HLGEX vs. SPY

Last updated Jun 4, 2026

HLGEX (JPMorgan Mid Cap Growth Fund) and SPY (State Street SPDR S&P 500 ETF) are both funds - HLGEX is a Mid Cap Growth Equities fund managed by JPMorgan, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, HLGEX returned 13.78%/yr vs 15.49%/yr for SPY. Their correlation of 0.84 suggests significant overlap in exposure. HLGEX charges 0.89%/yr vs 0.09%/yr for SPY.

Performance

HLGEX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Mid Cap Growth Fund (HLGEX) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HLGEX achieves a 6.63% return, which is significantly lower than SPY's 10.91% return. Over the past 10 years, HLGEX has underperformed SPY with an annualized return of 13.78%, while SPY has yielded a comparatively higher 15.49% annualized return.

HLGEX

• 1D: 0.09%
• 1M: 4.71%
• YTD: 6.63%
• 6M: 4.87%
• 1Y: 12.43%
• 3Y*: 16.60%
• 5Y*: 6.87%
• 10Y*: 13.78%

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

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

HLGEX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HLGEX JPMorgan Mid Cap Growth Fund	6.63%	8.65%	22.80%	23.11%	-27.08%	10.67%	48.33%	39.73%	-5.07%	29.51%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between HLGEX and SPY is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Feb 1, 1993	0.84

The correlation between HLGEX and SPY has been stable across timeframes, ranging from 0.81 to 0.88 - a consistent structural relationship.

Return for Risk

HLGEX vs. SPY — Risk / Return Rank

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

HLGEX

HLGEX Risk / Return Rank: 10
HLGEX Sharpe Ratio Rank: 10
HLGEX Sortino Ratio Rank: 10
HLGEX Omega Ratio Rank: 9
HLGEX Calmar Ratio Rank: 10
HLGEX Martin Ratio Rank: 10

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

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.

HLGEX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Mid Cap Growth Fund (HLGEX) and State Street SPDR S&P 500 ETF (SPY). 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.

	HLGEX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	0.78	2.38	-1.60
Sortino ratio: Return per unit of downside risk	1.20	3.24	-2.04
Omega ratio: Gain probability vs. loss probability	1.14	1.43	-0.29
Calmar ratio: Return relative to maximum drawdown	0.96	3.16	-2.21
Martin ratio: Return relative to average drawdown	3.05	14.72	-11.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HLGEX vs. SPY - Sharpe Ratio Comparison

The current HLGEX Sharpe Ratio is 0.78, which is lower than the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of HLGEX and SPY, 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

	HLGEX	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.78	2.38	-1.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.31	0.82	-0.51
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.63	0.87	-0.24
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.59	-0.08

Drawdowns

HLGEX vs. SPY - Drawdown Comparison

The maximum HLGEX drawdown since its inception was -57.65%, roughly equal to the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for HLGEX and SPY.

Drawdown Indicators

	HLGEX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-57.65%	-55.19%	-2.46%
Max Drawdown (1Y) Largest decline over 1 year	-14.19%	-8.88%	-5.31%
Max Drawdown (3Y) Largest decline over 3 years	-25.50%	-18.76%	-6.74%
Max Drawdown (5Y) Largest decline over 5 years	-37.16%	-24.50%	-12.66%
Max Drawdown (10Y) Largest decline over 10 years	-37.16%	-33.72%	-3.44%
Current Drawdown Current decline from peak	0.00%	-0.70%	+0.70%
Average Drawdown Average peak-to-trough decline	-11.43%	-9.05%	-2.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.44%	1.91%	+2.53%

Volatility

HLGEX vs. SPY - Volatility Comparison

JPMorgan Mid Cap Growth Fund (HLGEX) has a higher volatility of 4.33% compared to State Street SPDR S&P 500 ETF (SPY) at 2.84%. This indicates that HLGEX's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HLGEX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.33%	2.84%	+1.49%
Volatility (6M) Calculated over the trailing 6-month period	13.48%	8.90%	+4.58%
Volatility (1Y) Calculated over the trailing 1-year period	17.37%	11.83%	+5.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.29%	17.05%	+5.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.97%	17.94%	+4.03%

HLGEX vs. SPY - Expense Ratio Comparison

HLGEX has a 0.89% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

HLGEX vs. SPY - Dividend Comparison

HLGEX's dividend yield for the trailing twelve months is around 8.84%, more than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HLGEX JPMorgan Mid Cap Growth Fund	8.84%	9.43%	14.70%	0.00%	0.79%	8.87%	10.61%	7.29%	7.26%	6.41%	0.04%	5.32%
SPY State Street SPDR S&P 500 ETF	0.98%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both HLGEX and SPY in my portfolio?

HLGEX and SPY have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HLGEX or SPY?

HLGEX has higher volatility (4.33%) compared to SPY (2.84%). In terms of maximum drawdown, HLGEX dropped -57.65% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.38 vs 0.78), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.