JHEQX vs. ^GSPC

Last updated Apr 2, 2026

Compare and contrast key facts about JPMorgan Hedged Equity Fund Class I (JHEQX) and S&P 500 Index (^GSPC).

JHEQX is managed by JPMorgan. It was launched on Dec 13, 2013.

Performance

JHEQX vs. ^GSPC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Hedged Equity Fund Class I (JHEQX) and S&P 500 Index (^GSPC). The values are adjusted to include any dividend payments, if applicable.

JHEQX vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JHEQX JPMorgan Hedged Equity Fund Class I	-4.94%	7.49%	18.23%	16.07%	-8.05%	13.43%	14.10%	13.31%	-0.72%	12.70%
^GSPC S&P 500 Index	-3.95%	16.39%	23.31%	24.23%	-19.44%	26.89%	16.26%	28.88%	-6.24%	19.42%

Returns By Period

In the year-to-date period, JHEQX achieves a -4.94% return, which is significantly lower than ^GSPC's -3.95% return. Over the past 10 years, JHEQX has underperformed ^GSPC with an annualized return of 8.72%, while ^GSPC has yielded a comparatively higher 12.24% annualized return.

JHEQX

• 1D: 0.75%
• 1M: -5.47%
• YTD: -4.94%
• 6M: -2.73%
• 1Y: 7.14%
• 3Y*: 9.50%
• 5Y*: 6.83%
• 10Y*: 8.72%

^GSPC

• 1D: 0.72%
• 1M: -4.45%
• YTD: -3.95%
• 6M: -2.02%
• 1Y: 16.73%
• 3Y*: 16.96%
• 5Y*: 10.34%
• 10Y*: 12.24%

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

Return for Risk

JHEQX vs. ^GSPC — Risk / Return Rank

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

JHEQX

JHEQX Risk / Return Rank: 34
JHEQX Sharpe Ratio Rank: 29
JHEQX Sortino Ratio Rank: 29
JHEQX Omega Ratio Rank: 33
JHEQX Calmar Ratio Rank: 40
JHEQX Martin Ratio Rank: 42

^GSPC

^GSPC Risk / Return Rank: 67
^GSPC Sharpe Ratio Rank: 63
^GSPC Sortino Ratio Rank: 64
^GSPC Omega Ratio Rank: 69
^GSPC Calmar Ratio Rank: 60
^GSPC Martin Ratio Rank: 77

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.

JHEQX vs. ^GSPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Hedged Equity Fund Class I (JHEQX) and S&P 500 Index (^GSPC). 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.

	JHEQX	^GSPC	Difference
Sharpe ratio Return per unit of total volatility	0.72	0.92	-0.20
Sortino ratio Return per unit of downside risk	1.10	1.41	-0.31
Omega ratio Gain probability vs. loss probability	1.17	1.21	-0.04
Calmar ratio Return relative to maximum drawdown	1.07	1.41	-0.34
Martin ratio Return relative to average drawdown	4.43	6.61	-2.18
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JHEQX vs. ^GSPC - Sharpe Ratio Comparison

The current JHEQX Sharpe Ratio is 0.72, which is comparable to the ^GSPC Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of JHEQX and ^GSPC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	JHEQX	^GSPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.72	0.92	-0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.77	0.61	+0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.93	0.68	+0.25
Sharpe Ratio (All Time) Calculated using the full available price history	0.84	0.46	+0.38

Correlation

The correlation between JHEQX and ^GSPC is 0.93, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Drawdowns

JHEQX vs. ^GSPC - Drawdown Comparison

The maximum JHEQX drawdown since its inception was -18.85%, smaller than the maximum ^GSPC drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for JHEQX and ^GSPC.

Drawdown Indicators

	JHEQX	^GSPC	Difference
Max Drawdown Largest peak-to-trough decline	-18.85%	-56.78%	+37.93%
Max Drawdown (1Y) Largest decline over 1 year	-6.92%	-12.14%	+5.22%
Max Drawdown (5Y) Largest decline over 5 years	-14.34%	-25.43%	+11.09%
Max Drawdown (10Y) Largest decline over 10 years	-18.85%	-33.92%	+15.07%
Current Drawdown Current decline from peak	-6.19%	-5.78%	-0.41%
Average Drawdown Average peak-to-trough decline	-2.16%	-10.75%	+8.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.67%	2.60%	-0.93%

Volatility

JHEQX vs. ^GSPC - Volatility Comparison

The current volatility for JPMorgan Hedged Equity Fund Class I (JHEQX) is 2.81%, while S&P 500 Index (^GSPC) has a volatility of 5.37%. This indicates that JHEQX experiences smaller price fluctuations and is considered to be less risky than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JHEQX	^GSPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.81%	5.37%	-2.56%
Volatility (6M) Calculated over the trailing 6-month period	5.56%	9.55%	-3.99%
Volatility (1Y) Calculated over the trailing 1-year period	10.23%	18.33%	-8.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.89%	16.90%	-8.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.41%	18.05%	-8.64%