JVAL vs. SMRI

Last updated Aug 4, 2026

JVAL (JPMorgan U.S. Value Factor ETF) and SMRI (Bushido Capital US Equity ETF) are both Large Cap Value Equities funds. JVAL is passively managed, while SMRI is actively managed. Over the past year, JVAL returned 34.83% vs 41.31% for SMRI. Their correlation of 0.81 means they have usually moved in the same direction. JVAL charges 0.12%/yr vs 0.71%/yr for SMRI.

Performance

JVAL vs. SMRI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan U.S. Value Factor ETF (JVAL) and Bushido Capital US Equity ETF (SMRI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JVAL achieves a 19.89% return, which is significantly lower than SMRI's 23.66% return.

JVAL

• 1D: 1.20%
• 1M: 1.02%
• 6M: 14.82%
• YTD: 19.89%
• 1Y: 34.83%
• 3Y*: 19.42%
• 5Y*: 12.53%
• 10Y*: —
• ALL TIME*: 12.96%

SMRI

• 1D: 0.51%
• 1M: 6.05%
• 6M: 23.81%
• YTD: 23.66%
• 1Y: 41.31%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 23.09%

*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)
JVAL JPMorgan U.S. Value Factor ETF	$2.04M	$2.35M	$3.17M
SMRI Bushido Capital US Equity ETF	$788.40K	$487.27K	$377.44K

JVAL vs. SMRI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
JVAL JPMorgan U.S. Value Factor ETF	19.89%	16.16%	14.53%	9.80%
SMRI Bushido Capital US Equity ETF	23.66%	17.41%	19.16%	5.27%

Correlation

The correlation between JVAL and SMRI is 0.71, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.71
Correlation (All Time) Calculated using the full available price history since Sep 14, 2023	0.81

The correlation between JVAL and SMRI has been stable across timeframes, ranging from 0.71 to 0.81 - a consistent structural relationship.

Return for Risk

JVAL vs. SMRI — Risk / Return Rank

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

JVAL

JVAL Risk / Return Rank: 91
JVAL Sharpe Ratio Rank: 92
JVAL Sortino Ratio Rank: 90
JVAL Omega Ratio Rank: 89
JVAL Calmar Ratio Rank: 91
JVAL Martin Ratio Rank: 92

SMRI

SMRI Risk / Return Rank: 94
SMRI Sharpe Ratio Rank: 94
SMRI Sortino Ratio Rank: 94
SMRI Omega Ratio Rank: 93
SMRI Calmar Ratio Rank: 96
SMRI Martin Ratio Rank: 93

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.

JVAL vs. SMRI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan U.S. Value Factor ETF (JVAL) and Bushido Capital US Equity ETF (SMRI). 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.

	JVAL	SMRI	Difference
Sharpe ratio: Return per unit of total volatility	2.40	2.81	-0.40
Sortino ratio: Return per unit of downside risk	3.28	3.89	-0.61
Omega ratio: Gain probability vs. loss probability	1.42	1.50	-0.08
Calmar ratio: Return relative to maximum drawdown	4.13	6.10	-1.98
Martin ratio: Return relative to average drawdown	16.01	17.90	-1.89

JVAL vs. SMRI - Sharpe Ratio Comparison

The current JVAL Sharpe Ratio is 2.40, which is comparable to the SMRI Sharpe Ratio of 2.81. The chart below compares the historical Sharpe Ratios of JVAL and SMRI, 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

JVAL vs. SMRI - Drawdown Comparison

The maximum JVAL drawdown since its inception was -40.42%, which is greater than SMRI's maximum drawdown of -18.45%. Use the drawdown chart below to compare losses from any high point for JVAL and SMRI.

Drawdown Indicators

	JVAL	SMRI	Difference
Max Drawdown Largest peak-to-trough decline	-40.42%	-18.45%	-21.97%
Max Drawdown (1Y) Largest decline over 1 year	-8.48%	-6.80%	-1.68%
Max Drawdown (3Y) Largest decline over 3 years	-20.07%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-22.39%	—	—
Current Drawdown Current decline from peak	-0.39%	0.00%	-0.39%
Average Drawdown Average peak-to-trough decline	-5.23%	-2.71%	-2.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.18%	2.31%	-0.13%

Volatility

JVAL vs. SMRI - Volatility Comparison

JPMorgan U.S. Value Factor ETF (JVAL) and Bushido Capital US Equity ETF (SMRI) have volatilities of 3.32% and 3.39%, 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

	JVAL	SMRI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.32%	3.39%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	11.14%	11.78%	-0.64%
Volatility (1Y) Calculated over the trailing 1-year period	14.58%	14.82%	-0.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.20%	15.83%	+1.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.76%	15.83%	+3.93%

JVAL vs. SMRI - Expense Ratio Comparison

JVAL has a 0.12% expense ratio, which is lower than SMRI's 0.71% expense ratio.

Dividends

JVAL vs. SMRI - Dividend Comparison

JVAL's dividend yield for the trailing twelve months is around 1.63%, more than SMRI's 0.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
JVAL JPMorgan U.S. Value Factor ETF	1.63%	2.08%	2.21%	2.43%	2.46%	1.88%	2.55%	2.58%	2.61%	0.45%
SMRI Bushido Capital US Equity ETF	0.85%	1.32%	0.98%	0.45%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JVAL and SMRI in my portfolio?

JVAL and SMRI have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JVAL or SMRI?

SMRI has higher volatility (3.39%) compared to JVAL (3.32%). In terms of maximum drawdown, JVAL dropped -40.42% vs SMRI's -18.45%.

Which ETF is better, JVAL or SMRI?

On 1-year performance, SMRI leads with 41.31% vs 34.83% for JVAL. On fees, JVAL is cheaper at 0.12% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JVAL or SMRI?

Over the 1-year period, SMRI has performed better with a 41.31% return vs 34.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JVAL or SMRI?

JVAL is cheaper with a 0.12% expense ratio, compared with 0.71% for SMRI.

Which ETF pays a higher dividend yield, JVAL or SMRI?

JVAL has the higher dividend yield at 1.63%, compared with 0.85% for SMRI.

What is the main difference between JVAL and SMRI?

They also come from different issuers: JPMorgan and Bushido. Their fees differ too: 0.12% for JVAL and 0.71% for SMRI.

Which has better risk-adjusted returns?

SMRI currently has the higher Sharpe Ratio (2.81 vs 2.40), 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.