JHEQX vs. JMSIX

Last updated Jun 4, 2026

JHEQX (JPMorgan Hedged Equity Fund Class I) and JMSIX (JPMorgan Income Fund) are both mutual funds - JHEQX is a Hedge Fund fund managed by JPMorgan, while JMSIX is a Multisector Bonds fund managed by JPMorgan. Over the past 10 years, JHEQX returned 8.86%/yr vs 3.98%/yr for JMSIX. At a 0.18 correlation, their price movements are largely independent. JHEQX charges 0.58%/yr vs 0.40%/yr for JMSIX.

Performance

JHEQX vs. JMSIX - Performance Comparison

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

Returns By Period

In the year-to-date period, JHEQX achieves a -1.85% return, which is significantly lower than JMSIX's 1.35% return. Over the past 10 years, JHEQX has outperformed JMSIX with an annualized return of 8.86%, while JMSIX has yielded a comparatively lower 3.98% annualized return.

JHEQX

• 1D: -0.12%
• 1M: -0.17%
• YTD: -1.85%
• 6M: -1.22%
• 1Y: 6.89%
• 3Y*: 9.22%
• 5Y*: 7.00%
• 10Y*: 8.86%

JMSIX

• 1D: 0.12%
• 1M: 0.39%
• YTD: 1.35%
• 6M: 1.85%
• 1Y: 5.92%
• 3Y*: 7.12%
• 5Y*: 2.81%
• 10Y*: 3.98%

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

JHEQX vs. JMSIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JHEQX JPMorgan Hedged Equity Fund Class I	-1.85%	7.49%	18.23%	16.07%	-8.05%	13.43%	14.10%	13.31%	-0.72%	12.70%
JMSIX JPMorgan Income Fund	1.35%	7.68%	7.78%	6.14%	-8.24%	3.59%	3.07%	11.82%	1.03%	6.00%

Correlation

The correlation between JHEQX and JMSIX is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (5Y) Calculated over the trailing 5-year period	0.23
Correlation (10Y) Calculated over the trailing 10-year period	0.18
Correlation (All Time) Calculated using the full available price history since Nov 10, 2014	0.18

The correlation between JHEQX and JMSIX shifts across timeframes, from 0.11 (1 year) to 0.23 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

JHEQX vs. JMSIX — Risk / Return Rank

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

JHEQX

JHEQX Risk / Return Rank: 14
JHEQX Sharpe Ratio Rank: 16
JHEQX Sortino Ratio Rank: 15
JHEQX Omega Ratio Rank: 18
JHEQX Calmar Ratio Rank: 10
JHEQX Martin Ratio Rank: 12

JMSIX

JMSIX Risk / Return Rank: 80
JMSIX Sharpe Ratio Rank: 61
JMSIX Sortino Ratio Rank: 92
JMSIX Omega Ratio Rank: 87
JMSIX Calmar Ratio Rank: 79
JMSIX Martin Ratio Rank: 79

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. JMSIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Hedged Equity Fund Class I (JHEQX) and JPMorgan Income Fund (JMSIX). 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	JMSIX	Difference
Sharpe ratio Return per unit of total volatility	1.13	2.30	-1.16
Sortino ratio Return per unit of downside risk	1.58	4.54	-2.96
Omega ratio Gain probability vs. loss probability	1.22	1.60	-0.38
Calmar ratio Return relative to maximum drawdown	1.04	3.59	-2.54
Martin ratio Return relative to average drawdown	3.64	14.87	-11.23
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. JMSIX - Sharpe Ratio Comparison

The current JHEQX Sharpe Ratio is 1.13, which is lower than the JMSIX Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of JHEQX and JMSIX, 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

	JHEQX	JMSIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.13	2.30	-1.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.79	0.76	+0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.95	1.03	-0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.86	0.79	+0.07

Drawdowns

JHEQX vs. JMSIX - Drawdown Comparison

The maximum JHEQX drawdown since its inception was -18.85%, roughly equal to the maximum JMSIX drawdown of -18.40%. Use the drawdown chart below to compare losses from any high point for JHEQX and JMSIX.

Drawdown Indicators

	JHEQX	JMSIX	Difference
Max Drawdown Largest peak-to-trough decline	-18.85%	-18.40%	-0.45%
Max Drawdown (1Y) Largest decline over 1 year	-6.88%	-1.62%	-5.26%
Max Drawdown (3Y) Largest decline over 3 years	-13.07%	-2.31%	-10.76%
Max Drawdown (5Y) Largest decline over 5 years	-14.34%	-11.39%	-2.95%
Max Drawdown (10Y) Largest decline over 10 years	-18.85%	-18.40%	-0.45%
Current Drawdown Current decline from peak	-3.14%	0.00%	-3.14%
Average Drawdown Average peak-to-trough decline	-2.18%	-2.57%	+0.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	0.39%	+1.58%

Volatility

JHEQX vs. JMSIX - Volatility Comparison

The current volatility for JPMorgan Hedged Equity Fund Class I (JHEQX) is 0.51%, while JPMorgan Income Fund (JMSIX) has a volatility of 0.82%. This indicates that JHEQX experiences smaller price fluctuations and is considered to be less risky than JMSIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JHEQX	JMSIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.51%	0.82%	-0.31%
Volatility (6M) Calculated over the trailing 6-month period	4.79%	1.88%	+2.91%
Volatility (1Y) Calculated over the trailing 1-year period	6.33%	2.53%	+3.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.86%	3.73%	+5.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.38%	3.87%	+5.51%

JHEQX vs. JMSIX - Expense Ratio Comparison

JHEQX has a 0.58% expense ratio, which is higher than JMSIX's 0.40% expense ratio.

Dividends

JHEQX vs. JMSIX - Dividend Comparison

JHEQX's dividend yield for the trailing twelve months is around 0.62%, less than JMSIX's 6.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JHEQX JPMorgan Hedged Equity Fund Class I	0.62%	0.65%	0.75%	0.98%	0.99%	0.71%	1.11%	1.11%	1.13%	0.99%	1.35%	1.21%
JMSIX JPMorgan Income Fund	6.02%	5.95%	5.78%	4.43%	4.78%	4.00%	4.95%	5.10%	5.43%	5.42%	0.46%	0.00%

Frequently Asked Questions

Can I hold both JHEQX and JMSIX in my portfolio?

JHEQX and JMSIX have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JHEQX or JMSIX?

JMSIX has higher volatility (0.82%) compared to JHEQX (0.51%). In terms of maximum drawdown, JHEQX dropped -18.85% vs JMSIX's -18.40%.

Which has better risk-adjusted returns?

JMSIX currently has the higher Sharpe Ratio (2.30 vs 1.13), 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.