JPTS.L vs. T1AP.L
JPTS.L (JPM USD Ultra-Short Income Active UCITS ETF USD (Dist)) and T1AP.L (Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Acc)) are both Ultrashort Bond funds. JPTS.L is actively managed, while T1AP.L is passively managed. Over the past 5 years, JPTS.L returned 4.17%/yr vs 4.05%/yr for T1AP.L. With a 0.98 correlation, they move nearly in lockstep. JPTS.L charges 0.18%/yr vs 0.06%/yr for T1AP.L.
Performance
JPTS.L vs. T1AP.L - Performance Comparison
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Different Trading Currencies
JPTS.L is traded in GBP, while T1AP.L is traded in GBp. To make them comparable, the T1AP.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, JPTS.L achieves a 1.83% return, which is significantly lower than T1AP.L's 2.33% return.
JPTS.L
- 1D
- 0.24%
- 1M
- -0.20%
- 6M
- 1.14%
- YTD
- 1.83%
- 1Y
- 3.80%
- 3Y*
- 4.09%
- 5Y*
- 4.17%
- 10Y*
- —
T1AP.L
- 1D
- 0.32%
- 1M
- 0.33%
- 6M
- 1.66%
- YTD
- 2.33%
- 1Y
- 4.09%
- 3Y*
- 3.94%
- 5Y*
- 4.05%
- 10Y*
- —
JPTS.L vs. T1AP.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
JPTS.L JPM USD Ultra-Short Income Active UCITS ETF USD (Dist) | 1.83% | -2.07% | 7.29% | -0.72% | 13.11% | 1.38% | -2.77% |
T1AP.L Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Acc) | 2.33% | -2.78% | 6.89% | -0.80% | 12.56% | 1.28% | 7,301.82% |
Correlation
The correlation between JPTS.L and T1AP.L is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since Jan 21, 2020 | 0.98 |
The correlation between JPTS.L and T1AP.L has been stable across timeframes, ranging from 0.95 to 0.99 - a consistent structural relationship.
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Return for Risk
JPTS.L vs. T1AP.L — Risk / Return Rank
JPTS.L
T1AP.L
JPTS.L vs. T1AP.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPM USD Ultra-Short Income Active UCITS ETF USD (Dist) (JPTS.L) and Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Acc) (T1AP.L). 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.
| JPTS.L | T1AP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.16 | ||
| Sortino ratioReturn per unit of downside risk | -0.22 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.14 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 0.87 | 1.08 | -0.21 |
| Martin ratioReturn relative to average drawdown | 2.22 | 2.77 | -0.55 |
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Drawdowns
JPTS.L vs. T1AP.L - Drawdown Comparison
The maximum JPTS.L drawdown since its inception was -30.07%, which is greater than T1AP.L's maximum drawdown of -21.77%. Use the drawdown chart below to compare losses from any high point for JPTS.L and T1AP.L.
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Drawdown Indicators
| JPTS.L | T1AP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.07% | -21.77% | -8.30% |
Max Drawdown (1Y)Largest decline over 1 year | -4.35% | -4.46% | +0.11% |
Max Drawdown (3Y)Largest decline over 3 years | -9.36% | -21.77% | +12.41% |
Max Drawdown (5Y)Largest decline over 5 years | -15.32% | -21.77% | +6.45% |
Current DrawdownCurrent decline from peak | -4.15% | -15.88% | +11.73% |
Average DrawdownAverage peak-to-trough decline | -13.92% | -14.05% | +0.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.71% | 1.75% | -0.04% |
Volatility
JPTS.L vs. T1AP.L - Volatility Comparison
The current volatility for JPM USD Ultra-Short Income Active UCITS ETF USD (Dist) (JPTS.L) is 1.23%, while Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Acc) (T1AP.L) has a volatility of 1.64%. This indicates that JPTS.L experiences smaller price fluctuations and is considered to be less risky than T1AP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JPTS.L | T1AP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.23% | 1.64% | -0.41% |
Volatility (6M)Calculated over the trailing 6-month period | 4.68% | 4.79% | -0.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.37% | 6.41% | -0.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.32% | 16.32% | -8.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.95% | 2,962.48% | -2,949.53% |
JPTS.L vs. T1AP.L - Expense Ratio Comparison
JPTS.L has a 0.18% expense ratio, which is higher than T1AP.L's 0.06% 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
JPTS.L vs. T1AP.L - Dividend Comparison
JPTS.L's dividend yield for the trailing twelve months is around 4.11%, while T1AP.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
JPTS.L JPM USD Ultra-Short Income Active UCITS ETF USD (Dist) | 4.11% | 4.38% | 5.19% | 4.55% | 1.16% | 0.66% | 2.03% | 2.76% | 1.74% |
T1AP.L Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.95, JPTS.L and T1AP.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
On fees, T1AP.L is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.
T1AP.L is cheaper with a 0.06% expense ratio, compared with 0.18% for JPTS.L.
They also come from different issuers: JPMorgan and Invesco. Their fees differ too: 0.18% for JPTS.L and 0.06% for T1AP.L.
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