JPUS vs. FMDE

Last updated Jun 9, 2026

JPUS (JPMorgan Diversified Return US Equity ETF) and FMDE (Fidelity Enhanced Mid Cap ETF) are both exchange-traded funds - JPUS is a Large Cap Blend Equities fund tracking the JPMorgan Diversified Factor US Equity Index, while FMDE is a Mid Cap Blend Equities fund actively managed by Fidelity. JPUS is passively managed, while FMDE is actively managed. Over the past year, JPUS returned 19.87% vs 17.86% for FMDE. Their correlation of 0.87 suggests significant overlap in exposure. JPUS charges 0.18%/yr vs 0.23%/yr for FMDE.

Performance

JPUS vs. FMDE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Diversified Return US Equity ETF (JPUS) and Fidelity Enhanced Mid Cap ETF (FMDE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JPUS achieves a 10.87% return, which is significantly higher than FMDE's 8.21% return.

JPUS

• 1D: -0.29%
• 1M: 0.86%
• YTD: 10.87%
• 6M: 11.70%
• 1Y: 19.87%
• 3Y*: 15.41%
• 5Y*: 9.35%
• 10Y*: 11.36%

FMDE

• 1D: -0.18%
• 1M: 1.08%
• YTD: 8.21%
• 6M: 8.53%
• 1Y: 17.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JPUS vs. FMDE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
JPUS JPMorgan Diversified Return US Equity ETF	10.87%	11.18%	13.48%	6.69%
FMDE Fidelity Enhanced Mid Cap ETF	8.21%	12.19%	21.76%	8.91%

Correlation

The correlation between JPUS and FMDE is 0.81, 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	0.81
Correlation (All Time) Calculated using the full available price history since Nov 21, 2023	0.87

The correlation between JPUS and FMDE has been stable across timeframes, ranging from 0.81 to 0.87 - a consistent structural relationship.

JPUS vs. FMDE - Sectors Allocation Comparison

Sectors	JPUS	FMDE
Technology	11.6%	20.6%
Healthcare	11.5%	7.8%
Consumer Defensive	11.3%	1.7%
Real Estate	10.5%	5.7%
Industrials	10.4%	20.1%
Utilities	9.5%	5.0%
Consumer Cyclical	8.6%	12.1%
Financial Services	8.0%	12.9%
Energy	7.3%	6.4%
Basic Materials	6.8%	3.9%
Communication Services	4.5%	3.8%

Return for Risk

JPUS vs. FMDE — Risk / Return Rank

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

JPUS

JPUS Risk / Return Rank: 65
JPUS Sharpe Ratio Rank: 64
JPUS Sortino Ratio Rank: 68
JPUS Omega Ratio Rank: 61
JPUS Calmar Ratio Rank: 64
JPUS Martin Ratio Rank: 69

FMDE

FMDE Risk / Return Rank: 45
FMDE Sharpe Ratio Rank: 41
FMDE Sortino Ratio Rank: 41
FMDE Omega Ratio Rank: 39
FMDE Calmar Ratio Rank: 48
FMDE Martin Ratio Rank: 54

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.

JPUS vs. FMDE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Diversified Return US Equity ETF (JPUS) and Fidelity Enhanced Mid Cap ETF (FMDE). 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.

	JPUS	FMDE	Difference
Sharpe ratio: Return per unit of total volatility	1.92	1.31	+0.61
Sortino ratio: Return per unit of downside risk	2.78	1.89	+0.89
Omega ratio: Gain probability vs. loss probability	1.33	1.23	+0.10
Calmar ratio: Return relative to maximum drawdown	2.89	2.15	+0.74
Martin ratio: Return relative to average drawdown	11.60	8.49	+3.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JPUS vs. FMDE - Sharpe Ratio Comparison

The current JPUS Sharpe Ratio is 1.92, which is higher than the FMDE Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of JPUS and FMDE, 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

	JPUS	FMDE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.92	1.31	+0.61
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.65	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.68	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.72	1.28	-0.57

Drawdowns

JPUS vs. FMDE - Drawdown Comparison

The maximum JPUS drawdown since its inception was -38.69%, which is greater than FMDE's maximum drawdown of -21.10%. Use the drawdown chart below to compare losses from any high point for JPUS and FMDE.

Drawdown Indicators

	JPUS	FMDE	Difference
Max Drawdown Largest peak-to-trough decline	-38.69%	-21.10%	-17.59%
Max Drawdown (1Y) Largest decline over 1 year	-6.90%	-8.33%	+1.43%
Max Drawdown (3Y) Largest decline over 3 years	-15.96%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-19.04%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-38.69%	—	—
Current Drawdown Current decline from peak	-1.02%	-2.19%	+1.17%
Average Drawdown Average peak-to-trough decline	-3.82%	-2.64%	-1.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.72%	2.11%	-0.39%

Volatility

JPUS vs. FMDE - Volatility Comparison

The current volatility for JPMorgan Diversified Return US Equity ETF (JPUS) is 2.55%, while Fidelity Enhanced Mid Cap ETF (FMDE) has a volatility of 3.52%. This indicates that JPUS experiences smaller price fluctuations and is considered to be less risky than FMDE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JPUS	FMDE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.55%	3.52%	-0.97%
Volatility (6M) Calculated over the trailing 6-month period	7.61%	10.03%	-2.42%
Volatility (1Y) Calculated over the trailing 1-year period	10.40%	13.75%	-3.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.51%	16.15%	-1.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.76%	16.15%	+0.61%

JPUS vs. FMDE - Expense Ratio Comparison

JPUS has a 0.18% expense ratio, which is lower than FMDE's 0.23% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

JPUS vs. FMDE - Dividend Comparison

JPUS's dividend yield for the trailing twelve months is around 2.06%, more than FMDE's 1.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMDE Fidelity Enhanced Mid Cap ETF	1.13%	1.23%	1.11%	0.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
JPUS JPMorgan Diversified Return US Equity ETF	2.06%	2.27%	2.12%	2.26%	2.35%	1.67%	1.94%	2.09%	2.16%	1.25%	0.77%	0.48%

Frequently Asked Questions

Can I hold both JPUS and FMDE in my portfolio?

JPUS and FMDE have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JPUS or FMDE?

FMDE has higher volatility (3.52%) compared to JPUS (2.55%). In terms of maximum drawdown, JPUS dropped -38.69% vs FMDE's -21.10%.

Which ETF is better, JPUS or FMDE?

On 1-year performance, JPUS leads with 19.87% vs 17.86% for FMDE. On fees, JPUS is cheaper at 0.18% per year. On volatility, JPUS has been the lower-risk option at 2.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JPUS or FMDE?

Over the 1-year period, JPUS has performed better with a 19.87% return vs 17.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JPUS or FMDE?

JPUS is cheaper with a 0.18% expense ratio, compared with 0.23% for FMDE.

Which ETF pays a higher dividend yield, JPUS or FMDE?

JPUS has the higher dividend yield at 2.06%, compared with 1.13% for FMDE.

What is the main difference between JPUS and FMDE?

JPUS is categorized as Large Cap Blend Equities, while FMDE is Mid Cap Blend Equities. They also come from different issuers: JPMorgan and Fidelity. Their fees differ too: 0.18% for JPUS and 0.23% for FMDE.

Which has better risk-adjusted returns?

JPUS currently has the higher Sharpe Ratio (1.92 vs 1.31), 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.