JPTS.L vs. TRIS.L

Last updated Jul 18, 2026

JPTS.L (JPM USD Ultra-Short Income Active UCITS ETF USD (Dist)) and TRIS.L (Invesco US Treasury Bond 0-1 Year UCITS ETF Dist) are both exchange-traded funds - JPTS.L is a Ultrashort Bond fund actively managed by JPMorgan, while TRIS.L is a Government Bonds fund tracking the Bloomberg US Treasury Coupons Index. JPTS.L is actively managed, while TRIS.L is passively managed. Over the past 5 years, JPTS.L returned 4.17%/yr vs 3.64%/yr for TRIS.L. With a 0.99 correlation, they move nearly in lockstep. JPTS.L charges 0.18%/yr vs 0.06%/yr for TRIS.L.

Performance

JPTS.L vs. TRIS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in JPM USD Ultra-Short Income Active UCITS ETF USD (Dist) (JPTS.L) and Invesco US Treasury Bond 0-1 Year UCITS ETF Dist (TRIS.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

JPTS.L is traded in GBP, while TRIS.L is traded in GBp. To make them comparable, the TRIS.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

As of year-to-date, both investments have demonstrated similar returns, with JPTS.L at 1.83% and TRIS.L at 1.83%.

JPTS.L

• 1D: 0.24%
• 1M: -0.20%
• 6M: 1.14%
• YTD: 1.83%
• 1Y: 3.80%
• 3Y*: 4.09%
• 5Y*: 4.17%
• 10Y*: —

TRIS.L

• 1D: 0.19%
• 1M: -0.10%
• 6M: 1.16%
• YTD: 1.83%
• 1Y: 2.58%
• 3Y*: 3.30%
• 5Y*: 3.64%
• 10Y*: —

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

JPTS.L vs. TRIS.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%
TRIS.L Invesco US Treasury Bond 0-1 Year UCITS ETF Dist	1.83%	-3.73%	6.84%	-0.75%	12.57%	1.25%	-26.09%

Correlation

The correlation between JPTS.L and TRIS.L is 0.99 - 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	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.99
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	0.99

The correlation between JPTS.L and TRIS.L has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.

Return for Risk

JPTS.L vs. TRIS.L — Risk / Return Rank

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

JPTS.L

JPTS.L Risk / Return Rank: 22
JPTS.L Sharpe Ratio Rank: 23
JPTS.L Sortino Ratio Rank: 21
JPTS.L Omega Ratio Rank: 20
JPTS.L Calmar Ratio Rank: 24
JPTS.L Martin Ratio Rank: 24

TRIS.L

TRIS.L Risk / Return Rank: 16
TRIS.L Sharpe Ratio Rank: 17
TRIS.L Sortino Ratio Rank: 16
TRIS.L Omega Ratio Rank: 15
TRIS.L Calmar Ratio Rank: 17
TRIS.L Martin Ratio Rank: 17

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.

JPTS.L vs. TRIS.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 Dist (TRIS.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	TRIS.L	Difference
Sharpe ratio: Return per unit of total volatility	0.60	0.39	+0.20
Sortino ratio: Return per unit of downside risk	0.91	0.60	+0.31
Omega ratio: Gain probability vs. loss probability	1.11	1.07	+0.03
Calmar ratio: Return relative to maximum drawdown	0.87	0.47	+0.40
Martin ratio: Return relative to average drawdown	2.22	1.12	+1.10

JPTS.L vs. TRIS.L - Sharpe Ratio Comparison

The current JPTS.L Sharpe Ratio is 0.60, which is higher than the TRIS.L Sharpe Ratio of 0.39. The chart below compares the historical Sharpe Ratios of JPTS.L and TRIS.L, 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

JPTS.L vs. TRIS.L - Drawdown Comparison

The maximum JPTS.L drawdown since its inception was -30.07%, roughly equal to the maximum TRIS.L drawdown of -28.86%. Use the drawdown chart below to compare losses from any high point for JPTS.L and TRIS.L.

Drawdown Indicators

	JPTS.L	TRIS.L	Difference
Max Drawdown Largest peak-to-trough decline	-30.07%	-28.86%	-1.21%
Max Drawdown (1Y) Largest decline over 1 year	-4.35%	-5.42%	+1.07%
Max Drawdown (3Y) Largest decline over 3 years	-9.36%	-9.71%	+0.35%
Max Drawdown (5Y) Largest decline over 5 years	-15.32%	-15.37%	+0.05%
Current Drawdown Current decline from peak	-4.15%	-12.45%	+8.30%
Average Drawdown Average peak-to-trough decline	-13.92%	-17.93%	+4.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.71%	2.30%	-0.59%

Volatility

JPTS.L vs. TRIS.L - Volatility Comparison

JPM USD Ultra-Short Income Active UCITS ETF USD (Dist) (JPTS.L) and Invesco US Treasury Bond 0-1 Year UCITS ETF Dist (TRIS.L) have volatilities of 1.23% and 1.27%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JPTS.L	TRIS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.23%	1.27%	-0.04%
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%	6.58%	-0.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.32%	8.36%	-0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.95%	12.69%	+0.26%

JPTS.L vs. TRIS.L - Expense Ratio Comparison

JPTS.L has a 0.18% expense ratio, which is higher than TRIS.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. TRIS.L - Dividend Comparison

JPTS.L's dividend yield for the trailing twelve months is around 4.11%, more than TRIS.L's 2.94% yield.

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%
TRIS.L Invesco US Treasury Bond 0-1 Year UCITS ETF Dist	2.94%	3.27%	4.87%	4.68%	1.52%	0.10%	0.57%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JPTS.L and TRIS.L in my portfolio?

With a correlation of 0.99, JPTS.L and TRIS.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.

Which ETF is better, JPTS.L or TRIS.L?

On fees, TRIS.L is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, JPTS.L or TRIS.L?

TRIS.L is cheaper with a 0.06% expense ratio, compared with 0.18% for JPTS.L.

What is the main difference between JPTS.L and TRIS.L?

JPTS.L is categorized as Ultrashort Bond, while TRIS.L is Government Bonds. They also come from different issuers: JPMorgan and Invesco. Their fees differ too: 0.18% for JPTS.L and 0.06% for TRIS.L.