FML.AX vs. JPEM

Last updated Jun 5, 2026

FML.AX (Focus Minerals Limited) is a stock, while JPEM (J.P. Morgan Diversified Return Emerging Markets Equity ETF) is Emerging Markets Equities fund tracking the JPMorgan Diversified Factor Emerging Markets Equity Index. Over the past 10 years, FML.AX returned 15.88%/yr vs 8.17%/yr for JPEM. At a 0.01 correlation, their price movements are largely independent.

Performance

FML.AX vs. JPEM - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in Focus Minerals Limited (FML.AX) and J.P. Morgan Diversified Return Emerging Markets Equity ETF (JPEM). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

FML.AX is traded in AUD, while JPEM is traded in USD. To make them comparable, the JPEM values have been converted to AUD using the latest available exchange rates.

Returns By Period

In the year-to-date period, FML.AX achieves a -35.99% return, which is significantly lower than JPEM's 0.70% return. Over the past 10 years, FML.AX has outperformed JPEM with an annualized return of 15.88%, while JPEM has yielded a comparatively lower 8.17% annualized return.

FML.AX

• 1D: -0.76%
• 1M: -12.67%
• YTD: -35.99%
• 6M: -33.84%
• 1Y: 391.25%
• 3Y*: 119.82%
• 5Y*: 46.62%
• 10Y*: 15.88%

JPEM

• 1D: 0.36%
• 1M: 0.58%
• YTD: 0.70%
• 6M: 0.99%
• 1Y: 11.42%
• 3Y*: 10.94%
• 5Y*: 7.87%
• 10Y*: 8.17%

*Multi-year figures are annualized to reflect compound growth (CAGR)

FML.AX vs. JPEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FML.AX Focus Minerals Limited	-35.99%	1,705.88%	-8.11%	-27.45%	-34.62%	14.71%	58.14%	22.86%	-45.31%	-21.95%
JPEM J.P. Morgan Diversified Return Emerging Markets Equity ETF	0.70%	13.98%	14.72%	11.09%	-3.02%	14.45%	-9.21%	16.75%	-0.96%	18.99%

Correlation

The correlation between FML.AX and JPEM is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.02
Correlation (5Y) Calculated over the trailing 5-year period	-0.01
Correlation (10Y) Calculated over the trailing 10-year period	-0.00
Correlation (All Time) Calculated using the full available price history since Jan 12, 2015	0.01

Return for Risk

FML.AX vs. JPEM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FML.AX

FML.AX Risk / Return Rank: 95
FML.AX Sharpe Ratio Rank: 98
FML.AX Sortino Ratio Rank: 96
FML.AX Omega Ratio Rank: 93
FML.AX Calmar Ratio Rank: 94
FML.AX Martin Ratio Rank: 93

JPEM

JPEM Risk / Return Rank: 49
JPEM Sharpe Ratio Rank: 50
JPEM Sortino Ratio Rank: 49
JPEM Omega Ratio Rank: 52
JPEM Calmar Ratio Rank: 44
JPEM Martin Ratio Rank: 48

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FML.AX vs. JPEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Focus Minerals Limited (FML.AX) and J.P. Morgan Diversified Return Emerging Markets Equity ETF (JPEM). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	FML.AX	JPEM	Difference
Sharpe ratio: Return per unit of total volatility	4.26	1.22	+3.05
Sortino ratio: Return per unit of downside risk	4.31	1.85	+2.45
Omega ratio: Gain probability vs. loss probability	1.49	1.23	+0.26
Calmar ratio: Return relative to maximum drawdown	6.69	1.20	+5.49
Martin ratio: Return relative to average drawdown	15.77	4.27	+11.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FML.AX vs. JPEM - Sharpe Ratio Comparison

The current FML.AX Sharpe Ratio is 4.26, which is higher than the JPEM Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of FML.AX and JPEM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FML.AX	JPEM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.26	1.22	+3.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	0.77	-0.24
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.21	0.58	-0.38
Sharpe Ratio (All Time) Calculated using the full available price history	-0.07	0.48	-0.55

Drawdowns

FML.AX vs. JPEM - Drawdown Comparison

The maximum FML.AX drawdown since its inception was -99.12%, which is greater than JPEM's maximum drawdown of -26.84%. Use the drawdown chart below to compare losses from any high point for FML.AX and JPEM.

Drawdown Indicators

	FML.AX	JPEM	Difference
Max Drawdown Largest peak-to-trough decline	-99.12%	-26.84%	-72.28%
Max Drawdown (1Y) Largest decline over 1 year	-57.56%	-9.53%	-48.03%
Max Drawdown (3Y) Largest decline over 3 years	-57.56%	-9.53%	-48.03%
Max Drawdown (5Y) Largest decline over 5 years	-70.51%	-13.81%	-56.70%
Max Drawdown (10Y) Largest decline over 10 years	-83.80%	-26.64%	-57.16%
Current Drawdown Current decline from peak	-84.88%	-3.35%	-81.53%
Average Drawdown Average peak-to-trough decline	-83.32%	-6.25%	-77.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.48%	2.68%	+21.80%

Volatility

FML.AX vs. JPEM - Volatility Comparison

Focus Minerals Limited (FML.AX) has a higher volatility of 17.17% compared to J.P. Morgan Diversified Return Emerging Markets Equity ETF (JPEM) at 2.92%. This indicates that FML.AX's price experiences larger fluctuations and is considered to be riskier than JPEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FML.AX	JPEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.17%	2.92%	+14.25%
Volatility (6M) Calculated over the trailing 6-month period	50.45%	8.22%	+42.23%
Volatility (1Y) Calculated over the trailing 1-year period	90.34%	9.41%	+80.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	86.69%	10.22%	+76.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	76.45%	14.05%	+62.40%

Dividends

FML.AX vs. JPEM - Dividend Comparison

FML.AX has not paid dividends to shareholders, while JPEM's dividend yield for the trailing twelve months is around 4.40%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FML.AX Focus Minerals Limited	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
JPEM J.P. Morgan Diversified Return Emerging Markets Equity ETF	4.40%	4.65%	5.12%	4.46%	4.71%	4.40%	2.85%	3.47%	2.79%	2.14%	1.28%	3.22%

Frequently Asked Questions

Can I hold both FML.AX and JPEM in my portfolio?

FML.AX and JPEM have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.