FMCX vs JPEF
FM Focus Equity ETF vs JPMorgan Equity Focus ETF
Which is better, FMCX or JPEF?
JPEF has been ahead.
JPEF has a lower expense ratio. JPEF led over 1Y, 3Y and the full window. The two have moved almost in lockstep, correlation 0.93. JPEF is less concentrated, with 45.8% of the fund in its ten largest positions against 54.3%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | FMCX | JPEF |
|---|---|---|
| Expense Ratio | 0.72% | 0.44%Best |
| AUM | $118M | $2.1B |
| Dividend Yield | 0.29% | 0.64% |
| Holdings | 32 | 84 |
| YTD Return | +5.03% | +9.64%Best |
| 1Y Return | +3.97% | +11.56%Best |
| 3Y Return (annualized) | +15.01% | +19.60%Best |
| Volatility (annualized) | 14.1% | 12.3%Best |
| Max Drawdown | -18.5% | -18.1%Best |
| $10,000 over 3.2 years | $14,371 | $16,604Best |
| Top 10 Weight | 54.3% | 45.8%Best |
| Fund Family | First Manhattan | J.P. Morgan Asset Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Apr 22, 2022 | Mar 10, 2023 |
Not shown on this pair: 5Y Return (annualized).
Volatility and max drawdown, and the $10,000 over 3.2 years row, are measured over the window both funds cover: Jul 31, 2023 to Oct 14, 2026 (3.2 years).
FMCX vs JPEF growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 3.2 years both funds cover.
FMCX vs JPEF Performance
FM Focus Equity ETF (FMCX) is an ETF from First Manhattan and JPMorgan Equity Focus ETF (JPEF) is an ETF from J.P. Morgan Asset Management. Over the past year FMCX returned +3.97% while JPEF returned +11.56%. Year to date, FMCX is up 5.03% versus a gain of 9.64% for JPEF.
Over three years, FMCX compounded at +15.01% per year against +19.60% for JPEF.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
FMCX has been the more volatile fund, with annualized monthly volatility of 14.1% compared with 12.3% for JPEF. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -18.5% for FMCX and -18.1% for JPEF. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.93. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
FMCX charges 0.72% per year while JPEF charges 0.44%. On a $10,000 position that is $72 vs $44 annually, a gap of $28 per year that compounds over a long holding period. On income, FMCX currently yields 0.29% against 0.64% for JPEF.
Holdings Overlap
28.6% of FMCX's money is in holdings JPEF also owns. 34.6% of JPEF's money is in holdings FMCX also owns.
The two portfolios partly overlap.
The two holdings books were reported 123 days apart, FMCX as of May 31, 2026 and JPEF as of Oct 1, 2026, so some of the difference between them is the time between the two reports rather than the funds.
9 positions in common, counted across the 32 positions we hold weights for in FMCX and 41 in JPEF, against full books of 32 and 84.
What only one of them owns
Our book lists 31 positions for JPEF that do not appear in our book for FMCX (63.6% of the fund), and 21 for FMCX that do not appear in JPEF (68.2%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in FMCX | Weight in JPEF | Difference |
|---|---|---|---|
| MSFTMicrosoft Corp | 6.63% | 5.05% | 1.58% |
| NVDANvidia Corp | 1.93% | 9.59% | 7.66% |
| AMZNAmazon.Com Inc | 4.87% | 4.50% | 0.37% |
| GOOGAlphabet Inc. C | 1.61% | 6.33% | 4.72% |
| AVGOBroadcom Inc | 3.83% | 2.80% | 1.03% |
| BRK.ABerkshire Hathaway Inc - Common Cl A | 4.22% | 2.37% | 1.85% |
| METAMeta Platforms Inc | 1.79% | 2.36% | 0.57% |
| BKNGBooking Holdings, Inc. | 2.10% | 0.63% | 1.47% |
| TMOThermo Fisherscientific Inc. | 1.63% | 0.98% | 0.65% |
34.6% of JPEF is already inside FMCX.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, FMCX or JPEF?
FMCX has an expense ratio of 0.72% while JPEF charges 0.44%. JPEF is the cheaper option, by $28 a year on a $10,000 investment.
Which performed better, FMCX or JPEF?
Over the past year FMCX returned +3.97% vs +11.56% for JPEF, so JPEF leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, FMCX or JPEF?
FMCX has been the more volatile fund at 14.1% annualized versus 12.3% for JPEF. Worst drawdown: FMCX -18.5% vs JPEF -18.1%.
Should I hold both FMCX and JPEF?
FMCX and JPEF have a monthly-return correlation of 0.93, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between FMCX and JPEF?
34.6% of JPEF's money is in holdings FMCX also owns. 34.6% of JPEF's is in holdings FMCX also owns. They hold 9 positions in common, counted across the 32 positions we hold weights for in FMCX and 41 in JPEF.
Which pays a higher dividend, FMCX or JPEF?
FMCX yields 0.29% while JPEF yields 0.64%, so JPEF currently pays the higher dividend yield.
Is JPEF better than FMCX?
JPEF has a lower expense ratio. JPEF led over 1Y, 3Y and the full window. The two have moved almost in lockstep, correlation 0.93. JPEF is less concentrated, with 45.8% of the fund in its ten largest positions against 54.3%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.