JPUS vs. SPXM

Last updated Aug 4, 2026

JPUS (JPMorgan Diversified Return US Equity ETF) and SPXM (Azoria 500 Meritocracy ETF) are both Large Cap Blend Equities funds. JPUS is passively managed, while SPXM is actively managed. Over the past year, JPUS returned 23.92% vs 8.90% for SPXM. Their 0.35 correlation means their historical movements had little consistent relationship. JPUS charges 0.18%/yr vs 0.47%/yr for SPXM.

Performance

JPUS vs. SPXM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Diversified Return US Equity ETF (JPUS) and Azoria 500 Meritocracy ETF (SPXM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

JPUS

• 1D: 0.53%
• 1M: 1.30%
• 6M: 11.04%
• YTD: 16.20%
• 1Y: 23.92%
• 3Y*: 15.47%
• 5Y*: 10.18%
• 10Y*: 11.51%
• ALL TIME*: 12.18%

SPXM

• 1D: 0.00%
• 1M: 0.00%
• 6M: 0.00%
• YTD: 0.00%
• 1Y: 8.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 8.63%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
JPUS JPMorgan Diversified Return US Equity ETF	$730.62K	$1.08M	$1.02M
SPXM Azoria 500 Meritocracy ETF	$0.00	$0.00	$0.00

JPUS vs. SPXM - Yearly Performance Comparison

	2026 (YTD)	2025
JPUS JPMorgan Diversified Return US Equity ETF	16.20%	5.24%
SPXM Azoria 500 Meritocracy ETF	0.00%	9.27%

Correlation

The correlation between JPUS and SPXM is 0.31, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.31
Correlation (All Time) Calculated using the full available price history since Jul 8, 2025	0.35

Return for Risk

JPUS vs. SPXM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

JPUS

JPUS Risk / Return Rank: 89
JPUS Sharpe Ratio Rank: 90
JPUS Sortino Ratio Rank: 91
JPUS Omega Ratio Rank: 88
JPUS Calmar Ratio Rank: 86
JPUS Martin Ratio Rank: 89

SPXM

SPXM Risk / Return Rank: 68
SPXM Sharpe Ratio Rank: 59
SPXM Sortino Ratio Rank: 59
SPXM Omega Ratio Rank: 90
SPXM Calmar Ratio Rank: 57
SPXM Martin Ratio Rank: 75

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

JPUS vs. SPXM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Diversified Return US Equity ETF (JPUS) and Azoria 500 Meritocracy ETF (SPXM). 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.

	JPUS	SPXM	Difference
Sharpe ratio: Return per unit of total volatility	2.34	1.49	+0.85
Sortino ratio: Return per unit of downside risk	3.39	2.14	+1.26
Omega ratio: Gain probability vs. loss probability	1.41	1.44	-0.03
Calmar ratio: Return relative to maximum drawdown	3.48	2.16	+1.33
Martin ratio: Return relative to average drawdown	14.32	10.12	+4.20

JPUS vs. SPXM - Sharpe Ratio Comparison

The current JPUS Sharpe Ratio is 2.34, which is higher than the SPXM Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of JPUS and SPXM, 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

JPUS vs. SPXM - Drawdown Comparison

The maximum JPUS drawdown since its inception was -38.69%, which is greater than SPXM's maximum drawdown of -5.08%. Use the drawdown chart below to compare losses from any high point for JPUS and SPXM.

Drawdown Indicators

	JPUS	SPXM	Difference
Max Drawdown Largest peak-to-trough decline	-38.69%	-5.08%	-33.61%
Max Drawdown (1Y) Largest decline over 1 year	-6.90%	-5.08%	-1.82%
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	-0.62%	-0.75%	+0.13%
Average Drawdown Average peak-to-trough decline	-3.77%	-0.78%	-2.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.67%	—	—

Volatility

JPUS vs. SPXM - Volatility Comparison

JPMorgan Diversified Return US Equity ETF (JPUS) has a higher volatility of 2.47% compared to Azoria 500 Meritocracy ETF (SPXM) at 0.00%. This indicates that JPUS's price experiences larger fluctuations and is considered to be riskier than SPXM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JPUS	SPXM	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.47%	0.00%	+2.47%
Volatility (6M) Calculated over the trailing 6-month period	7.66%	1.22%	+6.44%
Volatility (1Y) Calculated over the trailing 1-year period	10.30%	7.38%	+2.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.45%	7.39%	+7.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.72%	7.39%	+9.33%

JPUS vs. SPXM - Expense Ratio Comparison

JPUS has a 0.18% expense ratio, which is lower than SPXM's 0.47% expense ratio.

Dividends

JPUS vs. SPXM - Dividend Comparison

JPUS's dividend yield for the trailing twelve months is around 1.96%, more than SPXM's 0.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JPUS JPMorgan Diversified Return US Equity ETF	1.96%	2.27%	2.12%	2.26%	2.35%	1.67%	1.94%	2.09%	2.16%	1.25%	0.77%	0.48%
SPXM Azoria 500 Meritocracy ETF	0.24%	0.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JPUS and SPXM in my portfolio?

JPUS and SPXM have a correlation of 0.31, 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 SPXM?

JPUS has higher volatility (2.47%) compared to SPXM (0.00%). In terms of maximum drawdown, JPUS dropped -38.69% vs SPXM's -5.08%.

Which ETF is better, JPUS or SPXM?

On 1-year performance, JPUS leads with 23.92% vs 8.90% for SPXM. On fees, JPUS is cheaper at 0.18% per year. On volatility, SPXM has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JPUS or SPXM?

Over the 1-year period, JPUS has performed better with a 23.92% return vs 8.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JPUS or SPXM?

JPUS is cheaper with a 0.18% expense ratio, compared with 0.47% for SPXM.

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

JPUS has the higher dividend yield at 1.96%, compared with 0.24% for SPXM.

What is the main difference between JPUS and SPXM?

They also come from different issuers: JPMorgan and Azoria. Their fees differ too: 0.18% for JPUS and 0.47% for SPXM.

Which has better risk-adjusted returns?

JPUS currently has the higher Sharpe Ratio (2.34 vs 1.49), 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.