SPMD vs. JMEE
SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) and JMEE (JPMorgan Small & Mid Cap Enhanced Equity ETF) are both exchange-traded funds - SPMD is a Mid Cap Blend Equities fund tracking the S&P MidCap 400 Index, while JMEE is a Small Cap Blend Equities fund actively managed by JPMorgan. SPMD is passively managed, while JMEE is actively managed. Over the past 3 years, SPMD returned 16.67%/yr vs 18.16%/yr for JMEE. With a 0.99 correlation, they move nearly in lockstep. SPMD charges 0.05%/yr vs 0.24%/yr for JMEE.
Performance
SPMD vs. JMEE - Performance Comparison
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Returns By Period
In the year-to-date period, SPMD achieves a 14.54% return, which is significantly lower than JMEE's 17.29% return.
SPMD
- 1D
- 0.33%
- 1M
- 2.89%
- YTD
- 14.54%
- 6M
- 14.24%
- 1Y
- 26.21%
- 3Y*
- 16.67%
- 5Y*
- 8.28%
- 10Y*
- 11.39%
JMEE
- 1D
- 0.76%
- 1M
- 2.73%
- YTD
- 17.29%
- 6M
- 16.88%
- 1Y
- 32.57%
- 3Y*
- 18.16%
- 5Y*
- —
- 10Y*
- —
SPMD vs. JMEE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 14.54% | 7.44% | 13.91% | 16.48% | 2.57% |
JMEE JPMorgan Small & Mid Cap Enhanced Equity ETF | 17.29% | 7.65% | 13.65% | 18.12% | 1.37% |
Correlation
The correlation between SPMD and JMEE is 0.98 - 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 | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since May 10, 2022 | 0.99 |
The correlation between SPMD and JMEE has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.
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Return for Risk
SPMD vs. JMEE — Risk / Return Rank
SPMD
JMEE
SPMD vs. JMEE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) 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.
| SPMD | JMEE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.37 | ||
| Sortino ratioReturn per unit of downside risk | -0.47 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.36 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.97 | 3.97 | -1.00 |
| Martin ratioReturn relative to average drawdown | 10.91 | 13.93 | -3.02 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPMD | JMEE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.70 | 2.06 | -0.37 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.42 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.54 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.45 | 0.73 | -0.28 |
Drawdowns
SPMD vs. JMEE - Drawdown Comparison
The maximum SPMD drawdown since its inception was -57.62%, which is greater than JMEE's maximum drawdown of -25.40%. Use the drawdown chart below to compare losses from any high point for SPMD and JMEE.
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Drawdown Indicators
| SPMD | JMEE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.62% | -25.40% | -32.22% |
Max Drawdown (1Y)Largest decline over 1 year | -8.86% | -8.24% | -0.62% |
Max Drawdown (3Y)Largest decline over 3 years | -24.08% | -25.40% | +1.32% |
Max Drawdown (5Y)Largest decline over 5 years | -24.08% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -41.86% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -8.12% | -5.38% | -2.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.41% | 2.34% | +0.07% |
Volatility
SPMD vs. JMEE - Volatility Comparison
SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) and JPMorgan Small & Mid Cap Enhanced Equity ETF (JMEE) have volatilities of 4.23% and 4.33%, 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.
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Volatility by Period
| SPMD | JMEE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.23% | 4.33% | -0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 11.36% | 11.27% | +0.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.53% | 15.88% | -0.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.70% | 19.49% | +0.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.18% | 19.49% | +1.69% |
SPMD vs. JMEE - Expense Ratio Comparison
SPMD has a 0.05% expense ratio, which is lower than JMEE's 0.24% 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
SPMD vs. JMEE - Dividend Comparison
SPMD's dividend yield for the trailing twelve months is around 1.22%, more than JMEE's 0.96% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
JMEE JPMorgan Small & Mid Cap Enhanced Equity ETF | 0.96% | 1.13% | 0.95% | 1.25% | 6.63% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 1.22% | 1.39% | 1.42% | 1.47% | 1.64% | 1.24% | 1.30% | 1.57% | 1.85% | 1.97% | 2.13% | 5.33% |
Frequently Asked Questions
With a correlation of 0.98, SPMD 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.
JMEE has higher volatility (4.33%) compared to SPMD (4.23%). In terms of maximum drawdown, SPMD dropped -57.62% vs JMEE's -25.40%.
On 3-year performance, JMEE leads with 18.16% vs 16.67% for SPMD. On fees, SPMD is cheaper at 0.05% per year. On volatility, SPMD has been the lower-risk option at 4.23%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, JMEE has performed better with a 18.16% return vs 16.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPMD is cheaper with a 0.05% expense ratio, compared with 0.24% for JMEE.
SPMD has the higher dividend yield at 1.22%, compared with 0.96% for JMEE.
SPMD is categorized as Mid Cap Blend Equities, while JMEE is Small Cap Blend Equities. They also come from different issuers: State Street and JPMorgan. Their fees differ too: 0.05% for SPMD and 0.24% for JMEE.
JMEE currently has the higher Sharpe Ratio (2.06 vs 1.70), 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.
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