SMMD vs. JPSE

Last updated Jun 25, 2026

SMMD (iShares Russell 2500 ETF) and JPSE (JPMorgan Diversified Return U.S. Small Cap Equity ETF) are both Small Cap Growth Equities funds - SMMD tracks the Russell 2500 Index while JPSE tracks the JPMorgan Diversified Factor US Small Cap Equity Index. Both are passively managed. Over the past 5 years, SMMD returned 7.64%/yr vs 7.54%/yr for JPSE. Their correlation of 0.92 suggests significant overlap in exposure. SMMD charges 0.15%/yr vs 0.29%/yr for JPSE.

Performance

SMMD vs. JPSE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell 2500 ETF (SMMD) 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, SMMD achieves a 20.43% return, which is significantly higher than JPSE's 19.06% return.

SMMD

• 1D: 0.30%
• 1M: 3.50%
• YTD: 20.43%
• 6M: 17.74%
• 1Y: 35.27%
• 3Y*: 19.14%
• 5Y*: 7.64%
• 10Y*: —

JPSE

• 1D: 0.46%
• 1M: 3.42%
• YTD: 19.06%
• 6M: 16.52%
• 1Y: 33.09%
• 3Y*: 16.67%
• 5Y*: 7.54%
• 10Y*: —

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

SMMD vs. JPSE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMMD iShares Russell 2500 ETF	20.43%	11.72%	11.87%	17.71%	-18.53%	18.30%	19.98%	28.01%	-10.58%	11.27%
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF	19.06%	8.77%	8.07%	15.87%	-14.40%	29.31%	12.49%	22.95%	-8.61%	10.98%

Correlation

The correlation between SMMD and JPSE is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (All Time) Calculated using the full available price history since Jul 7, 2017	0.92

The correlation between SMMD and JPSE has been stable across timeframes, ranging from 0.92 to 0.96 - a consistent structural relationship.

SMMD vs. JPSE - Sectors Allocation Comparison

Sectors	SMMD	JPSE
Technology	22.7%	15.8%
Industrials	21.5%	10.5%
Financial Services	12.8%	9.2%
Healthcare	10.9%	8.5%
Consumer Cyclical	9.9%	8.0%
Real Estate	6.1%	12.8%
Energy	4.4%	7.7%
Basic Materials	4.0%	8.6%
Consumer Defensive	2.7%	7.4%
Utilities	2.6%	5.1%
Communication Services	1.9%	2.0%

Return for Risk

SMMD vs. JPSE — Risk / Return Rank

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

SMMD

SMMD Risk / Return Rank: 72
SMMD Sharpe Ratio Rank: 70
SMMD Sortino Ratio Rank: 70
SMMD Omega Ratio Rank: 63
SMMD Calmar Ratio Rank: 79
SMMD Martin Ratio Rank: 79

JPSE

JPSE Risk / Return Rank: 76
JPSE Sharpe Ratio Rank: 73
JPSE Sortino Ratio Rank: 75
JPSE Omega Ratio Rank: 67
JPSE Calmar Ratio Rank: 85
JPSE Martin Ratio Rank: 83

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.

SMMD vs. JPSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell 2500 ETF (SMMD) 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.

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.

	SMMD	JPSE	Difference
Sharpe ratio: Return per unit of total volatility	2.00	2.06	-0.06
Sortino ratio: Return per unit of downside risk	2.80	2.96	-0.16
Omega ratio: Gain probability vs. loss probability	1.34	1.35	-0.02
Calmar ratio: Return relative to maximum drawdown	3.67	4.15	-0.48
Martin ratio: Return relative to average drawdown	13.89	14.81	-0.92

SMMD vs. JPSE - Sharpe Ratio Comparison

The current SMMD Sharpe Ratio is 2.00, which is comparable to the JPSE Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of SMMD 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.

Drawdowns

SMMD vs. JPSE - Drawdown Comparison

The maximum SMMD drawdown since its inception was -41.06%, roughly equal to the maximum JPSE drawdown of -43.02%. Use the drawdown chart below to compare losses from any high point for SMMD and JPSE.

Drawdown Indicators

	SMMD	JPSE	Difference
Max Drawdown Largest peak-to-trough decline	-41.06%	-43.02%	+1.96%
Max Drawdown (1Y) Largest decline over 1 year	-9.66%	-8.00%	-1.66%
Max Drawdown (3Y) Largest decline over 3 years	-25.50%	-25.49%	-0.01%
Max Drawdown (5Y) Largest decline over 5 years	-28.26%	-25.56%	-2.70%
Current Drawdown Current decline from peak	-1.13%	0.00%	-1.13%
Average Drawdown Average peak-to-trough decline	-8.32%	-7.38%	-0.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.55%	2.24%	+0.31%

Volatility

SMMD vs. JPSE - Volatility Comparison

iShares Russell 2500 ETF (SMMD) has a higher volatility of 5.93% compared to JPMorgan Diversified Return U.S. Small Cap Equity ETF (JPSE) at 4.74%. This indicates that SMMD's price experiences larger fluctuations and is considered to be riskier than JPSE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMMD	JPSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.93%	4.74%	+1.19%
Volatility (6M) Calculated over the trailing 6-month period	13.36%	11.21%	+2.15%
Volatility (1Y) Calculated over the trailing 1-year period	17.75%	16.14%	+1.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.91%	20.07%	+0.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.37%	21.78%	+0.59%

SMMD vs. JPSE - Expense Ratio Comparison

SMMD has a 0.15% expense ratio, which is lower than JPSE's 0.29% expense ratio.

Dividends

SMMD vs. JPSE - Dividend Comparison

SMMD's dividend yield for the trailing twelve months is around 1.07%, less than JPSE's 1.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF	1.33%	1.62%	1.66%	1.76%	1.55%	1.24%	1.32%	1.23%	1.18%	0.74%	0.14%
SMMD iShares Russell 2500 ETF	1.07%	1.28%	1.27%	1.44%	1.79%	1.12%	1.31%	1.50%	2.45%	0.68%	0.00%

Frequently Asked Questions

Can I hold both SMMD and JPSE in my portfolio?

With a correlation of 0.93, SMMD 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, SMMD or JPSE?

SMMD has higher volatility (5.93%) compared to JPSE (4.74%). In terms of maximum drawdown, SMMD dropped -41.06% vs JPSE's -43.02%.

Which ETF is better, SMMD or JPSE?

On 5-year performance, SMMD leads with 7.64% vs 7.54% for JPSE. On fees, SMMD is cheaper at 0.15% per year. On volatility, JPSE has been the lower-risk option at 4.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMMD or JPSE?

Over the 5-year period, SMMD has performed better with a 7.64% return vs 7.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMMD or JPSE?

SMMD is cheaper with a 0.15% expense ratio, compared with 0.29% for JPSE.

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

JPSE has the higher dividend yield at 1.33%, compared with 1.07% for SMMD.

What is the main difference between SMMD and JPSE?

SMMD tracks Russell 2500 Index, while JPSE tracks JPMorgan Diversified Factor US Small Cap Equity Index. They also come from different issuers: iShares and JPMorgan. Their fees differ too: 0.15% for SMMD and 0.29% for JPSE.

Which has better risk-adjusted returns?

JPSE currently has the higher Sharpe Ratio (2.06 vs 2.00), 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.