JUSA vs. SPXM

Last updated Jul 12, 2026

JUSA (JPMorgan U.S. Research Enhanced Large Cap ETF) and SPXM (Azoria 500 Meritocracy ETF) are both Large Cap Blend Equities funds. Both are actively managed. Over the past year, JUSA returned 21.01% vs 8.67% for SPXM. A 0.53 correlation means they provide meaningful diversification when combined. JUSA charges 0.20%/yr vs 0.47%/yr for SPXM.

Performance

JUSA vs. SPXM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan U.S. Research Enhanced Large Cap ETF (JUSA) and Azoria 500 Meritocracy ETF (SPXM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

JUSA

• 1D: 0.55%
• 1M: 2.21%
• 6M: 8.85%
• YTD: 10.58%
• 1Y: 21.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPXM

• 1D: 0.00%
• 1M: 0.00%
• 6M: 0.00%
• YTD: 0.00%
• 1Y: 8.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JUSA vs. SPXM - Yearly Performance Comparison

	2026 (YTD)	2025
JUSA JPMorgan U.S. Research Enhanced Large Cap ETF	10.58%	10.04%
SPXM Azoria 500 Meritocracy ETF	0.00%	9.27%

Correlation

The correlation between JUSA and SPXM is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.53
Correlation (All Time) Calculated using the full available price history since Jul 8, 2025	0.53

The correlation between JUSA and SPXM has been stable across timeframes, ranging from 0.53 to 0.53 - a consistent structural relationship.

Return for Risk

JUSA vs. SPXM — Risk / Return Rank

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

JUSA

JUSA Risk / Return Rank: 64
JUSA Sharpe Ratio Rank: 64
JUSA Sortino Ratio Rank: 63
JUSA Omega Ratio Rank: 64
JUSA Calmar Ratio Rank: 58
JUSA Martin Ratio Rank: 70

SPXM

SPXM Risk / Return Rank: 57
SPXM Sharpe Ratio Rank: 47
SPXM Sortino Ratio Rank: 46
SPXM Omega Ratio Rank: 77
SPXM Calmar Ratio Rank: 50
SPXM Martin Ratio Rank: 66

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.

JUSA vs. SPXM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan U.S. Research Enhanced Large Cap ETF (JUSA) 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.

	JUSA	SPXM	Difference
Sharpe ratio: Return per unit of total volatility	1.68	1.33	+0.35
Sortino ratio: Return per unit of downside risk	2.34	1.88	+0.46
Omega ratio: Gain probability vs. loss probability	1.31	1.36	-0.05
Calmar ratio: Return relative to maximum drawdown	2.32	2.01	+0.32
Martin ratio: Return relative to average drawdown	10.11	9.42	+0.69

JUSA vs. SPXM - Sharpe Ratio Comparison

The current JUSA Sharpe Ratio is 1.68, which is comparable to the SPXM Sharpe Ratio of 1.33. The chart below compares the historical Sharpe Ratios of JUSA 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

JUSA vs. SPXM - Drawdown Comparison

The maximum JUSA drawdown since its inception was -14.02%, which is greater than SPXM's maximum drawdown of -5.08%. Use the drawdown chart below to compare losses from any high point for JUSA and SPXM.

Drawdown Indicators

	JUSA	SPXM	Difference
Max Drawdown Largest peak-to-trough decline	-14.02%	-5.08%	-8.94%
Max Drawdown (1Y) Largest decline over 1 year	-8.93%	-5.08%	-3.85%
Current Drawdown Current decline from peak	-0.20%	-0.75%	+0.55%
Average Drawdown Average peak-to-trough decline	-1.54%	-0.78%	-0.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.05%	—	—

Volatility

JUSA vs. SPXM - Volatility Comparison

JPMorgan U.S. Research Enhanced Large Cap ETF (JUSA) has a higher volatility of 4.24% compared to Azoria 500 Meritocracy ETF (SPXM) at 0.00%. This indicates that JUSA'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

	JUSA	SPXM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.24%	0.00%	+4.24%
Volatility (6M) Calculated over the trailing 6-month period	9.83%	4.13%	+5.70%
Volatility (1Y) Calculated over the trailing 1-year period	12.38%	7.68%	+4.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.46%	7.66%	+10.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.46%	7.66%	+10.80%

JUSA vs. SPXM - Expense Ratio Comparison

JUSA has a 0.20% expense ratio, which is lower than SPXM's 0.47% expense ratio.

Dividends

JUSA vs. SPXM - Dividend Comparison

JUSA's dividend yield for the trailing twelve months is around 0.79%, more than SPXM's 0.24% yield.

Position	TTM	2025
JUSA JPMorgan U.S. Research Enhanced Large Cap ETF	0.79%	0.77%
SPXM Azoria 500 Meritocracy ETF	0.24%	0.24%

Frequently Asked Questions

Can I hold both JUSA and SPXM in my portfolio?

JUSA and SPXM have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JUSA or SPXM?

JUSA has higher volatility (4.24%) compared to SPXM (0.00%). In terms of maximum drawdown, JUSA dropped -14.02% vs SPXM's -5.08%.

Which ETF is better, JUSA or SPXM?

On 1-year performance, JUSA leads with 21.01% vs 8.67% for SPXM. On fees, JUSA is cheaper at 0.20% 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, JUSA or SPXM?

Over the 1-year period, JUSA has performed better with a 21.01% return vs 8.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JUSA or SPXM?

JUSA is cheaper with a 0.20% expense ratio, compared with 0.47% for SPXM.

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

JUSA has the higher dividend yield at 0.79%, compared with 0.24% for SPXM.

What is the main difference between JUSA and SPXM?

They also come from different issuers: JPMorgan and Azoria. Their fees differ too: 0.20% for JUSA and 0.47% for SPXM.

Which has better risk-adjusted returns?

JUSA currently has the higher Sharpe Ratio (1.68 vs 1.33), 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.