JPSE vs. MDY

Last updated Jun 4, 2026

JPSE (JPMorgan Diversified Return U.S. Small Cap Equity ETF) and MDY (SPDR S&P MidCap 400 ETF) are both Small Cap Growth Equities funds - JPSE tracks the JPMorgan Diversified Factor US Small Cap Equity Index while MDY tracks the S&P MidCap 400 Index. Both are passively managed. Over the past 5 years, JPSE returned 7.07%/yr vs 7.92%/yr for MDY. Their correlation of 0.94 suggests significant overlap in exposure. JPSE charges 0.29%/yr vs 0.23%/yr for MDY.

Performance

JPSE vs. MDY - 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 SPDR S&P MidCap 400 ETF (MDY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JPSE achieves a 15.46% return, which is significantly higher than MDY's 13.91% return.

JPSE

• 1D: -1.03%
• 1M: 0.95%
• YTD: 15.46%
• 6M: 14.54%
• 1Y: 31.79%
• 3Y*: 15.24%
• 5Y*: 7.07%
• 10Y*: —

MDY

• 1D: -0.09%
• 1M: 3.81%
• YTD: 13.91%
• 6M: 14.15%
• 1Y: 25.00%
• 3Y*: 15.77%
• 5Y*: 7.92%
• 10Y*: 11.04%

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

JPSE vs. MDY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF	15.46%	8.77%	8.07%	15.87%	-14.40%	29.31%	12.49%	22.95%	-8.61%	14.38%
MDY SPDR S&P MidCap 400 ETF	13.91%	7.19%	13.64%	16.07%	-13.28%	24.53%	13.50%	25.78%	-11.29%	15.93%

Correlation

The correlation between JPSE and MDY is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (All Time) Calculated using the full available price history since Nov 18, 2016	0.94

The correlation between JPSE and MDY has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.

JPSE vs. MDY - Sectors Allocation Comparison

Sectors	JPSE	MDY
Technology	14.6%	15.4%
Real Estate	13.1%	7.7%
Industrials	11.7%	25.1%
Financial Services	9.7%	13.9%
Basic Materials	9.6%	4.8%
Healthcare	9.0%	8.7%
Energy	8.9%	5.6%
Consumer Defensive	8.1%	3.8%
Consumer Cyclical	7.9%	10.8%
Utilities	4.8%	3.1%
Communication Services	2.7%	1.0%

Return for Risk

JPSE vs. MDY — Risk / Return Rank

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

JPSE

JPSE Risk / Return Rank: 66
JPSE Sharpe Ratio Rank: 59
JPSE Sortino Ratio Rank: 61
JPSE Omega Ratio Rank: 56
JPSE Calmar Ratio Rank: 78
JPSE Martin Ratio Rank: 75

MDY

MDY Risk / Return Rank: 50
MDY Sharpe Ratio Rank: 46
MDY Sortino Ratio Rank: 46
MDY Omega Ratio Rank: 44
MDY Calmar Ratio Rank: 56
MDY Martin Ratio Rank: 58

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. MDY - 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 SPDR S&P MidCap 400 ETF (MDY). 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	MDY	Difference
Sharpe ratio: Return per unit of total volatility	2.00	1.63	+0.37
Sortino ratio: Return per unit of downside risk	2.89	2.39	+0.50
Omega ratio: Gain probability vs. loss probability	1.34	1.29	+0.05
Calmar ratio: Return relative to maximum drawdown	3.99	2.85	+1.14
Martin ratio: Return relative to average drawdown	14.20	10.38	+3.82
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. MDY - Sharpe Ratio Comparison

The current JPSE Sharpe Ratio is 2.00, which is comparable to the MDY Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of JPSE and MDY, 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	MDY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.00	1.63	+0.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.35	0.40	-0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.52	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.53	-0.04

Drawdowns

JPSE vs. MDY - Drawdown Comparison

The maximum JPSE drawdown since its inception was -43.02%, smaller than the maximum MDY drawdown of -55.33%. Use the drawdown chart below to compare losses from any high point for JPSE and MDY.

Drawdown Indicators

	JPSE	MDY	Difference
Max Drawdown Largest peak-to-trough decline	-43.02%	-55.33%	+12.31%
Max Drawdown (1Y) Largest decline over 1 year	-8.00%	-8.82%	+0.82%
Max Drawdown (3Y) Largest decline over 3 years	-25.49%	-24.03%	-1.46%
Max Drawdown (5Y) Largest decline over 5 years	-25.56%	-24.03%	-1.53%
Max Drawdown (10Y) Largest decline over 10 years	—	-42.22%	—
Current Drawdown Current decline from peak	-1.37%	-0.09%	-1.28%
Average Drawdown Average peak-to-trough decline	-7.42%	-7.03%	-0.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.24%	2.42%	-0.18%

Volatility

JPSE vs. MDY - Volatility Comparison

JPMorgan Diversified Return U.S. Small Cap Equity ETF (JPSE) and SPDR S&P MidCap 400 ETF (MDY) have volatilities of 4.52% and 4.33%, 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	MDY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.52%	4.33%	+0.19%
Volatility (6M) Calculated over the trailing 6-month period	10.90%	11.28%	-0.38%
Volatility (1Y) Calculated over the trailing 1-year period	16.00%	15.48%	+0.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.08%	19.77%	+0.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.82%	21.19%	+0.63%

JPSE vs. MDY - Expense Ratio Comparison

JPSE has a 0.29% expense ratio, which is higher than MDY's 0.23% expense ratio.

Dividends

JPSE vs. MDY - Dividend Comparison

JPSE's dividend yield for the trailing twelve months is around 1.38%, more than MDY's 1.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF	1.38%	1.62%	1.66%	1.76%	1.55%	1.24%	1.32%	1.23%	1.18%	0.74%	0.14%	0.00%
MDY SPDR S&P MidCap 400 ETF	1.04%	1.15%	1.18%	1.21%	1.37%	0.96%	1.12%	1.34%	1.39%	1.18%	1.31%	1.35%

Frequently Asked Questions

Can I hold both JPSE and MDY in my portfolio?

With a correlation of 0.91, JPSE and MDY 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 MDY?

JPSE has higher volatility (4.52%) compared to MDY (4.33%). In terms of maximum drawdown, JPSE dropped -43.02% vs MDY's -55.33%.

Which ETF is better, JPSE or MDY?

On 5-year performance, MDY leads with 7.92% vs 7.07% for JPSE. On fees, MDY is cheaper at 0.23% per year. On volatility, MDY has been the lower-risk option at 4.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JPSE or MDY?

Over the 5-year period, MDY has performed better with a 7.92% return vs 7.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JPSE or MDY?

MDY is cheaper with a 0.23% expense ratio, compared with 0.29% for JPSE.

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

JPSE has the higher dividend yield at 1.38%, compared with 1.04% for MDY.

What is the main difference between JPSE and MDY?

JPSE tracks JPMorgan Diversified Factor US Small Cap Equity Index, while MDY tracks S&P MidCap 400 Index. They also come from different issuers: JPMorgan and State Street. Their fees differ too: 0.29% for JPSE and 0.23% for MDY.

Which has better risk-adjusted returns?

JPSE currently has the higher Sharpe Ratio (2.00 vs 1.63), 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.