JMUB vs SPY
JPMorgan 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. JMUB offers more diversification with 2,068 holdings.
Side-by-Side Comparison
| Metric | JMUB | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.18% | 0.09% | |
| AUM | $8.5B | $821.1B | |
| Dividend Yield | 3.66% | 1.01% | |
| Holdings | 2,068 | 505 | |
| YTD Return | +0.48% | +12.22% | |
| 1Y Return | +4.30% | +20.83% | |
| 3Y Return (annualized) | +3.80% | +21.70% | |
| 5Y Return (annualized) | +0.92% | +12.98% | |
| Volatility (annualized) | 5.2% | 15.3% | |
| Max Drawdown | -12.5% | -56.5% | |
| Fund Family | J.P. Morgan Asset Management | State Street Investment Management | |
| Category | Tax Preferred | Equity | |
| Inception | Oct 29, 2018 | Jan 22, 1993 |
JMUB vs SPY Performance
JPMorgan Municipal ETF (JMUB) 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 JMUB returned +4.30% while SPY returned +20.83%. Year to date, JMUB is up 0.48% versus a gain of 12.22% for SPY.
Over three years, JMUB compounded at +3.80% per year against +21.70% for SPY; over five years the annualized figures are +0.92% and +12.98% respectively. Across the full 8-year window we track, SPY has the edge at +8.79% annualized vs +2.02%. 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 5.2% for JMUB. 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 -12.5% for JMUB 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 0.48. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
JMUB 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, JMUB currently yields 3.66% against 1.01% for SPY.
Holdings Overlap
JMUB and SPY share 0 holdings out of 552 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, JMUB or SPY?
JMUB 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, JMUB or SPY?
Over the past year JMUB returned +4.30% vs +20.83% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (8 years), JMUB annualized +2.02% vs +8.79% for SPY. Past performance does not guarantee future results.
Which is riskier, JMUB or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 5.2% for JMUB. Worst drawdown: JMUB -12.5% vs SPY -56.5%.
Should I hold both JMUB and SPY?
JMUB and SPY have a monthly-return correlation of 0.48, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between JMUB and SPY?
JMUB and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 552 unique securities.
Which pays a higher dividend, JMUB or SPY?
JMUB yields 3.66% while SPY yields 1.01%, so JMUB currently pays the higher dividend yield.
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