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JSET.L vs. UINC.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

JSET.L vs. UINC.L

Last updated Jul 16, 2026
Documentation

JSET.L (JPM EUR Ultra-Short Income Active UCITS ETF – EUR (acc)) and UINC.L (First Trust US Equity Income UCITS ETF) are both Dividend funds. JSET.L is actively managed, while UINC.L is passively managed. Over the past 5 years, JSET.L returned 1.84%/yr vs 10.14%/yr for UINC.L. At a 0.07 correlation, their price movements are largely independent.

Performance

JSET.L vs. UINC.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in JPM EUR Ultra-Short Income Active UCITS ETF – EUR (acc) (JSET.L) and First Trust US Equity Income UCITS ETF (UINC.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

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

Returns By Period

In the year-to-date period, JSET.L achieves a -1.70% return, which is significantly lower than UINC.L's 16.69% return.

JSET.L

1D
-0.70%
1M
-1.59%
6M
-1.17%
YTD
-1.70%
1Y
-0.09%
3Y*
2.93%
5Y*
1.84%
10Y*
—

UINC.L

1D
-0.42%
1M
1.33%
6M
13.40%
YTD
16.69%
1Y
22.27%
3Y*
14.34%
5Y*
10.14%
10Y*
9.99%
*Multi-year figures are annualized to reflect compound growth (CAGR)

JSET.L vs. UINC.L - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
JSET.L
JPM EUR Ultra-Short Income Active UCITS ETF – EUR (acc)		-1.70%7.88%-0.75%1.33%5.03%-6.82%5.33%-4.77%-10.78%
UINC.L
First Trust US Equity Income UCITS ETF		16.69%0.01%8.49%10.78%4.24%34.94%-2.77%12.59%-2.78%

Correlation

The correlation between JSET.L and UINC.L is 0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.02

Correlation (3Y)
Calculated over the trailing 3-year period

0.00

Correlation (5Y)
Calculated over the trailing 5-year period

0.04

Correlation (All Time)
Calculated using the full available price history since Jun 6, 2018

0.07

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JPM EUR Ultra-Short Income Active UCITS ETF – EUR (acc)

First Trust US Equity Income UCITS ETF

Return for Risk

JSET.L vs. UINC.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
JSET.L
JSET.L Risk / Return Rank: 99
Overall Rank
JSET.L Sharpe Ratio Rank: 99
Sharpe Ratio Rank
JSET.L Sortino Ratio Rank: 88
Sortino Ratio Rank
JSET.L Omega Ratio Rank: 88
Omega Ratio Rank
JSET.L Calmar Ratio Rank: 99
Calmar Ratio Rank
JSET.L Martin Ratio Rank: 99
Martin Ratio Rank
UINC.L
UINC.L Risk / Return Rank: 8181
Overall Rank
UINC.L Sharpe Ratio Rank: 7777
Sharpe Ratio Rank
UINC.L Sortino Ratio Rank: 7979
Sortino Ratio Rank
UINC.L Omega Ratio Rank: 7171
Omega Ratio Rank
UINC.L Calmar Ratio Rank: 9292
Calmar Ratio Rank
UINC.L Martin Ratio Rank: 8585
Martin Ratio Rank
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.

JSET.L vs. UINC.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPM EUR Ultra-Short Income Active UCITS ETF – EUR (acc) (JSET.L) and First Trust US Equity Income UCITS ETF (UINC.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.

JSET.LUINC.LDifference
Sharpe ratioReturn per unit of total volatility
-0.02
1.95

-1.97

Sortino ratioReturn per unit of downside risk
-0.00
2.83

-2.83

Omega ratioGain probability vs. loss probability

1.00

1.34

-0.34

Calmar ratioReturn relative to maximum drawdown

-0.03

4.79

-4.82

Martin ratioReturn relative to average drawdown

-0.08

13.50

-13.59

JSET.L vs. UINC.L - Sharpe Ratio Comparison

The current JSET.L Sharpe Ratio is -0.02, which is lower than the UINC.L Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of JSET.L and UINC.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.

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Drawdowns

JSET.L vs. UINC.L - Drawdown Comparison

The maximum JSET.L drawdown since its inception was -18.28%, smaller than the maximum UINC.L drawdown of -38.33%. Use the drawdown chart below to compare losses from any high point for JSET.L and UINC.L.

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Drawdown Indicators

JSET.LUINC.LDifference

Max Drawdown

Largest peak-to-trough decline

-18.28%

-38.33%

+20.05%

Max Drawdown (1Y)

Largest decline over 1 year

-2.70%

-5.10%

+2.40%

Max Drawdown (3Y)

Largest decline over 3 years

-14.03%

-23.09%

+9.06%

Max Drawdown (5Y)

Largest decline over 5 years

-14.03%

-23.09%

+9.06%

Max Drawdown (10Y)

Largest decline over 10 years

—

-38.33%

—

Current Drawdown

Current decline from peak

-7.86%

-0.88%

-6.98%

Average Drawdown

Average peak-to-trough decline

-12.12%

-8.26%

-3.86%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.05%

1.81%

-0.76%

Volatility

JSET.L vs. UINC.L - Volatility Comparison

The current volatility for JPM EUR Ultra-Short Income Active UCITS ETF – EUR (acc) (JSET.L) is 1.01%, while First Trust US Equity Income UCITS ETF (UINC.L) has a volatility of 3.50%. This indicates that JSET.L experiences smaller price fluctuations and is considered to be less risky than UINC.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

JSET.LUINC.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.01%

3.50%

-2.49%

Volatility (6M)

Calculated over the trailing 6-month period

2.79%

9.01%

-6.22%

Volatility (1Y)

Calculated over the trailing 1-year period

3.98%

12.64%

-8.66%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.13%

16.74%

-6.61%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

10.08%

19.57%

-9.49%

Dividends

JSET.L vs. UINC.L - Dividend Comparison

JSET.L has not paid dividends to shareholders, while UINC.L's dividend yield for the trailing twelve months is around 2.82%.

PositionTTM2025202420232022202120202019201820172016
JSET.L
JPM EUR Ultra-Short Income Active UCITS ETF – EUR (acc)		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
UINC.L
First Trust US Equity Income UCITS ETF		2.82%3.03%2.84%3.20%3.25%2.15%3.40%3.14%3.01%2.49%1.60%

Frequently Asked Questions

JSET.L and UINC.L have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

They also come from different issuers: ETF Issuer and First Trust.

Portfolio Optimizer

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