JPUS vs SPY
JPMorgan Diversified Return US Equity ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, JPUS or SPY?
Large Cap Value against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.90. JPUS is less concentrated, with 4.6% of the fund in its ten largest positions against 38.0%.
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 | JPUS | SPY |
|---|---|---|
| Expense Ratio | 0.18% | 0.09%Best |
| AUM | $470M | $814.4B |
| Dividend Yield | 1.97% | 1.01% |
| Holdings | 375 | 505 |
| YTD Return | +15.99%Best | +13.34% |
| 1Y Return | +18.95% | +19.97%Best |
| 3Y Return (annualized) | +16.31% | +21.20%Best |
| 5Y Return (annualized) | +9.87% | +12.81%Best |
| Volatility (annualized) | 15.1%Tie | 15.1%Tie |
| Max Drawdown | -38.7% | -34.1%Best |
| $10,000 over 5 years | $16,010 | $18,270Best |
| Top 10 Weight | 4.6%Best | 38.0% |
| Fund Family | J.P. Morgan Asset Management | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Value | Large Cap Blend |
| Inception | Sep 29, 2015 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Sep 30, 2015 to Sep 4, 2026 (10.9 years).
JPUS 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 10.9 years both funds cover.
JPUS vs SPY Performance
JPMorgan Diversified Return US Equity ETF (JPUS) 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 JPUS returned +18.95% while SPY returned +19.97%. Year to date, JPUS is up 15.99% versus a gain of 13.34% for SPY.
Over three years, JPUS compounded at +16.31% per year against +21.20% for SPY; over five years the annualized figures are +9.87% and +12.81% respectively. Across the full 11-year window we track, SPY has the edge at +14.35% annualized vs +11.21%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
JPUS and SPY have been equally volatile, both at 15.1% annualized.
The deepest peak-to-trough decline in our data was -38.7% for JPUS 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 0.90. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
JPUS 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, JPUS currently yields 1.97% against 1.01% for SPY.
Holdings Overlap
65.1% of JPUS's money is in holdings SPY also owns. 50.1% of SPY's money is in holdings JPUS also owns.
The two portfolios partly overlap.
223 positions in common, counted across the 369 positions we hold weights for in JPUS and 504 in SPY, against full books of 375 and 505.
What only one of them owns
Our book lists 276 positions for SPY that do not appear in our book for JPUS (49.5% of the fund), and 133 for JPUS that do not appear in SPY (32.2%).
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.
Top Shared Holdings
| Stock | Weight in JPUS | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp. | 0.42% | 7.71% | 7.29% |
| AAPLApple, Inc | 0.42% | 6.83% | 6.41% |
| GOOGLAlphabet Inc.Class A | 0.21% | 3.33% | 3.12% |
| AVGOBroadcom Inc | 0.44% | 2.97% | 2.53% |
| BRK.BBerkshire Hathaway Inc Brk/B Us Equity | 0.36% | 1.42% | 1.06% |
| XOMExxon Mobil Corp. | 0.40% | 0.96% | 0.56% |
| JNJJohnson & Johnson - Common | 0.39% | 0.92% | 0.53% |
| CSCOCisco Systems Inc. - Ordinary Shares | 0.39% | 0.72% | 0.33% |
| ABBVAbbvie Inc. | 0.36% | 0.65% | 0.29% |
| AMATApplied Materials, Inc. | 0.36% | 0.65% | 0.29% |
65.1% of JPUS is already inside SPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, JPUS or SPY?
JPUS has an expense ratio of 0.18% while SPY charges 0.09%. SPY is the cheaper option, by $9 a year on a $10,000 investment.
Which performed better, JPUS or SPY?
Over the past year JPUS returned +18.95% vs +19.97% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (11 years), JPUS annualized +11.21% vs +14.35% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, JPUS or SPY?
JPUS and SPY have been equally volatile, both at 15.1% annualized. Worst drawdown: JPUS -38.7% vs SPY -34.1%.
Should I hold both JPUS and SPY?
JPUS and SPY have a monthly-return correlation of 0.90, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between JPUS and SPY?
65.1% of JPUS's money is in holdings SPY also owns. 50.1% of SPY's is in holdings JPUS also owns. They hold 223 positions in common, counted across the 369 positions we hold weights for in JPUS and 504 in SPY.
Which pays a higher dividend, JPUS or SPY?
JPUS yields 1.97% while SPY yields 1.01%, so JPUS currently pays the higher dividend yield.
Is SPY better than JPUS?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.90. JPUS is less concentrated, with 4.6% of the fund in its ten largest positions against 38.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.