JPST vs. GSY

Last updated Jun 4, 2026

JPST (JPMorgan Ultra-Short Income ETF) and GSY (Invesco Ultra Short Duration ETF) are both Ultrashort Bond funds. Both are actively managed. Over the past 5 years, JPST returned 3.61%/yr vs 3.65%/yr for GSY. At a 0.41 correlation, their price movements are largely independent. JPST charges 0.18%/yr vs 0.22%/yr for GSY.

Performance

JPST vs. GSY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Ultra-Short Income ETF (JPST) and Invesco Ultra Short Duration ETF (GSY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JPST achieves a 1.40% return, which is significantly lower than GSY's 1.59% return.

JPST

• 1D: 0.00%
• 1M: 0.35%
• YTD: 1.40%
• 6M: 1.74%
• 1Y: 4.31%
• 3Y*: 5.16%
• 5Y*: 3.61%
• 10Y*: —

GSY

• 1D: 0.00%
• 1M: 0.36%
• YTD: 1.59%
• 6M: 1.96%
• 1Y: 4.54%
• 3Y*: 5.45%
• 5Y*: 3.65%
• 10Y*: 2.86%

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

JPST vs. GSY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JPST JPMorgan Ultra-Short Income ETF	1.40%	4.99%	5.58%	5.13%	1.14%	0.11%	2.18%	3.34%	2.23%	1.00%
GSY Invesco Ultra Short Duration ETF	1.59%	4.96%	5.95%	5.99%	0.01%	0.03%	1.88%	3.39%	2.18%	1.14%

Correlation

The correlation between JPST and GSY is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (All Time) Calculated using the full available price history since May 22, 2017	0.41

The correlation between JPST and GSY shifts across timeframes, from 0.41 (all time) to 0.57 (5 years), reflecting how their relationship changes across market environments.

JPST vs. GSY - Sectors Allocation Comparison

Sectors	JPST	GSY
Financial Services	22.6%	29.0%
Communication Services	5.5%	2.3%
Utilities	2.8%	1.9%
Consumer Cyclical	2.5%	4.1%
Industrials	2.1%	2.6%
Technology	1.8%	4.7%
Healthcare	1.5%	2.9%
Real Estate	0.7%	4.2%
Consumer Defensive	0.7%	2.2%
Energy	0.4%	2.7%
Basic Materials	0.2%	1.5%

Return for Risk

JPST vs. GSY — Risk / Return Rank

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

JPST

JPST Risk / Return Rank: 99
JPST Sharpe Ratio Rank: 99
JPST Sortino Ratio Rank: 99
JPST Omega Ratio Rank: 99
JPST Calmar Ratio Rank: 99
JPST Martin Ratio Rank: 99

GSY

GSY Risk / Return Rank: 100
GSY Sharpe Ratio Rank: 99
GSY Sortino Ratio Rank: 100
GSY Omega Ratio Rank: 100
GSY Calmar Ratio Rank: 100
GSY Martin Ratio Rank: 100

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.

JPST vs. GSY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Ultra-Short Income ETF (JPST) and Invesco Ultra Short Duration ETF (GSY). 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.

	JPST	GSY	Difference
Sharpe ratio: Return per unit of total volatility	8.09	11.52	-3.43
Sortino ratio: Return per unit of downside risk	17.60	29.56	-11.96
Omega ratio: Gain probability vs. loss probability	3.94	7.01	-3.07
Calmar ratio: Return relative to maximum drawdown	29.16	76.07	-46.91
Martin ratio: Return relative to average drawdown	144.13	397.70	-253.57
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JPST vs. GSY - Sharpe Ratio Comparison

The current JPST Sharpe Ratio is 8.09, which is comparable to the GSY Sharpe Ratio of 11.52. The chart below compares the historical Sharpe Ratios of JPST and GSY, 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

	JPST	GSY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	8.09	11.52	-3.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	6.32	6.29	+0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	2.35	—
Sharpe Ratio (All Time) Calculated using the full available price history	3.20	0.46	+2.74

Drawdowns

JPST vs. GSY - Drawdown Comparison

The maximum JPST drawdown since its inception was -3.28%, smaller than the maximum GSY drawdown of -12.14%. Use the drawdown chart below to compare losses from any high point for JPST and GSY.

Drawdown Indicators

	JPST	GSY	Difference
Max Drawdown Largest peak-to-trough decline	-3.28%	-12.14%	+8.86%
Max Drawdown (1Y) Largest decline over 1 year	-0.15%	-0.06%	-0.09%
Max Drawdown (3Y) Largest decline over 3 years	-0.30%	-0.18%	-0.12%
Max Drawdown (5Y) Largest decline over 5 years	-0.79%	-1.48%	+0.69%
Max Drawdown (10Y) Largest decline over 10 years	—	-5.25%	—
Current Drawdown Current decline from peak	-0.02%	0.00%	-0.02%
Average Drawdown Average peak-to-trough decline	-0.08%	-2.39%	+2.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.03%	0.01%	+0.02%

Volatility

JPST vs. GSY - Volatility Comparison

JPMorgan Ultra-Short Income ETF (JPST) has a higher volatility of 0.15% compared to Invesco Ultra Short Duration ETF (GSY) at 0.14%. This indicates that JPST's price experiences larger fluctuations and is considered to be riskier than GSY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JPST	GSY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.15%	0.14%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	0.36%	0.29%	+0.07%
Volatility (1Y) Calculated over the trailing 1-year period	0.54%	0.40%	+0.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.58%	0.58%	0.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.93%	1.22%	-0.29%

JPST vs. GSY - Expense Ratio Comparison

JPST has a 0.18% expense ratio, which is lower than GSY's 0.22% expense ratio. Despite the difference, 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 vs. GSY - Dividend Comparison

JPST's dividend yield for the trailing twelve months is around 4.26%, less than GSY's 4.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GSY Invesco Ultra Short Duration ETF	4.34%	4.56%	5.31%	4.95%	1.70%	0.58%	1.45%	2.71%	2.30%	1.80%	1.21%	1.17%
JPST JPMorgan Ultra-Short Income ETF	4.26%	4.43%	5.16%	4.79%	1.83%	0.73%	1.43%	2.69%	2.07%	0.96%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JPST and GSY in my portfolio?

JPST and GSY have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JPST or GSY?

JPST has higher volatility (0.15%) compared to GSY (0.14%). In terms of maximum drawdown, JPST dropped -3.28% vs GSY's -12.14%.

Which ETF is better, JPST or GSY?

On 5-year performance, GSY leads with 3.65% vs 3.61% for JPST. On fees, JPST is cheaper at 0.18% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JPST or GSY?

Over the 5-year period, GSY has performed better with a 3.65% return vs 3.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JPST or GSY?

JPST is cheaper with a 0.18% expense ratio, compared with 0.22% for GSY.

Which ETF pays a higher dividend yield, JPST or GSY?

GSY has the higher dividend yield at 4.34%, compared with 4.26% for JPST.

What is the main difference between JPST and GSY?

They also come from different issuers: JPMorgan and Invesco. Their fees differ too: 0.18% for JPST and 0.22% for GSY.

Which has better risk-adjusted returns?

GSY currently has the higher Sharpe Ratio (11.52 vs 8.09), 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.