JUSA vs SPY
JPMorgan US Research Enhanced Large Cap 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 505 holdings.
Side-by-Side Comparison
| Metric | JUSA | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.12% | 0.09% | |
| AUM | $728M | $821.1B | |
| Dividend Yield | 0.57% | 1.01% | |
| Holdings | 247 | 505 | |
| YTD Return | +11.63% | +12.22% | |
| 1Y Return | +19.91% | +20.83% | |
| 3Y Return (annualized) | - | +21.70% | |
| 5Y Return (annualized) | - | +12.98% | |
| Volatility (annualized) | 11.9% | 15.3% | |
| Max Drawdown | -14.0% | -56.5% | |
| Fund Family | J.P. Morgan Asset Management | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Mar 13, 2025 | Jan 22, 1993 |
JUSA vs SPY Performance
JPMorgan US Research Enhanced Large Cap ETF (JUSA) 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 JUSA returned +19.91% while SPY returned +20.83%. Year to date, JUSA is up 11.63% versus a gain of 12.22% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 11.9% for JUSA. 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 -14.0% for JUSA 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 1.00. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
JUSA charges 0.12% per year while SPY charges 0.09%. On a $10,000 position that is $12 vs $9 annually, a gap of $3 per year that compounds over a long holding period. On income, JUSA currently yields 0.57% against 1.01% for SPY.
Holdings Overlap
JUSA and SPY share 230 holdings out of 519 unique holdings combined, representing a 73.5% weight overlap.
High overlap means holding both may not provide much additional diversification.
Frequently Asked Questions
Which is cheaper, JUSA or SPY?
JUSA has an expense ratio of 0.12% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $3 per year of difference.
Which performed better, JUSA or SPY?
Over the past year JUSA returned +19.91% vs +20.83% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (1 years), JUSA annualized +24.03% vs +8.79% for SPY. Past performance does not guarantee future results.
Which is riskier, JUSA or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 11.9% for JUSA. Worst drawdown: JUSA -14.0% vs SPY -56.5%.
Should I hold both JUSA and SPY?
JUSA and SPY have a monthly-return correlation of 1.00, so they move almost identically. Holding both adds little diversification - most investors pick one, usually on fees or the specific index tracked.
What is the holdings overlap between JUSA and SPY?
JUSA and SPY share 230 common holdings with a 73.5% weight overlap. Combined, they hold 519 unique securities.
Which pays a higher dividend, JUSA or SPY?
JUSA yields 0.57% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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