JPMorgan (JPM) vs S&P 500
JPMorgan Chase reported Q1 2026 net income of $16.5 billion (record) on revenue of $50.5 billion (+10 percent YoY), with diluted EPS $5.94 and ROTCE 23 percent. JPM market capitalization was approximately $873 billion as of April 21, 2026.
Also known as: JPMorgan (JPM) (STK_JPM, JPMorgan) · S&P 500 ETF (SPY) (ETF_SPY, S&P 500, SPX, SP500)
Why This Comparison Matters
JPMorgan Chase reported Q1 2026 net income of $16.5 billion (record) on revenue of $50.5 billion (+10 percent YoY), with diluted EPS $5.94 and ROTCE 23 percent. JPM market capitalization was approximately $873 billion as of April 21, 2026. SPY closed at $708 the same week. JPM represents approximately 1.4 percent of the S&P 500, the largest financial holding. The pair captures the US financial-sector cycle: JPM outperformance usually reflects healthy credit, steepening yield curve, and strong investment banking. Underperformance accompanies curve inversion, recession fears, and credit deterioration concerns. JPM is the largest, most diversified, and best-managed US bank.
JPM's Position in the S&P 500
JPMorgan Chase is the largest US bank by market capitalization at $873 billion, approximately 1.4 percent of the S&P 500. Within XLF (Financial Select SPDR), JPM is the largest holding at approximately 12 to 14 percent. The bank holds approximately $4 trillion in assets, $2.6 trillion in deposits, and $1.4 trillion in loans.
JPM has been a top-15 S&P 500 holding for over a decade. The weight has expanded modestly through sustained earnings growth and capital appreciation. Within the financial sector, JPM's scale produces market-leading positions across consumer banking, commercial banking, investment banking, asset management, and trading. The combined business produces structural advantages in capital efficiency, scale economies, and risk diversification that smaller banks (regionals, mid-tier IB) cannot match.
The Record Q1 2026 Earnings
JPMorgan reported Q1 2026 net income of $16.5 billion, the highest quarterly net income in any US bank's history. Revenue of $50.5 billion grew 10 percent year-on-year, with broad-based strength across all major business lines. Diluted EPS $5.94 (consensus $4.62, beat by 28 percent). Return on tangible common equity (ROTCE) 23 percent, well above the 15 percent through-cycle target.
Business segment performance: Consumer & Community Banking earned $5.0 billion (32 percent ROE), Commercial & Investment Bank earned $9.0 billion (21 percent ROE) on strong Markets and investment banking fees, Asset & Wealth Management net income grew 12 percent with AUM reaching $4.8 trillion. The diversified earnings base produces resilience through cycle: when one business faces headwinds, others compensate. The Q1 2026 results demonstrate the structural advantages of JPM's scale and diversification.
Net Interest Income and the Rate Cycle
Q1 2026 net interest income was approximately $25.4 billion, slightly below the previous record. JPMorgan lowered its full-year 2026 NII guidance from approximately $104.5 billion to approximately $103 billion, reflecting Fed cutting impact (100 basis points cut from September to December 2024) and deposit pricing dynamics.
The NII trajectory matters for JPM-vs-SPY trading. Net interest income is approximately 50 percent of JPM revenue; SPY does not have direct rate exposure of comparable magnitude. When the Fed cuts rates, JPM faces NII pressure (loan yields fall faster than deposit rates can be cut); when the Fed hikes, JPM benefits. The current Fed pause and likely 50 basis points of further cuts through 2026 represent a modest NII headwind. NII pressure is partially offset by capital markets activity (Markets revenue accelerates during volatility, IB activity recovers during cuts) and consumer banking stability. The diversified earnings mitigates the rate-cycle effect substantially.
Conditional Forward Response (Tail Events)
How S&P 500 ETF (SPY) has historically behaved in the 5 sessions following a top-decile or bottom-decile daily move in JPMorgan (JPM). Computed from 1,286 aligned daily observations ending .
Following these triggers, S&P 500 ETF (SPY) rises 0.03% on average over the next 5 sessions, versus an unconditional baseline of +0.23%. 129 qualifying events; S&P 500 ETF (SPY) closed positive in 54% of them.
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Frequently Asked Questions
How big is JPMorgan?+
JPMorgan Chase market capitalization was approximately $873 billion as of April 21, 2026, the largest US bank by market cap. JPM represents approximately 1.4 percent of the S&P 500, the largest financial holding. Within XLF (Financial Select SPDR), JPM is the largest holding at approximately 12 to 14 percent. The bank holds approximately $4 trillion in assets, $2.6 trillion in deposits, and $1.4 trillion in loans. JPM has been a top-15 S&P 500 holding for over a decade.
How was JPMorgan's Q1 2026?+
Record. JPMorgan reported Q1 2026 net income of $16.5 billion, the highest quarterly net income in any US bank's history. Revenue of $50.5 billion grew 10 percent year-on-year. Diluted EPS $5.94 (consensus $4.62, beat by 28 percent). Return on tangible common equity (ROTCE) 23 percent, well above the 15 percent through-cycle target. Business segments: Consumer & Community Banking $5.0 billion (32 percent ROE), Commercial & Investment Bank $9.0 billion (21 percent ROE), Asset & Wealth Management +12 percent net income with AUM $4.8 trillion. The diversified earnings base produces resilience through cycle.
How does JPM compare to SPY?+
From November 2022 through April 2026, JPM has gained approximately 110 percent versus SPY 75 percent. The 35 percentage point outperformance reflects JPM's record earnings trajectory through the rate-hiking cycle (NII gains 2022 to 2024) plus subsequent cycle benefits (Markets activity recovery, IB fees acceleration in 2025 to 2026). The JPM/SPY ratio has held a 0.30 to 0.46 range through 2024 to 2026, with April 2026 at approximately 0.44 (per share $310/$708). JPM has been the most consistent mega-cap-financial outperformer through 2022 to 2026.
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