JCAL vs SPY
JPMorgan California Tax Free Bond ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | JCAL | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.34% | 0.09% | |
| AUM | $505M | $821.1B | |
| Dividend Yield | 0.28% | 1.01% | |
| Holdings | 8 | 505 | |
| YTD Return | -0.96% | +13.17% | |
| 1Y Return | - | +21.53% | |
| 3Y Return (annualized) | - | +22.06% | |
| 5Y Return (annualized) | - | +13.35% | |
| Volatility (annualized) | - | 15.3% | |
| Max Drawdown | -2.0% | -56.5% | |
| Fund Family | J.P. Morgan Asset Management | State Street Investment Management | |
| Category | Tax Preferred | Equity | |
| Inception | Jun 12, 2026 | Jan 22, 1993 |
JCAL vs SPY Performance
JPMorgan California Tax Free Bond ETF (JCAL) is a ETF from J.P. Morgan Asset Management and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Year to date, JCAL is down 0.96% versus a gain of 13.17% for SPY.
Risk: Volatility and Drawdowns
The deepest peak-to-trough decline in our data was -2.0% for JCAL and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
Fees and Cost Over Time
JCAL charges 0.34% per year while SPY charges 0.09%. On a $10,000 position that is $34 vs $9 annually, a gap of $25 per year that compounds over a long holding period. On income, JCAL currently yields 0.28% against 1.01% for SPY.
Holdings Overlap
JCAL and SPY share 0 holdings out of 512 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, JCAL or SPY?
JCAL has an expense ratio of 0.34% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $25 per year of difference.
What is the holdings overlap between JCAL and SPY?
JCAL and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 512 unique securities.
Which pays a higher dividend, JCAL or SPY?
JCAL yields 0.28% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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