XHLF vs. JPST

Last updated Jun 4, 2026

XHLF (BondBloxx Bloomberg Six Month Target Duration US Treasury ETF) and JPST (JPMorgan Ultra-Short Income ETF) are both exchange-traded funds - XHLF is a Government Bonds fund tracking the Bloomberg US Treasury 6 Month Duration Index, while JPST is a Ultrashort Bond fund actively managed by JPMorgan. XHLF is passively managed, while JPST is actively managed. Over the past 3 years, XHLF returned 4.62%/yr vs 5.16%/yr for JPST. At a 0.38 correlation, their price movements are largely independent. XHLF charges 0.03%/yr vs 0.18%/yr for JPST.

Performance

XHLF vs. JPST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BondBloxx Bloomberg Six Month Target Duration US Treasury ETF (XHLF) and JPMorgan Ultra-Short Income ETF (JPST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with XHLF having a 1.39% return and JPST slightly higher at 1.40%.

XHLF

• 1D: 0.00%
• 1M: 0.27%
• YTD: 1.39%
• 6M: 1.71%
• 1Y: 3.92%
• 3Y*: 4.62%
• 5Y*: —
• 10Y*: —

JPST

• 1D: 0.00%
• 1M: 0.35%
• YTD: 1.40%
• 6M: 1.74%
• 1Y: 4.31%
• 3Y*: 5.16%
• 5Y*: 3.61%
• 10Y*: —

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

XHLF vs. JPST - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
XHLF BondBloxx Bloomberg Six Month Target Duration US Treasury ETF	1.39%	4.21%	5.04%	4.90%	0.96%
JPST JPMorgan Ultra-Short Income ETF	1.40%	4.99%	5.58%	5.13%	1.11%

Correlation

The correlation between XHLF and JPST 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	0.37
Correlation (All Time) Calculated using the full available price history since Sep 16, 2022	0.38

The correlation between XHLF and JPST shifts across timeframes, from 0.25 (1 year) to 0.38 (all time), reflecting how their relationship changes across market environments.

Return for Risk

XHLF vs. JPST — Risk / Return Rank

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

XHLF

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

JPST

JPST Risk / Return Rank: 99
JPST Sharpe Ratio Rank: 99
JPST Sortino Ratio Rank: 99
JPST Omega Ratio Rank: 99
JPST Calmar Ratio Rank: 99
JPST 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.

XHLF vs. JPST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BondBloxx Bloomberg Six Month Target Duration US Treasury ETF (XHLF) and JPMorgan Ultra-Short Income ETF (JPST). 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.

	XHLF	JPST	Difference
Sharpe ratio: Return per unit of total volatility	12.43	8.09	+4.34
Sortino ratio: Return per unit of downside risk	45.85	17.60	+28.24
Omega ratio: Gain probability vs. loss probability	11.75	3.94	+7.81
Calmar ratio: Return relative to maximum drawdown	98.81	29.16	+69.64
Martin ratio: Return relative to average drawdown	670.31	144.13	+526.18
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XHLF vs. JPST - Sharpe Ratio Comparison

The current XHLF Sharpe Ratio is 12.43, which is higher than the JPST Sharpe Ratio of 8.09. The chart below compares the historical Sharpe Ratios of XHLF and JPST, 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

	XHLF	JPST	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	12.43	8.09	+4.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	6.32	—
Sharpe Ratio (All Time) Calculated using the full available price history	10.75	3.20	+7.54

Drawdowns

XHLF vs. JPST - Drawdown Comparison

The maximum XHLF drawdown since its inception was -0.11%, smaller than the maximum JPST drawdown of -3.28%. Use the drawdown chart below to compare losses from any high point for XHLF and JPST.

Drawdown Indicators

	XHLF	JPST	Difference
Max Drawdown Largest peak-to-trough decline	-0.11%	-3.28%	+3.17%
Max Drawdown (1Y) Largest decline over 1 year	-0.04%	-0.15%	+0.11%
Max Drawdown (3Y) Largest decline over 3 years	-0.06%	-0.30%	+0.24%
Max Drawdown (5Y) Largest decline over 5 years	—	-0.79%	—
Current Drawdown Current decline from peak	0.00%	-0.02%	+0.02%
Average Drawdown Average peak-to-trough decline	-0.00%	-0.08%	+0.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	0.03%	-0.02%

Volatility

XHLF vs. JPST - Volatility Comparison

The current volatility for BondBloxx Bloomberg Six Month Target Duration US Treasury ETF (XHLF) is 0.08%, while JPMorgan Ultra-Short Income ETF (JPST) has a volatility of 0.15%. This indicates that XHLF experiences smaller price fluctuations and is considered to be less risky than JPST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XHLF	JPST	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.08%	0.15%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	0.22%	0.36%	-0.14%
Volatility (1Y) Calculated over the trailing 1-year period	0.32%	0.54%	-0.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.42%	0.58%	-0.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.42%	0.93%	-0.51%

XHLF vs. JPST - Expense Ratio Comparison

XHLF has a 0.03% expense ratio, which is lower than JPST's 0.18% 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

XHLF vs. JPST - Dividend Comparison

XHLF's dividend yield for the trailing twelve months is around 3.85%, less than JPST's 4.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
JPST JPMorgan Ultra-Short Income ETF	4.26%	4.43%	5.16%	4.79%	1.83%	0.73%	1.43%	2.69%	2.07%	0.96%
XHLF BondBloxx Bloomberg Six Month Target Duration US Treasury ETF	3.85%	3.98%	4.96%	4.50%	0.86%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XHLF and JPST in my portfolio?

XHLF and JPST 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, XHLF or JPST?

JPST has higher volatility (0.15%) compared to XHLF (0.08%). In terms of maximum drawdown, XHLF dropped -0.11% vs JPST's -3.28%.

Which ETF is better, XHLF or JPST?

On 3-year performance, JPST leads with 5.16% vs 4.62% for XHLF. On fees, XHLF is cheaper at 0.03% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XHLF or JPST?

Over the 3-year period, JPST has performed better with a 5.16% return vs 4.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XHLF or JPST?

XHLF is cheaper with a 0.03% expense ratio, compared with 0.18% for JPST.

Which ETF pays a higher dividend yield, XHLF or JPST?

JPST has the higher dividend yield at 4.26%, compared with 3.85% for XHLF.

What is the main difference between XHLF and JPST?

XHLF is categorized as Government Bonds, while JPST is Ultrashort Bond. They also come from different issuers: BondBloxx and JPMorgan. Their fees differ too: 0.03% for XHLF and 0.18% for JPST.

Which has better risk-adjusted returns?

XHLF currently has the higher Sharpe Ratio (12.43 vs 8.09), 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.