JMEE vs. FYX

Last updated Aug 2, 2026

JMEE (JPMorgan Small & Mid Cap Enhanced Equity ETF) and FYX (First Trust Small Cap Core AlphaDEX Fund) are both Small Cap Blend Equities funds. JMEE is actively managed, while FYX is passively managed. Over the past 3 years, JMEE returned 14.61%/yr vs 18.62%/yr for FYX. Their 0.95 correlation means they have historically moved very closely together. JMEE charges 0.24%/yr vs 0.63%/yr for FYX.

Performance

JMEE vs. FYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Small & Mid Cap Enhanced Equity ETF (JMEE) and First Trust Small Cap Core AlphaDEX Fund (FYX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JMEE achieves a 18.52% return, which is significantly lower than FYX's 25.97% return.

JMEE

• 1D: -0.12%
• 1M: -0.74%
• 6M: 13.12%
• YTD: 18.52%
• 1Y: 30.34%
• 3Y*: 14.61%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 13.60%

FYX

• 1D: -0.58%
• 1M: -0.35%
• 6M: 18.67%
• YTD: 25.97%
• 1Y: 48.76%
• 3Y*: 18.62%
• 5Y*: 10.51%
• 10Y*: 12.59%
• ALL TIME*: 9.33%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FYX First Trust Small Cap Core AlphaDEX Fund	$4.00M	$3.55M	$3.84M
JMEE JPMorgan Small & Mid Cap Enhanced Equity ETF	$6.28M	$7.48M	$8.96M

JMEE vs. FYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
JMEE JPMorgan Small & Mid Cap Enhanced Equity ETF	18.52%	7.65%	13.65%	18.12%	0.09%
FYX First Trust Small Cap Core AlphaDEX Fund	25.97%	12.68%	12.22%	18.30%	-5.72%

Correlation

The correlation between JMEE and FYX is 0.93, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.93
Correlation (3Y) Balances recent behavior with more history.	0.94
Correlation (All Time) Calculated using the full available price history since May 9, 2022	0.95

The correlation between JMEE and FYX has been stable across timeframes, ranging from 0.93 to 0.95 - a consistent structural relationship.

JMEE vs. FYX - Sectors Allocation Comparison

Sectors	JMEE	FYX
Industrials	21.5%	16.4%
Technology	17.4%	11.8%
Financial Services	15.9%	17.4%
Consumer Cyclical	12.2%	11.7%
Healthcare	9.1%	15.0%
Real Estate	7.5%	8.6%
Energy	4.6%	5.1%
Basic Materials	4.4%	4.2%
Consumer Defensive	3.6%	5.0%
Utilities	2.1%	1.6%
Communication Services	1.6%	3.2%

Return for Risk

JMEE vs. FYX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

JMEE

JMEE Risk / Return Rank: 82
JMEE Sharpe Ratio Rank: 79
JMEE Sortino Ratio Rank: 81
JMEE Omega Ratio Rank: 77
JMEE Calmar Ratio Rank: 87
JMEE Martin Ratio Rank: 86

FYX

FYX Risk / Return Rank: 94
FYX Sharpe Ratio Rank: 94
FYX Sortino Ratio Rank: 94
FYX Omega Ratio Rank: 91
FYX Calmar Ratio Rank: 96
FYX Martin Ratio Rank: 95

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

JMEE vs. FYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Small & Mid Cap Enhanced Equity ETF (JMEE) and First Trust Small Cap Core AlphaDEX Fund (FYX). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	JMEE	FYX	Difference
Sharpe ratio: Return per unit of total volatility	1.80	2.57	-0.78
Sortino ratio: Return per unit of downside risk	2.63	3.70	-1.07
Omega ratio: Gain probability vs. loss probability	1.32	1.43	-0.12
Calmar ratio: Return relative to maximum drawdown	3.49	6.10	-2.61
Martin ratio: Return relative to average drawdown	12.21	20.46	-8.25

JMEE vs. FYX - Sharpe Ratio Comparison

The current JMEE Sharpe Ratio is 1.80, which is lower than the FYX Sharpe Ratio of 2.57. The chart below compares the historical Sharpe Ratios of JMEE and FYX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

JMEE vs. FYX - Drawdown Comparison

The maximum JMEE drawdown since its inception was -25.40%, smaller than the maximum FYX drawdown of -61.80%. Use the drawdown chart below to compare losses from any high point for JMEE and FYX.

Drawdown Indicators

	JMEE	FYX	Difference
Max Drawdown Largest peak-to-trough decline	-25.40%	-61.80%	+36.40%
Max Drawdown (1Y) Largest decline over 1 year	-8.24%	-7.56%	-0.68%
Max Drawdown (3Y) Largest decline over 3 years	-25.40%	-27.91%	+2.51%
Max Drawdown (5Y) Largest decline over 5 years	—	-27.91%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-48.82%	—
Current Drawdown Current decline from peak	-2.22%	-1.70%	-0.52%
Average Drawdown Average peak-to-trough decline	-5.23%	-10.80%	+5.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.35%	2.25%	+0.10%

Volatility

JMEE vs. FYX - Volatility Comparison

The current volatility for JPMorgan Small & Mid Cap Enhanced Equity ETF (JMEE) is 3.31%, while First Trust Small Cap Core AlphaDEX Fund (FYX) has a volatility of 3.67%. This indicates that JMEE experiences smaller price fluctuations and is considered to be less risky than FYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JMEE	FYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.31%	3.67%	-0.36%
Volatility (6M) Calculated over the trailing 6-month period	11.44%	11.97%	-0.53%
Volatility (1Y) Calculated over the trailing 1-year period	16.04%	17.93%	-1.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.32%	21.81%	-2.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.32%	24.15%	-4.83%

JMEE vs. FYX - Expense Ratio Comparison

JMEE has a 0.24% expense ratio, which is lower than FYX's 0.63% expense ratio.

Dividends

JMEE vs. FYX - Dividend Comparison

JMEE's dividend yield for the trailing twelve months is around 0.95%, more than FYX's 0.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FYX First Trust Small Cap Core AlphaDEX Fund	0.90%	0.64%	1.62%	1.22%	0.95%	0.99%	0.65%	1.12%	1.08%	0.60%	0.94%	0.88%
JMEE JPMorgan Small & Mid Cap Enhanced Equity ETF	0.95%	1.13%	0.95%	1.25%	6.63%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JMEE and FYX in my portfolio?

With a correlation of 0.93, JMEE and FYX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, JMEE or FYX?

FYX has higher volatility (3.67%) compared to JMEE (3.31%). In terms of maximum drawdown, JMEE dropped -25.40% vs FYX's -61.80%.

Which ETF is better, JMEE or FYX?

On 3-year performance, FYX leads with 18.62% vs 14.61% for JMEE. On fees, JMEE is cheaper at 0.24% per year. On volatility, JMEE has been the lower-risk option at 3.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JMEE or FYX?

Over the 3-year period, FYX has performed better with a 18.62% return vs 14.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JMEE or FYX?

JMEE is cheaper with a 0.24% expense ratio, compared with 0.63% for FYX.

Which ETF pays a higher dividend yield, JMEE or FYX?

JMEE has the higher dividend yield at 0.95%, compared with 0.90% for FYX.

What is the main difference between JMEE and FYX?

They also come from different issuers: JPMorgan and First Trust. Their fees differ too: 0.24% for JMEE and 0.63% for FYX.

Which has better risk-adjusted returns?

FYX currently has the higher Sharpe Ratio (2.57 vs 1.80), 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.