JPST.L vs. TRIA.L
JPST.L (JPM USD Ultra-Short Income Active UCITS ETF USD (Dist)) and TRIA.L (Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Acc)) are both exchange-traded funds - JPST.L is a Ultrashort Bond fund actively managed by JPMorgan, while TRIA.L is a Government Bonds fund tracking the Bloomberg US Treasury Coupons Index. JPST.L is actively managed, while TRIA.L is passively managed. Over the past 5 years, JPST.L returned 3.67%/yr vs 3.35%/yr for TRIA.L. At a 0.28 correlation, their price movements are largely independent. JPST.L charges 0.18%/yr vs 0.06%/yr for TRIA.L.
Performance
JPST.L vs. TRIA.L - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with JPST.L having a 1.80% return and TRIA.L slightly higher at 1.84%.
JPST.L
- 1D
- 0.03%
- 1M
- 0.22%
- 6M
- 1.65%
- YTD
- 1.80%
- 1Y
- 4.19%
- 3Y*
- 5.10%
- 5Y*
- 3.67%
- 10Y*
- —
TRIA.L
- 1D
- 0.02%
- 1M
- 0.29%
- 6M
- 1.69%
- YTD
- 1.84%
- 1Y
- 3.98%
- 3Y*
- 4.66%
- 5Y*
- 3.35%
- 10Y*
- —
JPST.L vs. TRIA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
JPST.L JPM USD Ultra-Short Income Active UCITS ETF USD (Dist) | 1.80% | 5.06% | 5.58% | 5.04% | 1.11% | 0.02% | 2.17% |
TRIA.L Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Acc) | 1.84% | 4.33% | 5.17% | 4.97% | 0.53% | -0.00% | 1.10% |
Correlation
The correlation between JPST.L and TRIA.L is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.31 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.34 |
Correlation (All Time) Calculated using the full available price history since Jan 21, 2020 | 0.28 |
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Return for Risk
JPST.L vs. TRIA.L — Risk / Return Rank
JPST.L
TRIA.L
JPST.L vs. TRIA.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPM USD Ultra-Short Income Active UCITS ETF USD (Dist) (JPST.L) and Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Acc) (TRIA.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.
| JPST.L | TRIA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.29 | ||
| Sortino ratioReturn per unit of downside risk | +6.24 | ||
| Omega ratioGain probability vs. loss probability | 2.69 | 2.43 | +0.26 |
| Calmar ratioReturn relative to maximum drawdown | 12.14 | 3.25 | +8.89 |
| Martin ratioReturn relative to average drawdown | 90.60 | 9.19 | +81.41 |
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Drawdowns
JPST.L vs. TRIA.L - Drawdown Comparison
The maximum JPST.L drawdown since its inception was -3.13%, which is greater than TRIA.L's maximum drawdown of -1.22%. Use the drawdown chart below to compare losses from any high point for JPST.L and TRIA.L.
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Drawdown Indicators
| JPST.L | TRIA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.13% | -1.22% | -1.91% |
Max Drawdown (1Y)Largest decline over 1 year | -0.34% | -1.22% | +0.88% |
Max Drawdown (3Y)Largest decline over 3 years | -0.46% | -1.22% | +0.76% |
Max Drawdown (5Y)Largest decline over 5 years | -0.87% | -1.22% | +0.35% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.10% | -0.09% | -0.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.05% | 0.43% | -0.38% |
Volatility
JPST.L vs. TRIA.L - Volatility Comparison
JPM USD Ultra-Short Income Active UCITS ETF USD (Dist) (JPST.L) has a higher volatility of 0.19% compared to Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Acc) (TRIA.L) at 0.13%. This indicates that JPST.L's price experiences larger fluctuations and is considered to be riskier than TRIA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JPST.L | TRIA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.19% | 0.13% | +0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 0.49% | 1.99% | -1.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.79% | 2.01% | -1.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.69% | 1.01% | -0.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.90% | 0.93% | -0.03% |
JPST.L vs. TRIA.L - Expense Ratio Comparison
JPST.L has a 0.18% expense ratio, which is higher than TRIA.L's 0.06% 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
JPST.L vs. TRIA.L - Dividend Comparison
JPST.L's dividend yield for the trailing twelve months is around 4.10%, while TRIA.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
JPST.L JPM USD Ultra-Short Income Active UCITS ETF USD (Dist) | 4.10% | 4.29% | 5.28% | 4.46% | 1.16% | 0.67% | 1.90% | 2.66% | 1.80% |
TRIA.L Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
JPST.L and TRIA.L have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TRIA.L is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TRIA.L is cheaper with a 0.06% expense ratio, compared with 0.18% for JPST.L.
JPST.L is categorized as Ultrashort Bond, while TRIA.L is Government Bonds. They also come from different issuers: JPMorgan and Invesco. Their fees differ too: 0.18% for JPST.L and 0.06% for TRIA.L.
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