JPMorgan Chase's Decade of Dominance Fades as Shares Slip

JPMorgan Chase has had an impressive decade of growth, outperforming the S&P 500 by a significant margin. Since September 2016, a $1,000 investment in JPMorgan Chase (NYSE:JPM) would have returned 572.38% on an adjusted price basis, with shares climbing from $51.02 to $343.06. In contrast, the S&P 500 gained 257.82% over the same period.

Under Jamie Dimon's leadership, JPMorgan spent the decade converting its scale into cheap funding, holding the #1 rank in U.S. retail deposits for five consecutive years as of Q3 2025. This deposit base fed net interest income through the rate cycle, with management guiding to about $105.5 billion in total 2026 NII.

Fee businesses also built a second engine for JPMorgan, ranking #1 in global investment banking fees with a 9.8% wallet share in Q1 2026. In Q2 2026, IB fees rose 30%, and equities revenue jumped 86%. Asset and wealth management now manages $5.1 trillion.

However, the past year has been different for JPMorgan Chase, with shares sliding 3.77% over the past month and sitting below their 52-week high of $366.50. The case for owning JPMorgan here rests on earnings continuing to compound from this base, with shares trading at about 15 times trailing earnings and 14 times forward estimates.