HDMV vs JIRE: Grades, Fees and Holdings Compared

First Trust Horizon Managed Volatility Developed International ETF

HDMVDNYSE Arca

JPMorgan International Research Enhanced Equity ETF

JIREANYSE Arca

Overlap

12.9%by weight

Expense ratio

JIRE −0.51pt a year

HDMV0.80%JIRE0.29%

Avg volume · 30D

JIRE 519.9×the volume

HDMV786JIRE409K

3Y return · a year

JIRE +0.4pt

HDMV+16.7%JIRE+17.1%

HDMV vs JIRE Performance

Nov 5, 2025 – Nov 5, 2026

+16.0%HDMV+12.3%JIRE

Expense ratio: HDMV 0.80%; JIRE 0.29%, better
Fund size: HDMV $15M; JIRE $11.2B
1Y total return: HDMV +16.0%, better; JIRE +12.3%
Yield (12M): HDMV 4.57%, better; JIRE 2.77%
Holdings: HDMV 157; JIRE 216
Avg volume (30D): HDMV 786 sh; JIRE 409K sh, better
NAV per share: HDMV $38.58; JIRE $83.02
52W range

ETF.net Grade

Pillar letters and Scores for HDMV, JIRE, with each pillar’s weight
Pillar	HDMV	JIRE
Cost30% weight	F19	A94Higher
Mission25% weight	Not scored	Not scored
Risk15% weight	A87Higher	B62
Tradability15% weight	F16	A71Higher
Holdings10% weight	B58	A70Higher
Durability5% weight	B64	A93Higher

Rank among International Active Equity funds

How we build Categories ›

Same Category. HDMV and JIRE are both graded against the same 55 International Active Equity funds, so their Grades compare head to head.

International Active Equity⁠

Category · 55 funds

See all 55 ›

JIRE ranks 3rd and HDMV 35th of 55 funds in the International Active Equity Category.

Rank 1AAVDEAvantis International Equity ETFScore 87
Rank 1ADFICDimensional International Core Equity 2 ETFScore 87
Rank 3AJIREJPMorgan International Research Enhanced Equity ETFScore 79
Rank 4AAVDSAvantis International Small Cap Equity ETFScore 78
Rank 34CABLGAbacus FCF International Leaders ETFScore 41
Rank 35DHDMVFirst Trust Horizon Managed Volatility Developed International ETFScore 40
Rank 35CIVSIApplied Finance IVS International Large ETFScore 40

Our read on each fund

ETF.net Research

HDMVDFirst Trust Horizon Managed Volatility Developed International ETF

JIREAJPMorgan International Research Enhanced Equity ETF

In short

HDMV An active spin on the calm-stocks trade. Rather than tracking a low-vol index, the managers hand-pick developed-market shares and depositary receipts screened for low expected future volatility.

JIRE EAFE core with a stock-picker's fingerprints. JIRE holds sector and geographic risk close to the MSCI EAFE Index and expresses J.P. Morgan's global analyst calls as small over- and underweights, for 0.29% a year, below the typical active international fee.

Stated mandate

HDMV The Fund seeks capital appreciation through an actively managed portfolio of developed-market common stocks and depositary receipts selected for low expected volatility.

JIRE JIRE seeks long-term capital appreciation by investing primarily in foreign developed-market companies. It uses global fundamental research and seeks to outperform the MSCI EAFE Index while maintaining similar sector and geographic risk characteristics.

Why people hold it

HDMV Forward-looking by design: holdings are chosen on expected volatility, not just a backward glance at which stocks were quiet last year.
Spread across roughly 160 developed-market stocks and depositary receipts, so no single name carries the portfolio.
Live since 2016, a real-world track record for an active strategy rather than a freshly launched idea.
Pays on a quarterly schedule, and the mandate is capital appreciation first, not income.

JIRE Index-like by design: sector and geographic risk stay close to MSCI EAFE, so stock-level tilts from J.P. Morgan's worldwide research bench do the work.jpmorgan.com
0.29% a year, below the median fee in its active international category, and no waiver is propping that up, so there is no expiry date to watch.
Risk spread wide: roughly 200 stocks across developed markets outside North America, inside a multi-billion-dollar fund.
Rates as one of the stronger implementations in the active international equity group.

Worth knowing

HDMV At 0.80% a year, the fee sits above the typical international active fund, and index-built rivals like AVDE and DFIC charge closer to a quarter point.
A small fund that trades lightly. Spreads can widen, so limit orders do more work here than with the giants of the category.
Low-volatility screens aim to soften the ride, not remove it. The same tilt that damps drops can leave the fund behind in sharp rallies.

JIRE Hugging the benchmark cuts both ways: differences from EAFE come in small slices from stock selection, not bold sector or country bets.
Cheaper shelf-mates exist: DFIC at 0.22% and AVDE at 0.23%, plus TACN at 0.20% gross but 0% net of a waiver through January 30, 2027.
Developed-market holdings are priced in foreign currencies, so moves in the dollar ride along with the stock results.jpmorgan.com

Full HDMV profile⁠

Full JIRE profile⁠

HDMV vs JIRE Holdings

How HDMV and JIRE differ

Overlap by weight

12.9%

Shared holdings make up 22.2% of HDMV and 16.8% of JIRE.

Level by level

Holdings33 in both12.9%
Sector11 Sectors61.1%
Countryby domicile67.8%
Asset classStocks100%

Sector

Sector weights in HDMV and JIRE, widest gap first
Sector	Gap	HDMV	JIRE
Real Estate	HDMV +13.2 points	13.9%	0.7%
Technology	JIRE +12.7 points	0.7%	13.4%
Utilities	HDMV +12.6 points	16.6%	4.0%
Health Care	JIRE +7.4 points	2.2%	9.6%
Industrials	JIRE +6.9 points	10.8%	17.7%
Consumer Discretionary	JIRE +5.0 points	2.6%	7.6%
Consumer Staples	HDMV +4.6 points	10.8%	6.2%
Financials	HDMV +4.3 points	31.5%	27.2%
Communication	HDMV +4.0 points	9.0%	5.0%
Energy	JIRE +3.6 points	0.0%	3.6%
Materials	JIRE +3.3 points	1.7%	5.0%

Country, concentration and asset class

Country by domicile

Country weights in HDMV and JIRE, widest gap first
Country	Gap	HDMV	JIRE
Japan	JIRE +10.6 points	14.4%	25.0%
United Kingdom	JIRE +10.0 points	6.5%	16.5%
Singapore	HDMV +9.5 points	10.9%	1.4%
Hong Kong	HDMV +6.6 points	8.1%	1.5%
Germany	JIRE +5.5 points	5.2%	10.7%
France	JIRE +3.0 points	7.8%	10.8%
Norway	HDMV +2.7 points	2.7%	0.0%
Sweden	HDMV +2.6 points	4.9%	2.3%
Other countries (12)	HDMV +7.8 points	39.5%	31.7%

Outside the US: HDMV 100% developed, 0% emerging. JIRE 100% developed, 0% emerging.

Concentration

Weight in the 10 largest Holdings

HDMV17.9%
JIRE16.7%

Securities held

HDMV150
JIRE208

Asset class

HDMV: Stocks
JIRE: Stocks

Holdings

Only in HDMV117
In both33
Only in JIRE175

Only in HDMV

117 securities, 77.5% of HDMV by weight

CLP Holdings Limited2.06%
Tryg A/S2.03%
CapitaLand Integrated Commercial Trust1.89%
Groupe Bruxelles Lambert S.A.1.84%
CapitaLand Ascendas REIT1.80%
The Hong Kong and China Gas Company Limited1.71%
Power Assets Holdings Limited1.66%
NTT Inc.1.52%
Swiss Prime Site AG1.37%
Snam SpA1.32%
DBS Group Holdings Limited1.31%
Getlink SE1.29%
Red Electrica Corporacion S.A.1.28%
United Overseas Bank Limited1.26%
Swisscom AG1.24%
CapitaLand Investment Limited of Singapore1.21%
SoftBank Corp.1.20%
Ageas S.A./N.V.1.18%
Swiss Life Holding AG (Registered)1.11%
TERNA - Rete Elettrica Nazionale SpA1.08%
NN Group N.V.1.05%
Klepierre0.98%
Singapore Airlines Limited0.97%
DNB Bank ASA0.97%
Unibail-Rodamco-Westfield0.96%
CK Infrastructure Holdings Limited0.91%
Oversea-Chinese Banking Corporation Limited0.86%
Helvetia Baloise Holding AG0.85%
Scentre Group0.78%
Generali0.74%
MTR Corporation Limited0.70%
Sgs S.a.0.70%
Henkel AG & Co. KGaA0.69%
Sekisui House, Ltd.0.68%
Daiwa House Industry Co., Ltd.0.68%
Auckland International Airport Limited0.68%
Hannover Rueck SE0.67%
Naturgy Energy Group, S.A.0.66%
Gjensidige Forsikring ASA0.65%
Svenska Handelsbanken AB (Class A)0.65%
Schindler Holding AG (Participation Certificate)0.64%
Essity Aktiebolag (Class B)0.61%
Swedbank AB (Class A)0.60%
Vicinity Centres0.60%
Contact Energy Limited0.58%
Gecina S.A.0.58%
Aviva Plc0.57%
M&G Plc0.56%
The Lottery Corporation Limited0.56%
Bunzl Plc0.56%

Only in JIRE

175 securities, 83.2% of JIRE by weight

Asml Holding NV Common3.20%
Astrazeneca PLC Common1.94%
Siemens AG Common Stock1.65%
Roche Holding AG Common1.51%
Shell PLC1.41%
Hsbc Holdings PLC Common1.32%
Banco Santander SA Common1.27%
Toyota Motor Corp Common1.19%
Sumitomo Mitsui1.14%
Bhp Group Ltd Common1.12%
Safran SA Common Stock1.12%
Totalenergies SE Common1.12%
Sap SE Common Stock Eur1.10%
Unicredit Spa Common1.09%
Recruit Holdings Co Ltd1.09%
Hitachi Ltd Common Stock1.01%
Sony Group Corp Common1.00%
Barclays PLC Common Stock0.98%
Atlas Copco Ab Common0.97%
Ubs Group AG Common Stock0.96%
Advantest Corp Common0.96%
Tokyo Electron Ltd Common0.87%
Lonza Group AG Common0.86%
Relx PLC Common Stock Gbp0.86%
Tokio Marine Holdings Inc0.86%
Sanofi SA Common Stock0.85%
Cie Financiere Richemont0.83%
Dbs Group Holdings Ltd0.80%
Engie SA Common Stock0.80%
Natwest Group PLC Common0.80%
British American Tobacco0.79%
National Grid PLC Common0.78%
Societe Generale SA0.76%
Commonwealth Bank of0.73%
Rio Tinto Ltd Common0.73%
Keyence Corp Common Stock0.73%
London Stock Exchange0.72%
Deutsche Telekom AG0.72%
Legrand SA Common Stock0.72%
Ferrari NV Common Stock0.72%
Mitsubishi Ufj Financial0.70%
Aia Group Ltd Common0.68%
Volvo Ab Common Stock Sek0.68%
Infineon Technologies AG0.67%
Mitsui & Co Ltd Common0.63%
Sse PLC Common Stock Gbp0.62%
Rwe AG Common Stock Eur0.61%
Novo Nordisk A/S Common0.61%
Dhl AG Common Stock Eur 00.60%
Unilever PLC Common Stock0.59%

Weight gaps

All 33 Holdings in both funds, largest gap first.

Holding weights in HDMV and JIRE, widest gap first
Holding	Gap	HDMV	JIRE
Telstra Group Ltd	HDMV +1.32 points	1.70%	0.38%
Nestle S.A. (Registered)	JIRE +1.01 points	0.43%	1.44%
ASR Nederland N.V.	HDMV +0.97 points	1.49%	0.52%
Link Real Estate Investment Trust	HDMV +0.95 points	1.03%	0.08%
Zurich Insurance Group AG	HDMV +0.84 points	1.13%	0.29%
Novartis AG	JIRE +0.67 points	0.65%	1.32%
Allianz SE	JIRE +0.67 points	0.93%	1.60%
Iberdrola S.A.	HDMV +0.54 points	1.74%	1.20%
Axa S.a.	HDMV +0.52 points	0.89%	0.37%
Koninklijke (Royal) KPN N.V.	HDMV +0.47 points	0.98%	0.51%
Muenchener Rueckversicherungs-Gesellschaft AG	JIRE +0.45 points	0.62%	1.07%
Medibank Private Limited	HDMV +0.45 points	0.78%	0.33%
Telia Company AB	HDMV +0.41 points	0.58%	0.17%
Itochu Corporation	JIRE +0.40 points	0.32%	0.72%
Westpac Banking Corporation	HDMV +0.40 points	0.49%	0.09%
Enel SpA	HDMV +0.35 points	0.41%	0.06%
L'Air Liquide S.A.	JIRE +0.31 points	0.86%	1.17%
Coles Group Limited	HDMV +0.30 points	0.43%	0.13%
Wesfarmers Limited	HDMV +0.29 points	0.46%	0.17%
BOC Hong Kong (Holdings) Limited	HDMV +0.28 points	0.40%	0.12%
Koninklijke Ahold Delhaize N.V.	HDMV +0.24 points	0.45%	0.21%
E.on SE	HDMV +0.24 points	0.34%	0.10%
Danske Bank A/S	JIRE +0.21 points	0.44%	0.65%
Japan Tobacco, Inc.	HDMV +0.20 points	0.37%	0.17%
Anz Group Holdings Ltd	HDMV +0.17 points	0.50%	0.33%
Deutsche Boerse AG	HDMV +0.14 points	0.44%	0.30%
Takeda Pharmaceutical Company Limited	JIRE +0.14 points	0.58%	0.72%
Kao Corporation	HDMV +0.13 points	0.52%	0.39%
KDDI Corporation	JIRE +0.09 points	0.33%	0.42%
Haleon PlcHLN.L	HDMV +0.06 points	0.40%	0.34%
Tesco PlcTSCO.L	HDMV +0.05 points	0.49%	0.44%
Heineken NV	HDMV +0.04 points	0.47%	0.43%
Hong Kong Exchanges and Clearing Limited	JIRE +0.01 points	0.58%	0.59%

All 150 HDMV holdings⁠All 212 JIRE holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

HDMV vs JIRE Cost

Overpaying HDMV vs JIRE

$9,394

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

HDMV 0.80%
$15,346
JIRE 0.29%
$5,952

Amount$10,000

Years30 years

Cost over time

HDMV 0.80%
JIRE 0.29%
Overpaying

Year by year

Year	HDMV	JIRE	Overpaying
10	$1,422	$527	$895
20	$5,393	$2,044	$3,349
30	$15,346	$5,952	$9,394

Expense ratio

0.80%HDMV
0.29%JIRE, cheaper

JIRE0.29%HDMV0.80%

0.00%1.49%

Middle half of International Active Equity funds
Median 0.55%

JIRE 5th cheapest of 55 funds

HDMV 43rd cheapest of 55 funds

HDMV vs JIRE Dividends

Last 12 months to Nov 5, 2026

Yield (12M): HDMV 4.57%, better; JIRE 2.77%
Payout (12M): HDMV $1.75; JIRE $2.24
Last payment: HDMV $0.77; JIRE $2.24
Ex-dividend: HDMV Sep 24, 2026; JIRE Dec 16, 2025
Paid on: HDMV Sep 30, 2026; JIRE Dec 18, 2025
Frequency: HDMV Quarterly; JIRE Annual

Distribution history

Per share, 2017 to 2026, same scale for both

HDMVQuarterly · 37 paymentsAll HDMV payments⁠

JIREAnnual · 4 paymentsAll JIRE payments⁠

HDMV vs JIRE Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: HDMV 11.8%JIRE 11.8%
Return per unit of riskSharpe ratio, 3 years: HDMV 1.03JIRE 1.15, better
Worst fallMax drawdown, 5 years: HDMV −23.3%JIRE −16.1%since Jun 2022
Market sensitivityBeta, 5 years: HDMV 0.63JIRE 0.81; Market = 1

HDMV and JIRE in the news

All news⁠

New ETFs
Hartford and HCM listed equity ETFs that cost more than funds already doing similar work
Nov 4, 2026JIRE
ETF Filings
Goldman files a stock-picking international ETF on the same benchmark as its data-driven fund
Nov 3, 2026JIRE
ETF Filings
Transamerica files TAVI, a Great Lakes EAFE ETF, as a $4.27 billion fund changes sub-adviser
Sep 22, 2026JIRE
Launch Roundup
Issuers filed 2x ETFs on unlisted stocks and moved to convert $10 billion of munis
Sep 18, 2026HDMV
ETF Filings
Causeway files its first ETFs into a 0.22% to 0.39% category, its own fee blank
Sep 18, 2026JIRE
ETF Filings
Franklin Templeton files two enhanced ETFs to absorb its international core funds
Sep 18, 2026JIRE

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