UTRE vs. JPIE

Last updated Jun 4, 2026

UTRE (US Treasury 3 Year Note ETF) and JPIE (JPMorgan Income ETF) are both exchange-traded funds - UTRE is a Government Bonds fund tracking the ICE BofA Current 3-Year US Treasury Index - Benchmark TR Gross, while JPIE is a Multisector Bonds fund actively managed by JPMorgan. UTRE is passively managed, while JPIE is actively managed. Over the past 3 years, UTRE returned 3.64%/yr vs 6.43%/yr for JPIE. A 0.72 correlation means they provide meaningful diversification when combined. UTRE charges 0.15%/yr vs 0.41%/yr for JPIE.

Performance

UTRE vs. JPIE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in US Treasury 3 Year Note ETF (UTRE) and JPMorgan Income ETF (JPIE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UTRE achieves a -0.09% return, which is significantly lower than JPIE's 1.43% return.

UTRE

• 1D: -0.08%
• 1M: -0.10%
• YTD: -0.09%
• 6M: 0.06%
• 1Y: 2.93%
• 3Y*: 3.64%
• 5Y*: —
• 10Y*: —

JPIE

• 1D: -0.13%
• 1M: 0.37%
• YTD: 1.43%
• 6M: 1.83%
• 1Y: 5.90%
• 3Y*: 6.43%
• 5Y*: —
• 10Y*: —

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

UTRE vs. JPIE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
UTRE US Treasury 3 Year Note ETF	-0.09%	5.68%	2.96%	2.16%
JPIE JPMorgan Income ETF	1.43%	7.39%	6.32%	5.52%

Correlation

The correlation between UTRE and JPIE is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (All Time) Calculated using the full available price history since Mar 29, 2023	0.72

The correlation between UTRE and JPIE has been stable across timeframes, ranging from 0.72 to 0.76 - a consistent structural relationship.

Return for Risk

UTRE vs. JPIE — Risk / Return Rank

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

UTRE

UTRE Risk / Return Rank: 42
UTRE Sharpe Ratio Rank: 41
UTRE Sortino Ratio Rank: 46
UTRE Omega Ratio Rank: 41
UTRE Calmar Ratio Rank: 41
UTRE Martin Ratio Rank: 39

JPIE

JPIE Risk / Return Rank: 93
JPIE Sharpe Ratio Rank: 94
JPIE Sortino Ratio Rank: 96
JPIE Omega Ratio Rank: 96
JPIE Calmar Ratio Rank: 88
JPIE Martin Ratio Rank: 93

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.

UTRE vs. JPIE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for US Treasury 3 Year Note ETF (UTRE) 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.

	UTRE	JPIE	Difference
Sharpe ratio: Return per unit of total volatility	1.46	3.73	-2.27
Sortino ratio: Return per unit of downside risk	2.28	5.87	-3.59
Omega ratio: Gain probability vs. loss probability	1.27	1.84	-0.57
Calmar ratio: Return relative to maximum drawdown	2.05	5.16	-3.12
Martin ratio: Return relative to average drawdown	6.10	25.53	-19.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UTRE vs. JPIE - Sharpe Ratio Comparison

The current UTRE Sharpe Ratio is 1.46, which is lower than the JPIE Sharpe Ratio of 3.73. The chart below compares the historical Sharpe Ratios of UTRE and JPIE, 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

	UTRE	JPIE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.46	3.73	-2.27
Sharpe Ratio (All Time) Calculated using the full available price history	1.25	0.98	+0.27

Drawdowns

UTRE vs. JPIE - Drawdown Comparison

The maximum UTRE drawdown since its inception was -2.80%, smaller than the maximum JPIE drawdown of -9.96%. Use the drawdown chart below to compare losses from any high point for UTRE and JPIE.

Drawdown Indicators

	UTRE	JPIE	Difference
Max Drawdown Largest peak-to-trough decline	-2.80%	-9.96%	+7.16%
Max Drawdown (1Y) Largest decline over 1 year	-1.44%	-1.15%	-0.29%
Max Drawdown (3Y) Largest decline over 3 years	-1.86%	-2.40%	+0.54%
Current Drawdown Current decline from peak	-1.07%	-0.13%	-0.94%
Average Drawdown Average peak-to-trough decline	-0.77%	-2.10%	+1.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.48%	0.23%	+0.25%

Volatility

UTRE vs. JPIE - Volatility Comparison

US Treasury 3 Year Note ETF (UTRE) and JPMorgan Income ETF (JPIE) have volatilities of 0.58% and 0.60%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UTRE	JPIE	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.58%	0.60%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	1.41%	1.28%	+0.13%
Volatility (1Y) Calculated over the trailing 1-year period	2.02%	1.59%	+0.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.70%	3.52%	-0.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.70%	3.52%	-0.82%

UTRE vs. JPIE - Expense Ratio Comparison

UTRE has a 0.15% expense ratio, which is lower than JPIE's 0.41% expense ratio.

Dividends

UTRE vs. JPIE - Dividend Comparison

UTRE's dividend yield for the trailing twelve months is around 3.50%, less than JPIE's 5.62% yield.

Position	TTM	2025	2024	2023	2022	2021
JPIE JPMorgan Income ETF	5.62%	5.65%	6.11%	5.70%	4.49%	0.63%
UTRE US Treasury 3 Year Note ETF	3.50%	3.60%	4.01%	3.14%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UTRE and JPIE in my portfolio?

UTRE and JPIE have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UTRE or JPIE?

JPIE has higher volatility (0.60%) compared to UTRE (0.58%). In terms of maximum drawdown, UTRE dropped -2.80% vs JPIE's -9.96%.

Which ETF is better, UTRE or JPIE?

On 3-year performance, JPIE leads with 6.43% vs 3.64% for UTRE. On fees, UTRE is cheaper at 0.15% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UTRE or JPIE?

Over the 3-year period, JPIE has performed better with a 6.43% return vs 3.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UTRE or JPIE?

UTRE is cheaper with a 0.15% expense ratio, compared with 0.41% for JPIE.

Which ETF pays a higher dividend yield, UTRE or JPIE?

JPIE has the higher dividend yield at 5.62%, compared with 3.50% for UTRE.

What is the main difference between UTRE and JPIE?

UTRE is categorized as Government Bonds, while JPIE is Multisector Bonds. They also come from different issuers: US Benchmark Series and JPMorgan. Their fees differ too: 0.15% for UTRE and 0.41% for JPIE.

Which has better risk-adjusted returns?

JPIE currently has the higher Sharpe Ratio (3.73 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.