The maximum JPSA.L drawdown since its inception was -2.92%, which is greater than U03A.L's maximum drawdown of -0.83%. Use the drawdown chart below to compare losses from any high point for JPSA.L and U03A.L.
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Drawdown Indicators
| JPSA.L | U03A.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.92% | -0.83% | -2.09% |
Max Drawdown (1Y)Largest decline over 1 year | -0.21% | -0.10% | -0.11% |
Max Drawdown (3Y)Largest decline over 3 years | -0.39% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -0.86% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.11% | -0.01% | -0.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.04% | 0.01% | +0.03% |
Volatility
JPSA.L vs. U03A.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 0-3 Month UCITS ETF USD (Acc) (U03A.L) at 0.13%. This indicates that JPSA.L's price experiences larger fluctuations and is considered to be riskier than U03A.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 | U03A.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.22% | 0.13% | +0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 0.50% | 0.26% | +0.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.68% | 0.45% | +0.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.63% | 0.88% | -0.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.80% | 0.88% | -0.08% |
JPSA.L vs. U03A.L - Expense Ratio Comparison
JPSA.L has a 0.18% expense ratio, which is higher than U03A.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. U03A.L - Dividend Comparison
Neither JPSA.L nor U03A.L has paid dividends to shareholders.
Frequently Asked Questions
JPSA.L and U03A.L have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, U03A.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
U03A.L is cheaper with a 0.07% 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 0.07% for U03A.L.
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