UTWO vs. JPLD
UTWO (US Treasury 2 Year Note ETF) and JPLD (JPMorgan Limited Duration Bond ETF) are both exchange-traded funds - UTWO is a Government Bonds fund tracking the ICE BofA Current 2 Year US Treasury Index - Benchmark TR Gross, while JPLD is a Short-Term Bond fund actively managed by JPMorgan. UTWO is passively managed, while JPLD is actively managed. Over the past 3 years, UTWO returned 3.92%/yr vs 5.86%/yr for JPLD. Their 0.72 correlation means they have sometimes moved together and sometimes differently. UTWO charges 0.15%/yr vs 0.24%/yr for JPLD.
Performance
UTWO vs. JPLD - Performance Comparison
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Returns By Period
In the year-to-date period, UTWO achieves a 0.78% return, which is significantly lower than JPLD's 1.75% return.
UTWO
- 1D
- 0.13%
- 1M
- 0.18%
- 6M
- 0.66%
- YTD
- 0.78%
- 1Y
- 2.51%
- 3Y*
- 3.92%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 2.96%
JPLD
- 1D
- 0.15%
- 1M
- 0.32%
- 6M
- 1.19%
- YTD
- 1.75%
- 1Y
- 3.90%
- 3Y*
- 5.86%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 5.79%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $14.52M | $21.22M | $23.95M | |
| $4.51M | $4.39M | $4.62M |
UTWO vs. JPLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
UTWO US Treasury 2 Year Note ETF | 0.78% | 4.79% | 3.71% | 2.76% |
JPLD JPMorgan Limited Duration Bond ETF | 1.75% | 6.01% | 6.49% | 3.15% |
Correlation
The correlation between UTWO and JPLD is 0.76, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.76 |
Correlation (3Y) Balances recent behavior with more history. | 0.72 |
Correlation (All Time) Calculated using the full available price history since Jul 31, 2023 | 0.72 |
The correlation between UTWO and JPLD has been stable across timeframes, ranging from 0.72 to 0.76 - a consistent structural relationship.
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Return for Risk
UTWO vs. JPLD — Risk / Return Rank
UTWO
JPLD
UTWO vs. JPLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for US Treasury 2 Year Note ETF (UTWO) and JPMorgan Limited Duration Bond ETF (JPLD). 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.
| UTWO | JPLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.71 | ||
| Sortino ratioReturn per unit of downside risk | -1.11 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.54 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 2.80 | 3.90 | -1.10 |
| Martin ratioReturn relative to average drawdown | 9.69 | 17.74 | -8.05 |
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Drawdowns
UTWO vs. JPLD - Drawdown Comparison
The maximum UTWO drawdown since its inception was -2.04%, which is greater than JPLD's maximum drawdown of -1.17%. Use the drawdown chart below to compare losses from any high point for UTWO and JPLD.
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Drawdown Indicators
| UTWO | JPLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.04% | -1.17% | -0.87% |
Max Drawdown (1Y)Largest decline over 1 year | -0.90% | -1.00% | +0.10% |
Max Drawdown (3Y)Largest decline over 3 years | -1.08% | -1.17% | +0.09% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.47% | -0.15% | -0.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.26% | 0.22% | +0.04% |
Volatility
UTWO vs. JPLD - Volatility Comparison
US Treasury 2 Year Note ETF (UTWO) has a higher volatility of 0.40% compared to JPMorgan Limited Duration Bond ETF (JPLD) at 0.37%. This indicates that UTWO's price experiences larger fluctuations and is considered to be riskier than JPLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UTWO | JPLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.40% | 0.37% | +0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 1.07% | 1.10% | -0.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.28% | 1.47% | -0.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.05% | 1.82% | +0.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.05% | 1.82% | +0.23% |
UTWO vs. JPLD - Expense Ratio Comparison
UTWO has a 0.15% expense ratio, which is lower than JPLD's 0.24% 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
UTWO vs. JPLD - Dividend Comparison
UTWO's dividend yield for the trailing twelve months is around 3.53%, less than JPLD's 4.28% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
JPLD JPMorgan Limited Duration Bond ETF | 4.28% | 4.24% | 4.47% | 1.83% | 0.00% |
UTWO US Treasury 2 Year Note ETF | 3.53% | 3.63% | 4.22% | 4.39% | 1.22% |
Frequently Asked Questions
UTWO and JPLD 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.
UTWO has higher volatility (0.40%) compared to JPLD (0.37%). In terms of maximum drawdown, UTWO dropped -2.04% vs JPLD's -1.17%.
On 3-year performance, JPLD leads with 5.86% vs 3.92% for UTWO. On fees, UTWO 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.
Over the 3-year period, JPLD has performed better with a 5.86% return vs 3.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UTWO is cheaper with a 0.15% expense ratio, compared with 0.24% for JPLD.
JPLD has the higher dividend yield at 4.28%, compared with 3.53% for UTWO.
UTWO is categorized as Government Bonds, while JPLD is Short-Term Bond. They also come from different issuers: US Benchmark Series and JPMorgan. Their fees differ too: 0.15% for UTWO and 0.24% for JPLD.
JPLD currently has the higher Sharpe Ratio (2.67 vs 1.97), 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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