ZTWO vs. JPST
ZTWO (F/M 2-Year Investment Grade Corporate Bond ETF) and JPST (JPMorgan Ultra-Short Income ETF) are both exchange-traded funds - ZTWO is a Short-Term Bond fund tracking the ICE 2-Year US Target Maturity Corporate Index - Benchmark TR Gross, while JPST is a Ultrashort Bond fund actively managed by JPMorgan. ZTWO is passively managed, while JPST is actively managed. Over the past year, ZTWO returned 4.02% vs 4.31% for JPST. A 0.64 correlation means they provide meaningful diversification when combined. ZTWO charges 0.15%/yr vs 0.18%/yr for JPST.
Performance
ZTWO vs. JPST - Performance Comparison
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Returns By Period
In the year-to-date period, ZTWO achieves a 0.89% return, which is significantly lower than JPST's 1.40% return.
ZTWO
- 1D
- 0.00%
- 1M
- 0.30%
- YTD
- 0.89%
- 6M
- 1.21%
- 1Y
- 4.02%
- 3Y*
- —
- 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*
- —
ZTWO vs. JPST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ZTWO F/M 2-Year Investment Grade Corporate Bond ETF | 0.89% | 5.49% | 0.36% |
JPST JPMorgan Ultra-Short Income ETF | 1.40% | 4.99% | 0.21% |
Correlation
The correlation between ZTWO and JPST is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.67 |
Correlation (All Time) Calculated using the full available price history since Dec 20, 2024 | 0.64 |
The correlation between ZTWO and JPST has been stable across timeframes, ranging from 0.64 to 0.67 - a consistent structural relationship.
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Return for Risk
ZTWO vs. JPST — Risk / Return Rank
ZTWO
JPST
ZTWO vs. JPST - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for F/M 2-Year Investment Grade Corporate Bond ETF (ZTWO) 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.
| ZTWO | JPST | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -5.00 | ||
| Sortino ratioReturn per unit of downside risk | -12.64 | ||
| Omega ratioGain probability vs. loss probability | 1.64 | 3.94 | -2.30 |
| Calmar ratioReturn relative to maximum drawdown | 4.32 | 29.16 | -24.84 |
| Martin ratioReturn relative to average drawdown | 20.46 | 144.13 | -123.67 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ZTWO | JPST | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.09 | 8.09 | -5.00 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 6.32 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 3.16 | 3.20 | -0.05 |
Drawdowns
ZTWO vs. JPST - Drawdown Comparison
The maximum ZTWO drawdown since its inception was -0.93%, smaller than the maximum JPST drawdown of -3.28%. Use the drawdown chart below to compare losses from any high point for ZTWO and JPST.
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Drawdown Indicators
| ZTWO | JPST | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.93% | -3.28% | +2.35% |
Max Drawdown (1Y)Largest decline over 1 year | -0.93% | -0.15% | -0.78% |
Max Drawdown (3Y)Largest decline over 3 years | — | -0.30% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -0.79% | — |
Current DrawdownCurrent decline from peak | -0.11% | -0.02% | -0.09% |
Average DrawdownAverage peak-to-trough decline | -0.10% | -0.08% | -0.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.20% | 0.03% | +0.17% |
Volatility
ZTWO vs. JPST - Volatility Comparison
F/M 2-Year Investment Grade Corporate Bond ETF (ZTWO) has a higher volatility of 0.42% compared to JPMorgan Ultra-Short Income ETF (JPST) at 0.15%. This indicates that ZTWO's price experiences larger fluctuations and is considered to be riskier than JPST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZTWO | JPST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.42% | 0.15% | +0.27% |
Volatility (6M)Calculated over the trailing 6-month period | 0.97% | 0.36% | +0.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.31% | 0.54% | +0.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.49% | 0.58% | +0.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.49% | 0.93% | +0.56% |
ZTWO vs. JPST - Expense Ratio Comparison
ZTWO has a 0.15% 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
ZTWO vs. JPST - Dividend Comparison
ZTWO's dividend yield for the trailing twelve months is around 4.12%, 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% |
ZTWO F/M 2-Year Investment Grade Corporate Bond ETF | 4.12% | 4.31% | 0.39% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ZTWO and JPST have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZTWO has higher volatility (0.42%) compared to JPST (0.15%). In terms of maximum drawdown, ZTWO dropped -0.93% vs JPST's -3.28%.
On 1-year performance, JPST leads with 4.31% vs 4.02% for ZTWO. On fees, ZTWO is cheaper at 0.15% per year. On volatility, JPST has been the lower-risk option at 0.15%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, JPST has performed better with a 4.31% return vs 4.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ZTWO is cheaper with a 0.15% expense ratio, compared with 0.18% for JPST.
JPST has the higher dividend yield at 4.26%, compared with 4.12% for ZTWO.
ZTWO is categorized as Short-Term Bond, while JPST is Ultrashort Bond. They also come from different issuers: F/m and JPMorgan. Their fees differ too: 0.15% for ZTWO and 0.18% for JPST.
JPST currently has the higher Sharpe Ratio (8.09 vs 3.09), 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.
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