VBK vs. JCPI

Last updated Jun 13, 2026

VBK (Vanguard Small-Cap Growth ETF) and JCPI (JPMorgan Inflation Managed Bond ETF) are both exchange-traded funds - VBK is a Small Cap Growth Equities fund tracking the CRSP US Small Cap Growth Index, while JCPI is a Inflation-Protected Bonds fund actively managed by JPMorgan. VBK is passively managed, while JCPI is actively managed. Over the past 3 years, VBK returned 16.10%/yr vs 5.40%/yr for JCPI. At a 0.22 correlation, their price movements are largely independent. VBK charges 0.05%/yr vs 0.25%/yr for JCPI.

Performance

VBK vs. JCPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Small-Cap Growth ETF (VBK) and JPMorgan Inflation Managed Bond ETF (JCPI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VBK achieves a 16.25% return, which is significantly higher than JCPI's 1.34% return.

VBK

• 1D: 0.33%
• 1M: 2.22%
• YTD: 16.25%
• 6M: 14.67%
• 1Y: 29.81%
• 3Y*: 16.10%
• 5Y*: 4.87%
• 10Y*: 11.82%

JCPI

• 1D: -0.00%
• 1M: -0.48%
• YTD: 1.34%
• 6M: 1.12%
• 1Y: 4.86%
• 3Y*: 5.40%
• 5Y*: —
• 10Y*: —

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

VBK vs. JCPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
VBK Vanguard Small-Cap Growth ETF	16.25%	8.50%	16.50%	21.45%	-15.80%
JCPI JPMorgan Inflation Managed Bond ETF	1.34%	7.10%	4.70%	5.04%	-5.53%

Correlation

The correlation between VBK and JCPI is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (All Time) Calculated using the full available price history since Apr 11, 2022	0.22

VBK vs. JCPI - Sectors Allocation Comparison

Sectors	VBK	JCPI
Technology	25.9%	7.4%
Industrials	24.7%	0.9%
Healthcare	15.3%	4.4%
Consumer Cyclical	9.6%	1.2%
Financial Services	5.6%	8.2%
Energy	4.8%	1.2%
Real Estate	3.9%	4.8%
Communication Services	3.5%	9.8%
Basic Materials	3.2%	37.1%
Consumer Defensive	2.4%	0.4%
Utilities	1.2%	3.2%

Return for Risk

VBK vs. JCPI — Risk / Return Rank

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

VBK

VBK Risk / Return Rank: 53
VBK Sharpe Ratio Rank: 49
VBK Sortino Ratio Rank: 47
VBK Omega Ratio Rank: 45
VBK Calmar Ratio Rank: 61
VBK Martin Ratio Rank: 62

JCPI

JCPI Risk / Return Rank: 62
JCPI Sharpe Ratio Rank: 57
JCPI Sortino Ratio Rank: 64
JCPI Omega Ratio Rank: 58
JCPI Calmar Ratio Rank: 69
JCPI Martin Ratio Rank: 64

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.

VBK vs. JCPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Small-Cap Growth ETF (VBK) and JPMorgan Inflation Managed Bond ETF (JCPI). 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.

	VBK	JCPI	Difference
Sharpe ratio: Return per unit of total volatility	1.50	1.68	-0.18
Sortino ratio: Return per unit of downside risk	2.09	2.59	-0.50
Omega ratio: Gain probability vs. loss probability	1.26	1.31	-0.05
Calmar ratio: Return relative to maximum drawdown	2.62	3.05	-0.44
Martin ratio: Return relative to average drawdown	9.82	10.17	-0.35

VBK vs. JCPI - Sharpe Ratio Comparison

The current VBK Sharpe Ratio is 1.50, which is comparable to the JCPI Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of VBK and JCPI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VBK vs. JCPI - Drawdown Comparison

The maximum VBK drawdown since its inception was -58.68%, which is greater than JCPI's maximum drawdown of -7.85%. Use the drawdown chart below to compare losses from any high point for VBK and JCPI.

Drawdown Indicators

	VBK	JCPI	Difference
Max Drawdown Largest peak-to-trough decline	-58.68%	-7.85%	-50.83%
Max Drawdown (1Y) Largest decline over 1 year	-11.44%	-1.60%	-9.84%
Max Drawdown (3Y) Largest decline over 3 years	-27.54%	-2.81%	-24.73%
Max Drawdown (5Y) Largest decline over 5 years	-38.39%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-38.70%	—	—
Current Drawdown Current decline from peak	-2.04%	-0.74%	-1.30%
Average Drawdown Average peak-to-trough decline	-10.14%	-1.86%	-8.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.05%	0.48%	+2.57%

Volatility

VBK vs. JCPI - Volatility Comparison

Vanguard Small-Cap Growth ETF (VBK) has a higher volatility of 7.31% compared to JPMorgan Inflation Managed Bond ETF (JCPI) at 0.90%. This indicates that VBK's price experiences larger fluctuations and is considered to be riskier than JCPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VBK	JCPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.31%	0.90%	+6.41%
Volatility (6M) Calculated over the trailing 6-month period	15.61%	2.06%	+13.55%
Volatility (1Y) Calculated over the trailing 1-year period	19.96%	2.91%	+17.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.59%	4.49%	+19.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.92%	4.49%	+18.43%

VBK vs. JCPI - Expense Ratio Comparison

VBK has a 0.05% expense ratio, which is lower than JCPI's 0.25% 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

VBK vs. JCPI - Dividend Comparison

VBK's dividend yield for the trailing twelve months is around 0.45%, less than JCPI's 3.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JCPI JPMorgan Inflation Managed Bond ETF	3.95%	3.93%	3.98%	3.45%	3.29%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VBK Vanguard Small-Cap Growth ETF	0.45%	0.54%	0.54%	0.68%	0.55%	0.36%	0.44%	0.57%	0.79%	0.82%	1.08%	0.98%

Frequently Asked Questions

Can I hold both VBK and JCPI in my portfolio?

VBK and JCPI have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VBK or JCPI?

VBK has higher volatility (7.31%) compared to JCPI (0.90%). In terms of maximum drawdown, VBK dropped -58.68% vs JCPI's -7.85%.

Which ETF is better, VBK or JCPI?

On 3-year performance, VBK leads with 16.10% vs 5.40% for JCPI. On fees, VBK is cheaper at 0.05% per year. On volatility, JCPI has been the lower-risk option at 0.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VBK or JCPI?

Over the 3-year period, VBK has performed better with a 16.10% return vs 5.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VBK or JCPI?

VBK is cheaper with a 0.05% expense ratio, compared with 0.25% for JCPI.

Which ETF pays a higher dividend yield, VBK or JCPI?

JCPI has the higher dividend yield at 3.95%, compared with 0.45% for VBK.

What is the main difference between VBK and JCPI?

VBK is categorized as Small Cap Growth Equities, while JCPI is Inflation-Protected Bonds. They also come from different issuers: Vanguard and JPMorgan. Their fees differ too: 0.05% for VBK and 0.25% for JCPI.

Which has better risk-adjusted returns?

JCPI currently has the higher Sharpe Ratio (1.68 vs 1.50), 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.