JCPI vs SPY
JCPI vs SPY
JPMorgan Inflation Managed Bond ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | JCPI | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.25% | 0.09% | |
| AUM | $869M | $789.1B | |
| Dividend Yield | 3.81% | 1.01% | |
| Holdings | 764 | 505 | |
| YTD Return | +0.28% | +11.49% | |
| 1Y Return | +1.38% | +21.37% | |
| 3Y Return (annualized) | +4.85% | +20.76% | |
| 5Y Return (annualized) | - | +12.94% | |
| Volatility (annualized) | 5.2% | 15.3% | |
| Max Drawdown | -7.8% | -56.5% | |
| Fund Family | J.P. Morgan Asset Management | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | Apr 8, 2022 | Jan 22, 1993 |
JCPI vs SPY Performance
JPMorgan Inflation Managed Bond ETF (JCPI) is a ETF from J.P. Morgan Asset Management and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year JCPI returned +1.38% while SPY returned +21.37%. Year to date, JCPI is up 0.28% versus a gain of 11.49% for SPY.
Over three years, JCPI compounded at +4.85% per year against +20.76% for SPY. Across the full 4-year window we track, SPY has the edge at +8.78% annualized vs +2.64%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 5.2% for JCPI. 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 -7.8% for JCPI and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.70. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
JCPI charges 0.25% per year while SPY charges 0.09%. On a $10,000 position that is $25 vs $9 annually, a gap of $16 per year that compounds over a long holding period. On income, JCPI currently yields 3.81% against 1.01% for SPY.
Holdings Overlap
JCPI and SPY share 0 holdings out of 947 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, JCPI or SPY?
JCPI has an expense ratio of 0.25% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $16 per year of difference.
Which performed better, JCPI or SPY?
Over the past year JCPI returned +1.38% vs +21.37% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (4 years), JCPI annualized +2.64% vs +8.78% for SPY. Past performance does not guarantee future results.
Which is riskier, JCPI or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 5.2% for JCPI. Worst drawdown: JCPI -7.8% vs SPY -56.5%.
Should I hold both JCPI and SPY?
JCPI and SPY have a monthly-return correlation of 0.70, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between JCPI and SPY?
JCPI and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 947 unique securities.
Which pays a higher dividend, JCPI or SPY?
JCPI yields 3.81% while SPY yields 1.01%, so JCPI currently pays the higher dividend yield.
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