OUSM vs. JPST

Last updated Jun 4, 2026

OUSM (OShares U.S. Small-Cap Quality Dividend ETF) and JPST (JPMorgan Ultra-Short Income ETF) are both exchange-traded funds - OUSM is a Small Cap Blend Equities fund tracking the O'Shares US Small-Cap Quality Dividend Index, while JPST is a Ultrashort Bond fund actively managed by JPMorgan. OUSM is passively managed, while JPST is actively managed. Over the past 5 years, OUSM returned 7.39%/yr vs 3.61%/yr for JPST. At a 0.06 correlation, their price movements are largely independent. OUSM charges 0.48%/yr vs 0.18%/yr for JPST.

Performance

OUSM vs. JPST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in OShares U.S. Small-Cap Quality Dividend ETF (OUSM) and JPMorgan Ultra-Short Income ETF (JPST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OUSM achieves a 6.80% return, which is significantly higher than JPST's 1.40% return.

OUSM

• 1D: -0.06%
• 1M: 1.69%
• YTD: 6.80%
• 6M: 6.94%
• 1Y: 10.89%
• 3Y*: 11.71%
• 5Y*: 7.39%
• 10Y*: —

JPST

• 1D: 0.00%
• 1M: 0.35%
• YTD: 1.40%
• 6M: 1.74%
• 1Y: 4.31%
• 3Y*: 5.16%
• 5Y*: 3.61%
• 10Y*: —

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

OUSM vs. JPST - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
OUSM OShares U.S. Small-Cap Quality Dividend ETF	6.80%	2.17%	13.45%	18.82%	-7.89%	21.45%	7.64%	28.04%	-10.60%	9.51%
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%

Correlation

The correlation between OUSM and JPST is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (5Y) Calculated over the trailing 5-year period	0.10
Correlation (All Time) Calculated using the full available price history since May 22, 2017	0.06

The correlation between OUSM and JPST shifts across timeframes, from 0.06 (all time) to 0.20 (1 year), reflecting how their relationship changes across market environments.

OUSM vs. JPST - Sectors Allocation Comparison

Sectors	OUSM	JPST
Industrials	22.8%	2.1%
Financial Services	21.1%	22.6%
Consumer Cyclical	19.3%	2.5%
Technology	13.5%	1.8%
Healthcare	9.2%	1.5%
Consumer Defensive	4.9%	0.7%
Utilities	3.9%	2.8%
Communication Services	3.8%	5.5%
Basic Materials	1.4%	0.2%
Energy	0.3%	0.4%
Real Estate	-	0.7%

Return for Risk

OUSM vs. JPST — Risk / Return Rank

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

OUSM

OUSM Risk / Return Rank: 24
OUSM Sharpe Ratio Rank: 23
OUSM Sortino Ratio Rank: 24
OUSM Omega Ratio Rank: 22
OUSM Calmar Ratio Rank: 25
OUSM Martin Ratio Rank: 25

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

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.

OUSM vs. JPST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for OShares U.S. Small-Cap Quality Dividend ETF (OUSM) and JPMorgan Ultra-Short Income ETF (JPST). 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.

	OUSM	JPST	Difference
Sharpe ratio: Return per unit of total volatility	0.83	8.09	-7.26
Sortino ratio: Return per unit of downside risk	1.34	17.60	-16.27
Omega ratio: Gain probability vs. loss probability	1.15	3.94	-2.79
Calmar ratio: Return relative to maximum drawdown	1.19	29.16	-27.97
Martin ratio: Return relative to average drawdown	3.47	144.13	-140.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OUSM vs. JPST - Sharpe Ratio Comparison

The current OUSM Sharpe Ratio is 0.83, which is lower than the JPST Sharpe Ratio of 8.09. The chart below compares the historical Sharpe Ratios of OUSM and JPST, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	OUSM	JPST	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.83	8.09	-7.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.46	6.32	-5.86
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	3.20	-2.73

Drawdowns

OUSM vs. JPST - Drawdown Comparison

The maximum OUSM drawdown since its inception was -39.84%, which is greater than JPST's maximum drawdown of -3.28%. Use the drawdown chart below to compare losses from any high point for OUSM and JPST.

Drawdown Indicators

	OUSM	JPST	Difference
Max Drawdown Largest peak-to-trough decline	-39.84%	-3.28%	-36.56%
Max Drawdown (1Y) Largest decline over 1 year	-9.21%	-0.15%	-9.06%
Max Drawdown (3Y) Largest decline over 3 years	-19.44%	-0.30%	-19.14%
Max Drawdown (5Y) Largest decline over 5 years	-19.44%	-0.79%	-18.65%
Current Drawdown Current decline from peak	-1.67%	-0.02%	-1.65%
Average Drawdown Average peak-to-trough decline	-5.22%	-0.08%	-5.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.14%	0.03%	+3.11%

Volatility

OUSM vs. JPST - Volatility Comparison

OShares U.S. Small-Cap Quality Dividend ETF (OUSM) has a higher volatility of 3.66% compared to JPMorgan Ultra-Short Income ETF (JPST) at 0.15%. This indicates that OUSM's price experiences larger fluctuations and is considered to be riskier than JPST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OUSM	JPST	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.66%	0.15%	+3.51%
Volatility (6M) Calculated over the trailing 6-month period	9.25%	0.36%	+8.89%
Volatility (1Y) Calculated over the trailing 1-year period	13.15%	0.54%	+12.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.30%	0.58%	+15.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.94%	0.93%	+18.01%

OUSM vs. JPST - Expense Ratio Comparison

OUSM has a 0.48% expense ratio, which is higher than JPST's 0.18% expense ratio.

Dividends

OUSM vs. JPST - Dividend Comparison

OUSM's dividend yield for the trailing twelve months is around 2.07%, less than JPST's 4.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
OUSM OShares U.S. Small-Cap Quality Dividend ETF	2.07%	2.09%	1.62%	1.64%	1.98%	1.55%	2.02%	1.99%	2.63%	2.17%

Frequently Asked Questions

Can I hold both OUSM and JPST in my portfolio?

OUSM and JPST have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OUSM or JPST?

OUSM has higher volatility (3.66%) compared to JPST (0.15%). In terms of maximum drawdown, OUSM dropped -39.84% vs JPST's -3.28%.

Which ETF is better, OUSM or JPST?

On 5-year performance, OUSM leads with 7.39% vs 3.61% for JPST. On fees, JPST is cheaper at 0.18% 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.

Which ETF has performed better, OUSM or JPST?

Over the 5-year period, OUSM has performed better with a 7.39% return vs 3.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OUSM or JPST?

JPST is cheaper with a 0.18% expense ratio, compared with 0.48% for OUSM.

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

JPST has the higher dividend yield at 4.26%, compared with 2.07% for OUSM.

What is the main difference between OUSM and JPST?

OUSM is categorized as Small Cap Blend Equities, while JPST is Ultrashort Bond. They also come from different issuers: O'Shares Investments and JPMorgan. Their fees differ too: 0.48% for OUSM and 0.18% for JPST.

Which has better risk-adjusted returns?

JPST currently has the higher Sharpe Ratio (8.09 vs 0.83), 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.