JPST vs. BWX
JPST (JPMorgan Ultra-Short Income ETF) and BWX (SPDR Bloomberg Barclays International Treasury Bond ETF) are both exchange-traded funds - JPST is a Ultrashort Bond fund actively managed by JPMorgan, while BWX is a International Government Bonds fund tracking the Bloomberg Global Treasury x US Capped (Inception 8/31/2007). JPST is actively managed, while BWX is passively managed. Over the past 5 years, JPST returned 3.64%/yr vs -4.15%/yr for BWX. At a 0.30 correlation, their price movements are largely independent. JPST charges 0.18%/yr vs 0.35%/yr for BWX.
Performance
JPST vs. BWX - Performance Comparison
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Returns By Period
In the year-to-date period, JPST achieves a 1.56% return, which is significantly higher than BWX's -1.42% return.
JPST
- 1D
- 0.06%
- 1M
- 0.37%
- YTD
- 1.56%
- 6M
- 1.76%
- 1Y
- 4.34%
- 3Y*
- 5.19%
- 5Y*
- 3.64%
- 10Y*
- —
BWX
- 1D
- 0.27%
- 1M
- 1.08%
- YTD
- -1.42%
- 6M
- -1.46%
- 1Y
- -2.80%
- 3Y*
- 1.02%
- 5Y*
- -4.15%
- 10Y*
- -1.31%
JPST vs. BWX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
JPST JPMorgan Ultra-Short Income ETF | 1.56% | 4.99% | 5.58% | 5.13% | 1.14% | 0.11% | 2.18% | 3.34% | 2.23% | 0.98% |
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | -1.42% | 7.67% | -5.93% | 5.10% | -19.72% | -8.67% | 9.50% | 5.58% | -1.85% | 4.66% |
Correlation
The correlation between JPST and BWX is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.42 |
Correlation (All Time) Calculated using the full available price history since May 19, 2017 | 0.30 |
The correlation between JPST and BWX shifts across timeframes, from 0.30 (all time) to 0.50 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
JPST vs. BWX — Risk / Return Rank
JPST
BWX
JPST vs. BWX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPMorgan Ultra-Short Income ETF (JPST) and SPDR Bloomberg Barclays International Treasury Bond ETF (BWX). 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 | BWX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +8.55 | ||
| Sortino ratioReturn per unit of downside risk | +18.47 | ||
| Omega ratioGain probability vs. loss probability | 4.00 | 0.95 | +3.05 |
| Calmar ratioReturn relative to maximum drawdown | 29.30 | -0.46 | +29.76 |
| Martin ratioReturn relative to average drawdown | 143.82 | -0.90 | +144.72 |
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Drawdowns
JPST vs. BWX - Drawdown Comparison
The maximum JPST drawdown since its inception was -3.28%, smaller than the maximum BWX drawdown of -34.05%. Use the drawdown chart below to compare losses from any high point for JPST and BWX.
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Drawdown Indicators
| JPST | BWX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.28% | -34.05% | +30.77% |
Max Drawdown (1Y)Largest decline over 1 year | -0.15% | -6.16% | +6.01% |
Max Drawdown (3Y)Largest decline over 3 years | -0.30% | -10.22% | +9.92% |
Max Drawdown (5Y)Largest decline over 5 years | -0.79% | -30.78% | +29.99% |
Max Drawdown (10Y)Largest decline over 10 years | — | -34.05% | — |
Current DrawdownCurrent decline from peak | 0.00% | -23.60% | +23.60% |
Average DrawdownAverage peak-to-trough decline | -0.08% | -10.07% | +9.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.03% | 3.13% | -3.10% |
Volatility
JPST vs. BWX - Volatility Comparison
The current volatility for JPMorgan Ultra-Short Income ETF (JPST) is 0.16%, while SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) has a volatility of 2.49%. This indicates that JPST experiences smaller price fluctuations and is considered to be less risky than BWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JPST | BWX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.16% | 2.49% | -2.33% |
Volatility (6M)Calculated over the trailing 6-month period | 0.36% | 5.92% | -5.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.53% | 7.66% | -7.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.58% | 9.70% | -9.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.93% | 8.67% | -7.74% |
JPST vs. BWX - Expense Ratio Comparison
JPST has a 0.18% expense ratio, which is lower than BWX's 0.35% expense ratio.
Dividends
JPST vs. BWX - Dividend Comparison
JPST's dividend yield for the trailing twelve months is around 4.25%, more than BWX's 2.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | 2.36% | 2.19% | 1.99% | 1.63% | 1.23% | 0.93% | 0.95% | 1.16% | 1.07% | 0.46% |
JPST JPMorgan Ultra-Short Income ETF | 4.25% | 4.43% | 5.16% | 4.79% | 1.83% | 0.73% | 1.43% | 2.69% | 2.07% | 0.96% |
Frequently Asked Questions
JPST and BWX have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BWX has higher volatility (2.49%) compared to JPST (0.16%). In terms of maximum drawdown, JPST dropped -3.28% vs BWX's -34.05%.
On 5-year performance, JPST leads with 3.64% vs -4.15% for BWX. On fees, JPST is cheaper at 0.18% per year. On volatility, JPST has been the lower-risk option at 0.16%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, JPST has performed better with a 3.64% return vs -4.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JPST is cheaper with a 0.18% expense ratio, compared with 0.35% for BWX.
JPST has the higher dividend yield at 4.25%, compared with 2.36% for BWX.
JPST is categorized as Ultrashort Bond, while BWX is International Government Bonds. They also come from different issuers: JPMorgan and State Street. Their fees differ too: 0.18% for JPST and 0.35% for BWX.
JPST currently has the higher Sharpe Ratio (8.18 vs -0.37), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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