U03A.L vs. JPSA.L
U03A.L (iShares USD Treasury Bond 0-3 Month UCITS ETF USD (Acc)) and JPSA.L (JPMorgan USD Ultra-Short Income Active UCITS ETF USD Acc) are both Ultrashort Bond funds. U03A.L is passively managed, while JPSA.L is actively managed. Over the past year, U03A.L returned 3.93% vs 4.30% for JPSA.L. At a 0.15 correlation, their price movements are largely independent. U03A.L charges 0.07%/yr vs 0.18%/yr for JPSA.L.
Performance
U03A.L vs. JPSA.L - Performance Comparison
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Returns By Period
In the year-to-date period, U03A.L achieves a 1.51% return, which is significantly higher than JPSA.L's 1.40% return.
U03A.L
- 1D
- 0.03%
- 1M
- 0.33%
- YTD
- 1.51%
- 6M
- 1.79%
- 1Y
- 3.93%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
JPSA.L
- 1D
- 0.00%
- 1M
- 0.24%
- YTD
- 1.40%
- 6M
- 1.70%
- 1Y
- 4.30%
- 3Y*
- 5.13%
- 5Y*
- 3.59%
- 10Y*
- —
U03A.L vs. JPSA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
U03A.L iShares USD Treasury Bond 0-3 Month UCITS ETF USD (Acc) | 1.51% | 4.22% | 1.33% |
JPSA.L JPMorgan USD Ultra-Short Income Active UCITS ETF USD Acc | 1.40% | 5.07% | 0.85% |
Correlation
The correlation between U03A.L and JPSA.L is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Sep 27, 2024 | 0.15 |
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Return for Risk
U03A.L vs. JPSA.L — Risk / Return Rank
U03A.L
JPSA.L
U03A.L vs. JPSA.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares USD Treasury Bond 0-3 Month UCITS ETF USD (Acc) (U03A.L) and JPMorgan USD Ultra-Short Income Active UCITS ETF USD Acc (JPSA.L). 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.
| U03A.L | JPSA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.38 | ||
| Sortino ratioReturn per unit of downside risk | +7.78 | ||
| Omega ratioGain probability vs. loss probability | 5.03 | 2.77 | +2.26 |
| Calmar ratioReturn relative to maximum drawdown | 41.98 | 21.05 | +20.93 |
| Martin ratioReturn relative to average drawdown | 274.18 | 105.71 | +168.47 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| U03A.L | JPSA.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 8.85 | 6.47 | +2.38 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 5.69 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 4.99 | 3.98 | +1.01 |
Drawdowns
U03A.L vs. JPSA.L - Drawdown Comparison
The maximum U03A.L drawdown since its inception was -0.83%, smaller than the maximum JPSA.L drawdown of -2.92%. Use the drawdown chart below to compare losses from any high point for U03A.L and JPSA.L.
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Drawdown Indicators
| U03A.L | JPSA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.83% | -2.92% | +2.09% |
Max Drawdown (1Y)Largest decline over 1 year | -0.10% | -0.21% | +0.11% |
Max Drawdown (3Y)Largest decline over 3 years | — | -0.39% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -0.86% | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.01% | -0.11% | +0.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.01% | 0.04% | -0.03% |
Volatility
U03A.L vs. JPSA.L - Volatility Comparison
The current volatility for iShares USD Treasury Bond 0-3 Month UCITS ETF USD (Acc) (U03A.L) is 0.13%, while JPMorgan USD Ultra-Short Income Active UCITS ETF USD Acc (JPSA.L) has a volatility of 0.22%. This indicates that U03A.L experiences smaller price fluctuations and is considered to be less risky than JPSA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| U03A.L | JPSA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.13% | 0.22% | -0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 0.26% | 0.50% | -0.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.45% | 0.68% | -0.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.88% | 0.63% | +0.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.88% | 0.80% | +0.08% |
U03A.L vs. JPSA.L - Expense Ratio Comparison
U03A.L has a 0.07% expense ratio, which is lower than JPSA.L'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
U03A.L vs. JPSA.L - Dividend Comparison
Neither U03A.L nor JPSA.L has paid dividends to shareholders.
Frequently Asked Questions
U03A.L and JPSA.L have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, U03A.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
U03A.L is cheaper with a 0.07% expense ratio, compared with 0.18% for JPSA.L.
They also come from different issuers: iShares and JPMorgan. Their fees differ too: 0.07% for U03A.L and 0.18% for JPSA.L.
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