JPST vs. VBIL

Last updated Jun 24, 2026

JPST (JPMorgan Ultra-Short Income ETF) and VBIL (Vanguard 0-3 Month Treasury Bill ETF) are both Ultrashort Bond funds. JPST is actively managed, while VBIL is passively managed. Over the past year, JPST returned 4.17% vs 3.91% for VBIL. At a 0.23 correlation, their price movements are largely independent. JPST charges 0.18%/yr vs 0.07%/yr for VBIL.

Performance

JPST vs. VBIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Ultra-Short Income ETF (JPST) and Vanguard 0-3 Month Treasury Bill ETF (VBIL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JPST achieves a 1.56% return, which is significantly lower than VBIL's 1.71% return.

JPST

• 1D: 0.08%
• 1M: 0.31%
• YTD: 1.56%
• 6M: 1.70%
• 1Y: 4.17%
• 3Y*: 5.16%
• 5Y*: 3.65%
• 10Y*: —

VBIL

• 1D: 0.01%
• 1M: 0.30%
• YTD: 1.71%
• 6M: 1.81%
• 1Y: 3.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JPST vs. VBIL - Yearly Performance Comparison

	2026 (YTD)	2025
JPST JPMorgan Ultra-Short Income ETF	1.56%	4.43%
VBIL Vanguard 0-3 Month Treasury Bill ETF	1.71%	3.73%

Correlation

The correlation between JPST and VBIL is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (All Time) Calculated using the full available price history since Feb 11, 2025	0.23

Return for Risk

JPST vs. VBIL — 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

VBIL

VBIL Risk / Return Rank: 100
VBIL Sharpe Ratio Rank: 100
VBIL Sortino Ratio Rank: 100
VBIL Omega Ratio Rank: 100
VBIL Calmar Ratio Rank: 100
VBIL 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. VBIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Ultra-Short Income ETF (JPST) and Vanguard 0-3 Month Treasury Bill ETF (VBIL). 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	VBIL	Difference
Sharpe ratio: Return per unit of total volatility	7.67	18.07	-10.40
Sortino ratio: Return per unit of downside risk	16.22	111.81	-95.59
Omega ratio: Gain probability vs. loss probability	3.66	39.66	-36.00
Calmar ratio: Return relative to maximum drawdown	28.19	296.41	-268.23
Martin ratio: Return relative to average drawdown	134.29	1,960.46	-1,826.17

JPST vs. VBIL - Sharpe Ratio Comparison

The current JPST Sharpe Ratio is 7.67, which is lower than the VBIL Sharpe Ratio of 18.07. The chart below compares the historical Sharpe Ratios of JPST and VBIL, 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. VBIL - Drawdown Comparison

The maximum JPST drawdown since its inception was -3.28%, which is greater than VBIL's maximum drawdown of -0.09%. Use the drawdown chart below to compare losses from any high point for JPST and VBIL.

Drawdown Indicators

	JPST	VBIL	Difference
Max Drawdown Largest peak-to-trough decline	-3.28%	-0.09%	-3.19%
Max Drawdown (1Y) Largest decline over 1 year	-0.15%	-0.01%	-0.14%
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%	-0.00%	-0.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.03%	0.00%	+0.03%

Volatility

JPST vs. VBIL - Volatility Comparison

JPMorgan Ultra-Short Income ETF (JPST) has a higher volatility of 0.19% compared to Vanguard 0-3 Month Treasury Bill ETF (VBIL) at 0.05%. This indicates that JPST's price experiences larger fluctuations and is considered to be riskier than VBIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JPST	VBIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.19%	0.05%	+0.14%
Volatility (6M) Calculated over the trailing 6-month period	0.38%	0.16%	+0.22%
Volatility (1Y) Calculated over the trailing 1-year period	0.55%	0.22%	+0.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.58%	0.30%	+0.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.93%	0.30%	+0.63%

JPST vs. VBIL - Expense Ratio Comparison

JPST has a 0.18% expense ratio, which is higher than VBIL'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

JPST vs. VBIL - Dividend Comparison

JPST's dividend yield for the trailing twelve months is around 4.25%, more than VBIL's 3.65% 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%
VBIL Vanguard 0-3 Month Treasury Bill ETF	3.65%	3.12%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JPST and VBIL in my portfolio?

JPST and VBIL have a correlation of 0.19, 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 VBIL?

JPST has higher volatility (0.19%) compared to VBIL (0.05%). In terms of maximum drawdown, JPST dropped -3.28% vs VBIL's -0.09%.

Which ETF is better, JPST or VBIL?

On 1-year performance, JPST leads with 4.17% vs 3.91% for VBIL. On fees, VBIL is cheaper at 0.07% per year. On volatility, VBIL has been the lower-risk option at 0.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JPST or VBIL?

Over the 1-year period, JPST has performed better with a 4.17% return vs 3.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JPST or VBIL?

VBIL is cheaper with a 0.07% expense ratio, compared with 0.18% for JPST.

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

JPST has the higher dividend yield at 4.25%, compared with 3.65% for VBIL.

What is the main difference between JPST and VBIL?

They also come from different issuers: JPMorgan and Vanguard. Their fees differ too: 0.18% for JPST and 0.07% for VBIL.

Which has better risk-adjusted returns?

VBIL currently has the higher Sharpe Ratio (18.07 vs 7.67), 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.