JPEM vs. FML.AX

Last updated Jun 14, 2026

JPEM (J.P. Morgan Diversified Return Emerging Markets Equity ETF) is Emerging Markets Equities fund tracking the JPMorgan Diversified Factor Emerging Markets Equity Index, while FML.AX (Focus Minerals Limited) is a stock. Over the past 10 years, JPEM returned 8.20%/yr vs 14.63%/yr for FML.AX. At a 0.12 correlation, their price movements are largely independent.

Performance

JPEM vs. FML.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in J.P. Morgan Diversified Return Emerging Markets Equity ETF (JPEM) and Focus Minerals Limited (FML.AX). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

JPEM is traded in USD, while FML.AX is traded in AUD. To make them comparable, the FML.AX values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, JPEM achieves a 7.16% return, which is significantly higher than FML.AX's -38.12% return. Over the past 10 years, JPEM has underperformed FML.AX with an annualized return of 8.20%, while FML.AX has yielded a comparatively higher 14.63% annualized return.

JPEM

• 1D: 0.86%
• 1M: 1.05%
• YTD: 7.16%
• 6M: 8.91%
• 1Y: 21.54%
• 3Y*: 13.25%
• 5Y*: 6.08%
• 10Y*: 8.20%

FML.AX

• 1D: 1.62%
• 1M: -13.02%
• YTD: -38.12%
• 6M: -40.41%
• 1Y: 401.24%
• 3Y*: 114.44%
• 5Y*: 42.01%
• 10Y*: 14.63%

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

JPEM vs. FML.AX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JPEM J.P. Morgan Diversified Return Emerging Markets Equity ETF	7.16%	22.90%	4.23%	11.01%	-9.03%	8.11%	-0.46%	16.21%	-10.55%	28.80%
FML.AX Focus Minerals Limited	-38.12%	1,846.98%	-16.48%	-27.50%	-38.72%	8.31%	73.56%	22.40%	-50.63%	-15.43%

Correlation

The correlation between JPEM and FML.AX is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (5Y) Calculated over the trailing 5-year period	0.15
Correlation (10Y) Calculated over the trailing 10-year period	0.13
Correlation (All Time) Calculated using the full available price history since Jan 9, 2015	0.12

Return for Risk

JPEM vs. FML.AX — Risk / Return Rank

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

JPEM

JPEM Risk / Return Rank: 48
JPEM Sharpe Ratio Rank: 49
JPEM Sortino Ratio Rank: 47
JPEM Omega Ratio Rank: 50
JPEM Calmar Ratio Rank: 44
JPEM Martin Ratio Rank: 48

FML.AX

FML.AX Risk / Return Rank: 94
FML.AX Sharpe Ratio Rank: 97
FML.AX Sortino Ratio Rank: 96
FML.AX Omega Ratio Rank: 93
FML.AX Calmar Ratio Rank: 94
FML.AX Martin Ratio Rank: 92

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.

JPEM vs. FML.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for J.P. Morgan Diversified Return Emerging Markets Equity ETF (JPEM) and Focus Minerals Limited (FML.AX). 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.

	JPEM	FML.AX	Difference
Sharpe ratio: Return per unit of total volatility	1.50	3.98	-2.48
Sortino ratio: Return per unit of downside risk	2.09	4.17	-2.08
Omega ratio: Gain probability vs. loss probability	1.28	1.47	-0.19
Calmar ratio: Return relative to maximum drawdown	1.95	6.03	-4.08
Martin ratio: Return relative to average drawdown	7.05	14.36	-7.31

JPEM vs. FML.AX - Sharpe Ratio Comparison

The current JPEM Sharpe Ratio is 1.50, which is lower than the FML.AX Sharpe Ratio of 3.98. The chart below compares the historical Sharpe Ratios of JPEM and FML.AX, 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

JPEM vs. FML.AX - Drawdown Comparison

The maximum JPEM drawdown since its inception was -40.22%, smaller than the maximum FML.AX drawdown of -98.78%. Use the drawdown chart below to compare losses from any high point for JPEM and FML.AX.

Drawdown Indicators

	JPEM	FML.AX	Difference
Max Drawdown Largest peak-to-trough decline	-40.22%	-98.78%	+58.56%
Max Drawdown (1Y) Largest decline over 1 year	-10.32%	-61.01%	+50.69%
Max Drawdown (3Y) Largest decline over 3 years	-14.30%	-61.01%	+46.71%
Max Drawdown (5Y) Largest decline over 5 years	-21.57%	-73.36%	+51.79%
Max Drawdown (10Y) Largest decline over 10 years	-40.22%	-85.99%	+45.77%
Current Drawdown Current decline from peak	-3.11%	-79.59%	+76.48%
Average Drawdown Average peak-to-trough decline	-9.45%	-84.05%	+74.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.86%	25.92%	-23.06%

Volatility

JPEM vs. FML.AX - Volatility Comparison

The current volatility for J.P. Morgan Diversified Return Emerging Markets Equity ETF (JPEM) is 5.06%, while Focus Minerals Limited (FML.AX) has a volatility of 17.70%. This indicates that JPEM experiences smaller price fluctuations and is considered to be less risky than FML.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JPEM	FML.AX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.06%	17.70%	-12.64%
Volatility (6M) Calculated over the trailing 6-month period	11.75%	52.17%	-40.42%
Volatility (1Y) Calculated over the trailing 1-year period	13.44%	92.53%	-79.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.57%	87.82%	-74.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.03%	77.20%	-60.17%

Dividends

JPEM vs. FML.AX - Dividend Comparison

JPEM's dividend yield for the trailing twelve months is around 4.40%, while FML.AX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FML.AX Focus Minerals Limited	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
JPEM J.P. Morgan Diversified Return Emerging Markets Equity ETF	4.40%	4.65%	5.12%	4.46%	4.71%	4.40%	2.85%	3.47%	2.79%	2.14%	1.28%	3.22%

Frequently Asked Questions

Can I hold both JPEM and FML.AX in my portfolio?

JPEM and FML.AX have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.