PSP vs. JPST
PSP (Invesco Global Listed Private Equity ETF) and JPST (JPMorgan Ultra-Short Income ETF) are both exchange-traded funds - PSP is a Global Equities fund tracking the Red Rocks Global Listed Private Equity Index, while JPST is a Ultrashort Bond fund actively managed by JPMorgan. PSP is passively managed, while JPST is actively managed. Over the past 5 years, PSP returned 0.38%/yr vs 3.64%/yr for JPST. At a 0.09 correlation, their price movements are largely independent. PSP charges 1.44%/yr vs 0.18%/yr for JPST.
Performance
PSP vs. JPST - Performance Comparison
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Returns By Period
In the year-to-date period, PSP achieves a -11.42% return, which is significantly lower than JPST's 1.56% return.
PSP
- 1D
- 0.27%
- 1M
- -0.85%
- YTD
- -11.42%
- 6M
- -10.38%
- 1Y
- -5.41%
- 3Y*
- 9.76%
- 5Y*
- 0.38%
- 10Y*
- 8.12%
JPST
- 1D
- 0.06%
- 1M
- 0.37%
- YTD
- 1.56%
- 6M
- 1.76%
- 1Y
- 4.34%
- 3Y*
- 5.19%
- 5Y*
- 3.64%
- 10Y*
- —
PSP vs. JPST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PSP Invesco Global Listed Private Equity ETF | -11.42% | 6.49% | 17.42% | 37.72% | -37.37% | 27.30% | 12.47% | 35.73% | -15.12% | 11.48% |
JPST JPMorgan Ultra-Short Income ETF | 1.56% | 4.99% | 5.58% | 5.13% | 1.14% | 0.11% | 2.18% | 3.34% | 2.23% | 0.98% |
Correlation
The correlation between PSP and JPST is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since May 19, 2017 | 0.09 |
The correlation between PSP and JPST shifts across timeframes, from 0.09 (all time) to 0.27 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
PSP vs. JPST — Risk / Return Rank
PSP
JPST
PSP vs. JPST - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Global Listed Private Equity ETF (PSP) 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.
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.
| PSP | JPST | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -8.45 | ||
| Sortino ratioReturn per unit of downside risk | -18.23 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 4.00 | -3.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.24 | 29.30 | -29.54 |
| Martin ratioReturn relative to average drawdown | -0.54 | 143.82 | -144.36 |
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Drawdowns
PSP vs. JPST - Drawdown Comparison
The maximum PSP drawdown since its inception was -85.40%, which is greater than JPST's maximum drawdown of -3.28%. Use the drawdown chart below to compare losses from any high point for PSP and JPST.
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Drawdown Indicators
| PSP | JPST | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -85.40% | -3.28% | -82.12% |
Max Drawdown (1Y)Largest decline over 1 year | -22.37% | -0.15% | -22.22% |
Max Drawdown (3Y)Largest decline over 3 years | -22.94% | -0.30% | -22.64% |
Max Drawdown (5Y)Largest decline over 5 years | -47.16% | -0.79% | -46.37% |
Max Drawdown (10Y)Largest decline over 10 years | -47.16% | — | — |
Current DrawdownCurrent decline from peak | -15.75% | 0.00% | -15.75% |
Average DrawdownAverage peak-to-trough decline | -30.67% | -0.08% | -30.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.12% | 0.03% | +10.09% |
Volatility
PSP vs. JPST - Volatility Comparison
Invesco Global Listed Private Equity ETF (PSP) has a higher volatility of 7.43% compared to JPMorgan Ultra-Short Income ETF (JPST) at 0.16%. This indicates that PSP'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.
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Volatility by Period
| PSP | JPST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.43% | 0.16% | +7.27% |
Volatility (6M)Calculated over the trailing 6-month period | 16.48% | 0.36% | +16.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.15% | 0.53% | +19.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.85% | 0.58% | +23.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.47% | 0.93% | +21.54% |
PSP vs. JPST - Expense Ratio Comparison
PSP has a 1.44% expense ratio, which is higher than JPST's 0.18% expense ratio.
Dividends
PSP vs. JPST - Dividend Comparison
PSP's dividend yield for the trailing twelve months is around 6.52%, more than JPST's 4.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
JPST JPMorgan Ultra-Short Income ETF | 4.25% | 4.43% | 5.16% | 4.79% | 1.83% | 0.73% | 1.43% | 2.69% | 2.07% | 0.96% | 0.00% | 0.00% |
PSP Invesco Global Listed Private Equity ETF | 6.52% | 5.87% | 8.62% | 3.96% | 2.88% | 10.34% | 4.66% | 5.87% | 6.81% | 10.18% | 4.12% | 6.23% |
Frequently Asked Questions
PSP and JPST have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PSP has higher volatility (7.43%) compared to JPST (0.16%). In terms of maximum drawdown, PSP dropped -85.40% vs JPST's -3.28%.
On 5-year performance, JPST leads with 3.64% vs 0.38% for PSP. On fees, JPST is cheaper at 0.18% per year. On volatility, JPST has been the lower-risk option at 0.16%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, JPST has performed better with a 3.64% return vs 0.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JPST is cheaper with a 0.18% expense ratio, compared with 1.44% for PSP.
PSP has the higher dividend yield at 6.52%, compared with 4.25% for JPST.
PSP is categorized as Global Equities, while JPST is Ultrashort Bond. They also come from different issuers: Invesco and JPMorgan. Their fees differ too: 1.44% for PSP and 0.18% for JPST.
JPST currently has the higher Sharpe Ratio (8.18 vs -0.27), 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.
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