UBVSX vs. MDY

Last updated Jun 4, 2026

UBVSX (JPMorgan Undiscovered Managers Behavioral Value Fund Class I) and MDY (SPDR S&P MidCap 400 ETF) are both funds - UBVSX is a Small Cap Value Equities fund actively managed by JPMorgan, while MDY is a Small Cap Growth Equities fund tracking the S&P MidCap 400 Index. UBVSX is actively managed, while MDY is passively managed. Over the past 10 years, UBVSX returned 9.90%/yr vs 11.04%/yr for MDY. Their correlation of 0.91 suggests significant overlap in exposure. UBVSX charges 0.99%/yr vs 0.23%/yr for MDY.

Performance

UBVSX vs. MDY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Undiscovered Managers Behavioral Value Fund Class I (UBVSX) and SPDR S&P MidCap 400 ETF (MDY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UBVSX achieves a 7.49% return, which is significantly lower than MDY's 13.91% return. Over the past 10 years, UBVSX has underperformed MDY with an annualized return of 9.90%, while MDY has yielded a comparatively higher 11.04% annualized return.

UBVSX

• 1D: 0.55%
• 1M: 2.17%
• YTD: 7.49%
• 6M: 8.47%
• 1Y: 14.71%
• 3Y*: 12.74%
• 5Y*: 7.19%
• 10Y*: 9.90%

MDY

• 1D: -0.09%
• 1M: 3.81%
• YTD: 13.91%
• 6M: 14.15%
• 1Y: 25.00%
• 3Y*: 15.77%
• 5Y*: 7.92%
• 10Y*: 11.04%

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

UBVSX vs. MDY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UBVSX JPMorgan Undiscovered Managers Behavioral Value Fund Class I	7.49%	1.70%	13.03%	14.59%	-1.26%	34.05%	3.35%	23.11%	-15.37%	13.26%
MDY SPDR S&P MidCap 400 ETF	13.91%	7.19%	13.64%	16.07%	-13.28%	24.53%	13.50%	25.78%	-11.29%	15.93%

Correlation

The correlation between UBVSX and MDY is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Jan 3, 2014	0.91

The correlation between UBVSX and MDY has been stable across timeframes, ranging from 0.85 to 0.91 - a consistent structural relationship.

Return for Risk

UBVSX vs. MDY — Risk / Return Rank

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

UBVSX

UBVSX Risk / Return Rank: 15
UBVSX Sharpe Ratio Rank: 13
UBVSX Sortino Ratio Rank: 15
UBVSX Omega Ratio Rank: 13
UBVSX Calmar Ratio Rank: 19
UBVSX Martin Ratio Rank: 16

MDY

MDY Risk / Return Rank: 50
MDY Sharpe Ratio Rank: 46
MDY Sortino Ratio Rank: 46
MDY Omega Ratio Rank: 44
MDY Calmar Ratio Rank: 56
MDY Martin Ratio Rank: 58

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.

UBVSX vs. MDY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Undiscovered Managers Behavioral Value Fund Class I (UBVSX) and SPDR S&P MidCap 400 ETF (MDY). 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.

	UBVSX	MDY	Difference
Sharpe ratio Return per unit of total volatility	0.99	1.63	-0.64
Sortino ratio Return per unit of downside risk	1.59	2.39	-0.80
Omega ratio Gain probability vs. loss probability	1.18	1.29	-0.11
Calmar ratio Return relative to maximum drawdown	1.59	2.85	-1.26
Martin ratio Return relative to average drawdown	4.41	10.38	-5.97
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UBVSX vs. MDY - Sharpe Ratio Comparison

The current UBVSX Sharpe Ratio is 0.99, which is lower than the MDY Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of UBVSX and MDY, 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

	UBVSX	MDY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.99	1.63	-0.64
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.36	0.40	-0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.40	0.52	-0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.53	-0.12

Drawdowns

UBVSX vs. MDY - Drawdown Comparison

The maximum UBVSX drawdown since its inception was -52.19%, smaller than the maximum MDY drawdown of -55.33%. Use the drawdown chart below to compare losses from any high point for UBVSX and MDY.

Drawdown Indicators

	UBVSX	MDY	Difference
Max Drawdown Largest peak-to-trough decline	-52.19%	-55.33%	+3.14%
Max Drawdown (1Y) Largest decline over 1 year	-10.36%	-8.82%	-1.54%
Max Drawdown (3Y) Largest decline over 3 years	-21.48%	-24.03%	+2.55%
Max Drawdown (5Y) Largest decline over 5 years	-21.48%	-24.03%	+2.55%
Max Drawdown (10Y) Largest decline over 10 years	-52.19%	-42.22%	-9.97%
Current Drawdown Current decline from peak	-2.09%	-0.09%	-2.00%
Average Drawdown Average peak-to-trough decline	-6.28%	-7.03%	+0.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.72%	2.42%	+1.30%

Volatility

UBVSX vs. MDY - Volatility Comparison

JPMorgan Undiscovered Managers Behavioral Value Fund Class I (UBVSX) and SPDR S&P MidCap 400 ETF (MDY) have volatilities of 4.29% 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.

Volatility by Period

	UBVSX	MDY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.29%	4.33%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	10.76%	11.28%	-0.52%
Volatility (1Y) Calculated over the trailing 1-year period	16.70%	15.48%	+1.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.33%	19.77%	+0.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.61%	21.19%	+3.42%

UBVSX vs. MDY - Expense Ratio Comparison

UBVSX has a 0.99% expense ratio, which is higher than MDY's 0.23% expense ratio.

Dividends

UBVSX vs. MDY - Dividend Comparison

UBVSX's dividend yield for the trailing twelve months is around 8.70%, more than MDY's 1.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MDY SPDR S&P MidCap 400 ETF	1.04%	1.15%	1.18%	1.21%	1.37%	0.96%	1.12%	1.34%	1.39%	1.18%	1.31%	1.35%
UBVSX JPMorgan Undiscovered Managers Behavioral Value Fund Class I	8.70%	9.35%	7.36%	8.30%	8.89%	3.34%	0.90%	4.85%	11.46%	4.53%	3.11%	3.69%

Frequently Asked Questions

Can I hold both UBVSX and MDY in my portfolio?

UBVSX and MDY have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UBVSX or MDY?

MDY has higher volatility (4.33%) compared to UBVSX (4.29%). In terms of maximum drawdown, UBVSX dropped -52.19% vs MDY's -55.33%.

Which has better risk-adjusted returns?

MDY currently has the higher Sharpe Ratio (1.63 vs 0.99), 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.