OVS vs. JMEE

Last updated Jun 4, 2026

OVS (Overlay Shares Small Cap Equity ETF) and JMEE (JPMorgan Small & Mid Cap Enhanced Equity ETF) are both Small Cap Blend Equities funds. Both are actively managed. Over the past 3 years, OVS returned 16.07%/yr vs 17.37%/yr for JMEE. With a 0.97 correlation, they move nearly in lockstep. OVS charges 0.83%/yr vs 0.24%/yr for JMEE.

Performance

OVS vs. JMEE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Overlay Shares Small Cap Equity ETF (OVS) and JPMorgan Small & Mid Cap Enhanced Equity ETF (JMEE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OVS achieves a 17.65% return, which is significantly higher than JMEE's 16.40% return.

OVS

• 1D: -0.98%
• 1M: 2.07%
• YTD: 17.65%
• 6M: 16.54%
• 1Y: 36.35%
• 3Y*: 16.07%
• 5Y*: 6.01%
• 10Y*: —

JMEE

• 1D: -0.27%
• 1M: 3.29%
• YTD: 16.40%
• 6M: 16.48%
• 1Y: 31.14%
• 3Y*: 17.37%
• 5Y*: —
• 10Y*: —

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

OVS vs. JMEE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
OVS Overlay Shares Small Cap Equity ETF	17.65%	6.15%	11.07%	17.20%	-1.39%
JMEE JPMorgan Small & Mid Cap Enhanced Equity ETF	16.40%	7.65%	13.65%	18.12%	1.37%

Correlation

The correlation between OVS and JMEE is 0.96 - 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	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (All Time) Calculated using the full available price history since May 10, 2022	0.97

The correlation between OVS and JMEE has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

OVS vs. JMEE - Sectors Allocation Comparison

Sectors	OVS	JMEE
Financial Services	17.0%	15.9%
Technology	15.3%	15.8%
Industrials	15.3%	21.3%
Consumer Cyclical	13.4%	12.1%
Healthcare	11.0%	8.8%
Real Estate	7.7%	8.1%
Energy	6.0%	5.5%
Basic Materials	5.2%	4.8%
Communication Services	3.6%	1.7%
Consumer Defensive	3.6%	3.9%
Utilities	2.0%	2.2%

Return for Risk

OVS vs. JMEE — Risk / Return Rank

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

OVS

OVS Risk / Return Rank: 64
OVS Sharpe Ratio Rank: 56
OVS Sortino Ratio Rank: 57
OVS Omega Ratio Rank: 52
OVS Calmar Ratio Rank: 81
OVS Martin Ratio Rank: 74

JMEE

JMEE Risk / Return Rank: 64
JMEE Sharpe Ratio Rank: 58
JMEE Sortino Ratio Rank: 60
JMEE Omega Ratio Rank: 56
JMEE Calmar Ratio Rank: 75
JMEE Martin Ratio Rank: 72

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.

OVS vs. JMEE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Small Cap Equity ETF (OVS) and JPMorgan Small & Mid Cap Enhanced Equity ETF (JMEE). 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.

	OVS	JMEE	Difference
Sharpe ratio: Return per unit of total volatility	1.90	1.97	-0.07
Sortino ratio: Return per unit of downside risk	2.71	2.83	-0.12
Omega ratio: Gain probability vs. loss probability	1.33	1.35	-0.02
Calmar ratio: Return relative to maximum drawdown	4.29	3.80	+0.50
Martin ratio: Return relative to average drawdown	13.85	13.32	+0.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OVS vs. JMEE - Sharpe Ratio Comparison

The current OVS Sharpe Ratio is 1.90, which is comparable to the JMEE Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of OVS and JMEE, 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

	OVS	JMEE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.90	1.97	-0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.26	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.72	-0.29

Drawdowns

OVS vs. JMEE - Drawdown Comparison

The maximum OVS drawdown since its inception was -45.09%, which is greater than JMEE's maximum drawdown of -25.40%. Use the drawdown chart below to compare losses from any high point for OVS and JMEE.

Drawdown Indicators

	OVS	JMEE	Difference
Max Drawdown Largest peak-to-trough decline	-45.09%	-25.40%	-19.69%
Max Drawdown (1Y) Largest decline over 1 year	-8.51%	-8.24%	-0.27%
Max Drawdown (3Y) Largest decline over 3 years	-30.49%	-25.40%	-5.09%
Max Drawdown (5Y) Largest decline over 5 years	-30.49%	—	—
Current Drawdown Current decline from peak	-0.98%	-0.27%	-0.71%
Average Drawdown Average peak-to-trough decline	-11.35%	-5.39%	-5.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.63%	2.34%	+0.29%

Volatility

OVS vs. JMEE - Volatility Comparison

Overlay Shares Small Cap Equity ETF (OVS) and JPMorgan Small & Mid Cap Enhanced Equity ETF (JMEE) have volatilities of 4.58% and 4.45%, 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

	OVS	JMEE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.58%	4.45%	+0.13%
Volatility (6M) Calculated over the trailing 6-month period	13.00%	11.26%	+1.74%
Volatility (1Y) Calculated over the trailing 1-year period	19.27%	15.90%	+3.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.23%	19.50%	+3.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.47%	19.50%	+7.97%

OVS vs. JMEE - Expense Ratio Comparison

OVS has a 0.83% expense ratio, which is higher than JMEE's 0.24% expense ratio.

Dividends

OVS vs. JMEE - Dividend Comparison

OVS's dividend yield for the trailing twelve months is around 6.83%, more than JMEE's 0.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
JMEE JPMorgan Small & Mid Cap Enhanced Equity ETF	0.97%	1.13%	0.95%	1.25%	6.63%	0.00%	0.00%	0.00%
OVS Overlay Shares Small Cap Equity ETF	6.83%	3.69%	4.08%	3.19%	3.43%	4.05%	1.74%	0.54%

Frequently Asked Questions

Can I hold both OVS and JMEE in my portfolio?

With a correlation of 0.96, OVS and JMEE 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, OVS or JMEE?

OVS has higher volatility (4.58%) compared to JMEE (4.45%). In terms of maximum drawdown, OVS dropped -45.09% vs JMEE's -25.40%.

Which ETF is better, OVS or JMEE?

On 3-year performance, JMEE leads with 17.37% vs 16.07% for OVS. On fees, JMEE is cheaper at 0.24% per year. On volatility, JMEE has been the lower-risk option at 4.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OVS or JMEE?

Over the 3-year period, JMEE has performed better with a 17.37% return vs 16.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OVS or JMEE?

JMEE is cheaper with a 0.24% expense ratio, compared with 0.83% for OVS.

Which ETF pays a higher dividend yield, OVS or JMEE?

OVS has the higher dividend yield at 6.83%, compared with 0.97% for JMEE.

What is the main difference between OVS and JMEE?

They also come from different issuers: Liquid Strategies and JPMorgan. Their fees differ too: 0.83% for OVS and 0.24% for JMEE.

Which has better risk-adjusted returns?

JMEE currently has the higher Sharpe Ratio (1.97 vs 1.90), 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.