JHMM vs SPY
John Hancock Multifactor Mid Cap ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, JHMM or SPY?
Mid Cap Blend against Large Cap Blend.
SPY has a lower expense ratio. JHMM led over 1Y, SPY over 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.92. JHMM is less concentrated, with 4.8% of the fund in its ten largest positions against 38.9%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | JHMM | SPY |
|---|---|---|
| Expense Ratio | 0.41% | 0.09%Best |
| AUM | $5.9B | $777.9B |
| Dividend Yield | 0.88% | 1.00% |
| Holdings | 1,322 | 1,011 |
| YTD Return | +13.08%Best | +12.09% |
| 1Y Return | +15.99%Best | +12.45% |
| 3Y Return (annualized) | +18.53% | +21.45%Best |
| 5Y Return (annualized) | +7.08% | +11.87%Best |
| Volatility (annualized) | 17.2% | 15.0%Best |
| Max Drawdown | -40.7% | -34.1%Best |
| $10,000 over 5 years | $14,078 | $17,521Best |
| Top 10 Weight | 4.8%Best | 38.9% |
| Fund Family | John Hancock Investment Management | State Street Investment Management |
| Category | Equity | Equity |
| Style | Mid Cap Blend | Large Cap Blend |
| Inception | Sep 28, 2015 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Sep 29, 2015 to Nov 11, 2026 (11.1 years).
JHMM vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 11.1 years both funds cover.
JHMM vs SPY Performance
John Hancock Multifactor Mid Cap ETF (JHMM) is an ETF from John Hancock Investment Management and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year JHMM returned +15.99% while SPY returned +12.45%. Year to date, JHMM is up 13.08% versus a gain of 12.09% for SPY.
Over three years, JHMM compounded at +18.53% per year against +21.45% for SPY; over five years the annualized figures are +7.08% and +11.87% respectively. Across the full 11-year window we track, SPY has the edge at +14.16% annualized vs +11.22%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
JHMM has been the more volatile fund, with annualized monthly volatility of 17.2% compared with 15.0% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -40.7% for JHMM and -34.1% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.92. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
JHMM charges 0.41% per year while SPY charges 0.09%. On a $10,000 position that is $41 vs $9 annually, a gap of $32 per year that compounds over a long holding period. On income, JHMM currently yields 0.88% against 1.00% for SPY.
Holdings Overlap
54.1% of JHMM's money is in holdings SPY also owns. 8.9% of SPY's money is in holdings JHMM also owns.
The two portfolios partly overlap.
250 positions in common, counted across the 657 positions we hold weights for in JHMM and 504 in SPY, against full books of 1,322 and 1,011.
What only one of them owns
Our book lists 251 positions for SPY that do not appear in our book for JHMM (90.9% of the fund), and 393 for JHMM that do not appear in SPY (43.7%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in JHMM | Weight in SPY | Difference |
|---|---|---|---|
| KEYSKeysight Technologies Inc. | 0.57% | 0.09% | 0.48% |
| EBAYEbay Inc. | 0.52% | 0.07% | 0.45% |
| AMEAmetek Inc | 0.50% | 0.09% | 0.41% |
| DVNDevon Energy Corp. | 0.49% | 0.08% | 0.41% |
| FIXComfort Systems USA Inc. | 0.49% | 0.08% | 0.41% |
| CAHCardinal Health | 0.47% | 0.09% | 0.38% |
| TERTeradyne Inc | 0.45% | 0.08% | 0.37% |
| MRNAModerna Inc | 0.38% | 0.13% | 0.25% |
| STTState Street Corp. | 0.44% | 0.07% | 0.37% |
| WABWestinghouse Air Brake Technologies Corp. | 0.44% | 0.07% | 0.37% |
54.1% of JHMM is already inside SPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
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Frequently Asked Questions
Which is cheaper, JHMM or SPY?
JHMM has an expense ratio of 0.41% while SPY charges 0.09%. SPY is the cheaper option, by $32 a year on a $10,000 investment.
Which performed better, JHMM or SPY?
Over the past year JHMM returned +15.99% vs +12.45% for SPY, so JHMM leads on 1-year performance. Over the longest common window we track (11 years), JHMM annualized +11.22% vs +14.16% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, JHMM or SPY?
JHMM has been the more volatile fund at 17.2% annualized versus 15.0% for SPY. Worst drawdown: JHMM -40.7% vs SPY -34.1%.
Should I hold both JHMM and SPY?
JHMM and SPY have a monthly-return correlation of 0.92, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between JHMM and SPY?
54.1% of JHMM's money is in holdings SPY also owns. 8.9% of SPY's is in holdings JHMM also owns. They hold 250 positions in common, counted across the 657 positions we hold weights for in JHMM and 504 in SPY.
Which pays a higher dividend, JHMM or SPY?
JHMM yields 0.88% while SPY yields 1.00%, so SPY currently pays the higher dividend yield.
Is SPY better than JHMM?
SPY has a lower expense ratio. JHMM led over 1Y, SPY over 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.92. JHMM is less concentrated, with 4.8% of the fund in its ten largest positions against 38.9%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.