JMHI vs SPY
JPMorgan High Yield Municipal 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 | JMHI | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.35% | 0.09% | |
| AUM | $293M | $821.1B | |
| Dividend Yield | 4.56% | 1.01% | |
| Holdings | 236 | 505 | |
| YTD Return | +0.91% | +12.68% | |
| 1Y Return | +5.25% | +21.82% | |
| 3Y Return (annualized) | +5.39% | +21.98% | |
| 5Y Return (annualized) | - | +12.89% | |
| Volatility (annualized) | 5.7% | 15.3% | |
| Max Drawdown | -7.1% | -56.5% | |
| Fund Family | J.P. Morgan Asset Management | State Street Investment Management | |
| Category | Tax Preferred | Equity | |
| Inception | Jul 14, 2023 | Jan 22, 1993 |
JMHI vs SPY Performance
JPMorgan High Yield Municipal ETF (JMHI) 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. Over the past year JMHI returned +5.25% while SPY returned +21.82%. Year to date, JMHI is up 0.91% versus a gain of 12.68% for SPY.
Over three years, JMHI compounded at +5.39% per year against +21.98% for SPY. Across the full 3-year window we track, SPY has the edge at +8.81% annualized vs +4.17%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 5.7% for JMHI. 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 -7.1% for JMHI and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.68. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
JMHI charges 0.35% per year while SPY charges 0.09%. On a $10,000 position that is $35 vs $9 annually, a gap of $26 per year that compounds over a long holding period. On income, JMHI currently yields 4.56% against 1.01% for SPY.
Holdings Overlap
JMHI and SPY share 0 holdings out of 532 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, JMHI or SPY?
JMHI has an expense ratio of 0.35% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $26 per year of difference.
Which performed better, JMHI or SPY?
Over the past year JMHI returned +5.25% vs +21.82% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (3 years), JMHI annualized +4.17% vs +8.81% for SPY. Past performance does not guarantee future results.
Which is riskier, JMHI or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 5.7% for JMHI. Worst drawdown: JMHI -7.1% vs SPY -56.5%.
Should I hold both JMHI and SPY?
JMHI and SPY have a monthly-return correlation of 0.68, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between JMHI and SPY?
JMHI and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 532 unique securities.
Which pays a higher dividend, JMHI or SPY?
JMHI yields 4.56% while SPY yields 1.01%, so JMHI currently pays the higher dividend yield.
Popular ETF Comparisons
Get Full ETF Analytics
Access complete holdings data, overlap analysis, screener tools, and more with FundXLS.