JRUD.L vs. MXUD.L

Last updated Jul 22, 2026

JRUD.L (JPM US Research Enhanced Index Equity Active UCITS ETF USD (Dist)) and MXUD.L (Invesco MSCI USA UCITS ETF Dist) are both Large Cap Blend Equities funds. JRUD.L is actively managed, while MXUD.L is passively managed. Over the past 5 years, JRUD.L returned 12.63%/yr vs 12.50%/yr for MXUD.L. Their correlation of 0.85 suggests significant overlap in exposure. JRUD.L charges 0.20%/yr vs 0.05%/yr for MXUD.L.

Performance

JRUD.L vs. MXUD.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPM US Research Enhanced Index Equity Active UCITS ETF USD (Dist) (JRUD.L) and Invesco MSCI USA UCITS ETF Dist (MXUD.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JRUD.L achieves a 8.45% return, which is significantly lower than MXUD.L's 9.53% return.

JRUD.L

• 1D: 0.09%
• 1M: -0.32%
• 6M: 9.29%
• YTD: 8.45%
• 1Y: 18.19%
• 3Y*: 18.78%
• 5Y*: 12.63%
• 10Y*: —
• ALL TIME*: 15.54%

MXUD.L

• 1D: 0.35%
• 1M: 0.34%
• 6M: 10.02%
• YTD: 9.53%
• 1Y: 19.49%
• 3Y*: 19.70%
• 5Y*: 12.50%
• 10Y*: —
• ALL TIME*: 15.83%

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

JRUD.L vs. MXUD.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
JRUD.L JPM US Research Enhanced Index Equity Active UCITS ETF USD (Dist)	8.45%	16.18%	25.22%	28.37%	-19.11%	30.16%	19.94%	1.36%
MXUD.L Invesco MSCI USA UCITS ETF Dist	9.53%	17.43%	25.46%	27.85%	-19.90%	27.77%	20.86%	2.14%

Correlation

The correlation between JRUD.L and MXUD.L is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (All Time) Calculated using the full available price history since Dec 16, 2019	0.85

The correlation between JRUD.L and MXUD.L shifts across timeframes, from 0.85 (all time) to 0.99 (1 year), reflecting how their relationship changes across market environments.

JRUD.L vs. MXUD.L - Sectors Allocation Comparison

Sectors	JRUD.L	MXUD.L
Technology	39.3%	38.9%
Financial Services	10.9%	10.9%
Consumer Cyclical	10.6%	9.9%
Communication Services	10.5%	10.7%
Healthcare	8.2%	8.4%
Industrials	7.8%	8.1%
Consumer Defensive	3.9%	4.4%
Energy	3.1%	3.2%
Utilities	2.1%	2.0%
Basic Materials	1.8%	1.7%
Real Estate	1.8%	1.8%

Return for Risk

JRUD.L vs. MXUD.L — Risk / Return Rank

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

JRUD.L

JRUD.L Risk / Return Rank: 64
JRUD.L Sharpe Ratio Rank: 62
JRUD.L Sortino Ratio Rank: 67
JRUD.L Omega Ratio Rank: 61
JRUD.L Calmar Ratio Rank: 60
JRUD.L Martin Ratio Rank: 69

MXUD.L

MXUD.L Risk / Return Rank: 65
MXUD.L Sharpe Ratio Rank: 64
MXUD.L Sortino Ratio Rank: 68
MXUD.L Omega Ratio Rank: 62
MXUD.L Calmar Ratio Rank: 61
MXUD.L Martin Ratio Rank: 70

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.

JRUD.L vs. MXUD.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPM US Research Enhanced Index Equity Active UCITS ETF USD (Dist) (JRUD.L) and Invesco MSCI USA UCITS ETF Dist (MXUD.L). 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.

	JRUD.L	MXUD.L	Difference
Sharpe ratio: Return per unit of total volatility	1.58	1.59	-0.02
Sortino ratio: Return per unit of downside risk	2.36	2.37	-0.01
Omega ratio: Gain probability vs. loss probability	1.28	1.29	0.00
Calmar ratio: Return relative to maximum drawdown	2.24	2.30	-0.06
Martin ratio: Return relative to average drawdown	9.30	9.30	0.00

JRUD.L vs. MXUD.L - Sharpe Ratio Comparison

The current JRUD.L Sharpe Ratio is 1.58, which is comparable to the MXUD.L Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of JRUD.L and MXUD.L, 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

JRUD.L vs. MXUD.L - Drawdown Comparison

The maximum JRUD.L drawdown since its inception was -34.49%, roughly equal to the maximum MXUD.L drawdown of -34.42%. Use the drawdown chart below to compare losses from any high point for JRUD.L and MXUD.L.

Drawdown Indicators

	JRUD.L	MXUD.L	Difference
Max Drawdown Largest peak-to-trough decline	-34.49%	-34.42%	-0.07%
Max Drawdown (1Y) Largest decline over 1 year	-8.38%	-8.44%	+0.06%
Max Drawdown (3Y) Largest decline over 3 years	-18.85%	-19.43%	+0.58%
Max Drawdown (5Y) Largest decline over 5 years	-24.11%	-25.22%	+1.11%
Current Drawdown Current decline from peak	-1.62%	-1.23%	-0.39%
Average Drawdown Average peak-to-trough decline	-5.34%	-5.60%	+0.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.02%	2.09%	-0.07%

Volatility

JRUD.L vs. MXUD.L - Volatility Comparison

JPM US Research Enhanced Index Equity Active UCITS ETF USD (Dist) (JRUD.L) and Invesco MSCI USA UCITS ETF Dist (MXUD.L) have volatilities of 3.18% and 3.17%, 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

	JRUD.L	MXUD.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.18%	3.17%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	9.16%	9.37%	-0.21%
Volatility (1Y) Calculated over the trailing 1-year period	11.94%	12.18%	-0.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.98%	16.28%	-0.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.83%	18.22%	+1.61%

JRUD.L vs. MXUD.L - Expense Ratio Comparison

JRUD.L has a 0.20% expense ratio, which is higher than MXUD.L's 0.05% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

JRUD.L vs. MXUD.L - Dividend Comparison

JRUD.L's dividend yield for the trailing twelve months is around 0.68%, less than MXUD.L's 1.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
JRUD.L JPM US Research Enhanced Index Equity Active UCITS ETF USD (Dist)	0.68%	0.52%	0.50%	0.83%	1.08%	0.85%	0.00%	0.00%
MXUD.L Invesco MSCI USA UCITS ETF Dist	1.08%	1.13%	1.30%	1.47%	1.66%	1.27%	1.47%	0.20%

Frequently Asked Questions

Can I hold both JRUD.L and MXUD.L in my portfolio?

With a correlation of 0.99, JRUD.L and MXUD.L 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 ETF is better, JRUD.L or MXUD.L?

On fees, MXUD.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, JRUD.L or MXUD.L?

MXUD.L is cheaper with a 0.05% expense ratio, compared with 0.20% for JRUD.L.

What is the main difference between JRUD.L and MXUD.L?

They also come from different issuers: JPMorgan and Invesco. Their fees differ too: 0.20% for JRUD.L and 0.05% for MXUD.L.