MDY vs. JPSE

Last updated Jun 3, 2026

MDY (SPDR S&P MidCap 400 ETF) and JPSE (JPMorgan Diversified Return U.S. Small Cap Equity ETF) are both Small Cap Growth Equities funds - MDY tracks the S&P MidCap 400 Index while JPSE tracks the JPMorgan Diversified Factor US Small Cap Equity Index. Both are passively managed. Over the past 5 years, MDY returned 8.07%/yr vs 7.41%/yr for JPSE. Their correlation of 0.94 suggests significant overlap in exposure. MDY charges 0.23%/yr vs 0.29%/yr for JPSE.

Performance

MDY vs. JPSE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P MidCap 400 ETF (MDY) and JPMorgan Diversified Return U.S. Small Cap Equity ETF (JPSE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MDY achieves a 14.02% return, which is significantly lower than JPSE's 16.66% return.

MDY

• 1D: 0.90%
• 1M: 3.28%
• YTD: 14.02%
• 6M: 15.05%
• 1Y: 26.67%
• 3Y*: 15.81%
• 5Y*: 8.07%
• 10Y*: 11.05%

JPSE

• 1D: 1.09%
• 1M: 0.99%
• YTD: 16.66%
• 6M: 17.30%
• 1Y: 34.78%
• 3Y*: 15.64%
• 5Y*: 7.41%
• 10Y*: —

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

MDY vs. JPSE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MDY SPDR S&P MidCap 400 ETF	14.02%	7.19%	13.64%	16.07%	-13.28%	24.53%	13.50%	25.78%	-11.29%	15.93%
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF	16.66%	8.77%	8.07%	15.87%	-14.40%	29.31%	12.49%	22.95%	-8.61%	14.38%

Correlation

The correlation between MDY and JPSE is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (All Time) Calculated using the full available price history since Nov 18, 2016	0.94

The correlation between MDY and JPSE has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.

MDY vs. JPSE - Sectors Allocation Comparison

Sectors	MDY	JPSE
Industrials	25.1%	11.7%
Technology	15.4%	14.6%
Financial Services	13.9%	9.7%
Consumer Cyclical	10.8%	7.9%
Healthcare	8.7%	9.0%
Real Estate	7.7%	13.1%
Energy	5.6%	8.9%
Basic Materials	4.8%	9.6%
Consumer Defensive	3.8%	8.1%
Utilities	3.1%	4.8%
Communication Services	1.0%	2.7%

Return for Risk

MDY vs. JPSE — Risk / Return Rank

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

MDY

MDY Risk / Return Rank: 54
MDY Sharpe Ratio Rank: 49
MDY Sortino Ratio Rank: 51
MDY Omega Ratio Rank: 48
MDY Calmar Ratio Rank: 60
MDY Martin Ratio Rank: 61

JPSE

JPSE Risk / Return Rank: 70
JPSE Sharpe Ratio Rank: 65
JPSE Sortino Ratio Rank: 67
JPSE Omega Ratio Rank: 61
JPSE Calmar Ratio Rank: 82
JPSE Martin Ratio Rank: 78

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.

MDY vs. JPSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P MidCap 400 ETF (MDY) and JPMorgan Diversified Return U.S. Small Cap Equity ETF (JPSE). 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.

	MDY	JPSE	Difference
Sharpe ratio Return per unit of total volatility	1.73	2.19	-0.46
Sortino ratio Return per unit of downside risk	2.52	3.13	-0.61
Omega ratio Gain probability vs. loss probability	1.31	1.37	-0.07
Calmar ratio Return relative to maximum drawdown	3.01	4.36	-1.35
Martin ratio Return relative to average drawdown	10.99	15.58	-4.58
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MDY vs. JPSE - Sharpe Ratio Comparison

The current MDY Sharpe Ratio is 1.73, which is comparable to the JPSE Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of MDY and JPSE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MDY	JPSE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.73	2.19	-0.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	0.37	+0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.49	+0.03

Drawdowns

MDY vs. JPSE - Drawdown Comparison

The maximum MDY drawdown since its inception was -55.33%, which is greater than JPSE's maximum drawdown of -43.02%. Use the drawdown chart below to compare losses from any high point for MDY and JPSE.

Drawdown Indicators

	MDY	JPSE	Difference
Max Drawdown Largest peak-to-trough decline	-55.33%	-43.02%	-12.31%
Max Drawdown (1Y) Largest decline over 1 year	-8.82%	-8.00%	-0.82%
Max Drawdown (3Y) Largest decline over 3 years	-24.03%	-25.49%	+1.46%
Max Drawdown (5Y) Largest decline over 5 years	-24.03%	-25.56%	+1.53%
Max Drawdown (10Y) Largest decline over 10 years	-42.22%	—	—
Current Drawdown Current decline from peak	0.00%	-0.34%	+0.34%
Average Drawdown Average peak-to-trough decline	-7.03%	-7.43%	+0.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.42%	2.24%	+0.18%

Volatility

MDY vs. JPSE - Volatility Comparison

SPDR S&P MidCap 400 ETF (MDY) and JPMorgan Diversified Return U.S. Small Cap Equity ETF (JPSE) have volatilities of 4.40% and 4.52%, 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

	MDY	JPSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.40%	4.52%	-0.12%
Volatility (6M) Calculated over the trailing 6-month period	11.30%	10.86%	+0.44%
Volatility (1Y) Calculated over the trailing 1-year period	15.48%	15.96%	-0.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.77%	20.07%	-0.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.19%	21.82%	-0.63%

MDY vs. JPSE - Expense Ratio Comparison

MDY has a 0.23% expense ratio, which is lower than JPSE's 0.29% expense ratio.

Dividends

MDY vs. JPSE - Dividend Comparison

MDY's dividend yield for the trailing twelve months is around 1.04%, less than JPSE's 1.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF	1.36%	1.62%	1.66%	1.76%	1.55%	1.24%	1.32%	1.23%	1.18%	0.74%	0.14%	0.00%
MDY SPDR S&P MidCap 400 ETF	1.04%	1.15%	1.18%	1.21%	1.37%	0.96%	1.12%	1.34%	1.39%	1.18%	1.31%	1.35%

Frequently Asked Questions

Can I hold both MDY and JPSE in my portfolio?

With a correlation of 0.91, MDY and JPSE 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, MDY or JPSE?

JPSE has higher volatility (4.52%) compared to MDY (4.40%). In terms of maximum drawdown, MDY dropped -55.33% vs JPSE's -43.02%.

Which ETF is better, MDY or JPSE?

On 5-year performance, MDY leads with 8.07% vs 7.41% for JPSE. On fees, MDY is cheaper at 0.23% per year. On volatility, MDY has been the lower-risk option at 4.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MDY or JPSE?

Over the 5-year period, MDY has performed better with a 8.07% return vs 7.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MDY or JPSE?

MDY is cheaper with a 0.23% expense ratio, compared with 0.29% for JPSE.

Which ETF pays a higher dividend yield, MDY or JPSE?

JPSE has the higher dividend yield at 1.36%, compared with 1.04% for MDY.

What is the main difference between MDY and JPSE?

MDY tracks S&P MidCap 400 Index, while JPSE tracks JPMorgan Diversified Factor US Small Cap Equity Index. They also come from different issuers: State Street and JPMorgan. Their fees differ too: 0.23% for MDY and 0.29% for JPSE.

Which has better risk-adjusted returns?

JPSE currently has the higher Sharpe Ratio (2.19 vs 1.73), 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.