JHEQX vs. SPY
Compare and contrast key facts about JPMorgan Hedged Equity Fund Class I (JHEQX) and State Street SPDR S&P 500 ETF (SPY).
JHEQX is managed by JPMorgan. It was launched on Dec 13, 2013. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993.
Performance
JHEQX vs. SPY - Performance Comparison
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JHEQX vs. SPY - 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% |
SPY State Street SPDR S&P 500 ETF | -3.65% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Returns By Period
In the year-to-date period, JHEQX achieves a -4.94% return, which is significantly lower than SPY's -3.65% return. Over the past 10 years, JHEQX has underperformed SPY with an annualized return of 8.72%, while SPY has yielded a comparatively higher 14.06% 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%
SPY
- 1D
- 0.75%
- 1M
- -4.28%
- YTD
- -3.65%
- 6M
- -1.42%
- 1Y
- 18.14%
- 3Y*
- 18.48%
- 5Y*
- 11.86%
- 10Y*
- 14.06%
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JHEQX vs. SPY - Expense Ratio Comparison
JHEQX has a 0.58% expense ratio, which is higher than SPY's 0.09% expense ratio.
Return for Risk
JHEQX vs. SPY — Risk / Return Rank
JHEQX
SPY
JHEQX vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPMorgan Hedged Equity Fund Class I (JHEQX) 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.
| JHEQX | SPY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.72 | 0.96 | -0.24 |
Sortino ratioReturn per unit of downside risk | 1.10 | 1.49 | -0.39 |
Omega ratioGain probability vs. loss probability | 1.17 | 1.23 | -0.06 |
Calmar ratioReturn relative to maximum drawdown | 1.07 | 1.53 | -0.46 |
Martin ratioReturn relative to average drawdown | 4.43 | 7.27 | -2.83 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| JHEQX | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.72 | 0.96 | -0.24 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.77 | 0.70 | +0.07 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.93 | 0.79 | +0.14 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.84 | 0.56 | +0.28 |
Correlation
The correlation between JHEQX and SPY is 0.92, 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.
Dividends
JHEQX vs. SPY - Dividend Comparison
JHEQX's dividend yield for the trailing twelve months is around 0.64%, less than SPY's 1.13% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
JHEQX JPMorgan Hedged Equity Fund Class I | 0.64% | 0.65% | 0.75% | 0.98% | 0.99% | 0.71% | 1.11% | 1.11% | 1.13% | 0.99% | 1.35% | 1.21% |
SPY State Street SPDR S&P 500 ETF | 1.13% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Drawdowns
JHEQX vs. SPY - Drawdown Comparison
The maximum JHEQX drawdown since its inception was -18.85%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for JHEQX and SPY.
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Drawdown Indicators
| JHEQX | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.85% | -55.19% | +36.34% |
Max Drawdown (1Y)Largest decline over 1 year | -6.92% | -12.05% | +5.13% |
Max Drawdown (5Y)Largest decline over 5 years | -14.34% | -24.50% | +10.16% |
Max Drawdown (10Y)Largest decline over 10 years | -18.85% | -33.72% | +14.87% |
Current DrawdownCurrent decline from peak | -6.19% | -5.53% | -0.66% |
Average DrawdownAverage peak-to-trough decline | -2.16% | -9.09% | +6.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.67% | 2.54% | -0.87% |
Volatility
JHEQX vs. SPY - Volatility Comparison
The current volatility for JPMorgan Hedged Equity Fund Class I (JHEQX) is 2.81%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 5.35%. This indicates that JHEQX experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JHEQX | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.81% | 5.35% | -2.54% |
Volatility (6M)Calculated over the trailing 6-month period | 5.56% | 9.50% | -3.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.23% | 19.06% | -8.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.89% | 17.06% | -8.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.41% | 17.92% | -8.51% |