SPHB vs. JPPEX

Last updated Jun 4, 2026

SPHB (Invesco S&P 500® High Beta ETF) and JPPEX (JPMorgan Mid Cap Equity Fund Class R6) are both funds - SPHB is a S&P 500 fund tracking the S&P 500 High Beta Index, while JPPEX is a Mid Cap Blend Equities fund managed by JPMorgan. Over the past 10 years, SPHB returned 18.92%/yr vs 11.80%/yr for JPPEX. Their correlation of 0.87 suggests significant overlap in exposure. SPHB charges 0.25%/yr vs 0.64%/yr for JPPEX.

Performance

SPHB vs. JPPEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500® High Beta ETF (SPHB) and JPMorgan Mid Cap Equity Fund Class R6 (JPPEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPHB achieves a 30.36% return, which is significantly higher than JPPEX's 7.22% return. Over the past 10 years, SPHB has outperformed JPPEX with an annualized return of 18.92%, while JPPEX has yielded a comparatively lower 11.80% annualized return.

SPHB

• 1D: -0.67%
• 1M: 12.37%
• YTD: 30.36%
• 6M: 31.36%
• 1Y: 69.40%
• 3Y*: 29.63%
• 5Y*: 15.19%
• 10Y*: 18.92%

JPPEX

• 1D: 0.44%
• 1M: 1.97%
• YTD: 7.22%
• 6M: 6.81%
• 1Y: 13.70%
• 3Y*: 14.94%
• 5Y*: 7.20%
• 10Y*: 11.80%

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

SPHB vs. JPPEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPHB Invesco S&P 500® High Beta ETF	30.36%	32.87%	8.48%	33.28%	-20.59%	40.58%	25.56%	33.96%	-15.55%	17.87%
JPPEX JPMorgan Mid Cap Equity Fund Class R6	7.22%	6.34%	18.87%	16.46%	-15.83%	20.24%	22.96%	33.03%	-7.96%	21.54%

Correlation

The correlation between SPHB and JPPEX is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Mar 19, 2014	0.87

The correlation between SPHB and JPPEX has been stable across timeframes, ranging from 0.79 to 0.89 - a consistent structural relationship.

Return for Risk

SPHB vs. JPPEX — Risk / Return Rank

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

SPHB

SPHB Risk / Return Rank: 88
SPHB Sharpe Ratio Rank: 90
SPHB Sortino Ratio Rank: 84
SPHB Omega Ratio Rank: 82
SPHB Calmar Ratio Rank: 93
SPHB Martin Ratio Rank: 93

JPPEX

JPPEX Risk / Return Rank: 21
JPPEX Sharpe Ratio Rank: 17
JPPEX Sortino Ratio Rank: 18
JPPEX Omega Ratio Rank: 16
JPPEX Calmar Ratio Rank: 24
JPPEX Martin Ratio Rank: 28

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.

SPHB vs. JPPEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500® High Beta ETF (SPHB) and JPMorgan Mid Cap Equity Fund Class R6 (JPPEX). 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.

	SPHB	JPPEX	Difference
Sharpe ratio: Return per unit of total volatility	3.16	1.19	+1.97
Sortino ratio: Return per unit of downside risk	3.85	1.79	+2.06
Omega ratio: Gain probability vs. loss probability	1.50	1.21	+0.29
Calmar ratio: Return relative to maximum drawdown	6.52	1.79	+4.73
Martin ratio: Return relative to average drawdown	25.92	6.70	+19.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPHB vs. JPPEX - Sharpe Ratio Comparison

The current SPHB Sharpe Ratio is 3.16, which is higher than the JPPEX Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of SPHB and JPPEX, 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

	SPHB	JPPEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.16	1.19	+1.97
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.56	0.42	+0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.67	0.61	+0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.56	-0.03

Drawdowns

SPHB vs. JPPEX - Drawdown Comparison

The maximum SPHB drawdown since its inception was -46.84%, which is greater than JPPEX's maximum drawdown of -38.32%. Use the drawdown chart below to compare losses from any high point for SPHB and JPPEX.

Drawdown Indicators

	SPHB	JPPEX	Difference
Max Drawdown Largest peak-to-trough decline	-46.84%	-38.32%	-8.52%
Max Drawdown (1Y) Largest decline over 1 year	-10.70%	-8.21%	-2.49%
Max Drawdown (3Y) Largest decline over 3 years	-29.21%	-18.92%	-10.29%
Max Drawdown (5Y) Largest decline over 5 years	-31.49%	-24.92%	-6.57%
Max Drawdown (10Y) Largest decline over 10 years	-46.84%	-38.32%	-8.52%
Current Drawdown Current decline from peak	-0.67%	0.00%	-0.67%
Average Drawdown Average peak-to-trough decline	-8.50%	-5.41%	-3.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.69%	2.19%	+0.50%

Volatility

SPHB vs. JPPEX - Volatility Comparison

Invesco S&P 500® High Beta ETF (SPHB) has a higher volatility of 7.14% compared to JPMorgan Mid Cap Equity Fund Class R6 (JPPEX) at 2.81%. This indicates that SPHB's price experiences larger fluctuations and is considered to be riskier than JPPEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPHB	JPPEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.14%	2.81%	+4.33%
Volatility (6M) Calculated over the trailing 6-month period	16.99%	9.15%	+7.84%
Volatility (1Y) Calculated over the trailing 1-year period	22.16%	12.37%	+9.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.38%	17.40%	+9.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.45%	19.58%	+8.87%

SPHB vs. JPPEX - Expense Ratio Comparison

SPHB has a 0.25% expense ratio, which is lower than JPPEX's 0.64% expense ratio.

Dividends

SPHB vs. JPPEX - Dividend Comparison

SPHB's dividend yield for the trailing twelve months is around 0.52%, less than JPPEX's 6.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JPPEX JPMorgan Mid Cap Equity Fund Class R6	6.01%	6.45%	8.83%	0.73%	3.06%	7.83%	11.84%	8.84%	13.25%	6.03%	3.49%	5.29%
SPHB Invesco S&P 500® High Beta ETF	0.52%	0.60%	0.80%	0.73%	0.72%	0.91%	1.90%	1.26%	1.96%	1.34%	0.93%	1.69%

Frequently Asked Questions

Can I hold both SPHB and JPPEX in my portfolio?

SPHB and JPPEX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPHB or JPPEX?

SPHB has higher volatility (7.14%) compared to JPPEX (2.81%). In terms of maximum drawdown, SPHB dropped -46.84% vs JPPEX's -38.32%.

Which has better risk-adjusted returns?

SPHB currently has the higher Sharpe Ratio (3.16 vs 1.19), 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.