JCPI vs VTP: Grades, Fees and Holdings Compared

JPMorgan Inflation Managed Bond ETF

JCPICNYSE Arca

Vanguard Total Inflation-Protected Securities ETF

VTPANYSE Arca

Overlap

No data

Expense ratio

VTP −0.34pt a year

JCPI0.39%VTP0.05%

Avg volume · 30D

VTP 1.02×the volume

JCPI62.2KVTP63.4K

JCPI vs VTP Performance

Oct 31, 2025 – Oct 30, 2026

+0.1%JCPI+0.2%VTP

Expense ratio: JCPI 0.39%; VTP 0.05%, better
Fund size: JCPI $921M; VTP $251M
1Y total return: JCPI +0.1%; VTP +0.2%, better
Yield (12M): JCPI 4.16%, better; VTP 3.74%
Holdings: JCPI 746; VTP 51
Avg volume (30D): JCPI 62.2K sh; VTP 63.4K sh, better
NAV per share: JCPI $46.91; VTP $74.00
52W range

ETF.net Grade

Pillar letters and Scores for JCPI, VTP, with each pillar’s weight
Pillar	JCPI	VTP
Cost30% weight	F5	A93Higher
Mission25% weight	A80	A100Higher
Risk15% weight	C47Higher	D37
Tradability15% weight	C42	C51Higher
Holdings10% weight	A83Higher	A79
Durability5% weight	A77Higher	B67

Rank among TIPS funds

How we build Categories ›

Same Category. JCPI and VTP are both graded against the same 40 TIPS funds, so their Grades compare head to head.

TIPS⁠

Category · 40 funds

See all 40 ›

VTP ranks 3rd and JCPI 27th of 40 funds in the TIPS Category.

Rank 1ASCHPSchwab US TIPS ETFScore 85
Rank 2ASTIPiShares 0-5 Year TIPS Bond ETFScore 80
Rank 3AVTPVanguard Total Inflation-Protected Securities ETFScore 77
Rank 4APBTPInvesco 0-5 Yr US TIPS ETFScore 72
Rank 25CTIPZPIMCO Broad U.S. TIPS Index Exchange-Traded FundScore 49
Rank 27CJCPIJPMorgan Inflation Managed Bond ETFScore 47
Rank 28CIBIMiShares iBonds Oct 2036 Term TIPS ETFScore 46

Our read on each fund

ETF.net Research

JCPICJPMorgan Inflation Managed Bond ETF

VTPAVanguard Total Inflation-Protected Securities ETF

In short

JCPI Most inflation funds just buy TIPS. JCPI builds a core bond portfolio and layers CPI-U swaps on top, an active route to a similar inflation-linked payoff, run by J.P. Morgan since 2010 and wrapped in an ETF in 2022.

VTP Vanguard's ETF answer for the whole TIPS curve. It tracks a market-value-weighted index of Treasury inflation-linked bonds with at least a year left to run, charges five basis points, and opened for business in 2025.

Stated mandate

JCPI The fund seeks to deliver inflation-protected total return by combining a core bond portfolio with actively managed inflation swaps and tactical trades.

VTP The Fund passively tracks the full market of U.S. Treasury inflation-protected public obligations through the ICE U.S. Treasury Inflation Linked Bond Index.

Why people hold it

JCPI The mechanism is the story: CPI-U swaps combined with a core bond portfolio, designed to act like a portfolio of inflation-protected bonds without simply owning them.sec.gov
Actively run. The team manages the swap book and makes tactical trades, measured against the intermediate 1-10 year TIPS index rather than the long end of the curve.jpmorgan.com
Not a startup strategy: it dates to 2010 as a mutual fund and converted into an ETF in April 2022, carrying its track record across.jpmorgan.com
Pays monthly, with the core spread across roughly 700 bonds.

VTP Five basis points: under half the typical fund in its Treasury peer group, and well below the 0.12% charged by broad TIPS rival SPIP.
Full-curve coverage. The index is market value weighted and takes inflation-protected Treasuries with at least one year to maturity, no upper limit, so no single maturity slice bet.ice.com
Vanguard's other inflation-linked ETF stops below five years to maturity. This one is the long-end-included sibling, in the same low-cost index wrapper.vanguard.com
The inflation link sits inside the bonds, not in a strategy overlay: principal and coupons are indexed to consumer prices, and the fund passes income through quarterly.vanguard.com

Worth knowing

JCPI Active costs money. The fee sits above the category median, while index trackers like SCHP and VTIP charge 0.03%.
Swaps add counterparty and derivative exposure, and the prospectus notes there is no assurance CPI-U accurately measures the actual rate of inflation.sec.gov
The core can hold corporate and other non-Treasury bonds, so you carry credit risk a pure Treasury TIPS fund would not.sec.gov

VTP Owning the long end cuts both ways. Real-rate moves hit a full-maturity TIPS portfolio harder than a sub-five-year one, so expect more price movement.ice.com vanguard.com
A 2025 launch means a short track record and thinner trading than the long-established TIPS funds, which can show up as wider bid-ask spreads.
Payouts move with inflation adjustments rather than a fixed rate, and Vanguard discloses that a distribution can include return of capital.vanguard.com

Full JCPI profile⁠

Full VTP profile⁠

JCPI vs VTP Holdings

How JCPI and VTP differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile92.2%
Asset classFixed Income100%

Sector

No Sector split for JCPI and VTP.

Country, concentration and asset class

Country by domicile

Country weights in JCPI and VTP, widest gap first
Country	More in JCPIMore in VTP	JCPI	VTP
United States	VTP +7.8 points	92.2%	100.0%
United Kingdom	JCPI +1.7 points	1.7%	0.0%
France	JCPI +1.2 points	1.2%	0.0%
Japan	JCPI +1.1 points	1.1%	0.0%
Ireland	JCPI +0.7 points	0.7%	0.0%
Canada	JCPI +0.6 points	0.6%	0.0%
Spain	JCPI +0.6 points	0.6%	0.0%
Other countries (11)	JCPI +1.8 points	1.8%	0.0%

Concentration

Weight in the 10 largest Holdings

JCPI52.0%
VTP35.6%

Securities held

JCPI735
VTP48

Asset class

JCPI: Fixed Income
VTP: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. JCPI holds 735 securities, VTP 48.

All 741 JCPI holdings⁠All VTP holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

JCPI vs VTP Cost

Overpaying JCPI vs VTP

$6,838

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

JCPI 0.39%
$7,898
VTP 0.05%
$1,060

Amount$10,000

Years30 years

Cost over time

JCPI 0.39%
VTP 0.05%
Overpaying

Year by year

Year	JCPI	VTP	Overpaying
10	$705	$92	$613
20	$2,725	$360	$2,365
30	$7,898	$1,060	$6,838

Expense ratio

0.39%JCPI
0.05%VTP, cheaper

VTP0.05%JCPI0.39%

0.03%0.70%

Middle half of TIPS funds
Median 0.10%

VTP 4th cheapest of 40 funds

JCPI 38th cheapest of 40 funds

JCPI vs VTP Dividends

Last 12 months to Oct 30, 2026

Yield (12M): JCPI 4.16%, better; VTP 3.74%
Payout (12M): JCPI $1.95; VTP $2.77
Last payment: JCPI $0.12; VTP $0.99
Ex-dividend: JCPI Oct 1, 2026; VTP Oct 1, 2026
Paid on: JCPI Oct 5, 2026; VTP Oct 5, 2026
Frequency: JCPI Monthly; VTP Quarterly

Distribution history

Per share, 2023 to 2026, same scale for both

JCPIMonthly · 45 paymentsAll JCPI payments⁠

VTPQuarterly · 5 paymentsAll VTP payments⁠

JCPI vs VTP Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: JCPI 3.8%VTP 4.3%since Aug 2025
Return per unit of riskSharpe ratio, 3 years: JCPI 0.28VTP −0.42since Aug 2025
Worst fallMax drawdown, 5 years: JCPI −7.9%since Apr 2022VTP −4.0%since Jul 2025
Market sensitivityBeta, 5 years: JCPI 0.57VTP 0.14; Market = 1

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