VTIP vs. JMSIX

Last updated Jun 9, 2026

VTIP (Vanguard Short-Term Inflation-Protected Securities ETF) and JMSIX (JPMorgan Income Fund) are both funds - VTIP is a Inflation-Protected Bonds fund tracking the Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Year Index, while JMSIX is a Multisector Bonds fund managed by JPMorgan. Over the past 10 years, VTIP returned 3.08%/yr vs 3.94%/yr for JMSIX. At a 0.44 correlation, their price movements are largely independent. VTIP charges 0.03%/yr vs 0.40%/yr for JMSIX.

Performance

VTIP vs. JMSIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Short-Term Inflation-Protected Securities ETF (VTIP) and JPMorgan Income Fund (JMSIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VTIP achieves a 1.76% return, which is significantly higher than JMSIX's 1.11% return. Over the past 10 years, VTIP has underperformed JMSIX with an annualized return of 3.08%, while JMSIX has yielded a comparatively higher 3.94% annualized return.

VTIP

• 1D: 0.00%
• 1M: -0.18%
• YTD: 1.76%
• 6M: 1.89%
• 1Y: 4.64%
• 3Y*: 5.17%
• 5Y*: 3.37%
• 10Y*: 3.08%

JMSIX

• 1D: -0.12%
• 1M: 0.03%
• YTD: 1.11%
• 6M: 1.85%
• 1Y: 5.80%
• 3Y*: 7.04%
• 5Y*: 2.76%
• 10Y*: 3.94%

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

VTIP vs. JMSIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VTIP Vanguard Short-Term Inflation-Protected Securities ETF	1.76%	6.07%	4.74%	4.62%	-2.94%	5.36%	4.95%	4.86%	0.56%	0.82%
JMSIX JPMorgan Income Fund	1.11%	7.68%	7.78%	6.14%	-8.24%	3.59%	3.07%	11.82%	1.03%	6.00%

Correlation

The correlation between VTIP and JMSIX is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (10Y) Calculated over the trailing 10-year period	0.46
Correlation (All Time) Calculated using the full available price history since Nov 10, 2014	0.44

The correlation between VTIP and JMSIX shifts across timeframes, from 0.44 (all time) to 0.63 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

VTIP vs. JMSIX — Risk / Return Rank

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

VTIP

VTIP Risk / Return Rank: 95
VTIP Sharpe Ratio Rank: 93
VTIP Sortino Ratio Rank: 96
VTIP Omega Ratio Rank: 95
VTIP Calmar Ratio Rank: 94
VTIP Martin Ratio Rank: 94

JMSIX

JMSIX Risk / Return Rank: 79
JMSIX Sharpe Ratio Rank: 61
JMSIX Sortino Ratio Rank: 90
JMSIX Omega Ratio Rank: 86
JMSIX Calmar Ratio Rank: 78
JMSIX Martin Ratio Rank: 80

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.

VTIP vs. JMSIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Short-Term Inflation-Protected Securities ETF (VTIP) and JPMorgan Income Fund (JMSIX). 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.

	VTIP	JMSIX	Difference
Sharpe ratio: Return per unit of total volatility	3.12	2.21	+0.91
Sortino ratio: Return per unit of downside risk	5.31	4.35	+0.97
Omega ratio: Gain probability vs. loss probability	1.66	1.58	+0.09
Calmar ratio: Return relative to maximum drawdown	6.66	3.43	+3.23
Martin ratio: Return relative to average drawdown	26.11	14.27	+11.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VTIP vs. JMSIX - Sharpe Ratio Comparison

The current VTIP Sharpe Ratio is 3.12, which is higher than the JMSIX Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of VTIP and JMSIX, 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

	VTIP	JMSIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.12	2.21	+0.91
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.22	0.74	+0.48
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.13	1.02	+0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.89	0.78	+0.10

Drawdowns

VTIP vs. JMSIX - Drawdown Comparison

The maximum VTIP drawdown since its inception was -6.27%, smaller than the maximum JMSIX drawdown of -18.40%. Use the drawdown chart below to compare losses from any high point for VTIP and JMSIX.

Drawdown Indicators

	VTIP	JMSIX	Difference
Max Drawdown Largest peak-to-trough decline	-6.27%	-18.40%	+12.13%
Max Drawdown (1Y) Largest decline over 1 year	-0.70%	-1.62%	+0.92%
Max Drawdown (3Y) Largest decline over 3 years	-0.98%	-2.31%	+1.33%
Max Drawdown (5Y) Largest decline over 5 years	-5.50%	-11.39%	+5.89%
Max Drawdown (10Y) Largest decline over 10 years	-6.27%	-18.40%	+12.13%
Current Drawdown Current decline from peak	-0.30%	-0.24%	-0.06%
Average Drawdown Average peak-to-trough decline	-1.04%	-2.56%	+1.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.18%	0.39%	-0.21%

Volatility

VTIP vs. JMSIX - Volatility Comparison

The current volatility for Vanguard Short-Term Inflation-Protected Securities ETF (VTIP) is 0.45%, while JPMorgan Income Fund (JMSIX) has a volatility of 0.79%. This indicates that VTIP experiences smaller price fluctuations and is considered to be less risky than JMSIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VTIP	JMSIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.45%	0.79%	-0.34%
Volatility (6M) Calculated over the trailing 6-month period	1.05%	1.89%	-0.84%
Volatility (1Y) Calculated over the trailing 1-year period	1.50%	2.53%	-1.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.78%	3.73%	-0.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.74%	3.87%	-1.13%

VTIP vs. JMSIX - Expense Ratio Comparison

VTIP has a 0.03% expense ratio, which is lower than JMSIX's 0.40% expense ratio.

Dividends

VTIP vs. JMSIX - Dividend Comparison

VTIP's dividend yield for the trailing twelve months is around 3.59%, less than JMSIX's 6.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
JMSIX JPMorgan Income Fund	6.04%	5.95%	5.78%	4.43%	4.78%	4.00%	4.95%	5.10%	5.43%	5.42%	0.46%
VTIP Vanguard Short-Term Inflation-Protected Securities ETF	3.59%	3.81%	2.70%	2.86%	6.84%	4.68%	1.20%	1.95%	2.45%	1.52%	0.76%

Frequently Asked Questions

Can I hold both VTIP and JMSIX in my portfolio?

VTIP and JMSIX have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VTIP or JMSIX?

JMSIX has higher volatility (0.79%) compared to VTIP (0.45%). In terms of maximum drawdown, VTIP dropped -6.27% vs JMSIX's -18.40%.

Which has better risk-adjusted returns?

VTIP currently has the higher Sharpe Ratio (3.12 vs 2.21), 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.