SMEA.L vs. JRDE.L

Last updated Jun 26, 2026

SMEA.L (iShares Core MSCI Europe UCITS ETF EUR (Acc)) and JRDE.L (JPMorgan Europe Research Enhanced Index Equity (ESG) UCITS ETF EUR (dist)) are both Europe Equities funds tracking the MSCI Europe NR EUR, from iShares and JPMorgan respectively. Both are passively managed. Over the past 3 years, SMEA.L returned 15.45%/yr vs 27.65%/yr for JRDE.L. With a 0.97 correlation, they move nearly in lockstep. SMEA.L charges 0.12%/yr vs 0.25%/yr for JRDE.L.

Performance

SMEA.L vs. JRDE.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares Core MSCI Europe UCITS ETF EUR (Acc) (SMEA.L) and JPMorgan Europe Research Enhanced Index Equity (ESG) UCITS ETF EUR (dist) (JRDE.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMEA.L achieves a 9.17% return, which is significantly lower than JRDE.L's 9.68% return.

SMEA.L

• 1D: 0.68%
• 1M: 2.03%
• YTD: 9.17%
• 6M: 9.58%
• 1Y: 23.59%
• 3Y*: 15.45%
• 5Y*: 10.33%
• 10Y*: 10.90%

JRDE.L

• 1D: 0.80%
• 1M: 2.70%
• YTD: 9.68%
• 6M: 10.16%
• 1Y: 70.58%
• 3Y*: 27.65%
• 5Y*: —
• 10Y*: —

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

SMEA.L vs. JRDE.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SMEA.L iShares Core MSCI Europe UCITS ETF EUR (Acc)	9.17%	25.88%	3.68%	13.36%	-3.48%	3.40%
JRDE.L JPMorgan Europe Research Enhanced Index Equity (ESG) UCITS ETF EUR (dist)	9.68%	72.46%	2.21%	14.40%	-3.79%	-10.33%

Correlation

The correlation between SMEA.L and JRDE.L 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	0.96
Correlation (All Time) Calculated using the full available price history since Sep 15, 2021	0.97

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

SMEA.L vs. JRDE.L - Sectors Allocation Comparison

Sectors	SMEA.L	JRDE.L
Financial Services	23.3%	23.7%
Industrials	19.5%	20.4%
Healthcare	13.1%	13.3%
Technology	9.6%	8.7%
Consumer Defensive	8.3%	7.3%
Consumer Cyclical	6.5%	6.6%
Basic Materials	5.7%	5.2%
Energy	4.9%	5.2%
Utilities	4.7%	6.0%
Communication Services	3.8%	3.6%
Real Estate	0.8%	0.1%

Return for Risk

SMEA.L vs. JRDE.L — Risk / Return Rank

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

SMEA.L

SMEA.L Risk / Return Rank: 63
SMEA.L Sharpe Ratio Rank: 70
SMEA.L Sortino Ratio Rank: 70
SMEA.L Omega Ratio Rank: 72
SMEA.L Calmar Ratio Rank: 51
SMEA.L Martin Ratio Rank: 53

JRDE.L

JRDE.L Risk / Return Rank: 89
JRDE.L Sharpe Ratio Rank: 62
JRDE.L Sortino Ratio Rank: 98
JRDE.L Omega Ratio Rank: 98
JRDE.L Calmar Ratio Rank: 94
JRDE.L Martin Ratio Rank: 94

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.

SMEA.L vs. JRDE.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Europe UCITS ETF EUR (Acc) (SMEA.L) and JPMorgan Europe Research Enhanced Index Equity (ESG) UCITS ETF EUR (dist) (JRDE.L). 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.

	SMEA.L	JRDE.L	Difference
Sharpe ratio: Return per unit of total volatility	1.95	1.81	+0.14
Sortino ratio: Return per unit of downside risk	2.76	7.20	-4.44
Omega ratio: Gain probability vs. loss probability	1.37	1.97	-0.60
Calmar ratio: Return relative to maximum drawdown	2.22	6.42	-4.20
Martin ratio: Return relative to average drawdown	7.97	22.32	-14.35

SMEA.L vs. JRDE.L - Sharpe Ratio Comparison

The current SMEA.L Sharpe Ratio is 1.95, which is comparable to the JRDE.L Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of SMEA.L and JRDE.L, 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

SMEA.L vs. JRDE.L - Drawdown Comparison

The maximum SMEA.L drawdown since its inception was -30.06%, which is greater than JRDE.L's maximum drawdown of -24.20%. Use the drawdown chart below to compare losses from any high point for SMEA.L and JRDE.L.

Drawdown Indicators

	SMEA.L	JRDE.L	Difference
Max Drawdown Largest peak-to-trough decline	-30.06%	-24.20%	-5.86%
Max Drawdown (1Y) Largest decline over 1 year	-10.56%	-10.94%	+0.38%
Max Drawdown (3Y) Largest decline over 3 years	-14.06%	-12.84%	-1.22%
Max Drawdown (5Y) Largest decline over 5 years	-15.76%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-28.56%	—	—
Current Drawdown Current decline from peak	-0.22%	-0.11%	-0.11%
Average Drawdown Average peak-to-trough decline	-6.64%	-7.30%	+0.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.95%	3.15%	-0.20%

Volatility

SMEA.L vs. JRDE.L - Volatility Comparison

iShares Core MSCI Europe UCITS ETF EUR (Acc) (SMEA.L) and JPMorgan Europe Research Enhanced Index Equity (ESG) UCITS ETF EUR (dist) (JRDE.L) have volatilities of 2.93% and 2.96%, 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

	SMEA.L	JRDE.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.93%	2.96%	-0.03%
Volatility (6M) Calculated over the trailing 6-month period	10.23%	10.42%	-0.19%
Volatility (1Y) Calculated over the trailing 1-year period	12.09%	38.77%	-26.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.16%	22.84%	-4.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.01%	22.84%	-5.83%

SMEA.L vs. JRDE.L - Expense Ratio Comparison

SMEA.L has a 0.12% expense ratio, which is lower than JRDE.L's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SMEA.L vs. JRDE.L - Dividend Comparison

SMEA.L has not paid dividends to shareholders, while JRDE.L's dividend yield for the trailing twelve months is around 26.01%.

Position	TTM	2025	2024	2023	2022
JRDE.L JPMorgan Europe Research Enhanced Index Equity (ESG) UCITS ETF EUR (dist)	26.01%	28.15%	2.68%	1.11%	2.99%
SMEA.L iShares Core MSCI Europe UCITS ETF EUR (Acc)	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SMEA.L and JRDE.L in my portfolio?

With a correlation of 0.96, SMEA.L and JRDE.L 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 ETF is better, SMEA.L or JRDE.L?

On fees, SMEA.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SMEA.L or JRDE.L?

SMEA.L is cheaper with a 0.12% expense ratio, compared with 0.25% for JRDE.L.

What is the main difference between SMEA.L and JRDE.L?

Both ETFs track MSCI Europe NR EUR. They also come from different issuers: iShares and JPMorgan. Their fees differ too: 0.12% for SMEA.L and 0.25% for JRDE.L.