JPST vs. PAAA

Last updated Jun 13, 2026

JPST (JPMorgan Ultra-Short Income ETF) and PAAA (PGIM AAA CLO ETF) are both exchange-traded funds - JPST is a Ultrashort Bond fund actively managed by JPMorgan, while PAAA is a CLO fund actively managed by PGIM. Both are actively managed. Over the past year, JPST returned 4.29% vs 5.14% for PAAA. At a 0.07 correlation, their price movements are largely independent. JPST charges 0.18%/yr vs 0.19%/yr for PAAA.

Performance

JPST vs. PAAA - Performance Comparison

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

Returns By Period

In the year-to-date period, JPST achieves a 1.50% return, which is significantly lower than PAAA's 2.14% return.

JPST

• 1D: 0.02%
• 1M: 0.28%
• YTD: 1.50%
• 6M: 1.76%
• 1Y: 4.29%
• 3Y*: 5.19%
• 5Y*: 3.63%
• 10Y*: —

PAAA

• 1D: 0.00%
• 1M: 0.36%
• YTD: 2.14%
• 6M: 2.42%
• 1Y: 5.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JPST vs. PAAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
JPST JPMorgan Ultra-Short Income ETF	1.50%	4.99%	5.58%	2.84%
PAAA PGIM AAA CLO ETF	2.14%	5.37%	7.47%	3.83%

Correlation

The correlation between JPST and PAAA is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (All Time) Calculated using the full available price history since Jul 26, 2023	0.07

The correlation between JPST and PAAA shifts across timeframes, from 0.07 (all time) to 0.18 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

JPST vs. PAAA — 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

PAAA

PAAA Risk / Return Rank: 99
PAAA Sharpe Ratio Rank: 100
PAAA Sortino Ratio Rank: 99
PAAA Omega Ratio Rank: 99
PAAA Calmar Ratio Rank: 99
PAAA 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.

JPST vs. PAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Ultra-Short Income ETF (JPST) and PGIM AAA CLO ETF (PAAA). 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	PAAA	Difference
Sharpe ratio: Return per unit of total volatility	8.13	10.94	-2.81
Sortino ratio: Return per unit of downside risk	17.82	21.40	-3.58
Omega ratio: Gain probability vs. loss probability	3.97	6.66	-2.70
Calmar ratio: Return relative to maximum drawdown	29.02	29.67	-0.65
Martin ratio: Return relative to average drawdown	142.45	183.78	-41.33

JPST vs. PAAA - Sharpe Ratio Comparison

The current JPST Sharpe Ratio is 8.13, which is comparable to the PAAA Sharpe Ratio of 10.94. The chart below compares the historical Sharpe Ratios of JPST and PAAA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

JPST vs. PAAA - Drawdown Comparison

The maximum JPST drawdown since its inception was -3.28%, which is greater than PAAA's maximum drawdown of -1.04%. Use the drawdown chart below to compare losses from any high point for JPST and PAAA.

Drawdown Indicators

	JPST	PAAA	Difference
Max Drawdown Largest peak-to-trough decline	-3.28%	-1.04%	-2.24%
Max Drawdown (1Y) Largest decline over 1 year	-0.15%	-0.17%	+0.02%
Max Drawdown (3Y) Largest decline over 3 years	-0.30%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-0.79%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.08%	-0.02%	-0.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.03%	0.03%	0.00%

Volatility

JPST vs. PAAA - Volatility Comparison

JPMorgan Ultra-Short Income ETF (JPST) has a higher volatility of 0.16% compared to PGIM AAA CLO ETF (PAAA) at 0.11%. This indicates that JPST's price experiences larger fluctuations and is considered to be riskier than PAAA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JPST	PAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.16%	0.11%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	0.36%	0.35%	+0.01%
Volatility (1Y) Calculated over the trailing 1-year period	0.53%	0.47%	+0.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.58%	0.97%	-0.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.93%	0.97%	-0.04%

JPST vs. PAAA - Expense Ratio Comparison

JPST has a 0.18% expense ratio, which is lower than PAAA's 0.19% 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. PAAA - Dividend Comparison

JPST's dividend yield for the trailing twelve months is around 4.25%, less than PAAA's 4.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
PAAA PGIM AAA CLO ETF	4.88%	5.12%	5.88%	2.76%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JPST and PAAA in my portfolio?

JPST and PAAA have a correlation of 0.18, 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 PAAA?

JPST has higher volatility (0.16%) compared to PAAA (0.11%). In terms of maximum drawdown, JPST dropped -3.28% vs PAAA's -1.04%.

Which ETF is better, JPST or PAAA?

On 1-year performance, PAAA leads with 5.14% vs 4.29% 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 PAAA?

Over the 1-year period, PAAA has performed better with a 5.14% return vs 4.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JPST or PAAA?

JPST is cheaper with a 0.18% expense ratio, compared with 0.19% for PAAA.

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

PAAA has the higher dividend yield at 4.88%, compared with 4.25% for JPST.

What is the main difference between JPST and PAAA?

JPST is categorized as Ultrashort Bond, while PAAA is CLO. They also come from different issuers: JPMorgan and PGIM. Their fees differ too: 0.18% for JPST and 0.19% for PAAA.

Which has better risk-adjusted returns?

PAAA currently has the higher Sharpe Ratio (10.94 vs 8.13), 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.