JUSA vs. SPY

Last updated Jul 12, 2026

JUSA (JPMorgan U.S. Research Enhanced Large Cap ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - JUSA is a Large Cap Blend Equities fund actively managed by JPMorgan, while SPY is a S&P 500 fund tracking the S&P 500 Index. JUSA is actively managed, while SPY is passively managed. Over the past year, JUSA returned 21.01% vs 22.40% for SPY. With a 0.98 correlation, they move nearly in lockstep. JUSA charges 0.20%/yr vs 0.09%/yr for SPY.

Performance

JUSA vs. SPY - 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 State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JUSA achieves a 10.58% return, which is significantly lower than SPY's 11.30% return.

JUSA

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

SPY

• 1D: 0.43%
• 1M: 2.04%
• 6M: 9.35%
• YTD: 11.30%
• 1Y: 22.40%
• 3Y*: 20.99%
• 5Y*: 13.15%
• 10Y*: 15.22%

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

JUSA vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025
JUSA JPMorgan U.S. Research Enhanced Large Cap ETF	10.58%	22.30%
SPY State Street SPDR S&P 500 ETF	11.30%	25.12%

Correlation

The correlation between JUSA and SPY 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 (All Time) Calculated using the full available price history since Mar 14, 2025	0.98

The correlation between JUSA and SPY has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

JUSA vs. SPY - Sectors Allocation Comparison

Sectors	JUSA	SPY
Technology	39.2%	39.0%
Financial Services	10.9%	11.1%
Consumer Cyclical	10.7%	9.9%
Communication Services	10.5%	10.6%
Healthcare	8.2%	8.3%
Industrials	7.9%	7.8%
Consumer Defensive	3.9%	4.5%
Energy	3.1%	3.1%
Utilities	2.1%	2.1%
Real Estate	1.8%	1.8%
Basic Materials	1.8%	1.7%

Return for Risk

JUSA vs. SPY — 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

SPY

SPY Risk / Return Rank: 67
SPY Sharpe Ratio Rank: 68
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 67
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 73

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. SPY - 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 State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.68	1.76	-0.08
Sortino ratio: Return per unit of downside risk	2.34	2.42	-0.08
Omega ratio: Gain probability vs. loss probability	1.31	1.32	-0.01
Calmar ratio: Return relative to maximum drawdown	2.32	2.48	-0.16
Martin ratio: Return relative to average drawdown	10.11	10.83	-0.72

JUSA vs. SPY - Sharpe Ratio Comparison

The current JUSA Sharpe Ratio is 1.68, which is comparable to the SPY Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of JUSA and SPY, 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. SPY - Drawdown Comparison

The maximum JUSA drawdown since its inception was -14.02%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for JUSA and SPY.

Drawdown Indicators

	JUSA	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-14.02%	-55.19%	+41.17%
Max Drawdown (1Y) Largest decline over 1 year	-8.93%	-8.88%	-0.05%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.76%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-0.20%	-0.35%	+0.15%
Average Drawdown Average peak-to-trough decline	-1.54%	-9.03%	+7.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.05%	2.03%	+0.02%

Volatility

JUSA vs. SPY - Volatility Comparison

The current volatility for JPMorgan U.S. Research Enhanced Large Cap ETF (JUSA) is 4.24%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.52%. This indicates that JUSA experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JUSA	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.24%	4.52%	-0.28%
Volatility (6M) Calculated over the trailing 6-month period	9.83%	9.98%	-0.15%
Volatility (1Y) Calculated over the trailing 1-year period	12.38%	12.55%	-0.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.46%	17.16%	+1.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.46%	17.92%	+0.54%

JUSA vs. SPY - Expense Ratio Comparison

JUSA has a 0.20% expense ratio, which is higher than SPY's 0.09% 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

JUSA vs. SPY - Dividend Comparison

JUSA's dividend yield for the trailing twelve months is around 0.79%, less than SPY's 1.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JUSA JPMorgan U.S. Research Enhanced Large Cap ETF	0.79%	0.77%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.00%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both JUSA and SPY in my portfolio?

With a correlation of 0.99, JUSA and SPY 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, JUSA or SPY?

SPY has higher volatility (4.52%) compared to JUSA (4.24%). In terms of maximum drawdown, JUSA dropped -14.02% vs SPY's -55.19%.

Which ETF is better, JUSA or SPY?

On 1-year performance, SPY leads with 22.40% vs 21.01% for JUSA. On fees, SPY is cheaper at 0.09% per year. On volatility, JUSA has been the lower-risk option at 4.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JUSA or SPY?

Over the 1-year period, SPY has performed better with a 22.40% return vs 21.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JUSA or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.20% for JUSA.

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

SPY has the higher dividend yield at 1.00%, compared with 0.79% for JUSA.

What is the main difference between JUSA and SPY?

JUSA is categorized as Large Cap Blend Equities, while SPY is S&P 500. They also come from different issuers: JPMorgan and State Street. Their fees differ too: 0.20% for JUSA and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.76 vs 1.68), 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.