IVOG vs. JPSE

Last updated Jun 3, 2026

IVOG (Vanguard S&P Mid-Cap 400 Growth ETF) and JPSE (JPMorgan Diversified Return U.S. Small Cap Equity ETF) are both Small Cap Growth Equities funds - IVOG tracks the S&P MidCap 400 Growth Index while JPSE tracks the JPMorgan Diversified Factor US Small Cap Equity Index. Both are passively managed. Over the past 5 years, IVOG returned 8.75%/yr vs 7.41%/yr for JPSE. Their correlation of 0.90 suggests significant overlap in exposure. IVOG charges 0.15%/yr vs 0.29%/yr for JPSE.

Performance

IVOG vs. JPSE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P Mid-Cap 400 Growth ETF (IVOG) and JPMorgan Diversified Return U.S. Small Cap Equity ETF (JPSE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IVOG achieves a 18.93% return, which is significantly higher than JPSE's 16.66% return.

IVOG

• 1D: 0.64%
• 1M: 5.56%
• YTD: 18.93%
• 6M: 19.48%
• 1Y: 31.58%
• 3Y*: 17.95%
• 5Y*: 8.75%
• 10Y*: 11.58%

JPSE

• 1D: 1.09%
• 1M: 0.99%
• YTD: 16.66%
• 6M: 17.30%
• 1Y: 34.78%
• 3Y*: 15.64%
• 5Y*: 7.41%
• 10Y*: —

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

IVOG vs. JPSE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IVOG Vanguard S&P Mid-Cap 400 Growth ETF	18.93%	7.34%	15.62%	17.36%	-19.08%	18.85%	22.60%	26.13%	-10.58%	19.90%
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF	16.66%	8.77%	8.07%	15.87%	-14.40%	29.31%	12.49%	22.95%	-8.61%	14.38%

Correlation

The correlation between IVOG and JPSE is 0.86, 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	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (All Time) Calculated using the full available price history since Nov 18, 2016	0.90

The correlation between IVOG and JPSE has been stable across timeframes, ranging from 0.86 to 0.92 - a consistent structural relationship.

IVOG vs. JPSE - Sectors Allocation Comparison

Sectors	IVOG	JPSE
Industrials	30.9%	11.7%
Technology	21.9%	14.6%
Healthcare	13.5%	9.0%
Consumer Cyclical	8.0%	7.9%
Financial Services	7.3%	9.7%
Real Estate	5.5%	13.1%
Energy	3.7%	8.9%
Basic Materials	3.6%	9.6%
Consumer Defensive	2.1%	8.1%
Utilities	2.0%	4.8%
Communication Services	1.5%	2.7%

Return for Risk

IVOG vs. JPSE — Risk / Return Rank

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

IVOG

IVOG Risk / Return Rank: 58
IVOG Sharpe Ratio Rank: 53
IVOG Sortino Ratio Rank: 55
IVOG Omega Ratio Rank: 52
IVOG Calmar Ratio Rank: 64
IVOG Martin Ratio Rank: 67

JPSE

JPSE Risk / Return Rank: 70
JPSE Sharpe Ratio Rank: 65
JPSE Sortino Ratio Rank: 67
JPSE Omega Ratio Rank: 61
JPSE Calmar Ratio Rank: 82
JPSE Martin Ratio Rank: 78

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.

IVOG vs. JPSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P Mid-Cap 400 Growth ETF (IVOG) and JPMorgan Diversified Return U.S. Small Cap Equity ETF (JPSE). 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.

	IVOG	JPSE	Difference
Sharpe ratio Return per unit of total volatility	1.85	2.19	-0.34
Sortino ratio Return per unit of downside risk	2.64	3.13	-0.48
Omega ratio Gain probability vs. loss probability	1.32	1.37	-0.05
Calmar ratio Return relative to maximum drawdown	3.20	4.36	-1.16
Martin ratio Return relative to average drawdown	12.59	15.58	-2.99
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IVOG vs. JPSE - Sharpe Ratio Comparison

The current IVOG Sharpe Ratio is 1.85, which is comparable to the JPSE Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of IVOG and JPSE, 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

	IVOG	JPSE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.85	2.19	-0.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	0.37	+0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	0.49	+0.15

Drawdowns

IVOG vs. JPSE - Drawdown Comparison

The maximum IVOG drawdown since its inception was -39.32%, smaller than the maximum JPSE drawdown of -43.02%. Use the drawdown chart below to compare losses from any high point for IVOG and JPSE.

Drawdown Indicators

	IVOG	JPSE	Difference
Max Drawdown Largest peak-to-trough decline	-39.32%	-43.02%	+3.70%
Max Drawdown (1Y) Largest decline over 1 year	-9.69%	-8.00%	-1.69%
Max Drawdown (3Y) Largest decline over 3 years	-25.61%	-25.49%	-0.12%
Max Drawdown (5Y) Largest decline over 5 years	-29.31%	-25.56%	-3.75%
Max Drawdown (10Y) Largest decline over 10 years	-39.32%	—	—
Current Drawdown Current decline from peak	0.00%	-0.34%	+0.34%
Average Drawdown Average peak-to-trough decline	-5.88%	-7.43%	+1.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.46%	2.24%	+0.22%

Volatility

IVOG vs. JPSE - Volatility Comparison

Vanguard S&P Mid-Cap 400 Growth ETF (IVOG) has a higher volatility of 5.19% compared to JPMorgan Diversified Return U.S. Small Cap Equity ETF (JPSE) at 4.52%. This indicates that IVOG's price experiences larger fluctuations and is considered to be riskier than JPSE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IVOG	JPSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.19%	4.52%	+0.67%
Volatility (6M) Calculated over the trailing 6-month period	13.21%	10.86%	+2.35%
Volatility (1Y) Calculated over the trailing 1-year period	17.15%	15.96%	+1.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.61%	20.07%	+0.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.59%	21.82%	-1.23%

IVOG vs. JPSE - Expense Ratio Comparison

IVOG has a 0.15% expense ratio, which is lower than JPSE's 0.29% expense ratio.

Dividends

IVOG vs. JPSE - Dividend Comparison

IVOG's dividend yield for the trailing twelve months is around 0.54%, less than JPSE's 1.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IVOG Vanguard S&P Mid-Cap 400 Growth ETF	0.54%	0.64%	0.79%	1.15%	1.05%	0.47%	0.74%	1.17%	1.01%	0.93%	1.11%	1.04%
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF	1.36%	1.62%	1.66%	1.76%	1.55%	1.24%	1.32%	1.23%	1.18%	0.74%	0.14%	0.00%

Frequently Asked Questions

Can I hold both IVOG and JPSE in my portfolio?

IVOG and JPSE have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IVOG or JPSE?

IVOG has higher volatility (5.19%) compared to JPSE (4.52%). In terms of maximum drawdown, IVOG dropped -39.32% vs JPSE's -43.02%.

Which ETF is better, IVOG or JPSE?

On 5-year performance, IVOG leads with 8.75% vs 7.41% for JPSE. On fees, IVOG is cheaper at 0.15% per year. On volatility, JPSE has been the lower-risk option at 4.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IVOG or JPSE?

Over the 5-year period, IVOG has performed better with a 8.75% return vs 7.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IVOG or JPSE?

IVOG is cheaper with a 0.15% expense ratio, compared with 0.29% for JPSE.

Which ETF pays a higher dividend yield, IVOG or JPSE?

JPSE has the higher dividend yield at 1.36%, compared with 0.54% for IVOG.

What is the main difference between IVOG and JPSE?

IVOG tracks S&P MidCap 400 Growth Index, while JPSE tracks JPMorgan Diversified Factor US Small Cap Equity Index. They also come from different issuers: Vanguard and JPMorgan. Their fees differ too: 0.15% for IVOG and 0.29% for JPSE.

Which has better risk-adjusted returns?

JPSE currently has the higher Sharpe Ratio (2.19 vs 1.85), 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.