JMEE vs. XMAG

Last updated Jun 4, 2026

JMEE (JPMorgan Small & Mid Cap Enhanced Equity ETF) and XMAG (Defiance Large Cap ex-Mag 7 ETF) are both exchange-traded funds - JMEE is a Small Cap Blend Equities fund actively managed by JPMorgan, while XMAG is a Large Cap Blend Equities fund tracking the BITA US 500 ex Magnificent 7 Index. JMEE is actively managed, while XMAG is passively managed. Over the past year, JMEE returned 31.14% vs 24.62% for XMAG. Their correlation of 0.87 suggests significant overlap in exposure. JMEE charges 0.24%/yr vs 0.35%/yr for XMAG.

Performance

JMEE vs. XMAG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Small & Mid Cap Enhanced Equity ETF (JMEE) and Defiance Large Cap ex-Mag 7 ETF (XMAG). 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 XMAG's 12.73% return.

JMEE

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

XMAG

• 1D: 0.01%
• 1M: 6.69%
• YTD: 12.73%
• 6M: 13.28%
• 1Y: 24.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JMEE vs. XMAG - Yearly Performance Comparison

	2026 (YTD)	2025	2024
JMEE JPMorgan Small & Mid Cap Enhanced Equity ETF	16.40%	7.65%	0.07%
XMAG Defiance Large Cap ex-Mag 7 ETF	12.73%	15.63%	-1.67%

Correlation

The correlation between JMEE and XMAG is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.84
Correlation (All Time) Calculated using the full available price history since Oct 23, 2024	0.87

The correlation between JMEE and XMAG has been stable across timeframes, ranging from 0.84 to 0.87 - a consistent structural relationship.

JMEE vs. XMAG - Sectors Allocation Comparison

Sectors	JMEE	XMAG
Industrials	21.3%	12.6%
Financial Services	15.9%	17.3%
Technology	15.8%	25.3%
Consumer Cyclical	12.1%	6.2%
Healthcare	8.8%	13.0%
Real Estate	8.1%	2.9%
Energy	5.5%	5.5%
Basic Materials	4.8%	2.5%
Consumer Defensive	3.9%	7.3%
Utilities	2.2%	3.4%
Communication Services	1.7%	3.9%

Return for Risk

JMEE vs. XMAG — 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

XMAG

XMAG Risk / Return Rank: 68
XMAG Sharpe Ratio Rank: 66
XMAG Sortino Ratio Rank: 69
XMAG Omega Ratio Rank: 63
XMAG Calmar Ratio Rank: 67
XMAG Martin Ratio Rank: 77

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. XMAG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Small & Mid Cap Enhanced Equity ETF (JMEE) and Defiance Large Cap ex-Mag 7 ETF (XMAG). 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	XMAG	Difference
Sharpe ratio: Return per unit of total volatility	1.97	2.23	-0.26
Sortino ratio: Return per unit of downside risk	2.83	3.21	-0.38
Omega ratio: Gain probability vs. loss probability	1.35	1.39	-0.04
Calmar ratio: Return relative to maximum drawdown	3.80	3.39	+0.40
Martin ratio: Return relative to average drawdown	13.32	15.15	-1.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JMEE vs. XMAG - Sharpe Ratio Comparison

The current JMEE Sharpe Ratio is 1.97, which is comparable to the XMAG Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of JMEE and XMAG, 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	XMAG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.97	2.23	-0.26
Sharpe Ratio (All Time) Calculated using the full available price history	0.72	1.11	-0.39

Drawdowns

JMEE vs. XMAG - Drawdown Comparison

The maximum JMEE drawdown since its inception was -25.40%, which is greater than XMAG's maximum drawdown of -16.17%. Use the drawdown chart below to compare losses from any high point for JMEE and XMAG.

Drawdown Indicators

	JMEE	XMAG	Difference
Max Drawdown Largest peak-to-trough decline	-25.40%	-16.17%	-9.23%
Max Drawdown (1Y) Largest decline over 1 year	-8.24%	-7.29%	-0.95%
Max Drawdown (3Y) Largest decline over 3 years	-25.40%	—	—
Current Drawdown Current decline from peak	-0.27%	0.00%	-0.27%
Average Drawdown Average peak-to-trough decline	-5.39%	-2.13%	-3.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.34%	1.63%	+0.71%

Volatility

JMEE vs. XMAG - Volatility Comparison

JPMorgan Small & Mid Cap Enhanced Equity ETF (JMEE) has a higher volatility of 4.45% compared to Defiance Large Cap ex-Mag 7 ETF (XMAG) at 2.87%. This indicates that JMEE's price experiences larger fluctuations and is considered to be riskier than XMAG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JMEE	XMAG	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.45%	2.87%	+1.58%
Volatility (6M) Calculated over the trailing 6-month period	11.26%	8.65%	+2.61%
Volatility (1Y) Calculated over the trailing 1-year period	15.90%	11.10%	+4.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.50%	15.12%	+4.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.50%	15.12%	+4.38%

JMEE vs. XMAG - Expense Ratio Comparison

JMEE has a 0.24% expense ratio, which is lower than XMAG's 0.35% expense ratio.

Dividends

JMEE vs. XMAG - Dividend Comparison

JMEE's dividend yield for the trailing twelve months is around 0.97%, more than XMAG's 0.46% yield.

Position	TTM	2025	2024	2023	2022
JMEE JPMorgan Small & Mid Cap Enhanced Equity ETF	0.97%	1.13%	0.95%	1.25%	6.63%
XMAG Defiance Large Cap ex-Mag 7 ETF	0.46%	0.51%	0.24%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JMEE and XMAG in my portfolio?

JMEE and XMAG have a correlation of 0.84, 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 XMAG?

JMEE has higher volatility (4.45%) compared to XMAG (2.87%). In terms of maximum drawdown, JMEE dropped -25.40% vs XMAG's -16.17%.

Which ETF is better, JMEE or XMAG?

On 1-year performance, JMEE leads with 31.14% vs 24.62% for XMAG. On fees, JMEE is cheaper at 0.24% per year. On volatility, XMAG has been the lower-risk option at 2.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JMEE or XMAG?

Over the 1-year period, JMEE has performed better with a 31.14% return vs 24.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JMEE or XMAG?

JMEE is cheaper with a 0.24% expense ratio, compared with 0.35% for XMAG.

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

JMEE has the higher dividend yield at 0.97%, compared with 0.46% for XMAG.

What is the main difference between JMEE and XMAG?

JMEE is categorized as Small Cap Blend Equities, while XMAG is Large Cap Blend Equities. They also come from different issuers: JPMorgan and Defiance. Their fees differ too: 0.24% for JMEE and 0.35% for XMAG.

Which has better risk-adjusted returns?

XMAG currently has the higher Sharpe Ratio (2.23 vs 1.97), 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.