VUSFX vs. JMGIX

Last updated Jun 4, 2026

VUSFX (Vanguard Ultra-Short-Term Bond Fund Admiral Shares) and JMGIX (JPMorgan Managed Income Fund) are both mutual funds - VUSFX is a Total Bond Market fund managed by Vanguard, while JMGIX is a Ultrashort Bond fund managed by BlackRock. Over the past 10 years, VUSFX returned 2.71%/yr vs 2.46%/yr for JMGIX. At a 0.31 correlation, their price movements are largely independent. VUSFX charges 0.10%/yr vs 0.25%/yr for JMGIX.

Performance

VUSFX vs. JMGIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Ultra-Short-Term Bond Fund Admiral Shares (VUSFX) and JPMorgan Managed Income Fund (JMGIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with VUSFX having a 1.42% return and JMGIX slightly lower at 1.37%. Over the past 10 years, VUSFX has outperformed JMGIX with an annualized return of 2.71%, while JMGIX has yielded a comparatively lower 2.46% annualized return.

VUSFX

• 1D: 0.00%
• 1M: 0.36%
• YTD: 1.42%
• 6M: 1.76%
• 1Y: 4.51%
• 3Y*: 5.44%
• 5Y*: 3.50%
• 10Y*: 2.71%

JMGIX

• 1D: 0.00%
• 1M: 0.34%
• YTD: 1.37%
• 6M: 1.72%
• 1Y: 4.23%
• 3Y*: 4.90%
• 5Y*: 3.35%
• 10Y*: 2.46%

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

VUSFX vs. JMGIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VUSFX Vanguard Ultra-Short-Term Bond Fund Admiral Shares	1.42%	5.11%	6.11%	5.53%	-0.38%	0.08%	2.10%	3.39%	2.10%	1.37%
JMGIX JPMorgan Managed Income Fund	1.37%	4.87%	5.36%	4.18%	1.13%	0.05%	1.32%	3.02%	2.07%	1.30%

Correlation

The correlation between VUSFX and JMGIX is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.40
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (10Y) Calculated over the trailing 10-year period	0.31
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.31

Return for Risk

VUSFX vs. JMGIX — Risk / Return Rank

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

VUSFX

VUSFX Risk / Return Rank: 100
VUSFX Sharpe Ratio Rank: 100
VUSFX Sortino Ratio Rank: 100
VUSFX Omega Ratio Rank: 100
VUSFX Calmar Ratio Rank: 100
VUSFX Martin Ratio Rank: 100

JMGIX

JMGIX Risk / Return Rank: 97
JMGIX Sharpe Ratio Rank: 92
JMGIX Sortino Ratio Rank: 99
JMGIX Omega Ratio Rank: 98
JMGIX Calmar Ratio Rank: 99
JMGIX Martin Ratio Rank: 99

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.

VUSFX vs. JMGIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Ultra-Short-Term Bond Fund Admiral Shares (VUSFX) and JPMorgan Managed Income Fund (JMGIX). 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.

	VUSFX	JMGIX	Difference
Sharpe ratio: Return per unit of total volatility	7.69	3.08	+4.61
Sortino ratio: Return per unit of downside risk	15.39	7.90	+7.49
Omega ratio: Gain probability vs. loss probability	4.69	2.49	+2.20
Calmar ratio: Return relative to maximum drawdown	18.20	10.68	+7.52
Martin ratio: Return relative to average drawdown	108.57	49.62	+58.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VUSFX vs. JMGIX - Sharpe Ratio Comparison

The current VUSFX Sharpe Ratio is 7.69, which is higher than the JMGIX Sharpe Ratio of 3.08. The chart below compares the historical Sharpe Ratios of VUSFX and JMGIX, 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

	VUSFX	JMGIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	7.69	3.08	+4.61
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	4.35	2.62	+1.73
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	4.00	2.33	+1.68
Sharpe Ratio (All Time) Calculated using the full available price history	4.00	2.00	+2.00

Drawdowns

VUSFX vs. JMGIX - Drawdown Comparison

The maximum VUSFX drawdown since its inception was -1.71%, smaller than the maximum JMGIX drawdown of -2.18%. Use the drawdown chart below to compare losses from any high point for VUSFX and JMGIX.

Drawdown Indicators

	VUSFX	JMGIX	Difference
Max Drawdown Largest peak-to-trough decline	-1.71%	-2.18%	+0.47%
Max Drawdown (1Y) Largest decline over 1 year	-0.25%	-0.40%	+0.15%
Max Drawdown (3Y) Largest decline over 3 years	-0.35%	-0.40%	+0.05%
Max Drawdown (5Y) Largest decline over 5 years	-1.71%	-0.70%	-1.01%
Max Drawdown (10Y) Largest decline over 10 years	-1.71%	-2.18%	+0.47%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.15%	-0.07%	-0.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.04%	0.09%	-0.05%

Volatility

VUSFX vs. JMGIX - Volatility Comparison

The current volatility for Vanguard Ultra-Short-Term Bond Fund Admiral Shares (VUSFX) is 0.13%, while JPMorgan Managed Income Fund (JMGIX) has a volatility of 0.39%. This indicates that VUSFX experiences smaller price fluctuations and is considered to be less risky than JMGIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VUSFX	JMGIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.13%	0.39%	-0.26%
Volatility (6M) Calculated over the trailing 6-month period	0.41%	0.98%	-0.57%
Volatility (1Y) Calculated over the trailing 1-year period	0.59%	1.38%	-0.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.81%	1.29%	-0.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.68%	1.06%	-0.38%

VUSFX vs. JMGIX - Expense Ratio Comparison

VUSFX has a 0.10% expense ratio, which is lower than JMGIX'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

VUSFX vs. JMGIX - Dividend Comparison

VUSFX's dividend yield for the trailing twelve months is around 4.53%, more than JMGIX's 4.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JMGIX JPMorgan Managed Income Fund	4.14%	4.34%	5.11%	3.77%	1.32%	0.45%	1.31%	2.58%	2.15%	1.39%	0.11%	0.01%
VUSFX Vanguard Ultra-Short-Term Bond Fund Admiral Shares	4.53%	4.73%	5.52%	4.15%	1.38%	0.53%	1.62%	2.68%	2.23%	1.52%	1.07%	0.00%

Frequently Asked Questions

Can I hold both VUSFX and JMGIX in my portfolio?

VUSFX and JMGIX have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VUSFX or JMGIX?

JMGIX has higher volatility (0.39%) compared to VUSFX (0.13%). In terms of maximum drawdown, VUSFX dropped -1.71% vs JMGIX's -2.18%.

Which has better risk-adjusted returns?

VUSFX currently has the higher Sharpe Ratio (7.69 vs 3.08), 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.