JMUEX vs. SPY

Last updated Jun 24, 2026

JMUEX (JPMorgan U.S. Equity Fund) and SPY (State Street SPDR S&P 500 ETF) are both funds - JMUEX is a Large Cap Blend Equities fund managed by JPMorgan, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, JMUEX returned 16.31%/yr vs 15.53%/yr for SPY. With a 0.96 correlation, they move nearly in lockstep. JMUEX charges 0.57%/yr vs 0.09%/yr for SPY.

Performance

JMUEX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan U.S. Equity Fund (JMUEX) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JMUEX achieves a 4.53% return, which is significantly lower than SPY's 8.15% return. Both investments have delivered pretty close results over the past 10 years, with JMUEX having a 16.31% annualized return and SPY not far behind at 15.53%.

JMUEX

• 1D: -1.02%
• 1M: 0.39%
• YTD: 4.53%
• 6M: 3.53%
• 1Y: 17.74%
• 3Y*: 20.40%
• 5Y*: 13.12%
• 10Y*: 16.31%

SPY

• 1D: -1.45%
• 1M: -1.36%
• YTD: 8.15%
• 6M: 7.20%
• 1Y: 23.59%
• 3Y*: 20.68%
• 5Y*: 13.05%
• 10Y*: 15.53%

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

JMUEX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JMUEX JPMorgan U.S. Equity Fund	4.53%	14.60%	31.22%	27.28%	-18.84%	28.55%	26.51%	32.26%	-5.90%	21.52%
SPY State Street SPDR S&P 500 ETF	8.15%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between JMUEX and SPY is 0.97 - 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	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.98
Correlation (All Time) Calculated using the full available price history since Sep 17, 1993	0.96

The correlation between JMUEX and SPY has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.

Return for Risk

JMUEX vs. SPY — Risk / Return Rank

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

JMUEX

JMUEX Risk / Return Rank: 27
JMUEX Sharpe Ratio Rank: 29
JMUEX Sortino Ratio Rank: 27
JMUEX Omega Ratio Rank: 29
JMUEX Calmar Ratio Rank: 21
JMUEX Martin Ratio Rank: 29

SPY

SPY Risk / Return Rank: 59
SPY Sharpe Ratio Rank: 58
SPY Sortino Ratio Rank: 56
SPY Omega Ratio Rank: 57
SPY Calmar Ratio Rank: 56
SPY Martin Ratio Rank: 67

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.

JMUEX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan U.S. Equity Fund (JMUEX) and State Street SPDR S&P 500 ETF (SPY). 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.

	JMUEX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.44	1.90	-0.46
Sortino ratio: Return per unit of downside risk	2.02	2.58	-0.56
Omega ratio: Gain probability vs. loss probability	1.27	1.34	-0.08
Calmar ratio: Return relative to maximum drawdown	1.58	2.67	-1.09
Martin ratio: Return relative to average drawdown	6.26	11.92	-5.66

JMUEX vs. SPY - Sharpe Ratio Comparison

The current JMUEX Sharpe Ratio is 1.44, which is comparable to the SPY Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of JMUEX and SPY, 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

JMUEX vs. SPY - Drawdown Comparison

The maximum JMUEX drawdown since its inception was -52.11%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for JMUEX and SPY.

Drawdown Indicators

	JMUEX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-52.11%	-55.19%	+3.08%
Max Drawdown (1Y) Largest decline over 1 year	-11.92%	-8.88%	-3.04%
Max Drawdown (3Y) Largest decline over 3 years	-19.11%	-18.76%	-0.35%
Max Drawdown (5Y) Largest decline over 5 years	-24.60%	-24.50%	-0.10%
Max Drawdown (10Y) Largest decline over 10 years	-33.35%	-33.72%	+0.37%
Current Drawdown Current decline from peak	-1.74%	-3.17%	+1.43%
Average Drawdown Average peak-to-trough decline	-8.78%	-9.04%	+0.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.00%	1.98%	+1.02%

Volatility

JMUEX vs. SPY - Volatility Comparison

JPMorgan U.S. Equity Fund (JMUEX) has a higher volatility of 5.25% compared to State Street SPDR S&P 500 ETF (SPY) at 4.87%. This indicates that JMUEX's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JMUEX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.25%	4.87%	+0.38%
Volatility (6M) Calculated over the trailing 6-month period	10.48%	9.85%	+0.63%
Volatility (1Y) Calculated over the trailing 1-year period	13.05%	12.50%	+0.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.52%	17.15%	+0.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.61%	17.95%	+0.66%

JMUEX vs. SPY - Expense Ratio Comparison

JMUEX has a 0.57% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

JMUEX vs. SPY - Dividend Comparison

JMUEX's dividend yield for the trailing twelve months is around 5.62%, more than SPY's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JMUEX JPMorgan U.S. Equity Fund	5.62%	5.85%	12.03%	2.06%	5.11%	10.74%	6.63%	10.06%	14.56%	8.71%	4.77%	6.17%
SPY State Street SPDR S&P 500 ETF	1.03%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both JMUEX and SPY in my portfolio?

With a correlation of 0.97, JMUEX and SPY 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, JMUEX or SPY?

JMUEX has higher volatility (5.25%) compared to SPY (4.87%). In terms of maximum drawdown, JMUEX dropped -52.11% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.90 vs 1.44), 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.