JMEE vs. OVS

Last updated Jun 4, 2026

JMEE (JPMorgan Small & Mid Cap Enhanced Equity ETF) and OVS (Overlay Shares Small Cap Equity ETF) are both Small Cap Blend Equities funds. Both are actively managed. Over the past 3 years, JMEE returned 17.37%/yr vs 16.07%/yr for OVS. With a 0.97 correlation, they move nearly in lockstep. JMEE charges 0.24%/yr vs 0.83%/yr for OVS.

Performance

JMEE vs. OVS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Small & Mid Cap Enhanced Equity ETF (JMEE) and Overlay Shares Small Cap Equity ETF (OVS). 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 lower than OVS's 17.65% return.

JMEE

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

OVS

• 1D: -0.98%
• 1M: 2.07%
• YTD: 17.65%
• 6M: 16.54%
• 1Y: 36.35%
• 3Y*: 16.07%
• 5Y*: 6.01%
• 10Y*: —

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

JMEE vs. OVS - 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%
OVS Overlay Shares Small Cap Equity ETF	17.65%	6.15%	11.07%	17.20%	-1.39%

Correlation

The correlation between JMEE and OVS is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (All Time) Calculated using the full available price history since May 10, 2022	0.97

The correlation between JMEE and OVS has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

JMEE vs. OVS - Sectors Allocation Comparison

Sectors	JMEE	OVS
Industrials	21.3%	15.3%
Financial Services	15.9%	17.0%
Technology	15.8%	15.3%
Consumer Cyclical	12.1%	13.4%
Healthcare	8.8%	11.0%
Real Estate	8.1%	7.7%
Energy	5.5%	6.0%
Basic Materials	4.8%	5.2%
Consumer Defensive	3.9%	3.6%
Utilities	2.2%	2.0%
Communication Services	1.7%	3.6%

Return for Risk

JMEE vs. OVS — 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

OVS

OVS Risk / Return Rank: 64
OVS Sharpe Ratio Rank: 56
OVS Sortino Ratio Rank: 57
OVS Omega Ratio Rank: 52
OVS Calmar Ratio Rank: 81
OVS Martin Ratio Rank: 74

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. OVS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Small & Mid Cap Enhanced Equity ETF (JMEE) and Overlay Shares Small Cap Equity ETF (OVS). 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	OVS	Difference
Sharpe ratio: Return per unit of total volatility	1.97	1.90	+0.07
Sortino ratio: Return per unit of downside risk	2.83	2.71	+0.12
Omega ratio: Gain probability vs. loss probability	1.35	1.33	+0.02
Calmar ratio: Return relative to maximum drawdown	3.80	4.29	-0.50
Martin ratio: Return relative to average drawdown	13.32	13.85	-0.53
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. OVS - Sharpe Ratio Comparison

The current JMEE Sharpe Ratio is 1.97, which is comparable to the OVS Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of JMEE and OVS, 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	OVS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.97	1.90	+0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.26	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.72	0.43	+0.29

Drawdowns

JMEE vs. OVS - Drawdown Comparison

The maximum JMEE drawdown since its inception was -25.40%, smaller than the maximum OVS drawdown of -45.09%. Use the drawdown chart below to compare losses from any high point for JMEE and OVS.

Drawdown Indicators

	JMEE	OVS	Difference
Max Drawdown Largest peak-to-trough decline	-25.40%	-45.09%	+19.69%
Max Drawdown (1Y) Largest decline over 1 year	-8.24%	-8.51%	+0.27%
Max Drawdown (3Y) Largest decline over 3 years	-25.40%	-30.49%	+5.09%
Max Drawdown (5Y) Largest decline over 5 years	—	-30.49%	—
Current Drawdown Current decline from peak	-0.27%	-0.98%	+0.71%
Average Drawdown Average peak-to-trough decline	-5.39%	-11.35%	+5.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.34%	2.63%	-0.29%

Volatility

JMEE vs. OVS - Volatility Comparison

JPMorgan Small & Mid Cap Enhanced Equity ETF (JMEE) and Overlay Shares Small Cap Equity ETF (OVS) have volatilities of 4.45% and 4.58%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JMEE	OVS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.45%	4.58%	-0.13%
Volatility (6M) Calculated over the trailing 6-month period	11.26%	13.00%	-1.74%
Volatility (1Y) Calculated over the trailing 1-year period	15.90%	19.27%	-3.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.50%	23.23%	-3.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.50%	27.47%	-7.97%

JMEE vs. OVS - Expense Ratio Comparison

JMEE has a 0.24% expense ratio, which is lower than OVS's 0.83% expense ratio.

Dividends

JMEE vs. OVS - Dividend Comparison

JMEE's dividend yield for the trailing twelve months is around 0.97%, less than OVS's 6.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
JMEE JPMorgan Small & Mid Cap Enhanced Equity ETF	0.97%	1.13%	0.95%	1.25%	6.63%	0.00%	0.00%	0.00%
OVS Overlay Shares Small Cap Equity ETF	6.83%	3.69%	4.08%	3.19%	3.43%	4.05%	1.74%	0.54%

Frequently Asked Questions

Can I hold both JMEE and OVS in my portfolio?

With a correlation of 0.96, JMEE and OVS 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 OVS?

OVS has higher volatility (4.58%) compared to JMEE (4.45%). In terms of maximum drawdown, JMEE dropped -25.40% vs OVS's -45.09%.

Which ETF is better, JMEE or OVS?

On 3-year performance, JMEE leads with 17.37% vs 16.07% for OVS. On fees, JMEE is cheaper at 0.24% per year. On volatility, JMEE has been the lower-risk option at 4.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JMEE or OVS?

Over the 3-year period, JMEE has performed better with a 17.37% return vs 16.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JMEE or OVS?

JMEE is cheaper with a 0.24% expense ratio, compared with 0.83% for OVS.

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

OVS has the higher dividend yield at 6.83%, compared with 0.97% for JMEE.

What is the main difference between JMEE and OVS?

They also come from different issuers: JPMorgan and Liquid Strategies. Their fees differ too: 0.24% for JMEE and 0.83% for OVS.

Which has better risk-adjusted returns?

JMEE currently has the higher Sharpe Ratio (1.97 vs 1.90), 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.