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Relative Intelligence · Short-Term Bonds

How JPMorgan Ultra-Short Income ETF (JPST) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on JPST alone. It places JPST (JPMorgan Ultra-Short Income ETF) against 20+ popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where JPST stands in the market, and of the alternatives worth a closer look.

Period covered: JPST's full trading record, from May 2017 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. All returns include reinvested dividends. Data as of October 20, 2026.

Data as of October 20, 2026. Full tables and charts read best on a larger screen.

Rank the market against JPST →Chart JPST vs. 25 alternatives →
On this page11 sections

Key findings

How much would $10,000 in JPST have grown?

This chart tracks a hypothetical $10,000 investment in JPST over the past 9 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of JPST over the same span and JPST's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.

Note: JPST began trading on May 19, 2017, so the chart cannot reach back to the dot-com bust, the 2008 financial crisis or three other sell-offs. It covers the most recent 9 years of JPST's record, starting at the end of September 2017.

Choose a period

From the end of September 2017 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 2,076 of the 2,804 stocks and funds worth at least $500 million that traded the whole period ended ahead of JPST; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$20,000$50,000$100,000$200,000$500,00020172019202120232025$10,000$100,00020172019202120232025
  • NVDA$519,069+5,091% total · +55.1% a year
  • AAPL$92,840+828% total · +28.1% a year
  • MSFT$75,717+657% total · +25.2% a year
  • GOOG$71,718+617% total · +24.5% a year
  • SPY (S&P 500)$34,839+248% total · +14.9% a year
  • FLOT$13,330+33.3% total · +3.2% a year
  • JPST$13,101+31.0% total · +3.0% a year
  • GSY$13,024+30.2% total · +3.0% a year
  • USFR$12,738+27.4% total · +2.7% a year
  • SPSB$12,674+26.7% total · +2.7% a year
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From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 2,122 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of JPST; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$20,000$40,000$60,000$80,000$100,000$120,000202120222023202420252026$0$50,000$100,000$150,000202120222023202420252026
  • NVDA$110,811+1,008% total · +61.8% a year
  • GOOG$25,811+158% total · +20.9% a year
  • AAPL$24,129+141% total · +19.3% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • JAAA$12,767+27.7% total · +5.0% a year
  • FLOT$12,419+24.2% total · +4.4% a year
  • USFR$12,131+21.3% total · +3.9% a year
  • GSY$12,058+20.6% total · +3.8% a year
  • JPST$12,033+20.3% total · +3.8% a year
  • VUSB$11,923+19.2% total · +3.6% a year
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JPST at a glance

This section summarizes the key facts about the fund, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.

Note: JPST began trading on May 19, 2017, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust, the 2008 financial crisis or three other sell-offs.

The fund

Issuer
J.P. Morgan
Began trading
May 2017
Expense ratio
0.18%per year
Assets
$43B
Category
Bonds

Returns

Past 1 year
+3.4%total return
Past 3 years
+15.5%+4.9% a year
Past 5 years
+20.8%+3.9% a year
Best calendar year
+5.6%2024
Worst calendar year
+0.1%2021
Losing years
0 of 8full calendar years

Risk

Volatility
0.6%typical yearly swing, 5 years
Sharpe ratio
6.34return per unit of risk, 5 years
Worst decline ever
−3.3%Mar 2020 to Mar 2020
From its all-time high
At its highwithin 1%

JPST against the whole market

Where JPST ranks among every stock and fund, and what across the market has done better.

How does JPST rank among all ETFs?

This section ranks JPST on return, volatility, risk-adjusted return and worst decline against every ETF worth at least $100 million with enough history. Where the comparisons with its popular alternatives show how JPST stacks up against its peers, these rankings show where it stands in the market as a whole.

Ranked against U.S.-listed ETFs with at least $100M in assets that have enough history for each measure, so the count changes from row to row; smaller ETFs and leveraged funds are left out. Lower volatility and smaller declines rank higher.

MeasureJPSTRankStanding
1-year return+3.4%1,707 of 2,485bottom 32%
3-year return+15.5%1,737 of 1,949bottom 12%
5-year return+20.8%1,105 of 1,560bottom 30%
Volatility, 5 years0.6%13 of 1,560top 1%
Sharpe ratio, 5 years6.3412 of 1,560top 1%

What has beaten JPST on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). JPST sits where the dashed lines cross. Anything in the green box above and to the left earned more than JPST with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.

Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to JPST. 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

0.0%1.0%3.0%4.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than JPSTJPST: +3.9% a year, volatility 0.6%SGOV: +3.8% a year, volatility 0.3%JPSTSGOV0.0%1.0%3.0%4.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than JPSTJPST: +3.9% a year, volatility 0.6%SGOV: +3.8% a year, volatility 0.3%JPSTSGOV
  • Popular alternatives
  • 4 with more than 1.6× JPST's volatility are in the table only

Is there a better investment than JPST?

Investments that beat JPST over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat JPST over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes, and, for funds, the same exposure at a lower expense ratio. It checks JPST's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group.

Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than JPST's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× JPST's volatility counts as better.

These figures cover the past 5 years. Green marks a better figure than JPST's.

Screen the whole market against JPST for any period in BetterThanSPYOpen these 5 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years5Y returntotalCorr. with JPST?lower diversifies moreExpenseper year
JPSTJPMorgan Ultra-Short Income ETF · this page
+3.9%0.6%6.34−3.3%+20.8%1.000.18%
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+81.7%0.280.09%
Popular alternativesbest 4 shownThe investments people most often weigh against JPST. 9 of 24 passed at least one test.
SGOViShares 0-3 Month Treasury Bond ETF · Treasury Bonds
On the frontierSimilar return, lower volatility+3.8%0.3%13.25−0.3%+20.3%0.820.09%
JAAAJanus Henderson AAA CLO ETF · CLO Bonds
On the frontierHigher return in most periods+5.1%1.7%2.98−2.6%+28.0%0.600.20%
FLOTiShares Floating Rate Bond ETF · Floating Rate Bonds
Higher return in most periods+4.5%1.8%2.48−13.5%+24.5%0.610.15%
FLRNState Street SPDR Bloomberg Investment Grade Floating Rate ETF · Bonds
Higher return in most periods+4.5%1.7%2.58−14.7%+24.4%0.610.15%
What these numbers mean for JPST
Annual return
JPST returned 3.9% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $12,100. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
Volatility
JPST's volatility over the past 5 years was 0.6%, 4% of the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, JPST's return lands within 0.6% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
JPST's Sharpe ratio over the past 5 years was 6.34, against 0.79 for the S&P 500, so JPST earned more for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
JPST's worst fall from a peak to a low over the past 10 years was 3.3%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 3.3% fall takes a 3.4% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, JPST's monthly returns had a correlation of 0.28 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against JPST instead: the lower it is, the more that option would diversify a JPST holding. Guide: Correlation and diversification →

JPST against its popular alternatives

The investments people most often weigh against JPST, compared period by period and year by year.

How do JPST's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at JPST, which divides the map into what did better or worse on each measure.

Green points earned more than JPST with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

0.0%2.5%5.0%7.5%10.0%12.5%15.0%17.5%−2.0%0.0%2.0%4.0%6.0%8.0%10.0%12.0%14.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityJPST: 3.9% a year, volatility 0.6%SPY (S&P 500): 12.7% a year, volatility 17.1%USFR: 4.0% a year, volatility 0.4%VUSB: 3.6% a year, volatility 0.9%SPSB: 2.8% a year, volatility 2.0%VCSH: 2.3% a year, volatility 2.9%AGG: −0.3% a year, volatility 6.1%ICSH: 3.9% a year, volatility 0.5%ULST: 3.7% a year, volatility 1.0%MEAR: 2.4% a year, volatility 1.0%SHY: 1.8% a year, volatility 2.0%SUB: 1.4% a year, volatility 1.7%JAAA: 5.1% a year, volatility 1.7%FLOT: 4.5% a year, volatility 1.8%GSY: 3.9% a year, volatility 0.6%MINT: 3.8% a year, volatility 0.6%FLUD: 3.9% a year, volatility 1.4%NEAR: 3.9% a year, volatility 1.4%SGOV: 3.8% a year, volatility 0.3%SHV: 3.6% a year, volatility 0.3%JPSTSPY (S&P 500)SPSBVCSHAGGULSTMEARSHYSUBJAAAFLOTFLUD0.0%5.0%10.0%15.0%20.0%−2.5%0.0%2.5%5.0%7.5%10.0%12.5%15.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityJPST: 3.9% a year, volatility 0.6%SPY (S&P 500): 12.7% a year, volatility 17.1%USFR: 4.0% a year, volatility 0.4%VUSB: 3.6% a year, volatility 0.9%SPSB: 2.8% a year, volatility 2.0%VCSH: 2.3% a year, volatility 2.9%AGG: −0.3% a year, volatility 6.1%ICSH: 3.9% a year, volatility 0.5%ULST: 3.7% a year, volatility 1.0%MEAR: 2.4% a year, volatility 1.0%SHY: 1.8% a year, volatility 2.0%SUB: 1.4% a year, volatility 1.7%JAAA: 5.1% a year, volatility 1.7%FLOT: 4.5% a year, volatility 1.8%GSY: 3.9% a year, volatility 0.6%MINT: 3.8% a year, volatility 0.6%FLUD: 3.9% a year, volatility 1.4%NEAR: 3.9% a year, volatility 1.4%SGOV: 3.8% a year, volatility 0.3%SHV: 3.6% a year, volatility 0.3%JPSTSPY (S&P 500)SPSBVCSHAGGSHYJAAA
All figures
InvestmentAnnual returnVolatility
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
JAAA Janus Henderson AAA CLO ETF+5.1%1.7%
FLOT iShares Floating Rate Bond ETF+4.5%1.8%
USFR WisdomTree Floating Rate Treasury Fund+4.0%0.4%
ICSH iShares Ultra Short Duration Bond Active ETF+3.9%0.5%
GSY Invesco Ultra Short Duration ETF+3.9%0.6%
FLUD Franklin Ultra Short Bond ETF+3.9%1.4%
NEAR iShares Short Duration Bond Active ETF+3.9%1.4%
JPST This pageJPMorgan Ultra-Short Income ETF+3.9%0.6%
MINT PIMCO Enhanced Short Maturity Active Exchange-Traded Fund+3.8%0.6%
SGOV iShares 0-3 Month Treasury Bond ETF+3.8%0.3%
ULST State Street Ultra Short Term Bond ETF+3.7%1.0%
VUSB Vanguard Ultra-Short Bond ETF+3.6%0.9%
SHV iShares Trust iShares 0-1 Year Treasury Bond ETF+3.6%0.3%
SPSB State Street SPDR Portfolio Short Term Corporate Bond ETF+2.8%2.0%
MEAR iShares Short Maturity Municipal Bond Active ETF+2.4%1.0%
VCSH Vanguard Short-Term Corporate Bond ETF+2.3%2.9%
SHY iShares 1-3 Year Treasury Bond ETF+1.8%2.0%
SUB iShares Short-Term National Muni Bond ETF+1.4%1.7%
AGG iShares Core U.S. Aggregate Bond ETF−0.3%6.1%
Open these 20 in EasyCompare

Has JPST consistently beaten its popular alternatives?

This section compares JPST with the investments people most often weigh against it, checking each one over seven periods from one month to five years. Counting how often an alternative earned more than JPST helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than JPST over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 2 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
JPST JPMorgan Ultra-Short Income ETF (this page)—+0.3%+0.7%+1.6%+2.5%+3.4%+15.5%+20.8%0.6%6.34−3.3%0.18%$43B—
JAAA QualifiedJanus Henderson AAA CLO ETF3/5 short2/2 long+0.2%+1.2%+2.4%+3.6%+4.9%+19.5%+28.0%1.7%2.98−2.6%0.20%$33B—
FLOT QualifiediShares Floating Rate Bond ETF3/5 short2/2 long+0.3%+1.0%+2.3%+3.4%+4.3%+16.9%+24.5%1.8%2.48−13.5%0.15%$11B—
FLRN QualifiedState Street SPDR Bloomberg Investment Grade Floating Rate ETF3/5 short2/2 long+0.3%+1.0%+2.2%+3.3%+4.3%+16.9%+24.4%1.7%2.58−14.7%0.15%$3.1B—
PULS BondsPGIM Ultra Short Bond ETF2/5 short2/2 long+0.2%+0.9%+1.9%+3.1%+4.1%+16.6%+24.0%0.7%6.07−5.8%0.15%$20B—
USFR BondsWisdomTree Floating Rate Treasury Fund2/5 short1/2 long+0.3%+1.0%+2.0%+3.1%+4.0%+14.5%+21.6%0.4%9.69−0.8%0.15%$21B—
GSY BondsInvesco Ultra Short Duration ETF0/5 short1/2 long+0.3%+0.7%+1.7%+2.8%+3.7%+16.4%+21.1%0.6%6.38−5.2%0.22%$3.9B—
VUSB BondsVanguard Ultra-Short Bond ETF0/5 short1/2 long+0.2%+0.7%+1.5%+2.5%+3.4%+16.1%+19.7%0.9%4.22−1.8%0.10%$9.9B—
SPSB BondsState Street SPDR Portfolio Short Term Corporate Bond ETF0/5 short1/2 long+0.1%0.0%+0.5%+1.2%+2.0%+16.3%+14.9%2.0%1.38−11.8%0.04%$11B—
VCSH BondsVanguard Short-Term Corporate Bond ETF0/5 short1/2 long−0.1%−0.8%−0.8%−0.1%+0.7%+17.0%+12.1%2.9%0.80−12.9%0.03%$51B—
AGG BondsiShares Core U.S. Aggregate Bond ETF0/5 short1/2 long−0.6%−1.7%−2.6%−1.7%−1.9%+16.2%−1.5%6.1%-0.02−18.4%0.03%$139B—
TFLO BondsiShares Treasury Floating Rate Bond ETF2/5 short0/2 long+0.3%+1.0%+2.0%+3.1%+4.0%+14.3%+21.4%0.4%10.49−0.2%0.15%$7.2B—
MINT BondsPIMCO Enhanced Short Maturity Active Exchange-Traded Fund2/5 short0/2 long+0.2%+0.9%+2.0%+3.2%+4.2%+15.8%+20.3%0.6%6.29−4.6%0.36%$18B—
ICSH BondsiShares Ultra Short Duration Bond Active ETF0/5 short0/2 long+0.3%+0.7%+1.6%+2.7%+3.5%+15.3%+21.1%0.5%7.61−3.9%0.08%$8.9B—
FLUD BondsFranklin Ultra Short Bond ETF0/5 short0/2 long+0.3%+0.8%+1.7%+2.7%+3.7%+15.8%+20.9%1.4%2.74−1.7%0.15%$627M—
NEAR BondsiShares Short Duration Bond Active ETF0/5 short0/2 long0.0%−0.1%+0.1%+0.8%+1.6%+15.5%+20.9%1.4%2.71−9.6%0.25%$5.1B—
SGOV BondsiShares 0-3 Month Treasury Bond ETF0/5 short0/2 long+0.3%+0.6%+1.5%+2.6%+3.4%+13.8%+20.3%0.3%13.25−0.3%0.09%$116B—
ULST BondsState Street Ultra Short Term Bond ETF0/5 short0/2 long+0.2%+0.7%+1.4%+2.3%+3.1%+14.9%+20.2%1.0%3.73−6.2%0.20%$505M—
BIL BondsState Street SPDR Bloomberg 1-3 Month T-Bill ETF0/5 short0/2 long+0.3%+0.9%+1.8%+2.8%+3.7%+13.9%+19.9%0.3%14.05−0.2%0.14%$51B—
SHV BondsiShares Trust iShares 0-1 Year Treasury Bond ETF0/5 short0/2 long+0.3%+0.9%+1.8%+2.8%+3.6%+13.9%+19.4%0.3%12.09−0.4%0.15%$23B—
BILS BondsState Street SPDR Bloomberg 3-12 Month T-Bill ETF0/5 short0/2 long+0.3%+0.9%+1.8%+2.7%+3.6%+13.9%+19.2%0.3%11.25−0.4%0.14%$3.9B—
MEAR BondsiShares Short Maturity Municipal Bond Active ETF0/5 short0/2 long+0.1%−0.1%+0.4%+1.1%+1.7%+9.8%+12.8%1.0%2.37−2.7%0.26%$1.5B—
SHY BondsiShares 1-3 Year Treasury Bond ETF0/5 short0/2 long+0.3%−0.2%−0.1%+0.5%+1.1%+12.1%+9.3%2.0%0.89−5.7%0.15%$27B—
SUB BondsiShares Short-Term National Muni Bond ETF0/5 short0/2 long+0.3%−0.2%0.0%+0.6%+1.4%+9.8%+7.3%1.7%0.85−9.4%0.07%$13B—
BND BondsVanguard Total Bond Market ETF0/5 short0/2 long−0.6%−2.0%−2.8%−1.8%−2.1%+15.7%−1.8%6.1%-0.03−18.6%0.03%$389B—
YEAR BondsAlliance Bernstein - AB Ultra Short Income ETF0/5 short0/2 long+0.3%+0.6%+1.2%+2.1%+2.8%+14.7%———−0.6%0.25%$1.6B—
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How did JPST do year by year?

This table shows each investment's total return in every full calendar year since 2018, along with where JPST ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with JPST and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Note: JPST began trading on May 19, 2017, so the table starts with 2018, its first full calendar year, and cannot show how it fared during the dot-com bust, the 2008 financial crisis or three other sell-offs.

Newest year first. Green marks a year in which the fund came out ahead of JPST; gray means the two finished within a fraction of a point. The rank row places JPST among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of JPST20252024202320222021202020192018
JPST This pageJPMorgan Ultra-Short Income ETF—+5.0%+5.6%+5.1%+1.1%+0.1%+2.2%+3.3%+2.2%
Rank among alternativesTop quarter in 2 of 88 of 196 of 1914 of 194 of 196 of 186 of 158 of 152 of 15
SPY S&P 500State Street SPDR S&P 500 ETF6 of 8+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%
JAAA Janus Henderson AAA CLO ETF3 of 5+5.2%+7.4%+8.6%+0.5%+1.4%———
FLOT iShares Floating Rate Bond ETF3 of 8+4.9%+6.5%+6.4%+1.3%+0.4%+0.9%+4.0%+1.5%
USFR WisdomTree Floating Rate Treasury Fund1 of 8+4.2%+5.5%+5.2%+1.9%0.0%+0.5%+2.1%+2.0%
GSY Invesco Ultra Short Duration ETF1 of 8+5.0%+6.0%+6.0%0.0%0.0%+1.9%+3.4%+1.8%
VUSB Vanguard Ultra-Short Bond ETF0 of 4+5.2%+5.7%+5.5%−0.4%————
SPSB State Street SPDR Portfolio Short Term Corporate Bond ETF3 of 8+5.9%+5.3%+5.6%−3.3%−0.2%+3.8%+5.2%+1.5%
VCSH Vanguard Short-Term Corporate Bond ETF4 of 8+6.8%+4.9%+6.2%−5.5%−0.6%+5.1%+7.0%+0.9%
AGG iShares Core U.S. Aggregate Bond ETF4 of 8+7.2%+1.3%+5.7%−13.0%−1.8%+7.5%+8.5%+0.1%
MINT PIMCO Enhanced Short Maturity Active Exchange-Traded Fund1 of 8+4.7%+5.9%+6.3%−1.0%0.0%+1.6%+3.3%+1.7%
ICSH iShares Ultra Short Duration Bond Active ETF0 of 8+5.0%+5.5%+5.6%+1.0%+0.2%+1.6%+3.2%+2.3%
FLUD Franklin Ultra Short Bond ETF1 of 5+5.3%+5.5%+5.9%+0.2%+0.1%———
NEAR iShares Short Duration Bond Active ETF2 of 8+5.9%+5.1%+7.4%+0.4%+0.3%+1.4%+3.5%+1.7%
SGOV iShares 0-3 Month Treasury Bond ETF0 of 5+4.2%+5.3%+5.1%+1.6%+0.1%———
ULST State Street Ultra Short Term Bond ETF0 of 8+4.8%+5.2%+5.6%+0.9%+0.2%+1.5%+3.2%+2.1%
SHV iShares Trust iShares 0-1 Year Treasury Bond ETF0 of 8+4.2%+5.1%+5.0%+0.9%−0.1%+0.8%+2.4%+1.7%
MEAR iShares Short Maturity Municipal Bond Active ETF0 of 8+3.8%+3.4%+3.9%+0.1%+0.1%+1.2%+1.9%+1.6%
SHY iShares 1-3 Year Treasury Bond ETF1 of 8+5.0%+3.9%+4.2%−3.9%−0.7%+3.0%+3.4%+1.5%
SUB iShares Short-Term National Muni Bond ETF0 of 8+3.6%+2.2%+2.9%−2.1%0.0%+2.5%+2.9%+1.8%
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Risk and diversification

How JPST has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.

How did JPST do in stock market crashes?

This section measures how far JPST, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.

Note: JPST began trading on May 19, 2017, so its row reads "Not yet trading" for the dot-com bust, the 2008 financial crisis or three other sell-offs. The older alternatives and the S&P 500 show how those crashes played out.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than JPST.

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
JPST This pageJPMorgan Ultra-Short Income ETF—0.0%−0.6%−3.2%−0.1%−0.1%Not yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet trading
SPY S&P 500State Street SPDR S&P 500 ETF0 of 5−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
JAAA Janus Henderson AAA CLO ETF0 of 2−0.2%−2.6%————————
FLOT iShares Floating Rate Bond ETF0 of 5−1.6%−1.7%−13.5%−1.1%−0.1%−0.5%−2.1%———
USFR WisdomTree Floating Rate Treasury Fund1 of 50.0%−0.2%−0.2%−0.1%−0.1%−1.3%————
GSY Invesco Ultra Short Duration ETF0 of 50.0%−1.2%−5.2%−0.3%0.0%−0.2%−0.2%−0.1%——
VUSB Vanguard Ultra-Short Bond ETF0 of 20.0%−1.5%————————
SPSB State Street SPDR Portfolio Short Term Corporate Bond ETF0 of 50.0%−4.8%−11.8%−0.2%−0.2%−0.8%−0.9%−0.2%——
VCSH Vanguard Short-Term Corporate Bond ETF0 of 50.0%−7.6%−12.9%−0.3%−0.2%−1.0%−1.6%−0.3%——
AGG iShares Core U.S. Aggregate Bond ETF0 of 50.0%−14.5%−9.6%−1.1%−0.8%−1.5%−1.3%−0.4%−12.8%—
MINT PIMCO Enhanced Short Maturity Active Exchange-Traded Fund0 of 50.0%−2.1%−4.6%−0.1%−0.1%−0.3%−0.8%0.0%——
ICSH iShares Ultra Short Duration Bond Active ETF0 of 50.0%−0.6%−3.9%−0.1%−0.1%−0.5%————
FLUD Franklin Ultra Short Bond ETF0 of 20.0%−1.3%————————
NEAR iShares Short Duration Bond Active ETF0 of 50.0%−1.1%−9.6%−0.1%−0.1%−0.2%————
SGOV iShares 0-3 Month Treasury Bond ETF1 of 20.0%0.0%————————
ULST State Street Ultra Short Term Bond ETF0 of 50.0%−1.0%−5.7%−0.2%−0.1%−0.5%————
SHV iShares Trust iShares 0-1 Year Treasury Bond ETF1 of 50.0%−0.3%−0.1%0.0%0.0%−0.1%−0.1%0.0%−0.4%—
MEAR iShares Short Maturity Municipal Bond Active ETF1 of 50.0%−0.9%−2.7%−0.3%−0.3%−0.8%————
SHY iShares 1-3 Year Treasury Bond ETF1 of 50.0%−4.7%−0.7%−0.2%−0.1%−0.7%−0.2%−0.1%−2.2%—
SUB iShares Short-Term National Muni Bond ETF0 of 50.0%−3.9%−9.4%−0.3%−0.1%−0.4%−1.3%−0.2%——
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How closely does JPST move with the S&P 500?

Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares JPST with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 5 years.

Monthly total returns over the past 5 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than JPST's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
JPST This pageJPMorgan Ultra-Short Income ETF9%-6%—0.01
MEAR iShares Short Maturity Municipal Bond Active ETF8%0%33.260.03
SPSB State Street SPDR Portfolio Short Term Corporate Bond ETF13%7%1.920.08
SHY iShares 1-3 Year Treasury Bond ETF8%5%1.680.05
VCSH Vanguard Short-Term Corporate Bond ETF15%15%1.010.13
SUB iShares Short-Term National Muni Bond ETF10%10%0.960.08
AGG iShares Core U.S. Aggregate Bond ETF19%39%0.490.26
JAAA Janus Henderson AAA CLO ETF13%-7%—0.04
FLOT iShares Floating Rate Bond ETF11%-8%—0.02
USFR WisdomTree Floating Rate Treasury Fund9%-8%—0.00
GSY Invesco Ultra Short Duration ETF10%-5%—0.02
VUSB Vanguard Ultra-Short Bond ETF10%-3%—0.03
MINT PIMCO Enhanced Short Maturity Active Exchange-Traded Fund10%-5%—0.02
ICSH iShares Ultra Short Duration Bond Active ETF9%-6%—0.01
FLUD Franklin Ultra Short Bond ETF10%-5%—0.02
NEAR iShares Short Duration Bond Active ETF11%-2%—0.03
SGOV iShares 0-3 Month Treasury Bond ETF8%-7%—0.01
ULST State Street Ultra Short Term Bond ETF10%-4%—0.02
SHV iShares Trust iShares 0-1 Year Treasury Bond ETF8%-6%—0.01
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What diversifies JPST?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with JPST's. Because such investments tend not to fall at the same time, pairing JPST with them can reduce a portfolio's overall swings.

Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The last two columns show a portfolio that is 80% JPST and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe80/20 mix volatility80/20 mix annual return
JPST JPMorgan Ultra-Short Income ETF (this page)1.00+20.8%6.340.8%+3.8%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.30+119%1.482.1%+6.3%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.12+225%1.342.7%+8.2%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.09+101%1.043.0%+6.2%
HDV Dividend & IncomeiShares Core High Dividend ETF0.14+83.3%1.003.0%+5.5%
SMH TechnologyVanEck Semiconductor ETF0.21+323%0.977.1%+10.8%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.31+85.0%0.962.5%+5.8%
GLD CommoditiesSPDR Gold Shares0.35+126%0.963.7%+6.8%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.24+136%0.934.3%+7.5%

Stocks

InvestmentCorrelation5Y returnSharpe80/20 mix volatility80/20 mix annual return
JPST JPMorgan Ultra-Short Income ETF (this page)1.00+20.8%6.340.8%+3.8%
CAH Medical - DistributionCardinal Health, Inc.0.11+479%1.555.4%+10.4%
CLS Hardware, Equipment & PartsCelestica Inc.0.10+3,143%1.4711.8%+22.7%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.01+1,636%1.469.0%+18.8%
MCK Medical - DistributionMcKesson Corporation-0.16+413%1.445.0%+9.9%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation-0.12+690%1.416.4%+12.4%
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Common questions

What was JPST's worst drawdown?

JPST's deepest decline since it began trading in 2017 was 3.3%, in March 2020. It took two months from the low to climb back to its old high. Because JPST launched in May 2017, that record does not include the dot-com bust, the 2008 financial crisis or three other sell-offs.

What were JPST's best and worst years?

Over eight full calendar years, JPST's best year was 2024, when it returned 5.6%. Its worst was 2021, with a return of +0.1%.

Is there a better investment than JPST?

Among JPST's popular alternatives, SGOV matched JPST's return over the past 5 years (3.8% a year against 3.9%) with 53% less volatility. Nothing in the whole market did better on both counts: none of the 3,633 stocks and funds worth at least $500 million earned more than JPST with less volatility over the past 5 years.

Is JPST more volatile than the S&P 500?

No. JPST's volatility over the past 5 years was 0.6%, 4% of the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, JPST's return lands within 0.6% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

What is JPST's Sharpe ratio?

JPST's Sharpe ratio over the past 5 years was 6.34, against 0.79 for the S&P 500, so JPST earned more for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

How correlated is JPST with the S&P 500?

Over the past 5 years, JPST's monthly returns had a correlation of 0.28 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against JPST instead: the lower it is, the more that option would diversify a JPST holding.

What are the best alternatives to JPST?

Of the 25 popular alternatives we compared, three outperformed JPST in at least 3 of 5 short-term and 2 of 2 long-term timeframes, with dividends reinvested: JAAA, FLOT and FLRN.

Did JPST outperform the S&P 500?

JPST finished ahead of the S&P 500 (SPY) in two of eight full calendar years. In 2025, it returned +5.0%, against +17.7% for the index.

How did JPST do in stock market crashes?

JPST fell less than the S&P 500 (SPY) in five of the five major crashes it has traded through, and further in no. The clearest case was the Covid crash, when JPST fell 3.2% and the S&P 500 fell 33.7%.

What diversifies JPST?

These had a low correlation with JPST over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.30), DXJ (correlation 0.12) and EMLP (correlation 0.09); among large stocks, CAH (correlation 0.11), CLS (correlation 0.10) and FIX (correlation 0.01). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to JPST

Other stocks and ETFs