JOBEX vs. JHEQX

Last updated Aug 5, 2026

JOBEX (JPMorgan SmartRetirement Blend 2040 Fund) and JHEQX (JPMorgan Hedged Equity Fund Class I) are both mutual funds - JOBEX is a Target Retirement Date fund managed by JPMorgan, while JHEQX is a Equity Hedged fund managed by JPMorgan. Over the past 10 years, JOBEX returned 10.04%/yr vs 8.88%/yr for JHEQX. Their correlation of 0.87 means they have usually moved in the same direction. JOBEX charges 0.30%/yr vs 0.58%/yr for JHEQX.

Performance

JOBEX vs. JHEQX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan SmartRetirement Blend 2040 Fund (JOBEX) and JPMorgan Hedged Equity Fund Class I (JHEQX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JOBEX achieves a 10.59% return, which is significantly higher than JHEQX's 0.22% return. Over the past 10 years, JOBEX has outperformed JHEQX with an annualized return of 10.04%, while JHEQX has yielded a comparatively lower 8.88% annualized return.

JOBEX

• 1D: 0.91%
• 1M: 0.61%
• 6M: 7.46%
• YTD: 10.59%
• 1Y: 19.50%
• 3Y*: 16.03%
• 5Y*: 8.36%
• 10Y*: 10.04%
• ALL TIME*: 9.61%

JHEQX

• 1D: 0.94%
• 1M: 1.99%
• 6M: -0.54%
• YTD: 0.22%
• 1Y: 5.90%
• 3Y*: 8.98%
• 5Y*: 6.94%
• 10Y*: 8.88%
• ALL TIME*: 8.01%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
JHEQX JPMorgan Hedged Equity Fund Class I	$0.00	$0.00	$0.00
JOBEX JPMorgan SmartRetirement Blend 2040 Fund	$0.00	$0.00	$0.00

JOBEX vs. JHEQX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JOBEX JPMorgan SmartRetirement Blend 2040 Fund	10.59%	18.44%	10.22%	21.08%	-17.39%	15.31%	12.76%	24.05%	-8.23%	19.96%
JHEQX JPMorgan Hedged Equity Fund Class I	0.22%	7.49%	18.23%	16.07%	-8.05%	13.43%	14.10%	13.31%	-0.72%	12.70%

Correlation

The correlation between JOBEX and JHEQX is 0.78, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.78
Correlation (3Y) Balances recent behavior with more history.	0.85
Correlation (5Y) Shows whether the relationship held over a longer period.	0.88
Correlation (10Y) Provides a long-term view across more market conditions.	0.87
Correlation (All Time) Calculated using the full available price history since May 30, 2014	0.87

The correlation between JOBEX and JHEQX has been stable across timeframes, ranging from 0.78 to 0.88 - a consistent structural relationship.

Return for Risk

JOBEX vs. JHEQX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

JOBEX

JOBEX Risk / Return Rank: 74
JOBEX Sharpe Ratio Rank: 73
JOBEX Sortino Ratio Rank: 72
JOBEX Omega Ratio Rank: 70
JOBEX Calmar Ratio Rank: 72
JOBEX Martin Ratio Rank: 81

JHEQX

JHEQX Risk / Return Rank: 25
JHEQX Sharpe Ratio Rank: 29
JHEQX Sortino Ratio Rank: 27
JHEQX Omega Ratio Rank: 31
JHEQX Calmar Ratio Rank: 20
JHEQX Martin Ratio Rank: 20

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

JOBEX vs. JHEQX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan SmartRetirement Blend 2040 Fund (JOBEX) and JPMorgan Hedged Equity Fund Class I (JHEQX). 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.

	JOBEX	JHEQX	Difference
Sharpe ratio: Return per unit of total volatility	1.89	1.05	+0.84
Sortino ratio: Return per unit of downside risk	2.66	1.50	+1.16
Omega ratio: Gain probability vs. loss probability	1.34	1.21	+0.14
Calmar ratio: Return relative to maximum drawdown	2.65	1.00	+1.65
Martin ratio: Return relative to average drawdown	11.34	3.01	+8.33

JOBEX vs. JHEQX - Sharpe Ratio Comparison

The current JOBEX Sharpe Ratio is 1.89, which is higher than the JHEQX Sharpe Ratio of 1.05. The chart below compares the historical Sharpe Ratios of JOBEX and JHEQX, 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

JOBEX vs. JHEQX - Drawdown Comparison

The maximum JOBEX drawdown since its inception was -30.84%, which is greater than JHEQX's maximum drawdown of -18.85%. Use the drawdown chart below to compare losses from any high point for JOBEX and JHEQX.

Drawdown Indicators

	JOBEX	JHEQX	Difference
Max Drawdown Largest peak-to-trough decline	-30.84%	-18.85%	-11.99%
Max Drawdown (1Y) Largest decline over 1 year	-7.92%	-6.88%	-1.04%
Max Drawdown (3Y) Largest decline over 3 years	-13.38%	-13.07%	-0.31%
Max Drawdown (5Y) Largest decline over 5 years	-24.69%	-14.34%	-10.35%
Max Drawdown (10Y) Largest decline over 10 years	-30.84%	-18.85%	-11.99%
Current Drawdown Current decline from peak	-0.15%	-1.10%	+0.95%
Average Drawdown Average peak-to-trough decline	-4.13%	-2.19%	-1.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.85%	2.28%	-0.43%

Volatility

JOBEX vs. JHEQX - Volatility Comparison

JPMorgan SmartRetirement Blend 2040 Fund (JOBEX) has a higher volatility of 3.24% compared to JPMorgan Hedged Equity Fund Class I (JHEQX) at 2.44%. This indicates that JOBEX's price experiences larger fluctuations and is considered to be riskier than JHEQX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JOBEX	JHEQX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.24%	2.44%	+0.80%
Volatility (6M) Calculated over the trailing 6-month period	9.30%	4.62%	+4.68%
Volatility (1Y) Calculated over the trailing 1-year period	11.15%	6.57%	+4.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.44%	8.90%	+4.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.28%	9.29%	+4.99%

JOBEX vs. JHEQX - Expense Ratio Comparison

JOBEX has a 0.30% expense ratio, which is lower than JHEQX's 0.58% expense ratio.

Dividends

JOBEX vs. JHEQX - Dividend Comparison

JOBEX's dividend yield for the trailing twelve months is around 2.26%, more than JHEQX's 0.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JHEQX JPMorgan Hedged Equity Fund Class I	0.55%	0.65%	0.75%	0.98%	0.99%	0.71%	1.11%	1.11%	1.13%	0.99%	1.35%	1.21%
JOBEX JPMorgan SmartRetirement Blend 2040 Fund	2.26%	2.50%	2.28%	2.13%	1.79%	5.22%	1.25%	2.89%	6.52%	1.91%	2.03%	2.06%

Frequently Asked Questions

Can I hold both JOBEX and JHEQX in my portfolio?

JOBEX and JHEQX have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JOBEX or JHEQX?

JOBEX has higher volatility (3.24%) compared to JHEQX (2.44%). In terms of maximum drawdown, JOBEX dropped -30.84% vs JHEQX's -18.85%.

Which has better risk-adjusted returns?

JOBEX currently has the higher Sharpe Ratio (1.89 vs 1.05), 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.