JPPEX vs. SPHB

Last updated Jun 4, 2026

JPPEX (JPMorgan Mid Cap Equity Fund Class R6) and SPHB (Invesco S&P 500® High Beta ETF) are both funds - JPPEX is a Mid Cap Blend Equities fund managed by JPMorgan, while SPHB is a S&P 500 fund tracking the S&P 500 High Beta Index. Over the past 10 years, JPPEX returned 11.80%/yr vs 18.92%/yr for SPHB. Their correlation of 0.87 suggests significant overlap in exposure. JPPEX charges 0.64%/yr vs 0.25%/yr for SPHB.

Performance

JPPEX vs. SPHB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Mid Cap Equity Fund Class R6 (JPPEX) and Invesco S&P 500® High Beta ETF (SPHB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JPPEX achieves a 7.22% return, which is significantly lower than SPHB's 30.36% return. Over the past 10 years, JPPEX has underperformed SPHB with an annualized return of 11.80%, while SPHB has yielded a comparatively higher 18.92% annualized return.

JPPEX

• 1D: 0.44%
• 1M: 1.97%
• YTD: 7.22%
• 6M: 6.81%
• 1Y: 13.70%
• 3Y*: 14.94%
• 5Y*: 7.20%
• 10Y*: 11.80%

SPHB

• 1D: -0.67%
• 1M: 12.37%
• YTD: 30.36%
• 6M: 31.36%
• 1Y: 69.40%
• 3Y*: 29.63%
• 5Y*: 15.19%
• 10Y*: 18.92%

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

JPPEX vs. SPHB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JPPEX JPMorgan Mid Cap Equity Fund Class R6	7.22%	6.34%	18.87%	16.46%	-15.83%	20.24%	22.96%	33.03%	-7.96%	21.54%
SPHB Invesco S&P 500® High Beta ETF	30.36%	32.87%	8.48%	33.28%	-20.59%	40.58%	25.56%	33.96%	-15.55%	17.87%

Correlation

The correlation between JPPEX and SPHB is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Mar 19, 2014	0.87

The correlation between JPPEX and SPHB has been stable across timeframes, ranging from 0.79 to 0.89 - a consistent structural relationship.

Return for Risk

JPPEX vs. SPHB — Risk / Return Rank

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

JPPEX

JPPEX Risk / Return Rank: 21
JPPEX Sharpe Ratio Rank: 17
JPPEX Sortino Ratio Rank: 18
JPPEX Omega Ratio Rank: 16
JPPEX Calmar Ratio Rank: 24
JPPEX Martin Ratio Rank: 28

SPHB

SPHB Risk / Return Rank: 88
SPHB Sharpe Ratio Rank: 90
SPHB Sortino Ratio Rank: 84
SPHB Omega Ratio Rank: 82
SPHB Calmar Ratio Rank: 93
SPHB Martin Ratio Rank: 93

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.

JPPEX vs. SPHB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Mid Cap Equity Fund Class R6 (JPPEX) and Invesco S&P 500® High Beta ETF (SPHB). 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.

	JPPEX	SPHB	Difference
Sharpe ratio: Return per unit of total volatility	1.19	3.16	-1.97
Sortino ratio: Return per unit of downside risk	1.79	3.85	-2.06
Omega ratio: Gain probability vs. loss probability	1.21	1.50	-0.29
Calmar ratio: Return relative to maximum drawdown	1.79	6.52	-4.73
Martin ratio: Return relative to average drawdown	6.70	25.92	-19.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JPPEX vs. SPHB - Sharpe Ratio Comparison

The current JPPEX Sharpe Ratio is 1.19, which is lower than the SPHB Sharpe Ratio of 3.16. The chart below compares the historical Sharpe Ratios of JPPEX and SPHB, 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

	JPPEX	SPHB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.19	3.16	-1.97
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.42	0.56	-0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	0.67	-0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	0.53	+0.03

Drawdowns

JPPEX vs. SPHB - Drawdown Comparison

The maximum JPPEX drawdown since its inception was -38.32%, smaller than the maximum SPHB drawdown of -46.84%. Use the drawdown chart below to compare losses from any high point for JPPEX and SPHB.

Drawdown Indicators

	JPPEX	SPHB	Difference
Max Drawdown Largest peak-to-trough decline	-38.32%	-46.84%	+8.52%
Max Drawdown (1Y) Largest decline over 1 year	-8.21%	-10.70%	+2.49%
Max Drawdown (3Y) Largest decline over 3 years	-18.92%	-29.21%	+10.29%
Max Drawdown (5Y) Largest decline over 5 years	-24.92%	-31.49%	+6.57%
Max Drawdown (10Y) Largest decline over 10 years	-38.32%	-46.84%	+8.52%
Current Drawdown Current decline from peak	0.00%	-0.67%	+0.67%
Average Drawdown Average peak-to-trough decline	-5.41%	-8.50%	+3.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.19%	2.69%	-0.50%

Volatility

JPPEX vs. SPHB - Volatility Comparison

The current volatility for JPMorgan Mid Cap Equity Fund Class R6 (JPPEX) is 2.81%, while Invesco S&P 500® High Beta ETF (SPHB) has a volatility of 7.14%. This indicates that JPPEX experiences smaller price fluctuations and is considered to be less risky than SPHB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JPPEX	SPHB	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.81%	7.14%	-4.33%
Volatility (6M) Calculated over the trailing 6-month period	9.15%	16.99%	-7.84%
Volatility (1Y) Calculated over the trailing 1-year period	12.37%	22.16%	-9.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.40%	27.38%	-9.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.58%	28.45%	-8.87%

JPPEX vs. SPHB - Expense Ratio Comparison

JPPEX has a 0.64% expense ratio, which is higher than SPHB's 0.25% expense ratio.

Dividends

JPPEX vs. SPHB - Dividend Comparison

JPPEX's dividend yield for the trailing twelve months is around 6.01%, more than SPHB's 0.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JPPEX JPMorgan Mid Cap Equity Fund Class R6	6.01%	6.45%	8.83%	0.73%	3.06%	7.83%	11.84%	8.84%	13.25%	6.03%	3.49%	5.29%
SPHB Invesco S&P 500® High Beta ETF	0.52%	0.60%	0.80%	0.73%	0.72%	0.91%	1.90%	1.26%	1.96%	1.34%	0.93%	1.69%

Frequently Asked Questions

Can I hold both JPPEX and SPHB in my portfolio?

JPPEX and SPHB have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JPPEX or SPHB?

SPHB has higher volatility (7.14%) compared to JPPEX (2.81%). In terms of maximum drawdown, JPPEX dropped -38.32% vs SPHB's -46.84%.

Which has better risk-adjusted returns?

SPHB currently has the higher Sharpe Ratio (3.16 vs 1.19), 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.