JPSE vs. DFAS

Last updated Jun 3, 2026

JPSE (JPMorgan Diversified Return U.S. Small Cap Equity ETF) and DFAS (Dimensional U.S. Small Cap ETF) are both exchange-traded funds - JPSE is a Small Cap Growth Equities fund tracking the JPMorgan Diversified Factor US Small Cap Equity Index, while DFAS is a Small Cap Blend Equities fund actively managed by Dimensional. JPSE is passively managed, while DFAS is actively managed. Over the past 3 years, JPSE returned 15.64%/yr vs 15.22%/yr for DFAS. With a 0.98 correlation, they move nearly in lockstep. JPSE charges 0.29%/yr vs 0.34%/yr for DFAS.

Performance

JPSE vs. DFAS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Diversified Return U.S. Small Cap Equity ETF (JPSE) and Dimensional U.S. Small Cap ETF (DFAS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JPSE achieves a 16.66% return, which is significantly higher than DFAS's 12.81% return.

JPSE

• 1D: 1.09%
• 1M: 0.99%
• YTD: 16.66%
• 6M: 17.30%
• 1Y: 34.78%
• 3Y*: 15.64%
• 5Y*: 7.41%
• 10Y*: —

DFAS

• 1D: -0.81%
• 1M: 2.19%
• YTD: 12.81%
• 6M: 12.10%
• 1Y: 27.65%
• 3Y*: 15.22%
• 5Y*: —
• 10Y*: —

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

JPSE vs. DFAS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF	16.66%	8.77%	8.07%	15.87%	-14.40%	3.69%
DFAS Dimensional U.S. Small Cap ETF	12.81%	8.17%	10.21%	17.83%	-13.84%	4.94%

Correlation

The correlation between JPSE and DFAS is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jun 15, 2021	0.98

The correlation between JPSE and DFAS has been stable across timeframes, ranging from 0.95 to 0.98 - a consistent structural relationship.

JPSE vs. DFAS - Sectors Allocation Comparison

Sectors	JPSE	DFAS
Technology	14.6%	15.0%
Real Estate	13.1%	0.2%
Industrials	11.7%	18.6%
Financial Services	9.7%	19.5%
Basic Materials	9.6%	5.6%
Healthcare	9.0%	11.0%
Energy	8.9%	6.7%
Consumer Defensive	8.1%	4.3%
Consumer Cyclical	7.9%	11.9%
Utilities	4.8%	3.8%
Communication Services	2.7%	2.8%

Return for Risk

JPSE vs. DFAS — Risk / Return Rank

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

JPSE

JPSE Risk / Return Rank: 70
JPSE Sharpe Ratio Rank: 65
JPSE Sortino Ratio Rank: 67
JPSE Omega Ratio Rank: 61
JPSE Calmar Ratio Rank: 82
JPSE Martin Ratio Rank: 78

DFAS

DFAS Risk / Return Rank: 51
DFAS Sharpe Ratio Rank: 47
DFAS Sortino Ratio Rank: 49
DFAS Omega Ratio Rank: 45
DFAS Calmar Ratio Rank: 59
DFAS Martin Ratio Rank: 57

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.

JPSE vs. DFAS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Diversified Return U.S. Small Cap Equity ETF (JPSE) and Dimensional U.S. Small Cap ETF (DFAS). 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.

	JPSE	DFAS	Difference
Sharpe ratio Return per unit of total volatility	2.19	1.66	+0.53
Sortino ratio Return per unit of downside risk	3.13	2.46	+0.67
Omega ratio Gain probability vs. loss probability	1.37	1.29	+0.09
Calmar ratio Return relative to maximum drawdown	4.36	2.97	+1.40
Martin ratio Return relative to average drawdown	15.58	10.17	+5.41
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JPSE vs. DFAS - Sharpe Ratio Comparison

The current JPSE Sharpe Ratio is 2.19, which is higher than the DFAS Sharpe Ratio of 1.66. The chart below compares the historical Sharpe Ratios of JPSE and DFAS, 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

	JPSE	DFAS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.19	1.66	+0.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.36	+0.13

Drawdowns

JPSE vs. DFAS - Drawdown Comparison

The maximum JPSE drawdown since its inception was -43.02%, which is greater than DFAS's maximum drawdown of -26.13%. Use the drawdown chart below to compare losses from any high point for JPSE and DFAS.

Drawdown Indicators

	JPSE	DFAS	Difference
Max Drawdown Largest peak-to-trough decline	-43.02%	-26.13%	-16.89%
Max Drawdown (1Y) Largest decline over 1 year	-8.00%	-9.36%	+1.36%
Max Drawdown (3Y) Largest decline over 3 years	-25.49%	-26.13%	+0.64%
Max Drawdown (5Y) Largest decline over 5 years	-25.56%	—	—
Current Drawdown Current decline from peak	-0.34%	-0.81%	+0.47%
Average Drawdown Average peak-to-trough decline	-7.43%	-8.31%	+0.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.24%	2.73%	-0.49%

Volatility

JPSE vs. DFAS - Volatility Comparison

JPMorgan Diversified Return U.S. Small Cap Equity ETF (JPSE) and Dimensional U.S. Small Cap ETF (DFAS) have volatilities of 4.52% and 4.31%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JPSE	DFAS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.52%	4.31%	+0.21%
Volatility (6M) Calculated over the trailing 6-month period	10.86%	11.58%	-0.72%
Volatility (1Y) Calculated over the trailing 1-year period	15.96%	16.77%	-0.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.07%	20.84%	-0.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.82%	20.84%	+0.98%

JPSE vs. DFAS - Expense Ratio Comparison

JPSE has a 0.29% expense ratio, which is lower than DFAS's 0.34% expense ratio.

Dividends

JPSE vs. DFAS - Dividend Comparison

JPSE's dividend yield for the trailing twelve months is around 1.36%, more than DFAS's 0.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DFAS Dimensional U.S. Small Cap ETF	0.92%	0.99%	0.93%	1.00%	1.03%	2.87%	0.00%	0.00%	0.00%	0.00%	0.00%
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF	1.36%	1.62%	1.66%	1.76%	1.55%	1.24%	1.32%	1.23%	1.18%	0.74%	0.14%

Frequently Asked Questions

Can I hold both JPSE and DFAS in my portfolio?

With a correlation of 0.95, JPSE and DFAS 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, JPSE or DFAS?

JPSE has higher volatility (4.52%) compared to DFAS (4.31%). In terms of maximum drawdown, JPSE dropped -43.02% vs DFAS's -26.13%.

Which ETF is better, JPSE or DFAS?

On 3-year performance, JPSE leads with 15.64% vs 15.22% for DFAS. On fees, JPSE is cheaper at 0.29% per year. On volatility, DFAS has been the lower-risk option at 4.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JPSE or DFAS?

Over the 3-year period, JPSE has performed better with a 15.64% return vs 15.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JPSE or DFAS?

JPSE is cheaper with a 0.29% expense ratio, compared with 0.34% for DFAS.

Which ETF pays a higher dividend yield, JPSE or DFAS?

JPSE has the higher dividend yield at 1.36%, compared with 0.92% for DFAS.

What is the main difference between JPSE and DFAS?

JPSE is categorized as Small Cap Growth Equities, while DFAS is Small Cap Blend Equities. They also come from different issuers: JPMorgan and Dimensional. Their fees differ too: 0.29% for JPSE and 0.34% for DFAS.

Which has better risk-adjusted returns?

JPSE currently has the higher Sharpe Ratio (2.19 vs 1.66), 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.