PBTP vs. JCPI

Last updated Jun 24, 2026

PBTP (Invesco PureBeta 0-5 Yr US TIPS ETF) and JCPI (JPMorgan Inflation Managed Bond ETF) are both Inflation-Protected Bonds funds. PBTP is passively managed, while JCPI is actively managed. Over the past 3 years, PBTP returned 4.96%/yr vs 4.95%/yr for JCPI. A 0.76 correlation means they provide meaningful diversification when combined. PBTP charges 0.07%/yr vs 0.25%/yr for JCPI.

Performance

PBTP vs. JCPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco PureBeta 0-5 Yr US TIPS ETF (PBTP) and JPMorgan Inflation Managed Bond ETF (JCPI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PBTP achieves a 1.39% return, which is significantly higher than JCPI's 0.71% return.

PBTP

• 1D: -0.03%
• 1M: -0.33%
• YTD: 1.39%
• 6M: 1.53%
• 1Y: 3.50%
• 3Y*: 4.96%
• 5Y*: 3.23%
• 10Y*: —

JCPI

• 1D: -0.15%
• 1M: -0.37%
• YTD: 0.71%
• 6M: 0.87%
• 1Y: 3.62%
• 3Y*: 4.95%
• 5Y*: —
• 10Y*: —

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

PBTP vs. JCPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
PBTP Invesco PureBeta 0-5 Yr US TIPS ETF	1.39%	5.98%	4.72%	4.53%	-2.22%
JCPI JPMorgan Inflation Managed Bond ETF	0.71%	7.10%	4.70%	5.04%	-5.53%

Correlation

The correlation between PBTP and JCPI is 0.67, 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	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (All Time) Calculated using the full available price history since Apr 11, 2022	0.76

The correlation between PBTP and JCPI has been stable across timeframes, ranging from 0.67 to 0.76 - a consistent structural relationship.

Return for Risk

PBTP vs. JCPI — Risk / Return Rank

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

PBTP

PBTP Risk / Return Rank: 81
PBTP Sharpe Ratio Rank: 73
PBTP Sortino Ratio Rank: 81
PBTP Omega Ratio Rank: 81
PBTP Calmar Ratio Rank: 87
PBTP Martin Ratio Rank: 85

JCPI

JCPI Risk / Return Rank: 40
JCPI Sharpe Ratio Rank: 35
JCPI Sortino Ratio Rank: 36
JCPI Omega Ratio Rank: 34
JCPI Calmar Ratio Rank: 49
JCPI Martin Ratio Rank: 46

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.

PBTP vs. JCPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco PureBeta 0-5 Yr US TIPS ETF (PBTP) and JPMorgan Inflation Managed Bond ETF (JCPI). 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.

	PBTP	JCPI	Difference
Sharpe ratio: Return per unit of total volatility	2.18	1.21	+0.97
Sortino ratio: Return per unit of downside risk	3.35	1.80	+1.55
Omega ratio: Gain probability vs. loss probability	1.45	1.22	+0.23
Calmar ratio: Return relative to maximum drawdown	4.63	2.27	+2.36
Martin ratio: Return relative to average drawdown	16.62	7.18	+9.44

PBTP vs. JCPI - Sharpe Ratio Comparison

The current PBTP Sharpe Ratio is 2.18, which is higher than the JCPI Sharpe Ratio of 1.21. The chart below compares the historical Sharpe Ratios of PBTP and JCPI, 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

PBTP vs. JCPI - Drawdown Comparison

The maximum PBTP drawdown since its inception was -5.44%, smaller than the maximum JCPI drawdown of -7.85%. Use the drawdown chart below to compare losses from any high point for PBTP and JCPI.

Drawdown Indicators

	PBTP	JCPI	Difference
Max Drawdown Largest peak-to-trough decline	-5.44%	-7.85%	+2.41%
Max Drawdown (1Y) Largest decline over 1 year	-0.76%	-1.60%	+0.84%
Max Drawdown (3Y) Largest decline over 3 years	-1.03%	-2.81%	+1.78%
Max Drawdown (5Y) Largest decline over 5 years	-5.44%	—	—
Current Drawdown Current decline from peak	-0.76%	-1.35%	+0.59%
Average Drawdown Average peak-to-trough decline	-0.75%	-1.85%	+1.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.21%	0.51%	-0.30%

Volatility

PBTP vs. JCPI - Volatility Comparison

The current volatility for Invesco PureBeta 0-5 Yr US TIPS ETF (PBTP) is 0.63%, while JPMorgan Inflation Managed Bond ETF (JCPI) has a volatility of 1.16%. This indicates that PBTP experiences smaller price fluctuations and is considered to be less risky than JCPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBTP	JCPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.63%	1.16%	-0.53%
Volatility (6M) Calculated over the trailing 6-month period	1.17%	2.21%	-1.04%
Volatility (1Y) Calculated over the trailing 1-year period	1.62%	3.02%	-1.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.85%	4.50%	-1.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.64%	4.50%	-1.86%

PBTP vs. JCPI - Expense Ratio Comparison

PBTP has a 0.07% expense ratio, which is lower than JCPI's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

PBTP vs. JCPI - Dividend Comparison

PBTP's dividend yield for the trailing twelve months is around 4.82%, more than JCPI's 3.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
JCPI JPMorgan Inflation Managed Bond ETF	3.97%	3.93%	3.98%	3.45%	3.29%	0.00%	0.00%	0.00%	0.00%	0.00%
PBTP Invesco PureBeta 0-5 Yr US TIPS ETF	4.82%	3.82%	2.59%	2.36%	5.33%	3.12%	1.25%	2.12%	2.33%	0.73%

Frequently Asked Questions

Can I hold both PBTP and JCPI in my portfolio?

PBTP and JCPI have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PBTP or JCPI?

JCPI has higher volatility (1.16%) compared to PBTP (0.63%). In terms of maximum drawdown, PBTP dropped -5.44% vs JCPI's -7.85%.

Which ETF is better, PBTP or JCPI?

On 3-year performance, PBTP leads with 4.96% vs 4.95% for JCPI. On fees, PBTP is cheaper at 0.07% per year. On volatility, PBTP has been the lower-risk option at 0.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBTP or JCPI?

Over the 3-year period, PBTP has performed better with a 4.96% return vs 4.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBTP or JCPI?

PBTP is cheaper with a 0.07% expense ratio, compared with 0.25% for JCPI.

Which ETF pays a higher dividend yield, PBTP or JCPI?

PBTP has the higher dividend yield at 4.82%, compared with 3.97% for JCPI.

What is the main difference between PBTP and JCPI?

They also come from different issuers: Invesco and JPMorgan. Their fees differ too: 0.07% for PBTP and 0.25% for JCPI.

Which has better risk-adjusted returns?

PBTP currently has the higher Sharpe Ratio (2.18 vs 1.21), 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.