JEMA vs. SPY

Last updated Jun 4, 2026

JEMA (JPMorgan ActiveBuilders Emerging Markets Equity ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - JEMA is a Emerging Markets Equities fund actively managed by JPMorgan, while SPY is a S&P 500 fund tracking the S&P 500 Index. JEMA is actively managed, while SPY is passively managed. Over the past 5 years, JEMA returned 7.20%/yr vs 13.83%/yr for SPY. A 0.65 correlation means they provide meaningful diversification when combined. JEMA charges 0.39%/yr vs 0.09%/yr for SPY.

Performance

JEMA vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan ActiveBuilders Emerging Markets Equity ETF (JEMA) 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, JEMA achieves a 31.42% return, which is significantly higher than SPY's 10.91% return.

JEMA

• 1D: -1.10%
• 1M: 9.00%
• YTD: 31.42%
• 6M: 33.11%
• 1Y: 63.06%
• 3Y*: 24.84%
• 5Y*: 7.20%
• 10Y*: —

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)

JEMA vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF	31.42%	34.89%	5.68%	9.82%	-24.98%	-4.78%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	24.89%	26.18%	-18.18%	22.30%

Correlation

The correlation between JEMA and SPY is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (All Time) Calculated using the full available price history since Mar 12, 2021	0.65

The correlation between JEMA and SPY has been stable across timeframes, ranging from 0.65 to 0.74 - a consistent structural relationship.

JEMA vs. SPY - Sectors Allocation Comparison

Sectors	JEMA	SPY
Technology	41.1%	35.9%
Financial Services	21.2%	11.8%
Consumer Cyclical	9.6%	10.3%
Industrials	7.4%	7.8%
Communication Services	7.0%	11.3%
Energy	4.0%	3.6%
Basic Materials	3.5%	1.8%
Consumer Defensive	2.5%	4.8%
Healthcare	1.7%	8.4%
Utilities	1.4%	2.4%
Real Estate	0.6%	1.9%

Return for Risk

JEMA vs. SPY — Risk / Return Rank

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

JEMA

JEMA Risk / Return Rank: 88
JEMA Sharpe Ratio Rank: 90
JEMA Sortino Ratio Rank: 86
JEMA Omega Ratio Rank: 89
JEMA Calmar Ratio Rank: 86
JEMA Martin Ratio Rank: 89

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.

JEMA vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan ActiveBuilders Emerging Markets Equity ETF (JEMA) 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.

	JEMA	SPY	Difference
Sharpe ratio Return per unit of total volatility	3.14	2.38	+0.76
Sortino ratio Return per unit of downside risk	3.92	3.24	+0.68
Omega ratio Gain probability vs. loss probability	1.56	1.43	+0.13
Calmar ratio Return relative to maximum drawdown	4.84	3.16	+1.67
Martin ratio Return relative to average drawdown	19.80	14.72	+5.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JEMA vs. SPY - Sharpe Ratio Comparison

The current JEMA Sharpe Ratio is 3.14, which is higher than the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of JEMA 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

	JEMA	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.14	2.38	+0.76
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.38	0.82	-0.43
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.59	-0.18

Drawdowns

JEMA vs. SPY - Drawdown Comparison

The maximum JEMA drawdown since its inception was -39.50%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for JEMA and SPY.

Drawdown Indicators

	JEMA	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-39.50%	-55.19%	+15.69%
Max Drawdown (1Y) Largest decline over 1 year	-13.11%	-8.88%	-4.23%
Max Drawdown (3Y) Largest decline over 3 years	-18.11%	-18.76%	+0.65%
Max Drawdown (5Y) Largest decline over 5 years	-39.45%	-24.50%	-14.95%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-1.10%	-0.70%	-0.40%
Average Drawdown Average peak-to-trough decline	-17.04%	-9.05%	-7.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.19%	1.91%	+1.28%

Volatility

JEMA vs. SPY - Volatility Comparison

JPMorgan ActiveBuilders Emerging Markets Equity ETF (JEMA) has a higher volatility of 8.36% compared to State Street SPDR S&P 500 ETF (SPY) at 2.84%. This indicates that JEMA'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

	JEMA	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.36%	2.84%	+5.52%
Volatility (6M) Calculated over the trailing 6-month period	17.54%	8.90%	+8.64%
Volatility (1Y) Calculated over the trailing 1-year period	20.20%	11.83%	+8.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.02%	17.05%	+1.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.90%	17.94%	+0.96%

JEMA vs. SPY - Expense Ratio Comparison

JEMA has a 0.39% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

JEMA vs. SPY - Dividend Comparison

JEMA's dividend yield for the trailing twelve months is around 2.23%, more than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF	2.23%	2.93%	2.44%	2.95%	2.69%	1.54%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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 JEMA and SPY in my portfolio?

JEMA and SPY have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JEMA or SPY?

JEMA has higher volatility (8.36%) compared to SPY (2.84%). In terms of maximum drawdown, JEMA dropped -39.50% vs SPY's -55.19%.

Which ETF is better, JEMA or SPY?

On 5-year performance, SPY leads with 13.83% vs 7.20% for JEMA. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JEMA or SPY?

Over the 5-year period, SPY has performed better with a 13.83% return vs 7.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JEMA or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.39% for JEMA.

Which ETF pays a higher dividend yield, JEMA or SPY?

JEMA has the higher dividend yield at 2.23%, compared with 0.98% for SPY.

What is the main difference between JEMA and SPY?

JEMA is categorized as Emerging Markets Equities, while SPY is S&P 500. They also come from different issuers: JPMorgan and State Street. Their fees differ too: 0.39% for JEMA and 0.09% for SPY.

Which has better risk-adjusted returns?

JEMA currently has the higher Sharpe Ratio (3.14 vs 2.38), 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.