USHY vs. JPIE
USHY (iShares Broad USD High Yield Corporate Bond ETF) and JPIE (JPMorgan Income ETF) are both exchange-traded funds - USHY is a High Yield Bonds fund tracking the ICE BofA US High Yield Constrained, while JPIE is a Multisector Bonds fund actively managed by JPMorgan. USHY is passively managed, while JPIE is actively managed. Over the past 3 years, USHY returned 8.91%/yr vs 6.43%/yr for JPIE. A 0.68 correlation means they provide meaningful diversification when combined. USHY charges 0.15%/yr vs 0.40%/yr for JPIE.
Performance
USHY vs. JPIE - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with USHY having a 1.42% return and JPIE slightly higher at 1.43%.
USHY
- 1D
- -0.27%
- 1M
- 0.40%
- YTD
- 1.42%
- 6M
- 1.77%
- 1Y
- 7.02%
- 3Y*
- 8.91%
- 5Y*
- 4.24%
- 10Y*
- —
JPIE
- 1D
- -0.13%
- 1M
- 0.37%
- YTD
- 1.43%
- 6M
- 1.83%
- 1Y
- 5.90%
- 3Y*
- 6.43%
- 5Y*
- —
- 10Y*
- —
USHY vs. JPIE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
USHY iShares Broad USD High Yield Corporate Bond ETF | 1.42% | 8.81% | 8.45% | 12.73% | -11.18% | 0.90% |
JPIE JPMorgan Income ETF | 1.43% | 7.39% | 6.32% | 7.07% | -6.13% | 0.30% |
Correlation
The correlation between USHY and JPIE is 0.70, 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 | 0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Nov 3, 2021 | 0.68 |
The correlation between USHY and JPIE has been stable across timeframes, ranging from 0.68 to 0.70 - a consistent structural relationship.
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Return for Risk
USHY vs. JPIE — Risk / Return Rank
USHY
JPIE
USHY vs. JPIE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Broad USD High Yield Corporate Bond ETF (USHY) and JPMorgan Income ETF (JPIE). 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.
| USHY | JPIE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.79 | ||
| Sortino ratioReturn per unit of downside risk | -2.96 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.84 | -0.47 |
| Calmar ratioReturn relative to maximum drawdown | 2.90 | 5.16 | -2.26 |
| Martin ratioReturn relative to average drawdown | 13.03 | 25.53 | -12.50 |
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
| USHY | JPIE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.93 | 3.73 | -1.79 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.58 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.58 | 0.98 | -0.40 |
Drawdowns
USHY vs. JPIE - Drawdown Comparison
The maximum USHY drawdown since its inception was -22.44%, which is greater than JPIE's maximum drawdown of -9.96%. Use the drawdown chart below to compare losses from any high point for USHY and JPIE.
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Drawdown Indicators
| USHY | JPIE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.44% | -9.96% | -12.48% |
Max Drawdown (1Y)Largest decline over 1 year | -2.43% | -1.15% | -1.28% |
Max Drawdown (3Y)Largest decline over 3 years | -4.66% | -2.40% | -2.26% |
Max Drawdown (5Y)Largest decline over 5 years | -15.56% | — | — |
Current DrawdownCurrent decline from peak | -0.27% | -0.13% | -0.14% |
Average DrawdownAverage peak-to-trough decline | -2.67% | -2.10% | -0.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.54% | 0.23% | +0.31% |
Volatility
USHY vs. JPIE - Volatility Comparison
iShares Broad USD High Yield Corporate Bond ETF (USHY) has a higher volatility of 1.13% compared to JPMorgan Income ETF (JPIE) at 0.60%. This indicates that USHY's price experiences larger fluctuations and is considered to be riskier than JPIE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USHY | JPIE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.13% | 0.60% | +0.53% |
Volatility (6M)Calculated over the trailing 6-month period | 2.91% | 1.28% | +1.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.65% | 1.59% | +2.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.34% | 3.52% | +3.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.25% | 3.52% | +4.73% |
USHY vs. JPIE - Expense Ratio Comparison
USHY has a 0.15% expense ratio, which is lower than JPIE's 0.40% expense ratio.
Dividends
USHY vs. JPIE - Dividend Comparison
USHY's dividend yield for the trailing twelve months is around 6.92%, more than JPIE's 5.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
JPIE JPMorgan Income ETF | 5.62% | 5.65% | 6.11% | 5.70% | 4.49% | 0.63% | 0.00% | 0.00% | 0.00% | 0.00% |
USHY iShares Broad USD High Yield Corporate Bond ETF | 6.92% | 6.79% | 6.89% | 6.63% | 6.08% | 5.07% | 5.30% | 5.92% | 6.30% | 0.73% |
Frequently Asked Questions
USHY and JPIE have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USHY has higher volatility (1.13%) compared to JPIE (0.60%). In terms of maximum drawdown, USHY dropped -22.44% vs JPIE's -9.96%.
On 3-year performance, USHY leads with 8.91% vs 6.43% for JPIE. On fees, USHY is cheaper at 0.15% per year. On volatility, JPIE has been the lower-risk option at 0.60%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, USHY has performed better with a 8.91% return vs 6.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USHY is cheaper with a 0.15% expense ratio, compared with 0.40% for JPIE.
USHY has the higher dividend yield at 6.92%, compared with 5.62% for JPIE.
USHY is categorized as High Yield Bonds, while JPIE is Multisector Bonds. They also come from different issuers: iShares and JPMorgan. Their fees differ too: 0.15% for USHY and 0.40% for JPIE.
JPIE currently has the higher Sharpe Ratio (3.73 vs 1.93), 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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