TIP vs. JPST
TIP (iShares TIPS Bond ETF) and JPST (JPMorgan Ultra-Short Income ETF) are both exchange-traded funds - TIP is a Inflation-Protected Bonds fund tracking the ICE U.S. Treasury Inflation Linked Bond Index, while JPST is a Ultrashort Bond fund actively managed by JPMorgan. TIP is passively managed, while JPST is actively managed. Over the past 5 years, TIP returned 1.10%/yr vs 3.64%/yr for JPST. At a 0.32 correlation, their price movements are largely independent. Both charge a 0.18% expense ratio.
Performance
TIP vs. JPST - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with TIP having a 1.53% return and JPST slightly higher at 1.56%.
TIP
- 1D
- 0.14%
- 1M
- 0.39%
- YTD
- 1.53%
- 6M
- 1.63%
- 1Y
- 4.91%
- 3Y*
- 3.83%
- 5Y*
- 1.10%
- 10Y*
- 2.54%
JPST
- 1D
- 0.06%
- 1M
- 0.37%
- YTD
- 1.56%
- 6M
- 1.76%
- 1Y
- 4.34%
- 3Y*
- 5.19%
- 5Y*
- 3.64%
- 10Y*
- —
TIP vs. JPST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TIP iShares TIPS Bond ETF | 1.53% | 6.77% | 1.65% | 3.80% | -12.26% | 5.68% | 10.84% | 8.35% | -1.42% | 1.43% |
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 TIP and JPST is 0.51, 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 | 0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.55 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since May 19, 2017 | 0.32 |
The correlation between TIP and JPST shifts across timeframes, from 0.32 (all time) to 0.55 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
TIP vs. JPST — Risk / Return Rank
TIP
JPST
TIP vs. JPST - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares TIPS Bond ETF (TIP) 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.
| TIP | JPST | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -6.72 | ||
| Sortino ratioReturn per unit of downside risk | -15.74 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 4.00 | -2.73 |
| Calmar ratioReturn relative to maximum drawdown | 2.49 | 29.30 | -26.81 |
| Martin ratioReturn relative to average drawdown | 7.45 | 143.82 | -136.37 |
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Drawdowns
TIP vs. JPST - Drawdown Comparison
The maximum TIP drawdown since its inception was -14.57%, which is greater than JPST's maximum drawdown of -3.28%. Use the drawdown chart below to compare losses from any high point for TIP and JPST.
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Drawdown Indicators
| TIP | JPST | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.57% | -3.28% | -11.29% |
Max Drawdown (1Y)Largest decline over 1 year | -1.98% | -0.15% | -1.83% |
Max Drawdown (3Y)Largest decline over 3 years | -4.54% | -0.30% | -4.24% |
Max Drawdown (5Y)Largest decline over 5 years | -14.51% | -0.79% | -13.72% |
Max Drawdown (10Y)Largest decline over 10 years | -14.51% | — | — |
Current DrawdownCurrent decline from peak | -0.33% | 0.00% | -0.33% |
Average DrawdownAverage peak-to-trough decline | -3.43% | -0.08% | -3.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.66% | 0.03% | +0.63% |
Volatility
TIP vs. JPST - Volatility Comparison
iShares TIPS Bond ETF (TIP) has a higher volatility of 1.03% compared to JPMorgan Ultra-Short Income ETF (JPST) at 0.16%. This indicates that TIP'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
| TIP | JPST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.03% | 0.16% | +0.87% |
Volatility (6M)Calculated over the trailing 6-month period | 2.33% | 0.36% | +1.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.38% | 0.53% | +2.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.21% | 0.58% | +5.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.74% | 0.93% | +4.81% |
TIP vs. JPST - Expense Ratio Comparison
Both TIP and JPST have an expense ratio of 0.18%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
TIP vs. JPST - Dividend Comparison
TIP's dividend yield for the trailing twelve months is around 3.76%, less 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% |
TIP iShares TIPS Bond ETF | 3.76% | 3.46% | 2.52% | 2.73% | 6.96% | 4.28% | 1.17% | 1.75% | 2.71% | 2.07% | 1.48% | 0.34% |
Frequently Asked Questions
TIP and JPST have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TIP has higher volatility (1.03%) compared to JPST (0.16%). In terms of maximum drawdown, TIP dropped -14.57% vs JPST's -3.28%.
On 5-year performance, JPST leads with 3.64% vs 1.10% for TIP. Both ETFs have the same 0.18% expense ratio. 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 1.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TIP and JPST have the same expense ratio: 0.18% per year.
JPST has the higher dividend yield at 4.25%, compared with 3.76% for TIP.
TIP is categorized as Inflation-Protected Bonds, while JPST is Ultrashort Bond. They also come from different issuers: iShares and JPMorgan.
JPST currently has the higher Sharpe Ratio (8.18 vs 1.46), 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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