JPEM vs. IWY

Last updated Jun 23, 2026

JPEM (J.P. Morgan Diversified Return Emerging Markets Equity ETF) and IWY (iShares Russell Top 200 Growth ETF) are both exchange-traded funds - JPEM is a Emerging Markets Equities fund tracking the JPMorgan Diversified Factor Emerging Markets Equity Index, while IWY is a Large Cap Growth Equities fund tracking the Russell Top 200 Growth Index. Both are passively managed. Over the past 10 years, JPEM returned 8.20%/yr vs 19.53%/yr for IWY. A 0.56 correlation means they provide meaningful diversification when combined. JPEM charges 0.44%/yr vs 0.20%/yr for IWY.

Performance

JPEM vs. IWY - 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 iShares Russell Top 200 Growth ETF (IWY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JPEM achieves a 7.50% return, which is significantly higher than IWY's 3.10% return. Over the past 10 years, JPEM has underperformed IWY with an annualized return of 8.20%, while IWY has yielded a comparatively higher 19.53% annualized return.

JPEM

• 1D: -0.02%
• 1M: 1.31%
• YTD: 7.50%
• 6M: 8.40%
• 1Y: 23.92%
• 3Y*: 14.04%
• 5Y*: 6.55%
• 10Y*: 8.20%

IWY

• 1D: -1.28%
• 1M: -2.74%
• YTD: 3.10%
• 6M: 2.67%
• 1Y: 22.20%
• 3Y*: 22.97%
• 5Y*: 14.66%
• 10Y*: 19.53%

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

JPEM vs. IWY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JPEM J.P. Morgan Diversified Return Emerging Markets Equity ETF	7.50%	22.90%	4.23%	11.01%	-9.03%	8.11%	-0.46%	16.21%	-10.55%	28.80%
IWY iShares Russell Top 200 Growth ETF	3.10%	18.19%	34.89%	46.49%	-29.91%	31.05%	39.01%	36.20%	-0.72%	31.69%

Correlation

The correlation between JPEM and IWY is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (5Y) Calculated over the trailing 5-year period	0.54
Correlation (10Y) Calculated over the trailing 10-year period	0.57
Correlation (All Time) Calculated using the full available price history since Jan 9, 2015	0.56

The correlation between JPEM and IWY shifts across timeframes, from 0.51 (3 years) to 0.61 (1 year), reflecting how their relationship changes across market environments.

JPEM vs. IWY - Sectors Allocation Comparison

Sectors	JPEM	IWY
Financial Services	19.2%	5.3%
Industrials	12.7%	3.3%
Basic Materials	11.4%	0.3%
Consumer Cyclical	9.9%	10.5%
Utilities	9.1%	1.1%
Consumer Defensive	8.5%	2.8%
Communication Services	8.3%	12.6%
Technology	7.8%	56.9%
Energy	7.1%	0.0%
Healthcare	4.2%	6.7%
Real Estate	1.8%	0.3%

Return for Risk

JPEM vs. IWY — Risk / Return Rank

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

JPEM

JPEM Risk / Return Rank: 52
JPEM Sharpe Ratio Rank: 55
JPEM Sortino Ratio Rank: 53
JPEM Omega Ratio Rank: 56
JPEM Calmar Ratio Rank: 48
JPEM Martin Ratio Rank: 50

IWY

IWY Risk / Return Rank: 35
IWY Sharpe Ratio Rank: 40
IWY Sortino Ratio Rank: 38
IWY Omega Ratio Rank: 37
IWY Calmar Ratio Rank: 28
IWY Martin Ratio Rank: 31

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. IWY - 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 iShares Russell Top 200 Growth ETF (IWY). 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	IWY	Difference
Sharpe ratio: Return per unit of total volatility	1.79	1.37	+0.42
Sortino ratio: Return per unit of downside risk	2.47	1.90	+0.57
Omega ratio: Gain probability vs. loss probability	1.34	1.24	+0.09
Calmar ratio: Return relative to maximum drawdown	2.33	1.34	+0.99
Martin ratio: Return relative to average drawdown	8.37	4.28	+4.09

JPEM vs. IWY - Sharpe Ratio Comparison

The current JPEM Sharpe Ratio is 1.79, which is higher than the IWY Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of JPEM and IWY, 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. IWY - Drawdown Comparison

The maximum JPEM drawdown since its inception was -40.22%, which is greater than IWY's maximum drawdown of -32.68%. Use the drawdown chart below to compare losses from any high point for JPEM and IWY.

Drawdown Indicators

	JPEM	IWY	Difference
Max Drawdown Largest peak-to-trough decline	-40.22%	-32.68%	-7.54%
Max Drawdown (1Y) Largest decline over 1 year	-10.32%	-16.63%	+6.31%
Max Drawdown (3Y) Largest decline over 3 years	-14.30%	-23.22%	+8.92%
Max Drawdown (5Y) Largest decline over 5 years	-21.57%	-32.68%	+11.11%
Max Drawdown (10Y) Largest decline over 10 years	-40.22%	-32.68%	-7.54%
Current Drawdown Current decline from peak	-2.80%	-5.58%	+2.78%
Average Drawdown Average peak-to-trough decline	-9.44%	-4.75%	-4.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.87%	5.20%	-2.33%

Volatility

JPEM vs. IWY - Volatility Comparison

The current volatility for J.P. Morgan Diversified Return Emerging Markets Equity ETF (JPEM) is 4.77%, while iShares Russell Top 200 Growth ETF (IWY) has a volatility of 5.90%. This indicates that JPEM experiences smaller price fluctuations and is considered to be less risky than IWY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JPEM	IWY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.77%	5.90%	-1.13%
Volatility (6M) Calculated over the trailing 6-month period	11.85%	12.57%	-0.72%
Volatility (1Y) Calculated over the trailing 1-year period	13.42%	16.25%	-2.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.58%	21.59%	-8.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.02%	21.04%	-4.02%

JPEM vs. IWY - Expense Ratio Comparison

JPEM has a 0.44% expense ratio, which is higher than IWY's 0.20% expense ratio.

Dividends

JPEM vs. IWY - Dividend Comparison

JPEM's dividend yield for the trailing twelve months is around 4.39%, more than IWY's 0.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IWY iShares Russell Top 200 Growth ETF	0.35%	0.36%	0.42%	0.68%	0.88%	0.50%	0.71%	1.06%	1.32%	1.26%	1.51%	1.58%
JPEM J.P. Morgan Diversified Return Emerging Markets Equity ETF	4.39%	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 IWY in my portfolio?

JPEM and IWY have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JPEM or IWY?

IWY has higher volatility (5.90%) compared to JPEM (4.77%). In terms of maximum drawdown, JPEM dropped -40.22% vs IWY's -32.68%.

Which ETF is better, JPEM or IWY?

On 10-year performance, IWY leads with 19.53% vs 8.20% for JPEM. On fees, IWY is cheaper at 0.20% per year. On volatility, JPEM has been the lower-risk option at 4.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JPEM or IWY?

Over the 10-year period, IWY has performed better with a 19.53% return vs 8.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JPEM or IWY?

IWY is cheaper with a 0.20% expense ratio, compared with 0.44% for JPEM.

Which ETF pays a higher dividend yield, JPEM or IWY?

JPEM has the higher dividend yield at 4.39%, compared with 0.35% for IWY.

What is the main difference between JPEM and IWY?

JPEM is categorized as Emerging Markets Equities, while IWY is Large Cap Growth Equities. JPEM tracks JPMorgan Diversified Factor Emerging Markets Equity Index, while IWY tracks Russell Top 200 Growth Index. They also come from different issuers: JPMorgan and iShares. Their fees differ too: 0.44% for JPEM and 0.20% for IWY.

Which has better risk-adjusted returns?

JPEM currently has the higher Sharpe Ratio (1.79 vs 1.37), 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.