JPMorgan Diversified Return U.S. Equity ETF (JPUS) Valuation
JPUS valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 21.3 trailing earnings
- Forward P/E
- 14.1 analyst estimates
- Price / sales
- 1.48
- Price / book
- 2.71
- EV / EBITDA
- 12.0
- Earnings yield
- 4.70% inverse of P/E
- Dividend yield
- 2.37% of the holdings
- Return on equity
- 12.8% combined
- Net margin
- 7.0% combined
- Beta
- 0.81 weighted, vs S&P 500
JPUS valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| JPUS | 21.3 | 14.1 | 1.48 | 2.71 | 2.37% | 12.8% | 7.0% | 4.8% |
| SPY | 25.9 | 19.9 | 3.67 | 5.47 | 1.08% | 21.1% | 14.2% | 1.9% |
| QQQ | 34.2 | 23.4 | 5.93 | 9.27 | 0.58% | 27.1% | 17.4% | 6.9% |
| DIA | 20.9 | 18.4 | 3.16 | 5.52 | 1.55% | 26.4% | 15.1% | 0.0% |
| VTI | 28.2 | 19.4 | 3.31 | 5.00 | 1.07% | 17.7% | 11.8% | 4.6% |
| IWM | n/m | 13.9 | 1.25 | 2.03 | 1.38% | −1.7% | −1.0% | 28.1% |
Same method for every fund. n/m = not meaningful (combined trailing earnings below zero or close to it). Loss-makers = weight of holdings with negative trailing earnings.
JPUS valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Healthcare | 12.8% | 25.2 | 13.7 | 1.09 | 3.51 | 1.29% | 13.9% |
| Consumer Defensive | 12.0% | 47.9 | 13.4 | 0.73 | 2.58 | 3.12% | 5.4% |
| Real Estate | 10.0% | 20.5 | 21.5 | 4.70 | 2.11 | 5.09% | 10.3% |
| Utilities | 10.0% | 18.5 | 14.5 | 2.31 | 1.90 | 3.53% | 10.3% |
| Industrials | 9.5% | 25.7 | 19.3 | 1.93 | 4.72 | 1.38% | 18.3% |
| Technology | 9.3% | 31.3 | 19.5 | 2.73 | 6.19 | 0.88% | 19.8% |
| Financial Services | 8.6% | 11.5 | 9.9 | 1.85 | 1.54 | 2.26% | 13.4% |
| Consumer Cyclical | 8.5% | 16.9 | 13.5 | 1.04 | 3.85 | 1.77% | 22.8% |
| Energy | 7.3% | 16.5 | 11.4 | 1.75 | 2.53 | 2.24% | 15.4% |
| Basic Materials | 6.1% | 23.2 | 15.4 | 1.96 | 3.30 | 1.85% | 14.2% |
| Communication Services | 4.5% | 19.6 | 9.0 | 1.32 | 2.14 | 2.40% | 10.9% |
JPUS earnings yield vs bond yields
Earnings yield = earnings ÷ price (1 ÷ P/E). The gap to bond yields is a rough gauge of the extra return stocks are priced to deliver.
How JPUS weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
JPUS largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| VLO | Valero Energy Corporation | 0.48% | 18.5 | 10.2 | 1.0 | 1.08% | 0.56% |
| MPC | Marathon Petroleum Corporation | 0.48% | 16.6 | 5.5 | 0.9 | 0.84% | 0.63% |
| WSM | Williams-Sonoma, Inc. | 0.46% | 25.7 | 24.6 | 3.7 | 1.22% | 0.39% |
| AAPL | Apple Inc. | 0.46% | 39.4 | 35.2 | 10.7 | 0.31% | 0.25% |
| PSX | Phillips 66 | 0.46% | 16.8 | 9.7 | 0.8 | 1.81% | 0.59% |
| HST | Host Hotels & Resorts, Inc. | 0.45% | 16.2 | 22.2 | 2.7 | 3.34% | 0.61% |
| XOM | Exxon Mobil Corporation | 0.45% | 23.0 | 14.8 | 2.0 | 2.30% | 0.43% |
| PM | Philip Morris International Inc. | 0.45% | 29.5 | 20.9 | 7.5 | 3.12% | 0.33% |
| EXEL | Exelixis, Inc. | 0.44% | 19.6 | 13.6 | 6.3 | — | 0.49% |
| UTHR | United Therapeutics Corporation | 0.44% | 19.1 | 16.4 | 7.2 | — | 0.50% |
| APA | APA Corporation | 0.44% | 10.4 | 9.4 | 2.0 | 2.03% | 0.92% |
| SJM | The J. M. Smucker Company | 0.44% | 59.5 | 12.0 | 1.5 | 3.52% | 0.16% |
| M | Macy's, Inc. | 0.44% | 8.8 | 9.4 | 0.3 | 3.19% | 1.08% |
| HALO | Halozyme Therapeutics, Inc. | 0.44% | 35.6 | 11.5 | 8.3 | — | 0.27% |
| COP | ConocoPhillips | 0.43% | 19.4 | 12.7 | 2.7 | 2.29% | 0.49% |
| KO | The Coca-Cola Company | 0.43% | 28.2 | 25.3 | 8.1 | 2.26% | 0.33% |
| PNW | Pinnacle West Capital Corporation | 0.43% | 19.9 | 16.9 | 2.3 | 3.52% | 0.47% |
| ED | Consolidated Edison, Inc. | 0.43% | 18.2 | 16.1 | 2.3 | 3.16% | 0.51% |
| GRMN | Garmin Ltd. | 0.42% | 29.4 | 24.8 | 7.2 | 1.47% | 0.31% |
| HPE | Hewlett Packard Enterprise Company | 0.42% | 28.4 | 13.6 | 1.7 | 1.03% | 0.32% |
| CHD | Church & Dwight Co., Inc. | 0.42% | 33.5 | 23.4 | 4.0 | 1.18% | 0.27% |
| EXC | Exelon Corporation | 0.42% | 16.0 | 13.7 | 1.8 | 3.86% | 0.57% |
| AMGN | Amgen Inc. | 0.42% | 26.9 | 16.7 | 6.1 | 2.33% | 0.34% |
| DGX | Quest Diagnostics Incorporated | 0.42% | 24.6 | 19.5 | 2.2 | 1.46% | 0.37% |
| CVX | Chevron Corporation | 0.42% | 21.2 | 15.2 | 2.1 | 3.16% | 0.43% |
Share of earnings = the holding's part of the fund's combined trailing profit. Green: earns more than its weight; orange: less. Symbol links go to each company's key metrics.
About JPUS valuation
Adding up its 364 holdings with company data, JPUS trades at 21.3 times trailing earnings and 14.1 times analysts' forward estimates, with a price-to-book ratio of 2.71 and a dividend yield of 2.37%. Its earnings yield of 4.70% is 0.62 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 4.6% of the fund and earn 4.8% of its combined profit. By sector, Consumer Defensive is the most expensive at 47.9 times earnings and Financial Services the cheapest at 11.5. Companies that lost money over the past year are 4.8% of the covered weight.
How these figures are calculated. Each ratio treats the fund as one company: the earnings, sales and book value of every holding are added up in proportion to its weight and divided into the fund's price. In practice that is a weighted harmonic mean, so a single stock with a very high P/E cannot distort the result, and loss-making companies reduce the fund's earnings instead of being dropped. Covers 98.6% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: JPUS chart, JPUS performance, JPUS holdings, JPUS dividends.
JPUS valuation FAQ
What is the P/E ratio of JPUS?
Based on its holdings, JPUS has a trailing P/E of 21.3 and a forward P/E of 14.1 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of JPUS?
The trailing earnings yield is 4.70% (1 ÷ P/E) and the forward earnings yield 7.08%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is JPUS more expensive than the S&P 500?
JPUS trades at 21.3 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 14.1 and 19.9.
What is the price-to-book ratio of JPUS?
The holdings of JPUS trade at 2.71 times book value, with a combined return on equity of 12.8%.
Which sector in JPUS has the highest P/E?
Consumer Defensive has the highest P/E at 47.9 and Financial Services the lowest at 11.5.