JPSE vs SPY
JPMorgan Diversified Return US Small Cap Equity ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, JPSE or SPY?
Small Cap Blend against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. JPSE is less concentrated, with 3.9% of the fund in its ten largest positions against 37.8%.
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 | JPSE | SPY |
|---|---|---|
| Expense Ratio | 0.29% | 0.09%Best |
| AUM | $588M | $804.7B |
| Dividend Yield | 1.33% | 0.98% |
| Holdings | 563 | 505 |
| YTD Return | +13.41%Best | +12.89% |
| 1Y Return | +15.35% | +17.01%Best |
| 3Y Return (annualized) | +14.78% | +22.46%Best |
| 5Y Return (annualized) | +7.18% | +13.01%Best |
| Volatility (annualized) | 19.9% | 15.5%Best |
| Max Drawdown | -43.2% | -34.1%Best |
| $10,000 over 5 years | $14,144 | $18,433Best |
| Top 10 Weight | 3.9%Best | 37.8% |
| Fund Family | J.P. Morgan Asset Management | State Street Investment Management |
| Category | Equity | Equity |
| Style | Small Cap Blend | Large Cap Blend |
| Inception | Nov 15, 2016 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Nov 17, 2016 to Sep 24, 2026 (9.9 years).
JPSE 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 9.9 years both funds cover.
JPSE vs SPY Performance
JPMorgan Diversified Return US Small Cap Equity ETF (JPSE) is an ETF from J.P. Morgan Asset Management and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year JPSE returned +15.35% while SPY returned +17.01%. Year to date, JPSE is up 13.41% versus a gain of 12.89% for SPY.
Over three years, JPSE compounded at +14.78% per year against +22.46% for SPY; over five years the annualized figures are +7.18% and +13.01% respectively. Across the full 10-year window we track, SPY has the edge at +14.43% annualized vs +9.55%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
JPSE has been the more volatile fund, with annualized monthly volatility of 19.9% compared with 15.5% 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 -43.2% for JPSE 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 0.84. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
JPSE charges 0.29% per year while SPY charges 0.09%. On a $10,000 position that is $29 vs $9 annually, a gap of $20 per year that compounds over a long holding period. On income, JPSE currently yields 1.33% against 0.98% for SPY.
Holdings Overlap
0.3% of SPY's money is in holdings JPSE also owns.
We cannot see either book well enough to say how much of this pair is duplicated.
2 positions in common, counted across the 544 positions we hold weights for in JPSE and 504 in SPY, against full books of 563 and 505.
What only one of them owns
Our book lists 495 positions for SPY that do not appear in our book for JPSE (99.0% of the fund), and 505 for JPSE that do not appear in SPY (91.8%).
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.
You are not choosing between two funds in isolation.
Whichever of JPSE and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, JPSE or SPY?
JPSE has an expense ratio of 0.29% while SPY charges 0.09%. SPY is the cheaper option, by $20 a year on a $10,000 investment.
Which performed better, JPSE or SPY?
Over the past year JPSE returned +15.35% vs +17.01% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (10 years), JPSE annualized +9.55% vs +14.43% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, JPSE or SPY?
JPSE has been the more volatile fund at 19.9% annualized versus 15.5% for SPY. Worst drawdown: JPSE -43.2% vs SPY -34.1%.
Should I hold both JPSE and SPY?
JPSE and SPY have a monthly-return correlation of 0.84, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, JPSE or SPY?
JPSE yields 1.33% while SPY yields 0.98%, so JPSE currently pays the higher dividend yield.
Is SPY better than JPSE?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. JPSE is less concentrated, with 3.9% of the fund in its ten largest positions against 37.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.