SPY vs. JPST

Last updated Jun 7, 2026

SPY (State Street SPDR S&P 500 ETF) and JPST (JPMorgan Ultra-Short Income ETF) are both exchange-traded funds - SPY is a S&P 500 fund tracking the S&P 500 Index, while JPST is a Ultrashort Bond fund actively managed by JPMorgan. SPY is passively managed, while JPST is actively managed. Over the past 5 years, SPY returned 13.32%/yr vs 3.60%/yr for JPST. At a 0.08 correlation, their price movements are largely independent. SPY charges 0.09%/yr vs 0.18%/yr for JPST.

Performance

SPY vs. JPST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR S&P 500 ETF (SPY) 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, SPY achieves a 8.45% return, which is significantly higher than JPST's 1.34% return.

SPY

• 1D: -2.58%
• 1M: 0.82%
• YTD: 8.45%
• 6M: 8.18%
• 1Y: 24.51%
• 3Y*: 21.43%
• 5Y*: 13.32%
• 10Y*: 15.16%

JPST

• 1D: -0.04%
• 1M: 0.18%
• YTD: 1.34%
• 6M: 1.66%
• 1Y: 4.25%
• 3Y*: 5.14%
• 5Y*: 3.60%
• 10Y*: —

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

SPY vs. JPST - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPY State Street SPDR S&P 500 ETF	8.45%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	13.66%
JPST JPMorgan Ultra-Short Income ETF	1.34%	4.99%	5.58%	5.13%	1.14%	0.11%	2.18%	3.34%	2.23%	1.00%

Correlation

The correlation between SPY and JPST is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.18
Correlation (5Y) Calculated over the trailing 5-year period	0.12
Correlation (All Time) Calculated using the full available price history since May 22, 2017	0.08

The correlation between SPY and JPST shifts across timeframes, from 0.08 (all time) to 0.24 (1 year), reflecting how their relationship changes across market environments.

SPY vs. JPST - Sectors Allocation Comparison

Sectors	SPY	JPST
Technology	35.9%	1.8%
Financial Services	11.8%	22.6%
Communication Services	11.3%	5.5%
Consumer Cyclical	10.3%	2.5%
Healthcare	8.4%	1.5%
Industrials	7.8%	2.1%
Consumer Defensive	4.8%	0.7%
Energy	3.6%	0.4%
Utilities	2.4%	2.8%
Real Estate	1.9%	0.7%
Basic Materials	1.8%	0.2%

Return for Risk

SPY vs. JPST — Risk / Return Rank

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

SPY

SPY Risk / Return Rank: 66
SPY Sharpe Ratio Rank: 66
SPY Sortino Ratio Rank: 63
SPY Omega Ratio Rank: 66
SPY Calmar Ratio Rank: 60
SPY Martin Ratio Rank: 73

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.

SPY vs. JPST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR S&P 500 ETF (SPY) 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.

	SPY	JPST	Difference
Sharpe ratio: Return per unit of total volatility	2.14	8.02	-5.88
Sortino ratio: Return per unit of downside risk	2.88	17.59	-14.72
Omega ratio: Gain probability vs. loss probability	1.39	3.90	-2.51
Calmar ratio: Return relative to maximum drawdown	2.92	28.74	-25.83
Martin ratio: Return relative to average drawdown	13.50	141.65	-128.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPY vs. JPST - Sharpe Ratio Comparison

The current SPY Sharpe Ratio is 2.14, which is lower than the JPST Sharpe Ratio of 8.02. The chart below compares the historical Sharpe Ratios of SPY 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

	SPY	JPST	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.14	8.02	-5.88
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.78	6.28	-5.50
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.85	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	3.19	-2.61

Drawdowns

SPY vs. JPST - Drawdown Comparison

The maximum SPY drawdown since its inception was -55.19%, which is greater than JPST's maximum drawdown of -3.28%. Use the drawdown chart below to compare losses from any high point for SPY and JPST.

Drawdown Indicators

	SPY	JPST	Difference
Max Drawdown Largest peak-to-trough decline	-55.19%	-3.28%	-51.91%
Max Drawdown (1Y) Largest decline over 1 year	-8.88%	-0.15%	-8.73%
Max Drawdown (3Y) Largest decline over 3 years	-18.76%	-0.30%	-18.46%
Max Drawdown (5Y) Largest decline over 5 years	-24.50%	-0.79%	-23.71%
Max Drawdown (10Y) Largest decline over 10 years	-33.72%	—	—
Current Drawdown Current decline from peak	-2.90%	-0.08%	-2.82%
Average Drawdown Average peak-to-trough decline	-9.05%	-0.08%	-8.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.91%	0.03%	+1.88%

Volatility

SPY vs. JPST - Volatility Comparison

State Street SPDR S&P 500 ETF (SPY) has a higher volatility of 3.73% compared to JPMorgan Ultra-Short Income ETF (JPST) at 0.15%. This indicates that SPY'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

	SPY	JPST	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.73%	0.15%	+3.58%
Volatility (6M) Calculated over the trailing 6-month period	9.31%	0.36%	+8.95%
Volatility (1Y) Calculated over the trailing 1-year period	12.12%	0.54%	+11.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.09%	0.58%	+16.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.95%	0.93%	+17.02%

SPY vs. JPST - Expense Ratio Comparison

SPY has a 0.09% expense ratio, which is lower than JPST's 0.18% 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

SPY vs. JPST - Dividend Comparison

SPY's dividend yield for the trailing twelve months is around 1.00%, less than JPST's 4.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.00%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both SPY and JPST in my portfolio?

SPY and JPST have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPY or JPST?

SPY has higher volatility (3.73%) compared to JPST (0.15%). In terms of maximum drawdown, SPY dropped -55.19% vs JPST's -3.28%.

Which ETF is better, SPY or JPST?

On 5-year performance, SPY leads with 13.32% vs 3.60% for JPST. On fees, SPY is cheaper at 0.09% 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, SPY or JPST?

Over the 5-year period, SPY has performed better with a 13.32% return vs 3.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPY or JPST?

SPY is cheaper with a 0.09% expense ratio, compared with 0.18% for JPST.

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

JPST has the higher dividend yield at 4.26%, compared with 1.00% for SPY.

What is the main difference between SPY and JPST?

SPY is categorized as S&P 500, while JPST is Ultrashort Bond. They also come from different issuers: State Street and JPMorgan. Their fees differ too: 0.09% for SPY and 0.18% for JPST.

Which has better risk-adjusted returns?

JPST currently has the higher Sharpe Ratio (8.02 vs 2.14), 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.