JMEE vs. HSMV

Last updated Jun 4, 2026

JMEE (JPMorgan Small & Mid Cap Enhanced Equity ETF) and HSMV (First Trust Horizon Managed Volatility Small/Mid ETF) are both Small Cap Blend Equities funds. Both are actively managed. Over the past 3 years, JMEE returned 17.37%/yr vs 8.36%/yr for HSMV. Their correlation of 0.88 suggests significant overlap in exposure. JMEE charges 0.24%/yr vs 0.80%/yr for HSMV.

Performance

JMEE vs. HSMV - 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 Horizon Managed Volatility Small/Mid ETF (HSMV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JMEE achieves a 16.40% return, which is significantly higher than HSMV's 3.11% return.

JMEE

• 1D: -0.27%
• 1M: 3.29%
• YTD: 16.40%
• 6M: 16.48%
• 1Y: 31.14%
• 3Y*: 17.37%
• 5Y*: —
• 10Y*: —

HSMV

• 1D: -0.50%
• 1M: -2.09%
• YTD: 3.11%
• 6M: 3.06%
• 1Y: 4.19%
• 3Y*: 8.36%
• 5Y*: 3.69%
• 10Y*: —

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

JMEE vs. HSMV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
JMEE JPMorgan Small & Mid Cap Enhanced Equity ETF	16.40%	7.65%	13.65%	18.12%	1.37%
HSMV First Trust Horizon Managed Volatility Small/Mid ETF	3.11%	1.57%	13.17%	5.01%	2.10%

Correlation

The correlation between JMEE and HSMV is 0.70, 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	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (All Time) Calculated using the full available price history since May 10, 2022	0.88

The correlation between JMEE and HSMV shifts across timeframes, from 0.70 (1 year) to 0.88 (all time), reflecting how their relationship changes across market environments.

JMEE vs. HSMV - Sectors Allocation Comparison

Sectors	JMEE	HSMV
Industrials	21.3%	15.0%
Financial Services	15.9%	16.6%
Technology	15.8%	1.7%
Consumer Cyclical	12.1%	7.8%
Healthcare	8.8%	4.9%
Real Estate	8.1%	23.8%
Energy	5.5%	2.8%
Basic Materials	4.8%	5.4%
Consumer Defensive	3.9%	7.9%
Utilities	2.2%	11.9%
Communication Services	1.7%	2.3%

Return for Risk

JMEE vs. HSMV — Risk / Return Rank

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

JMEE

JMEE Risk / Return Rank: 64
JMEE Sharpe Ratio Rank: 58
JMEE Sortino Ratio Rank: 60
JMEE Omega Ratio Rank: 56
JMEE Calmar Ratio Rank: 75
JMEE Martin Ratio Rank: 72

HSMV

HSMV Risk / Return Rank: 15
HSMV Sharpe Ratio Rank: 15
HSMV Sortino Ratio Rank: 15
HSMV Omega Ratio Rank: 14
HSMV Calmar Ratio Rank: 16
HSMV Martin Ratio Rank: 17

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.

JMEE vs. HSMV - 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 Horizon Managed Volatility Small/Mid ETF (HSMV). 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.

	JMEE	HSMV	Difference
Sharpe ratio: Return per unit of total volatility	1.97	0.41	+1.56
Sortino ratio: Return per unit of downside risk	2.83	0.68	+2.15
Omega ratio: Gain probability vs. loss probability	1.35	1.07	+0.27
Calmar ratio: Return relative to maximum drawdown	3.80	0.54	+3.26
Martin ratio: Return relative to average drawdown	13.32	1.62	+11.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JMEE vs. HSMV - Sharpe Ratio Comparison

The current JMEE Sharpe Ratio is 1.97, which is higher than the HSMV Sharpe Ratio of 0.41. The chart below compares the historical Sharpe Ratios of JMEE and HSMV, 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

	JMEE	HSMV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.97	0.41	+1.56
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.25	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.72	0.67	+0.05

Drawdowns

JMEE vs. HSMV - Drawdown Comparison

The maximum JMEE drawdown since its inception was -25.40%, which is greater than HSMV's maximum drawdown of -19.16%. Use the drawdown chart below to compare losses from any high point for JMEE and HSMV.

Drawdown Indicators

	JMEE	HSMV	Difference
Max Drawdown Largest peak-to-trough decline	-25.40%	-19.16%	-6.24%
Max Drawdown (1Y) Largest decline over 1 year	-8.24%	-7.83%	-0.41%
Max Drawdown (3Y) Largest decline over 3 years	-25.40%	-15.45%	-9.95%
Max Drawdown (5Y) Largest decline over 5 years	—	-19.16%	—
Current Drawdown Current decline from peak	-0.27%	-4.36%	+4.09%
Average Drawdown Average peak-to-trough decline	-5.39%	-5.62%	+0.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.34%	2.59%	-0.25%

Volatility

JMEE vs. HSMV - Volatility Comparison

JPMorgan Small & Mid Cap Enhanced Equity ETF (JMEE) has a higher volatility of 4.45% compared to First Trust Horizon Managed Volatility Small/Mid ETF (HSMV) at 2.85%. This indicates that JMEE's price experiences larger fluctuations and is considered to be riskier than HSMV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JMEE	HSMV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.45%	2.85%	+1.60%
Volatility (6M) Calculated over the trailing 6-month period	11.26%	7.28%	+3.98%
Volatility (1Y) Calculated over the trailing 1-year period	15.90%	10.37%	+5.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.50%	15.00%	+4.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.50%	16.06%	+3.44%

JMEE vs. HSMV - Expense Ratio Comparison

JMEE has a 0.24% expense ratio, which is lower than HSMV's 0.80% expense ratio.

Dividends

JMEE vs. HSMV - Dividend Comparison

JMEE's dividend yield for the trailing twelve months is around 0.97%, less than HSMV's 2.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
HSMV First Trust Horizon Managed Volatility Small/Mid ETF	2.00%	2.01%	1.43%	1.43%	1.26%	0.76%	0.80%
JMEE JPMorgan Small & Mid Cap Enhanced Equity ETF	0.97%	1.13%	0.95%	1.25%	6.63%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JMEE and HSMV in my portfolio?

JMEE and HSMV have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JMEE or HSMV?

JMEE has higher volatility (4.45%) compared to HSMV (2.85%). In terms of maximum drawdown, JMEE dropped -25.40% vs HSMV's -19.16%.

Which ETF is better, JMEE or HSMV?

On 3-year performance, JMEE leads with 17.37% vs 8.36% for HSMV. On fees, JMEE is cheaper at 0.24% per year. On volatility, HSMV has been the lower-risk option at 2.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JMEE or HSMV?

Over the 3-year period, JMEE has performed better with a 17.37% return vs 8.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JMEE or HSMV?

JMEE is cheaper with a 0.24% expense ratio, compared with 0.80% for HSMV.

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

HSMV has the higher dividend yield at 2.00%, compared with 0.97% for JMEE.

What is the main difference between JMEE and HSMV?

They also come from different issuers: JPMorgan and First Trust. Their fees differ too: 0.24% for JMEE and 0.80% for HSMV.

Which has better risk-adjusted returns?

JMEE currently has the higher Sharpe Ratio (1.97 vs 0.41), 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.