JMSI vs SPY
JPMorgan Sustainable Municipal Income 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 503 holdings.
Side-by-Side Comparison
| Metric | JMSI | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.18% | 0.09% | |
| AUM | $385M | $789.1B | |
| Dividend Yield | 3.61% | 1.01% | |
| Holdings | 260 | 505 | |
| YTD Return | +0.34% | +13.68% | |
| 1Y Return | +4.21% | +21.53% | |
| 3Y Return (annualized) | +3.69% | +21.44% | |
| 5Y Return (annualized) | - | +13.18% | |
| Volatility (annualized) | 4.7% | 15.3% | |
| Max Drawdown | -4.6% | -56.5% | |
| Fund Family | J.P. Morgan Asset Management | State Street Investment Management | |
| Category | Tax Preferred | Equity | |
| Inception | Jul 14, 2023 | Jan 22, 1993 |
JMSI vs SPY Performance
JPMorgan Sustainable Municipal Income ETF (JMSI) 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 JMSI returned +4.21% while SPY returned +21.53%. Year to date, JMSI is up 0.34% versus a gain of 13.68% for SPY.
Over three years, JMSI compounded at +3.69% per year against +21.44% for SPY. Across the full 3-year window we track, SPY has the edge at +8.85% annualized vs +3.32%. 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 4.7% for JMSI. 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 -4.6% for JMSI 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 0.69. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
JMSI charges 0.18% per year while SPY charges 0.09%. On a $10,000 position that is $18 vs $9 annually, a gap of $9 per year that compounds over a long holding period. On income, JMSI currently yields 3.61% against 1.01% for SPY.
Holdings Overlap
JMSI and SPY share 0 holdings out of 682 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, JMSI or SPY?
JMSI has an expense ratio of 0.18% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $9 per year of difference.
Which performed better, JMSI or SPY?
Over the past year JMSI returned +4.21% vs +21.53% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (3 years), JMSI annualized +3.32% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, JMSI or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 4.7% for JMSI. Worst drawdown: JMSI -4.6% vs SPY -56.5%.
Should I hold both JMSI and SPY?
JMSI and SPY have a monthly-return correlation of 0.69, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between JMSI and SPY?
JMSI and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 682 unique securities.
Which pays a higher dividend, JMSI or SPY?
JMSI yields 3.61% while SPY yields 1.01%, so JMSI currently pays the higher dividend yield.
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