UBVSX vs. MDY

Last updated Aug 1, 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 Mid Cap Blend 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 10.56%/yr vs 10.79%/yr for MDY. Their correlation of 0.91 means they have usually moved in the same direction. 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

The year-to-date returns for both stocks are quite close, with UBVSX having a 14.85% return and MDY slightly lower at 14.33%. Both investments have delivered pretty close results over the past 10 years, with UBVSX having a 10.56% annualized return and MDY not far ahead at 10.79%.

UBVSX

• 1D: -1.88%
• 1M: 0.43%
• 6M: 9.87%
• YTD: 14.85%
• 1Y: 20.66%
• 3Y*: 11.26%
• 5Y*: 9.91%
• 10Y*: 10.56%
• ALL TIME*: 9.79%

MDY

• 1D: -0.13%
• 1M: -1.06%
• 6M: 9.90%
• YTD: 14.33%
• 1Y: 22.39%
• 3Y*: 12.71%
• 5Y*: 8.19%
• 10Y*: 10.79%
• ALL TIME*: 11.29%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MDY SPDR S&P MidCap 400 ETF	$420.06M	$401.19M	$471.25M
UBVSX JPMorgan Undiscovered Managers Behavioral Value Fund Class I	$0.00	$0.00	$0.00

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	14.85%	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	14.33%	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 0.75, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.75
Correlation (3Y) Balances recent behavior with more history.	0.86
Correlation (5Y) Shows whether the relationship held over a longer period.	0.89
Correlation (10Y) Provides a long-term view across more market conditions.	0.90
Correlation (All Time) Calculated using the full available price history since Jan 2, 2014	0.91

The correlation between UBVSX and MDY shifts across timeframes, from 0.75 (1 year) to 0.91 (all time), reflecting how their relationship changes across market environments.

Return for Risk

UBVSX vs. MDY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

UBVSX

UBVSX Risk / Return Rank: 34
UBVSX Sharpe Ratio Rank: 31
UBVSX Sortino Ratio Rank: 36
UBVSX Omega Ratio Rank: 30
UBVSX Calmar Ratio Rank: 40
UBVSX Martin Ratio Rank: 32

MDY

MDY Risk / Return Rank: 61
MDY Sharpe Ratio Rank: 56
MDY Sortino Ratio Rank: 59
MDY Omega Ratio Rank: 54
MDY Calmar Ratio Rank: 68
MDY Martin Ratio Rank: 69

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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.

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.

	UBVSX	MDY	Difference
Sharpe ratio: Return per unit of total volatility	1.06	1.32	-0.26
Sortino ratio: Return per unit of downside risk	1.70	1.98	-0.28
Omega ratio: Gain probability vs. loss probability	1.19	1.24	-0.04
Calmar ratio: Return relative to maximum drawdown	1.70	2.34	-0.64
Martin ratio: Return relative to average drawdown	4.86	8.48	-3.62

UBVSX vs. MDY - Sharpe Ratio Comparison

The current UBVSX Sharpe Ratio is 1.06, which is comparable to the MDY Sharpe Ratio of 1.32. 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.

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	-2.42%	-2.42%	0.00%
Average Drawdown Average peak-to-trough decline	-6.21%	-7.00%	+0.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.62%	2.44%	+1.18%

Volatility

UBVSX vs. MDY - Volatility Comparison

JPMorgan Undiscovered Managers Behavioral Value Fund Class I (UBVSX) has a higher volatility of 5.21% compared to SPDR S&P MidCap 400 ETF (MDY) at 3.45%. This indicates that UBVSX's price experiences larger fluctuations and is considered to be riskier than MDY based on this measure. 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	5.21%	3.45%	+1.76%
Volatility (6M) Calculated over the trailing 6-month period	11.18%	11.59%	-0.41%
Volatility (1Y) Calculated over the trailing 1-year period	16.63%	15.69%	+0.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.11%	19.69%	+0.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.56%	21.14%	+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 8.15%, more than MDY's 1.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MDY SPDR S&P MidCap 400 ETF	1.02%	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	8.15%	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 0.75, 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?

UBVSX has higher volatility (5.21%) compared to MDY (3.45%). 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 (1.32 vs 1.06), 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.