JPST vs. VGSH
JPST (JPMorgan Ultra-Short Income ETF) and VGSH (Vanguard Short-Term Treasury ETF) are both exchange-traded funds - JPST is a Ultrashort Bond fund actively managed by JPMorgan, while VGSH is a Government Bonds fund tracking the Bloomberg U.S. Treasury 1-3 Year Index. JPST is actively managed, while VGSH is passively managed. Over the past 5 years, JPST returned 3.61%/yr vs 1.81%/yr for VGSH. At a 0.43 correlation, their price movements are largely independent. JPST charges 0.18%/yr vs 0.03%/yr for VGSH.
Performance
JPST vs. VGSH - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, JPST achieves a 1.40% return, which is significantly higher than VGSH's 0.48% return.
JPST
- 1D
- 0.00%
- 1M
- 0.35%
- YTD
- 1.40%
- 6M
- 1.74%
- 1Y
- 4.31%
- 3Y*
- 5.16%
- 5Y*
- 3.61%
- 10Y*
- —
VGSH
- 1D
- -0.03%
- 1M
- 0.08%
- YTD
- 0.48%
- 6M
- 0.74%
- 1Y
- 3.43%
- 3Y*
- 4.15%
- 5Y*
- 1.81%
- 10Y*
- 1.74%
JPST vs. VGSH - 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% |
VGSH Vanguard Short-Term Treasury ETF | 0.48% | 5.07% | 4.00% | 4.31% | -3.86% | -0.60% | 3.04% | 3.52% | 1.55% | -0.11% |
Correlation
The correlation between JPST and VGSH is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.65 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.68 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.61 |
Correlation (All Time) Calculated using the full available price history since May 22, 2017 | 0.43 |
Over the past year, JPST and VGSH have become more correlated (0.65) than their long-term average of 0.43, meaning their price movements have been converging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
JPST vs. VGSH — Risk / Return Rank
JPST
VGSH
JPST vs. VGSH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPMorgan Ultra-Short Income ETF (JPST) and Vanguard Short-Term Treasury ETF (VGSH). 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 | VGSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +5.42 | ||
| Sortino ratioReturn per unit of downside risk | +13.17 | ||
| Omega ratioGain probability vs. loss probability | 3.94 | 1.57 | +2.37 |
| Calmar ratioReturn relative to maximum drawdown | 29.16 | 3.90 | +25.26 |
| Martin ratioReturn relative to average drawdown | 144.13 | 15.52 | +128.61 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| JPST | VGSH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 8.09 | 2.68 | +5.42 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 6.32 | 0.93 | +5.39 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 1.11 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 3.20 | 1.01 | +2.19 |
Drawdowns
JPST vs. VGSH - Drawdown Comparison
The maximum JPST drawdown since its inception was -3.28%, smaller than the maximum VGSH drawdown of -5.70%. Use the drawdown chart below to compare losses from any high point for JPST and VGSH.
Loading charts...
Drawdown Indicators
| JPST | VGSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.28% | -5.70% | +2.42% |
Max Drawdown (1Y)Largest decline over 1 year | -0.15% | -0.88% | +0.73% |
Max Drawdown (3Y)Largest decline over 3 years | -0.30% | -0.97% | +0.67% |
Max Drawdown (5Y)Largest decline over 5 years | -0.79% | -5.66% | +4.87% |
Max Drawdown (10Y)Largest decline over 10 years | — | -5.70% | — |
Current DrawdownCurrent decline from peak | -0.02% | -0.29% | +0.27% |
Average DrawdownAverage peak-to-trough decline | -0.08% | -0.60% | +0.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.03% | 0.22% | -0.19% |
Volatility
JPST vs. VGSH - Volatility Comparison
The current volatility for JPMorgan Ultra-Short Income ETF (JPST) is 0.15%, while Vanguard Short-Term Treasury ETF (VGSH) has a volatility of 0.35%. This indicates that JPST experiences smaller price fluctuations and is considered to be less risky than VGSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| JPST | VGSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.15% | 0.35% | -0.20% |
Volatility (6M)Calculated over the trailing 6-month period | 0.36% | 0.88% | -0.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.54% | 1.29% | -0.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.58% | 1.97% | -1.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.93% | 1.57% | -0.64% |
JPST vs. VGSH - Expense Ratio Comparison
JPST has a 0.18% expense ratio, which is higher than VGSH's 0.03% 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. VGSH - Dividend Comparison
JPST's dividend yield for the trailing twelve months is around 4.26%, more than VGSH's 3.87% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
VGSH Vanguard Short-Term Treasury ETF | 3.87% | 4.00% | 4.18% | 3.31% | 1.15% | 0.66% | 1.74% | 2.28% | 1.79% | 1.10% | 0.84% | 0.69% |
Frequently Asked Questions
JPST and VGSH have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VGSH has higher volatility (0.35%) compared to JPST (0.15%). In terms of maximum drawdown, JPST dropped -3.28% vs VGSH's -5.70%.
On 5-year performance, JPST leads with 3.61% vs 1.81% for VGSH. On fees, VGSH is cheaper at 0.03% per year. On volatility, JPST has been the lower-risk option at 0.15%. 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 3.61% return vs 1.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VGSH is cheaper with a 0.03% expense ratio, compared with 0.18% for JPST.
JPST has the higher dividend yield at 4.26%, compared with 3.87% for VGSH.
JPST is categorized as Ultrashort Bond, while VGSH is Government Bonds. They also come from different issuers: JPMorgan and Vanguard. Their fees differ too: 0.18% for JPST and 0.03% for VGSH.
JPST currently has the higher Sharpe Ratio (8.09 vs 2.68), 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.
Find the right allocation for JPST and VGSH
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer