JVAL vs SPY
JPMorgan US Value Factor ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, JVAL or SPY?
Large Cap Value against Large Cap Blend.
SPY has a lower expense ratio. JVAL led over 1Y, SPY over 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.94. JVAL is less concentrated, with 18.6% of the fund in its ten largest positions against 38.2%.
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 | JVAL | SPY |
|---|---|---|
| Expense Ratio | 0.12% | 0.09%Best |
| AUM | $1.0B | $823.2B |
| Dividend Yield | 1.61% | 0.99% |
| Holdings | 797 | 1,515 |
| YTD Return | +18.89%Best | +13.53% |
| 1Y Return | +24.99%Best | +17.47% |
| 3Y Return (annualized) | +21.18% | +22.36%Best |
| 5Y Return (annualized) | +12.28% | +13.21%Best |
| Volatility (annualized) | 18.1% | 16.2%Best |
| Max Drawdown | -40.4% | -34.1%Best |
| $10,000 over 5 years | $17,845 | $18,596Best |
| Top 10 Weight | 18.6%Best | 38.2% |
| Fund Family | J.P. Morgan Asset Management | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Value | Large Cap Blend |
| Inception | Nov 8, 2017 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Nov 9, 2017 to Oct 14, 2026 (8.9 years).
JVAL vs SPY 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 8.9 years both funds cover.
JVAL vs SPY Performance
JPMorgan US Value Factor ETF (JVAL) is an ETF from J.P. Morgan Asset Management and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year JVAL returned +24.99% while SPY returned +17.47%. Year to date, JVAL is up 18.89% versus a gain of 13.53% for SPY.
Over three years, JVAL compounded at +21.18% per year against +22.36% for SPY; over five years the annualized figures are +12.28% and +13.21% respectively. Across the full 9-year window we track, SPY has the edge at +13.99% annualized vs +11.54%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
JVAL has been the more volatile fund, with annualized monthly volatility of 18.1% compared with 16.2% for SPY. 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 -40.4% for JVAL and -34.1% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.94. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
JVAL charges 0.12% per year while SPY charges 0.09%. On a $10,000 position that is $12 vs $9 annually, a gap of $3 per year that compounds over a long holding period. On income, JVAL currently yields 1.61% against 0.99% for SPY.
Holdings Overlap
69.7% of JVAL's money is in holdings SPY also owns. 51.2% of SPY's money is in holdings JVAL also owns.
The two portfolios partly overlap.
194 positions in common, counted across the 393 positions we hold weights for in JVAL and 504 in SPY, against full books of 797 and 1,515.
What only one of them owns
Our book lists 304 positions for SPY that do not appear in our book for JVAL (47.9% of the fund), and 190 for JVAL that do not appear in SPY (29.2%).
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 JVAL | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp | 1.90% | 7.78% | 5.88% |
| AAPLApple, Inc | 2.15% | 7.45% | 5.30% |
| MSFTMicrosoft Corp | 2.12% | 5.71% | 3.59% |
| GOOGLAlphabet Inc | 2.10% | 3.12% | 1.02% |
| METAMeta Platforms Inc | 2.43% | 2.22% | 0.21% |
| AVGOBroadcom Inc | 1.80% | 2.48% | 0.68% |
| MUMicron Technology, Inc. | 2.17% | 1.59% | 0.58% |
| JNJJohnson & Johnson - Common | 1.63% | 0.98% | 0.65% |
| LRCXLrcx Uw Equity | 1.16% | 0.52% | 0.64% |
| AMATApplied Materials, Inc. | 1.10% | 0.51% | 0.59% |
69.7% of JVAL is already inside SPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
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Frequently Asked Questions
Which is cheaper, JVAL or SPY?
JVAL has an expense ratio of 0.12% while SPY charges 0.09%. SPY is the cheaper option, by $3 a year on a $10,000 investment.
Which performed better, JVAL or SPY?
Over the past year JVAL returned +24.99% vs +17.47% for SPY, so JVAL leads on 1-year performance. Over the longest common window we track (9 years), JVAL annualized +11.54% vs +13.99% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, JVAL or SPY?
JVAL has been the more volatile fund at 18.1% annualized versus 16.2% for SPY. Worst drawdown: JVAL -40.4% vs SPY -34.1%.
Should I hold both JVAL and SPY?
JVAL and SPY have a monthly-return correlation of 0.94, 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 JVAL and SPY?
69.7% of JVAL's money is in holdings SPY also owns. 51.2% of SPY's is in holdings JVAL also owns. They hold 194 positions in common, counted across the 393 positions we hold weights for in JVAL and 504 in SPY.
Which pays a higher dividend, JVAL or SPY?
JVAL yields 1.61% while SPY yields 0.99%, so JVAL currently pays the higher dividend yield.
Is SPY better than JVAL?
SPY has a lower expense ratio. JVAL led over 1Y, SPY over 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.94. JVAL is less concentrated, with 18.6% of the fund in its ten largest positions against 38.2%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.