JMTG vs SPY
JMTG vs SPY
JPMorgan Mortgage-Backed Securities ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. JMTG offers more diversification with 893 holdings.
Side-by-Side Comparison
| Metric | JMTG | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.24% | 0.09% | |
| AUM | $6.8B | $789.1B | |
| Dividend Yield | 1.05% | 1.01% | |
| Holdings | 2,513 | 505 | |
| YTD Return | +0.05% | +11.49% | |
| 1Y Return | +3.25% | +21.37% | |
| 3Y Return (annualized) | - | +20.76% | |
| 5Y Return (annualized) | - | +12.94% | |
| Volatility (annualized) | 3.5% | 15.3% | |
| Max Drawdown | -2.8% | -56.5% | |
| Fund Family | J.P. Morgan Asset Management | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | Jun 27, 2025 | Jan 22, 1993 |
JMTG vs SPY Performance
JPMorgan Mortgage-Backed Securities ETF (JMTG) 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 JMTG returned +3.25% while SPY returned +21.37%. Year to date, JMTG is up 0.05% versus a gain of 11.49% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 3.5% for JMTG. 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 -2.8% for JMTG 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 0.20. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
JMTG charges 0.24% per year while SPY charges 0.09%. On a $10,000 position that is $24 vs $9 annually, a gap of $15 per year that compounds over a long holding period. On income, JMTG currently yields 1.05% against 1.01% for SPY.
Holdings Overlap
JMTG and SPY share 0 holdings out of 1396 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, JMTG or SPY?
JMTG has an expense ratio of 0.24% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $15 per year of difference.
Which performed better, JMTG or SPY?
Over the past year JMTG returned +3.25% vs +21.37% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (1 years), JMTG annualized +3.47% vs +8.78% for SPY. Past performance does not guarantee future results.
Which is riskier, JMTG or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 3.5% for JMTG. Worst drawdown: JMTG -2.8% vs SPY -56.5%.
Should I hold both JMTG and SPY?
JMTG and SPY have a monthly-return correlation of 0.20, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between JMTG and SPY?
JMTG and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 1396 unique securities.
Which pays a higher dividend, JMTG or SPY?
JMTG yields 1.05% while SPY yields 1.01%, so JMTG currently pays the higher dividend yield.
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