JPAN vs SPY
Matthews Japan Active ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. JPAN delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | JPAN | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.79% | 0.09% | |
| AUM | $10M | $789.1B | |
| Dividend Yield | 4.38% | 1.01% | |
| Holdings | 55 | 505 | |
| YTD Return | +22.57% | +14.47% | |
| 1Y Return | +29.39% | +21.96% | |
| 3Y Return (annualized) | +24.71% | +21.70% | |
| 5Y Return (annualized) | - | +13.30% | |
| Volatility (annualized) | 15.0% | 15.3% | |
| Max Drawdown | -15.2% | -56.5% | |
| Fund Family | Matthews Asia Funds | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Sep 21, 2023 | Jan 22, 1993 |
JPAN vs SPY Performance
Matthews Japan Active ETF (JPAN) is a ETF from Matthews Asia Funds and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year JPAN returned +29.39% while SPY returned +21.96%. Year to date, JPAN is up 22.57% versus a gain of 14.47% for SPY.
Over three years, JPAN compounded at +24.71% per year against +21.70% for SPY. Across the full 3-year window we track, JPAN has the edge at +24.71% annualized vs +8.87%. 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 15.0% for JPAN. 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 -15.2% for JPAN 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
JPAN charges 0.79% per year while SPY charges 0.09%. On a $10,000 position that is $79 vs $9 annually, a gap of $70 per year that compounds over a long holding period. On income, JPAN currently yields 4.38% against 1.01% for SPY.
Holdings Overlap
JPAN and SPY share 0 holdings out of 557 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, JPAN or SPY?
JPAN has an expense ratio of 0.79% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $70 per year of difference.
Which performed better, JPAN or SPY?
Over the past year JPAN returned +29.39% vs +21.96% for SPY, so JPAN leads on 1-year performance. Over the longest common window we track (3 years), JPAN annualized +24.71% vs +8.87% for SPY. Past performance does not guarantee future results.
Which is riskier, JPAN or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 15.0% for JPAN. Worst drawdown: JPAN -15.2% vs SPY -56.5%.
Should I hold both JPAN and SPY?
JPAN 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 JPAN and SPY?
JPAN and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 557 unique securities.
Which pays a higher dividend, JPAN or SPY?
JPAN yields 4.38% while SPY yields 1.01%, so JPAN 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.