JMEE vs. SPMD
JMEE (JPMorgan Small & Mid Cap Enhanced Equity ETF) and SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) are both exchange-traded funds - JMEE is a Small Cap Blend Equities fund actively managed by JPMorgan, while SPMD is a Mid Cap Blend Equities fund tracking the S&P MidCap 400 Index. JMEE is actively managed, while SPMD is passively managed. Over the past 3 years, JMEE returned 17.77%/yr vs 16.14%/yr for SPMD. With a 0.99 correlation, they move nearly in lockstep. JMEE charges 0.24%/yr vs 0.03%/yr for SPMD.
Performance
JMEE vs. SPMD - Performance Comparison
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Returns By Period
In the year-to-date period, JMEE achieves a 18.13% return, which is significantly higher than SPMD's 14.65% return.
JMEE
- 1D
- -0.87%
- 1M
- 3.51%
- YTD
- 18.13%
- 6M
- 15.84%
- 1Y
- 31.92%
- 3Y*
- 17.77%
- 5Y*
- —
- 10Y*
- —
SPMD
- 1D
- -1.02%
- 1M
- 2.69%
- YTD
- 14.65%
- 6M
- 12.55%
- 1Y
- 25.12%
- 3Y*
- 16.14%
- 5Y*
- 8.50%
- 10Y*
- 11.86%
JMEE vs. SPMD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
JMEE JPMorgan Small & Mid Cap Enhanced Equity ETF | 18.13% | 7.65% | 13.65% | 18.12% | 0.09% |
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 14.65% | 7.44% | 13.91% | 16.48% | -0.92% |
Correlation
The correlation between JMEE and SPMD is 0.98 - 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 | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since May 9, 2022 | 0.99 |
The correlation between JMEE and SPMD has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.
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Return for Risk
JMEE vs. SPMD — Risk / Return Rank
JMEE
SPMD
JMEE vs. SPMD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPMorgan Small & Mid Cap Enhanced Equity ETF (JMEE) and SPDR Portfolio S&P 400 Mid Cap ETF (SPMD). 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 | SPMD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.39 | ||
| Sortino ratioReturn per unit of downside risk | +0.52 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.28 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 3.89 | 2.85 | +1.04 |
| Martin ratioReturn relative to average drawdown | 13.66 | 10.44 | +3.22 |
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Drawdowns
JMEE vs. SPMD - Drawdown Comparison
The maximum JMEE drawdown since its inception was -25.40%, smaller than the maximum SPMD drawdown of -57.62%. Use the drawdown chart below to compare losses from any high point for JMEE and SPMD.
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Drawdown Indicators
| JMEE | SPMD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.40% | -57.62% | +32.22% |
Max Drawdown (1Y)Largest decline over 1 year | -8.24% | -8.86% | +0.62% |
Max Drawdown (3Y)Largest decline over 3 years | -25.40% | -24.08% | -1.32% |
Max Drawdown (5Y)Largest decline over 5 years | — | -24.08% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -41.86% | — |
Current DrawdownCurrent decline from peak | -0.87% | -1.13% | +0.26% |
Average DrawdownAverage peak-to-trough decline | -5.33% | -8.10% | +2.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.34% | 2.41% | -0.07% |
Volatility
JMEE vs. SPMD - Volatility Comparison
JPMorgan Small & Mid Cap Enhanced Equity ETF (JMEE) and SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) have volatilities of 4.77% and 4.72%, 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.
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Volatility by Period
| JMEE | SPMD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.77% | 4.72% | +0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 11.70% | 11.79% | -0.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.24% | 15.90% | +0.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.49% | 19.72% | -0.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.49% | 21.19% | -1.70% |
JMEE vs. SPMD - Expense Ratio Comparison
JMEE has a 0.24% expense ratio, which is higher than SPMD's 0.03% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
JMEE vs. SPMD - Dividend Comparison
JMEE's dividend yield for the trailing twelve months is around 0.95%, less than SPMD's 1.23% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 1.23% | 1.39% | 1.42% | 1.47% | 1.64% | 1.24% | 1.30% | 1.57% | 1.85% | 1.97% | 2.13% | 5.33% |
Frequently Asked Questions
With a correlation of 0.98, JMEE and SPMD 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.
JMEE has higher volatility (4.77%) compared to SPMD (4.72%). In terms of maximum drawdown, JMEE dropped -25.40% vs SPMD's -57.62%.
On 3-year performance, JMEE leads with 17.77% vs 16.14% for SPMD. On fees, SPMD is cheaper at 0.03% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, JMEE has performed better with a 17.77% return vs 16.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPMD is cheaper with a 0.03% expense ratio, compared with 0.24% for JMEE.
SPMD has the higher dividend yield at 1.23%, compared with 0.95% for JMEE.
JMEE is categorized as Small Cap Blend Equities, while SPMD is Mid Cap Blend Equities. They also come from different issuers: JPMorgan and State Street. Their fees differ too: 0.24% for JMEE and 0.03% for SPMD.
JMEE currently has the higher Sharpe Ratio (1.98 vs 1.59), 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.
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