VGHY vs. JPHY

Last updated Apr 2, 2026

Compare and contrast key facts about Vanguard High-Yield Active ETF (VGHY) and JPMorgan High Yield Research Enhanced ETF (JPHY).

VGHY and JPHY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. VGHY is an actively managed fund by Vanguard. It was launched on Sep 16, 2025. JPHY is an actively managed fund by JPMorgan. It was launched on Sep 14, 2016.

Performance

VGHY vs. JPHY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard High-Yield Active ETF (VGHY) and JPMorgan High Yield Research Enhanced ETF (JPHY). The values are adjusted to include any dividend payments, if applicable.

VGHY vs. JPHY - Yearly Performance Comparison

	2026 (YTD)	2025
VGHY Vanguard High-Yield Active ETF	-0.05%	1.80%
JPHY JPMorgan High Yield Research Enhanced ETF	0.38%	1.45%

Returns By Period

In the year-to-date period, VGHY achieves a -0.05% return, which is significantly lower than JPHY's 0.38% return.

VGHY

• 1D: 0.32%
• 1M: -0.78%
• YTD: -0.05%
• 6M: 1.49%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

JPHY

• 1D: 0.22%
• 1M: -0.10%
• YTD: 0.38%
• 6M: 1.54%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

VGHY vs. JPHY - Expense Ratio Comparison

VGHY has a 0.22% expense ratio, which is lower than JPHY'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%.

JPHY

JPMorgan High Yield Research Enhanced ETF

VGHY

Vanguard High-Yield Active ETF

Return for Risk

VGHY vs. JPHY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard High-Yield Active ETF (VGHY) and JPMorgan High Yield Research Enhanced ETF (JPHY). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	VGHY	JPHY	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	1.87	-1.13

Correlation

The correlation between VGHY and JPHY is 0.70, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

VGHY vs. JPHY - Dividend Comparison

VGHY's dividend yield for the trailing twelve months is around 3.00%, less than JPHY's 4.91% yield.

	TTM	2025
VGHY Vanguard High-Yield Active ETF	3.00%	1.49%
JPHY JPMorgan High Yield Research Enhanced ETF	4.91%	3.32%

Drawdowns

VGHY vs. JPHY - Drawdown Comparison

The maximum VGHY drawdown since its inception was -2.66%, which is greater than JPHY's maximum drawdown of -1.65%. Use the drawdown chart below to compare losses from any high point for VGHY and JPHY.

Drawdown Indicators

	VGHY	JPHY	Difference
Max Drawdown Largest peak-to-trough decline	-2.66%	-1.65%	-1.01%
Current Drawdown Current decline from peak	-1.20%	-0.43%	-0.77%
Average Drawdown Average peak-to-trough decline	-0.45%	-0.23%	-0.22%

Volatility

Volatility by Period

	VGHY	JPHY	Difference
Volatility (1Y) Calculated over the trailing 1-year period	4.46%	3.09%	+1.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.46%	3.09%	+1.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.46%	3.09%	+1.37%